Property accounting services include providing information and advice on Capital Gains Tax. This is tax that is taken from any profit that is made on “disposing” of an asset. Disposal of an asset occurs when the owner sells it, gives it away, transfers it to someone else, exchanges it or receives compensation for it if the asset gets destroyed.
Most assets are liable for Capital Gains Tax regardless of whether they are in the UK or abroad. Assets that are exempt are cars, any possessions which are disposed of for £6,000 or less and usually main homes, although this can differ in certain circumstances.
Other lesser known assets that are liable for Capital Gains Tax are any gifts given to a child, assets gained through inheritance and also the assets of anyone that is going through a divorce, separation or the dissolution of a civil partnership. However, this does depend on the date of the transfer and whether or not the couple are living together at the time.
It is important to note that only the profit made on the asset is taxable not the overall value of the item.
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