Capital Gains Tax
Re-selling non-inventory assets can require the payment of capital gains tax, if the original purchase cost was lower than the amount you sold or are selling it for. It normally affects the sale of stock, bonds, property due to their high value.
The standard rate of capital gains tax can be upwards of 18%. If you’re selling multiple assets this can take a huge chunk out of the amount of money that you could make.
How David Beckman & Co Limited can help you:
We will consider all documentation and information relating to disposal of interests or assets during the year and identify whether disclosure is required and where necessary ensure the appropriate details are included in the tax return, and the relevant reliefs and claims are made.
We will undertake a full review of your estate, including assets, investments and liabilities. Draft an estimated calculation of the possible Inheritance Tax liability based upon your estate and circumstances. Prepare and provide a summary of initial recommendations based upon this calculation and your circumstances.