When working out Capital Gains Tax (CGT), an important factor to consider is determining if a disposal has been made for CGT purposes. A couple of the most common types of disposal that you need to know are:
Sale – Perhaps the most common disposal, this could be an outright sale of the asset (where the entire amount can be determined as a disposal), or a portion of an asset (where a portion of the disposal is applicable for CGT and a calculation needs to be made).
Destruction or Loss – If a destroyed asset was a ‘chargeable asset’ (where the gain would have been charged), then the loss of this asset is generally allowable. If an asset has been lost, or otherwise earned no consideration for disposable, then the whole loss would generally be allowable.
If you’re working out your Capital Gains, what’s allowed, what can be disposed of, what needs to be calculated or settled, and need assistance – we’re here to help you get it right, and ensure that you’re making the correct claims, and fully complying. Contact us today for a consultation, and we can help you make the most of your assets.
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