CGT planning and reporting
At Boxwell, we are experienced and knowledgeable in all areas of Capital Gains Tax (CGT), covering the disposal of assets for businesses and individuals. The rules can be complex, but our expertise in CGT helps our clients understand:
which assets are chargeable
which reliefs can be claimed
how to report CGT issues accurately and on time
all other possible impacts of CGT
Non-residents are liable to Capital Gains Tax (CGT) on the gain arising after 5th of April 2015 on the disposal of UK residential property.
Non-residents are liable to CGT on the gain arising after 5th of April 2019 on the disposal of UK non-residential property.
Temporary non-residents are those who are not non-residents for five full UK tax years or more. They are liable to Capital Gains Tax under the same rules as UK residents for any disposal of UK property. While they are overseas, they will be taxed as non-residents and then on their return; the Capital Gains Tax will be re-calculated as if they had been UK residents at the time of disposal. With effect from 27th of October 2021, disposals made by non-residents must be reported, and the tax paid within 60 days (previously 30 days) of the completion of the disposal.
Our tax team will work closely with you to ensure you manage the disposal of your private and commercial assets to mitigate tax liabilities. Disposals covered by CGT can include property, business assets, shares and private assets. You will be assigned a dedicated accountant to make complex CGT rules understandable. We provide clear, open communication on all accounting and tax issues, and we are always approachable and accessible.