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Capital Gains Tax (CGT) is payable on any financial gains you make as a result of the sale of an item or investment such as shares, property, art or jewellery. However CGT does not apply to financial gains as a result of inheritance, and tax on these windfalls fall under Inheritance Tax (IHT).
The Capital Gains Tax (CGT) that is due on the profits from a sale will be determined by a number of factors, including your level of income, personal allowances and any tax efficient wrappers you may have in place such as ISAs and family trusts. All this means that getting expert advice is vital to ensure that you are not paying too much.
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There are, however, a number of tax reliefs which may be available to help you reduce your tax liability, such as Business Asset Disposal Relief (formally known as Entrepreneur’s Relief) or Rollover Relief which are available to individuals; getting the right professional advice can help you take advantage of the tax efficient schemes which may be available to you.
Private individuals, sole traders, partners in partnerships are required to pay Capital Gains Tax, companies however fall under the separate category of Corporation Tax.
For business people registered as a sole trader or partnership there are various ways in which your adviser can help to mitigate your exposure to CGT. Business Asset Disposal Relief for example is an effective way of minimising your tax exposure up to as little as 10% of the profits of any sale. However, benefiting from these reliefs is dependent on fulfilling strict criteria which can only be met through careful planning. Enterprise Investment Schemes (EIS) are another option which can often be a solution to reducing tax liabilities and minimising CGT as profits are reinvested into a fund, but again, taking advantage of EIS can only happen where careful forward planning has occurred and specific time criteria have been met.
VAT Manager
Paula is our VAT Manager in our Ipswich and Bury St Edmunds offices and oversees our VAT advisory offering.
Private Client Tax Partner
Paul is a Private Client Tax Partner focused on serving central East Anglia from our Bury St Edmunds office.
Tax Adviser
Tyler works in our tax team in Colchester.
Private Client Tax Partner
Simon specialises in advising High Net Worth Individuals with their personal tax affairs.
Tax Assistant Manager
Chris works within our Private Client Tax Department across our Ipswich and Bury St Edmunds offices.
Associate Partner
Sam is an Associate Partner, based in our Colchester office.
Personal Tax Manager
Sally is a Tax Manager in our Ipswich office, specialising in personal tax and Capital Gains Tax.
Senior Tax Adviser
Joy is a member of the Tax Advisory Team, specialising in assisting businesses with post-Brexit regulations.
Tax Advisory Partner
Chris oversees the provision of advice to businesses covering tax planning.
Senior Tax Adviser
Sam is a member of the tax advisory team specialising in personal tax.
Senior Tax Adviser
David is a Senior Tax Adviser with expertise in UK and non-UK tax residency rules.
Corporation Tax Manager
Robert oversees all Corporation Tax compliance work undertaken across Scrutton Bland.
Private Client Tax Partner
Graham is one of our Private Client Tax Partners working from our Colchester office.
Managing Partner
Jason specialises in business, corporate and personal taxation.
Our qualified and professional team of tax advisers are on hand to help you navigate the tax system, giving you the peace of mind in knowing that you are paying the right amount of tax. All of our advisory teams work closely with each other, which means that we can take a joined-up approach to your tax affairs both in terms of your business or private wealth.
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