Рет қаралды 2,748
Capital gains tax is a tax that’s charged on the profit you make when you dispose of an asset that has increased in value.
It’s the gain you make that’s taxed, not the amount of money you receive and some assets are not liable to capital gains tax. Those that are are called ‘chargeable assets’.
Every individual has a capital gains tax-free allowance, which is currently £12,300 each tax year. You may be able to reduce your tax bill be deducting losses made in the same tax year.
If you make a loss on a chargeable asset when you dispose of it, you can report this loss to HMRC to reduce your total taxable gains. Losses used in this way are called ‘allowable losses’.
Write to HMRC to claim a CGT loss: www.gov.uk/gov...
HMRC guidance on Negligible value claims: www.gov.uk/gov...
Other videos you might like: • Capital Gains Tax for ...
Thanks for checking out my You Tube channel - I’m Justin King and my aim is to help people to live successful lives. That often involves understanding your money.
If you enjoy this video, please press the like button to help more people like you find my channel.
If you're planning your retirement and want to make the best use of your wealth to provide for your family throughout retirement and beyond, or work out how best to pay for a loved one’s care, I may be able to help you.
As a Chartered Financial Planner at boutique retirement planning practice, MFP Wealth Management, I help successful people retire with complete financial confidence.
To explore whether I could help you, get in touch at www.mfpwealthm....
Connect with me: On Twitter: / justinkingcfp
On LinkedIn: / justinking-online-reti...
Or check out my podcast: www.theretirem...
This video is for information and entertainment only. Nothing on this channel constitutes financial advice. Please do not make any decisions based on the contents of my videos; seek professional independent financial advice first!