Have you disposed of valuable assets?

If valuable assets are being or have been sold, there may be a Capital Gains Tax (CGT) liability and you should remember this when completing your self assessment tax return.
CGT is a tax on capital which affects comparatively few so most people have no cause to consider CGT. In addition to CGT being unfamiliar to many there are also a number of reliefs that can make CGT complex.
Broadly, CGT is payable on the difference between what you paid for an asset and what it’s worth when you dispose of it. This might be through a sale, exchange or gift. If you were given the item in the first place, CGT may be payable on the entire disposal value!
After an annual tax-free allowance of £9,600 for the 2008-09 tax year if you have a CGT liability you will normally have to pay it through your self assessment tax return. CGT is levied at a single rate of 18 per cent for 2008-09.
For help and advice with capital gains and self assessment contact Nottingham Business Advisors Marshall Smalley Accountants on www.marshallsmalley.com