Believe it or not, there are ways to avoid paying Capital Gains Tax (CGT) that will not attract the ire of the taxman.
One popular method is to transfer your assets to your spouse or civil partner. As long as you are legally married and living together there is no CGT to pay at that point.
You can also reduce the amount of CGT payable on some assets by offsetting a loss. For example, if you make a loss when disposing of one asset that would attract CGT, you may be able to deduct this loss from capital gains that you have made on other assets.
The recent changes to Capital Gains Tax mean that careful forward planning needs to be made before disposing of an asset. The recent changes altered the liability for executors of an estate and Trustees of a Trust. We are able to advise as to your options before you make that sale or gift to make sure you are going about it in the most tax-efficient way.
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