Capital Gains Tax

What is Capital Gains Tax

Capital Gains Tax is the tax that is due on an asset when it is sold if it has appreciated in value.

There are exemptions – and we can guide you to what may be available.

For the most part, the average person will be subject to Capital Gains Tax when they sell a property which is not their main residence, or when passing on money to loved ones in a trust. Businesses are also subject to Capital Gains Tax.

A tax-free exemption does apply.

The rate of Capital Gains Tax can also be slightly complicated. There are different rates for higher tax payers, and also different rates for property or non-property gains, all ranging from 10% to 28%

Any residential property subject to Capital gains tax needs to be reported and the tax paid within 60 days of the sale. Always seek advice in advance .

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