Capital Gains Tax

If you are considering selling or disposing of an asset, you may be liable to pay Capital Gains Tax (CGT). But by carefully timing the disposal, you can make the best use of the CGT reliefs and allowances available.

Our tax specialists will work closely with you to advise on your personal circumstances and effectively manage any tax liability. A chargeable gain or loss applies to the sale or disposal of all chargeable assets. It is calculated separately for each asset, which may include the gifting and sale of land and property, business assets and agricultural property.

The earlier we work with you, the more opportunity there may be to make considerable savings and plan effectively for the future.

Specialist CGT areas we can advise you on include:

• Business Asset Disposal Relief (formerly called Entrepreneurs’ Relief)

• How to qualify for roll-over relief

• How to qualify for gift relief

• Using a trust

• Disposal of the main residence

• Sale of farmland for redevelopment

• Gifting between connected persons

• Dealing with family divisions

• Exchanges of joint interest

• Reinvestment reliefs

Inheritance Tax Planning

Inheritance Tax (IHT) is the tax paid on assets (after you have deducted allowances) when someone dies.

It’s a growing concern for many, and while increasing allowances on property left by parents and grandparents have eased the tax burden slightly, in a worst-case scenario, it may mean that your family only receives 60% (after all available allowances) of the wealth you hope to leave as their inheritance.

Our specialist tax planning team will work with you to understand how you want to pass on your estate and help you put measures and structures that ensure the wealth you have worked hard to accumulate isn’t swallowed up by IHT.

The specialist IHT planning areas we can advise you on include the following:

• How to make Potentially Exempt Transfers

• How to make Chargeable Lifetime Transfers

• How can you benefit from Business Property Relief

• How you can qualify for the Residence Nil Rate Band

• How you can use trusts to protect assets

• Avoiding gifts with reservation of benefits.

Corporation Tax

Any business transaction, from expanding your company, changing your business status or buying a new property to changing location, buying or selling assets, attracting new investors and shareholders, and closing your company down, can have Corporation Tax consequences, which need to be properly thought through.

We aim to cut through the complexity of tax regulations and provide you with timely, effective, actionable solutions that make sense. By building longterm relationships with clients and gaining an in-depth understanding of your business, we can work with you to develop a strategic plan that ensures you make the best use of all the available tax reliefs, maximise profits and reduce your tax burden.

We are proud to be one of the South West’s leading tax specialists. The areas our in-house specialist Corporation Tax teams can advise you on include the following:

• Corporation Tax compliance

• Employment taxes

• Employee Share Ownership Scheme

• Capital allowance reviews for large projects

• Research and Development (R&D) tax relief claims

• Value-Added Tax (VAT)

• Corporate structure and investment

• Transactional work (including share buy-backs and share reorganisations)

• Tax efficient profit extraction

• Corporation Tax consequences.