Capital Gain Tax
When you make profit from selling valuables assts like shares, art, jewelleries, property, selected antiques and share, you must pay tax on that. For 2022/2023 your capital gain tax is 10% if your overall income is less than £50,270, 20% if it above £50270. However, if you make loss by selling your asset you are entitles for tax relief.
There is more about capital gain tax is that you don't need to pay on all assets that you sell. If your assets lifespan is less than 50 years and less likely to make any profit, they referred as wasting assets, such as cars, machinery, furniture.
You may have to pay capital gain tax if you sell you business but you are entitled to entrepreneur's relief if you are a sole trader and have owned business for two years.
For more information contact Henderson Royce accountants.