Capital gains Tax
Capital Gains Tax, (CGT), is a tax on the increase in value of something during the period you have owned it. CGT may be due when you sell, give away, transfer or otherwise dispose of something.
Where it may commonly come and bite you is where you sell a house you don’t live in, sell a business, sell shares you inherited or bought a long time ago for pennies, sell a shop, a patent or a trade mark.
As a general rule if you bought and sold an asset and made a profit you must expect to pay tax on it. If you bought and sold a lot of these assets as a private individual than you would expect to pay Income Tax. If you bought and sold a lot of the assets as a company you will pay Corporation Tax, but if you bought and sold this asset only once or otherwise infrequently, then you will pay Capital Gains Tax as either an individual or a company.
Independent advice will help greatly with selecting the right product for your circumstances.
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