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Use your capital gains tax allowance

Are pensions worthwhile?

How do you replace lost savings income?

Are pensions worthwhile?

Steve Weisner - Independent Financial Adviser Radcliffe & Newlands

We all have an allowance before becoming liable for Capital Gains Tax (CGT). For the 2008/09 tax year this is £9,600. A couple will be able to make capital gains of £19,200 before they owe any CGT. Any profits you make from a sale over and above your allowance and after reliefs and exemptions are taken into account are now taxed at a flat rate of 18%.

If you make losses you can offset these against gains to reduce your tax bill but only if they are from the sale of assets that would have attracted CGT. Losses in an ISA don’t qualify but those on a buy-to-let property, for example, do qualify. 

Losses which have not been realised (e.g. investments might have gone down in value but you have not crystallised the loss through selling) do not count. This does not mean that you should realise a loss purely for tax reasons. It is often best to hold on to assets until they recover but we can help you work out the best thing to do. Once a loss has been realised you report this on your Self Assessment form and it can then be offset against current and future gains indefinitely (or until the rules are changed!).

When calculating your taxable gain you will no longer be able to take inflation into account or use taper relief to reduce your bill. These reliefs were scrapped in April 2008. To compensate for this you should make full use of your annual CGT allowance. This can be a complex calculation but we have a system that can do it all for you in the most tax efficient manner. Talk to your adviser if you would like a demonstration or more information.

There are a few general points for keeping your CGT to a minimum: 

  • Deduct all your allowable expenses from any gain or add them to any loss to increase the amount you can offset. 
  • Aim to keep each year’s gains below the annual allowance by selective disposal of your assets. 
  • If you make an overall CGT loss one year, you can carry it forward to set against gains in subsequent years, so you need to keep a clear record and report it in your Self Assessment. 
  • You and your spouse can make gifts freely to each other to make full use of both annual exemptions each year. The spouse receiving the assets is deemed to have acquired them at the same price as the other spouse bought them.

And of course don’t forget to use your annual tax-free ISA allowance where your gains are completely sheltered from CGT.

Give Steve a call and find out how he can save you money on your Capital Gains Tax.

Steve Weisner
Independent Financial Adviser
Radcliffe & Newlands
5th Floor Crystal Gate
28-30 Worship Street
London
EC2A 2AH  

Tel: 020 7382 0437
Fax: 0207 374 0462
Email: SWeisner@myeggnest.com
www.rad-new.com

If you have a question or if you would like to discuss becoming a client with Radcliffe & Newlands then do please complete the very short form on the right hand column of this page.

You will usually get an answer within 24 hours except during the weekend or bank holidays.

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Introducing Investment Bonds

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Interesting Fact

50% Of Mortgages Holders Are Paying Far Too Much


An astounding piece of market research just released shows that over 50% of all UK mortgage holders are paying far too much in monthly repayments. This is because their mortgage rates are based on a Standard Variable Rate (SVR) instead of other cheaper plans like trackers, fixed and discounted.

Folks, the mortgage sector is crying out for your business right now so do some research into what's being offered and you could find your monthly repayments slashed by up to 25%!

To find out you could reduce your monthly mortgage repayments, please speak to Steve where he'll be happy to help you.

Steve Weisner
Independent Financial Adviser
Radcliffe & Newlands
5th Floor Crystal Gate
28-30 Worship Street
London
EC2A 2AH

Email: sweisner@rad-new.com
Tel : 020 7382 0437
Fax : 020 73740462  

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