IVtwo, Kintail House, Beechwood Park, Inverness, IV2 3BW
Capital Gains
Capital Gains
Capital Gains Tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive. For a disposal of residential property with a completion date on or after the 6th April 2020 new rules require a taxpayer to file a Capital Gains Tax return and pay the tax due within 60 days of completion. See our Property Gains link below for more detailed information.
Some assets are tax free. You also do not have to pay Capital Gains Tax if all your gains in a year are under your tax free allowance.
Disposing of an asset includes:
- selling it
- giving it away as a gift, or transferring it to someone else
- swapping it for something else
- getting compensation for it - like an insurance payout if it’s been lost or destroyed
You need to pay Capital Gains Tax when you sell an asset if your total taxable gains are above your annual Capital Gains Tax Allowance. We can help you work out what, if anything, you need to pay.
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Kelpie Accounting and Tax
IV2 3BW, Inverness, Highland, Scotland, United Kingdom
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Open today | 09:00 – 17:00 |
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Director - Ian Blackwood CA CTA