This tax covers many assets including investment property, shares and in some cases miscellaneous items such as paintings, jewellery and antiques.
What is often missed by individuals is that a “chargeable transaction” under capital gains tax rules can be made without any physical cash being exchanged. A common example is where assets are gifted to family and as a result (depending on the recipient), capital gains tax quite often is due to be paid by the giver.
The good news is capital gains tax, as with all taxes can be mitigated with effective planning.
So if you are an individual looking to buy and sell investment properties or looking to simply pass on personal assets to family, get in touch to see in what ways you can mitigate capital gains tax.