Capital Gains Tax and Income Tax
  1. Capital Gains Tax and Income Tax

    We help our clients to navigate the complexities of UK tax legislation and, in particular, identify which taxes will apply to them and how they can make most efficient use of the relevant reliefs.

    One of the main assets for many people is their house. While, broadly speaking, a person’s main residence is not usually subject to capital gains tax on sale, there are numerous pitfalls in applying this relief. For example, there can be difficulties if a person owns more than one property or if the property has been rented out for a period of time. We help clients apply this relief to their circumstances as well as advising on wider capital gains tax issues.

    They are very good at putting things in understandable terms.  They are proactive and can identify the key decision points

    CHAMBERS UK

    For many, their interaction with income tax is via their employment. We can assist clients with some of the more difficult aspects of the employment tax regime, for example, the rules applying to loans and shares received from a business. We can also advise on remuneration packages received on either the commencement or termination of employment (with input from our employment colleagues where required).

    We can also give guidance about how profits on an investment portfolio will be taxed. This is important as the difference in the rates of income tax and capital gains tax can have a material bearing on net returns. For more information, see Investment Taxation.

    Much of our work is for clients who are either not resident in the UK or not domiciled in the UK.  We can advise individuals with such tax status about how the UK tax code will apply to them. While non-UK tax residents are not usually subject to UK tax, certain types of assets (including residential property) fall within the UK tax net. For more information, see Non-UK Domiciled Individuals & Tax Residency.

     

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