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Personalised support with Capital Gains Tax

Trust the team at Lloydbottoms Chartered Accountants to provide tailored support when it comes to your tax return. For services in Bristol and across South Gloucestershire, get in touch with our team.

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What is a capital gain?

Simply put, a capital gain is when you sell an asset for an increased price. For example, if you bought a classic car for £10,000 then sold it for £35,000, you’ve made a gain of £25,000. This gain would be susceptible to taxation.

Capital Gains Tax also applies if you dispose of the asset in other ways, such as gifting, trading or receiving compensation (such as an insurance payout).

At Lloydbottoms, we offer professional, independent advice to clients, allowing them to understand and manage their tax obligations when it comes to selling assets, whether as a one-off sale or an ongoing investment plan. We can help you understand your tax bill, and identify possible avenues to minimise your tax burden (such as business asset disposal relief).

What counts as an asset?

An asset is a catch-all term for any item sold with the intention of making a profit. This could be:

A piece of rare art

A car

Property

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Shares (Non ISA/PEP)

Business assets

Personal possessions valued at over £6000

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Are there exemptions?

There are certain types of asset which are exempt from Capital Gains tax. Gifts to a husband, wife or civil partner are exempt, as are ISAs, PEPs, government gilts and premium bonds. Assets which are inherited are covered by inheritance tax (unless you then dispose of it). If you are unsure if an asset is exempt, our helpful team will be more than happy to offer advice on the matter.

We can also help you with:

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Manage your assets more effectively with the help of Lloydbottoms. For Capital Gains Tax advice, call our team in Bristol:

0117 957 3537.

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