Individuals can encounter capital gains tax (CGT) at all stages of their life and at all levels of wealth. This tax is payable whenever an individual or company sells or transfers property to another person or entity, for example in the sale of a company, land or property like a second home. Even if you have a standard share portfolio you may be subject to CGT.

The timings of the transaction will directly affect the amount of taper relief or business asset taper relief that you have available. Small changes to the date of a transaction can have a big impact on the tax payable.

You should seek advice before a transaction takes place for maximum effect. However, we can still help you if you seek advice soon after a transaction. The secret is careful planning and the appropriate use of elections to keep your CGT bill to a minimum.

We can assist you in the tax planning process with appropriate and timely advice, whether you are, for example, an individual, a business owner or even an employee involved in the sale of shares.

For further information please contact one of our private client specialists. You can also find comment and discussion in our Tax Plus Blog.