It is important to ensure that any loss that you incur on the disposal of an asset is available to offset against gains generated on the disposal of other assets.
Typical Problems that we come across
An individual might plan on disposing of two assets in a particular year. One asset will generate a gain on disposal and the other asset will generate a loss.
The individual disposes of the asset that generates a gain to an unrelated third party and the asset generating a loss to a relative. The loss will not be available to offset against the gain as losses on disposals to relatives are restricted.
How We Can Help
Our team of tax experts has an in depth understanding of the legislation and practice on all CGT matters. We can guide you through the legislation and help you to plan your asset disposals to maximise the utilisation of your CGT losses.
