If you are considering selling your business or other business assets, including shares, machinery and even goodwill, capital gains tax (CGT) is likely to be an important consideration.
CGT is also levied when you sell or give away certain assets that have increased in value, including property other than your main home and personal possessions worth £6,000 or more, such as jewellery, paintings or antiques.
With the tax levied at 18 per cent or 28 per cent, depending on whether you are a basic or higher rate taxpayer, we offer a comprehensive range of services designed to maximise CGT efficiency, including:
- helping you make the most of the CGT personal allowance and other exemptions and reliefs
- advising on the CGT implications of any business transaction or the sale other assets liable to CGT
- advising on the timing of disposals to minimise tax due
- helping to ensure business disposals qualify for Entrepreneurs’ Relief, which reduces the CGT rate to ten per cent on lifetime gains of £10 million
- advising on gift and transfer strategies.
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Former Conservative Treasury Minister, Lord Jim O’Neil has told the BBC that gloomy predictions for the post-Brexit UK economy are likely to be ‘dwarfed’ by global growth figures surpassing expectations.
He said: “I certainly wouldn’t have thought the UK economy would be as robust as it currently seems.
“That is because some parts of the country, led by the North West, are actually doing way better than people seem to realise or appreciate.
“As well as this crucial fact, the rest of the world is also doing way better than many people would have thought a year ago, so it makes it easier for the UK.”
Meanwhile, speaking at the World Economic Forum in Davos, Stephen Schwarzman, CEO of Blackstone Group, said: “It’s a time of enormous ebullience, part of which was created by really good economic growth.”
However, also at Davos, Barclays CEO, Jes Staley warned against excessive optimism about the state of the global economy.
He said: “Equity markets are at an all-time high and volatility is at an all-time low – that is not a sustainable proposition”.