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Capital gains tax is payable if your sell or gift your assets such as property, shares, chattels, antiques etc.
The income tax rate for capital gains is 10% and 20% in normally and in case of residential property its 18% and 28% for basic and high-rate taxpayers, respectively.
CGT is a type of tax that cost a lot in tax and without careful tax planning, heavy taxes are levied.
Inheritance tax at 40% might be payable on such gifts
So what are the events to consider?
If you have saving income such as interest you have to declare your income to HMRC.
Tax Returns - Foreign Income - Gains
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Often when you think my income is exempt, better ask us so we may guide you and save you a long term hasstle. We are local accountants for tax returns in Romford, Essex and surrounding areas.
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