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Capital Gains Tax ('CGT') Tips
Call 01225 428444 for professional assistance.
- For the tax year ending 5 April 2003 your first £7,700 of capital gains will be exempt from capital gains tax.
- Both you and your spouse are eligible for a separate £7,700 capital gains tax allowance. Consider transferring assets between you before disposal to make the most of your allowances. The transfer of assets between spouses is exempt from capital gains tax.
- Personal Pension Plans and ISA funds are exempt from CGT.
- If you have an existing CGT liability take a close look at VCTs, EIS and Film Partnerships.
- If you have large latent capital gains and want to support a good cause, take a look at making a charitable donation - you can pass on the full value of the asset and receive an Income Tax deduction.
- Shares and Investment Funds can be bought and sold to use your capital gains tax annual allowances.
- Collective investments (OEICs, Unit Trusts, Investment Trusts, Investment Bonds etc.) offer a wider spread of shares and funds that can be bought and sold by the fund manager without creating an individual CGT liability.
Tax legislation is complex and specialist advice is usually necessary.
It is important to minimise your taxes but don't let tax considerations over-rule your investment judgement.Levels and basis, and reliefs from, taxation are subject to change and their value depends on the circumstance of the individual investor.
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