You will be required to pay tax on any profit realized from the sale or disposal of an asset, including shares from a company.
Disposal of an asset encompasses:
- Gifting to family or friends
- Swapping for another item
- Claims for compensation if the asset is lost or destroyed
Capital Gains Tax is applicable on total gains exceeding an annual tax-free threshold. Generally, no tax is due on gifts to your spouse, civil partner, or a charity.
If you are in such circumstances and unsure where to begin, rest assured we can provide tailored advice to help you effectively plan and address your needs, aiming to mitigate or manage tax liabilities.