Limited Company FAQ's

If you gift an asset to someone, there is no physical receipt of cash but the asset still has an intrinsic value.

You do not pay Capital Gains Tax when you inherit an asset, but you may have to pay Capital Gains Tax if you sell, give away or exchange an asset you inherited and it has increased in value since the date of death.

Yes - if you are UK resident you may be liable to Capital Gains Tax on disposals of assets located anywhere in the world, (not just in the UK).

There are several other considerations to be mindful of when disposing of or looking to improve an asset

Currently Capital Gains Tax is charged at the rate of either 10% or 18% for basic rate taxpayers. For higher or additional rate taxpayers, the rate is either 20% or 28%.

Capital Gains Tax is a tax charged if you sell, give away, exchange or dispose of an asset and make a profit or 'gain'.

It is something that you own such as a house, shares in companies or other possessions.

Capital Gains Tax is a tax charged if you sell, give away, exchange or dispose of a capital asset and make a profit or 'gain'.

Your agency must raise self-billed invoices for all transactions with your PSC named on the document for a period of up to twelve months (or the duration of the contract).

The tax point of supplies covered by self-billed invoices follows the normal rules, except that a self-billed invoice is only effective to create a tax point when issued within 14 days of the basic tax point.