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Company Formation Home Page >> UK Tax Planning >> UK: Capital Gains Tax | 
| General Advantages Of Limited Liability Companies:
1. Liability is, in the vast majority of cases, strictly limited to the investments made by the shareholders.
2. Company Officers are not personally liable for their actions unless, in most instances, there is a clear and serious breach of their fiduciary duty.
3. Ironically, despite the limited liability, such entities often benefit from 'greater prestige' than their sole proprietorship or partnership counterparts. The reason is probably because such an enterprise normally requires more planning and thus is deemed more credible.
4. They often benefit from significant tax advantages. In fact, many countries around the world give exclusive tax incentives to this type of entity.
5. The rights of shareholders are normally clearly defined and protected. Promotes good record keeping.
6. Corporate taxes only become payable after the end of the financial year. This means that money that would otherwise be taxed on a monthly or quarterly basis is available to earn further money before the final payment of tax.
7. You must appoint a minimum of 1 Director.
8. Directors can be corporate bodies or private individuals.
9. A Director can be of any nationality.
10. All companies must appoint a company Secretary. A Secretary can be of any nationality.
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DISPOSAL OF ASSETSCGT can only arise on the disposal of an asset. Normally this means sale, but it could also mean gift or compensation for loss or damage to an asset. Disposal of assets: The value on which the gain (or loss) is based is normally the consideration received. However, on a gift or on certain sales, the open market value is used instead. No CGT is payable on death. The beneficiaries of a deceased person's estate are treated as if they had acquired the assets of the deceased at their market value on death.
DEDUCTIONSCertain costs are allowable in computing chargeable gains: The acquisition cost or market value on 31 March 1982 (if the asset was acquired before that date. Costs of acquiring and disposing of the asset. Expenditure on enhancing the asset's value.
LOSSESLosses brought forward from previous tax years can offset gains. For individual taxpayers, such losses do not reduce net gains below £7,500, so the annual exemption is not wasted.
RATE OF TAXThe first £7,500 of an individual’s net gains realised during the tax year are free of CGT. The excess is taxed as if it were the top slice of income, at the rates that apply to savings income, namely 10% on the first £1,880, 20% on the next £27,520 and 40% on the balance. Husbands and wives are subject to CGT separately, each with their own annual exemption and tax rates; transfers between spouses are not liable to CGT.
INDEXATION ALLOWANCEThe indexation allowance can reduce the chargeable gain for assets acquired before 1 April 1998, but cannot increase a loss or turn a gain into a loss. The acquisition cost and enhancement expenditure (before April 1998) are revalued in line with indexation factors derived from increases in the RPI (Retail Prices Index) between the date of expenditure and the earlier of the date of disposal and April 1998. The indexation allowance is calculated by multiplying the allowable expenditure by the indexation factor for the month in which the expenditure was incurred or for March 1982 if later.
IDENTIFICATION OF SECURITIESShares and securities disposed of after 5 april 1998 are identified with acquisitions in the following order: Same day acquisitions. Acquisitions within the following 30 days (thereby rendering "bed and breakfasting" ineffective). Previous acquisitions after 5 April 1998, taking the most recent acquisition first. Any share in the "pool" at 5 April 1998. Any shares held on 5 April 1982. Any shares acquired before 6 April 1965.
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Tax Planning
UK: Capital Gains Tax
£ 150.00
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