Helen Martin Capital Gains Tax Reforms – Do They Affect You?

Capital Gains Tax Reforms – Do They Affect You?

The annual budget was announced on 16 March 2016, with one of the Government’s headline claims being that Capital Gains Tax had been slashed by 8%. This is a tax on the profit when you sell assets that have increased in value.

This cut will apply from April 2016. However, what did not quite make the headlines was an important exemption to these reforms. Capital Gains Tax that applies to residential property, and some other assets, will include an 8% surcharge.

Who Will Be Affected?

Therefore, in reality, the Capital Gains Tax on residential property profit remains entirely unchanged. Whilst this may not affect some, anyone looking to realise an interest in a residential property that they are not living in, needs to consider Capital Gains Tax implications.

The inclusion of this 8% surcharge will particularly affect landlords and buy-to-let investors, as they will receive the same tax on residential property profits as prior to these reforms.

What To Consider

Capital Gains Tax impacts only the profit made. Still, it is an important consideration when acquiring any asset, whether you’re buying it yourself or, as is often the case, when you inherit it.

At Giles Wilson, our solicitors in Essex can advise you with regard to these changes to Capital Gains Tax. We have specialist property law and private client teams that can assist you on potential liability or planning.

We work closely in conjunction with accountants to provide expert guidance. If you have any concerns about existing or future assets, get in touch on 01702 477106 for a free, 30-minute consultation. You can also find us on Facebook, Google+, Twitter, LinkedIn and Instagram.


Awards & Recognitions

The expertise of our solicitors is regularly recognised by some of the profession’s most distinguished organisations. As well as being a member of a number of Law Society schemes, we have won awards at the Law Society Excellence Awards, the Halsbury Legal Awards and the Modern Law Awards. We have also received recognition in the form of the Lexcel mark of quality, a Legal 500 listing and a place on the shortlist of The Lawyer’s Boutique Firm of the Year.

Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson
Awards and Recognitions of Giles Wilson