Capital Gains Tax

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There are many common assets that can be subject to Capital Gains Tax (CGT) when they are disposed of, such as stocks & shares, bonds, property, precious metals, etc.  

The legislation for CGT is a very complex area. There are many reliefs and exemptions which may lead to significant tax savings. It is therefore recommended that you seek the advice before preparing your CGT computations, so that any reliefs that you may be entitled to can be claimed. Norfolk Accountants can provide you with the advice you require whilst also preparing your CGT calculation for you.  

30 Day Reporting on UK Property – Any property which is not wholly covered by the Principal Private Residence Relief exemption (i.e. it having been your main residence for the entire period of ownership) which is sold is required to be reported to HMRC within 30 days of completion. You are required to submit a Capital Gains Tax Calculation and pay any Capital Gains Tax due at the same time.