From a general perspective, if you sell an asset, either in your own name or within an entity you control, for a profit, then it is likely that it will be eligible for Capital Gains Tax.
There are, however, several exemptions to this general rule and the application of one or more of these exemptions could save yourself and/or your business $000’s of dollars.
Capital Gains Tax is a complex and moody beast with a vast amount of grey area and an ever-changing set of goal posts with slip hazards around every corner.
Unfortunately, there are no shortcuts, no easy ways to break down the complexities. You either know your stuff or you don’t.
Engaging anyone other than an expert for capital gains tax advice would be akin to lighting the contents of your safe on fire.
With over a decade of industry experience, we at LeVeon can offer you expert advice in all things CGT.
A possible CGTR event could be triggered in any one of the common examples listed below;
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