9 Kingsmills Road, Inverness, IV2 3JT

01463 239306

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Qualified Accountant and Bookkeeping services giving you peace of mind

Qualified Accountant and Bookkeeping services giving you peace of mindQualified Accountant and Bookkeeping services giving you peace of mind

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 30 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 3JT, Inverness, Highland, Scotland, United Kingdom

01463 239306

Hours

Open today

09:00 – 17:00