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Everyone can make capital gains of
£9,600 tax-free in 2008/9. You should also think about the
consequences of selling assets or investments at a loss. |
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More year-end
tax tips |
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Capital Gains
If you are sitting on capital gains and are thinking of selling
your assets, then it’s worth considering the tax impact
of the timing of the sale. You can make gains of £9,600
in the current tax year without having to pay any tax. It may
be sensible to sell the asset (or part of it) before 5 April to
use up your allowance. Assets can be transferred freely between
spouses, so a couple could claim double the allowance with a little
careful planning. Naturally there are some anti-avoidance rules
so check with your accountant first.
For advice relating to your specific situation, please call 0845
652 5220 or use our contact form.
Capital Losses
With the crash in property and share prices, many people may
be holding potential capital losses. Losses can be offset against
gains, so it might be worth your while to sell some assets at
a loss if it brings your overall capital gains for the year below
the £9,600 annual allowance.
If you have no capital gains, then you should still include any
capital losses on your tax return as these can be carried forward
and offset against future capital gains.
You may not be aware that even giving away an asset (other than
between spouses) normally creates a capital gain or loss, so if
you are feeling generous you might also want to keep an eye on
the annual limits
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Ask your accountant for advice or to contact us call 0845 652
5220 or use our contact form.
This advice is of a general nature and may not be applicable
to your situation. Please contact us on 0845 652 5220 about your
specific circumstances.
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Savings
& investments
Salaries
& Dividends
Inheritance
tax
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