Good tax planning is an essential component in personal financial planning. Everyone's situation is different and tax rates, allowances and legislation change every year. Without personal tax planning, you may pay more tax than you should.
Each member of your family is taxed as an individual and is entitled to his or her own allowances and exemptions.
Entrepreneurs' relief is in its third year with the lower 10% rate on the first £10 million of business asset disposals still in effect, giving rise to a maximum reduction of £1,800,000. This is a lifetime allowance that reduces the tax charge on the gain for owners of limited companies on the disposal of shares and securities in a company. However, conditions do apply so please contact us for further advice.
Tax-free capital gains of up to £10,900 are available for each individual. Above this amount, Capital Gains Tax (CGT) is charged at 18% or 28% depending on your total taxable income, or 10% if you qualify for Entrepreneurs' Relief.
