Capital Gains Tax for Other Assets
Thinking of selling shares, crypto, or commercial property? Get expert support to help you through the process.
CGT Services
- Advising on the tax implications of selling shares, commercial property, crypto, or other business assets, which may trigger Capital Gains Tax
- Reporting any gains via a Self-Assessment Tax return on your behalf
- Review of tax planning —Zip Accounting can help with calculations, reliefs, and submissions
Get in touch to discuss how Zip Accounting can help
Capital Gains Tax doesn’t just apply to residential property. If you’re planning to sell shares, commercial property, business assets, or even crypto, you may have to report and pay CGT.
While these types of disposals don’t fall under the 60-day reporting rules for residential property, they still need to be declared on your Self-Assessment tax return.
The relevant tax rules and legislation can be quite complex, which is why consulting an Accountant is important to provide peace of mind and the assurance that you are reporting everything correctly.
What’s Covered?
Examples of assets that may give rise to a CGT liability upon sale include:
- Shares in a business (including employee shares)
- Commercial property
- Cryptocurrency
- Business assets, including goodwill or intellectual property
- Investments such as funds or stocks outside an ISA
If you make a gain on the sale of any of these, and it exceeds your annual CGT exemption, a tax liability may arise.
When to Report
For these types of assets, CGT is normally reported via your annual Self-Assessment tax return, due by 31 January following the end of the tax year. If you’re not registered for Self-Assessment, it may be possible to use HMRC’s real-time CGT reporting service, depending on your circumstances.
Planning Ahead Can Save You Tax
There are numerous reliefs and allowances that can help reduce the amount of CGT due, including:
- Business Asset Disposal Relief (formerly Entrepreneurs’ Relief)
- Spousal transfers
- Losses brought forward or carried back
- Annual Exempt Amount
- Employee Ownership Trusts (EOT)
Getting advice before a sale takes place can make a real difference. For example, the timing of a disposal could impact your ability to claim reliefs or utilise more than one annual exemption.
How Zip Accounting Can Help
- Advise whether CGT is likely to apply to your disposal
- Calculate your capital gain or loss
- Assess and apply reliefs and exemptions
- Prepare the relevant sections of your tax return
- Help with real-time CGT reporting, if appropriate
- Support you with advance planning to ensure tax efficiency
