Tax Efficient Planning
The following Tax Savings Tips are concerned with Capital Gains Tax (CGT):
- You should move assets across to into investments that are exempt from capital gains tax where possible.
- You should time disposals so that they spread across more than one tax year wherever you can e.g. selling shares in blocks to fund a property purchase.
- Transfer your assets from a spouse that is rich in assets to an asset-poor spouse. This means that both exemptions can be used to benefit you in the future.
- You need to carefully select the assets that you wish to sell in order to reduce tax or generate a tax-free income.