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Reduce that Capital Gains Tax Bill
Reduce that Capital Gains Tax Bill
By Marie walshe In Uncategorized Posted September 18, 2016 0 Comments
Are you planning to sell some property this year, what if anything, can you do about the resultant capital gains tax (CGT) liability?
On perhaps a more basic level, you can save tax by ensuring that there are as many as possible annual exemptions from CGT to offset against the gain. On the simplest level, a property which is owned solely by one person can be transferred into the joint names of that person and his or her spouse or civil partner. Transfers to others present more difficulty because these will tend to be taxable transfers in themselves.
Another way of spreading the pain, of course, if you have a number of properties to dispose of, is spreading the disposals over two or more tax years, hence multiplying the number of available annual exemptions. All this may seem like small beer; however, a lot of small things can add up to a reasonably large one.
There are lots of other strategies that one can consider if you are planning on selling property, if you want to chat further contact one of our advisors.

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