Paying capital gains tax is pretty
much unavoidable but there are ways to mitigate the bill, says Carol
Cheesman
Recent figures indicate that the housing market is beginning
to recover. So, if you are looking to take advantage of this by selling
a property that is not your primary residence, upon which capital
gains tax (CGT) relief is available, then it is important to consider
the CGT implications – especially if you also run a business.
Here are eight ways to reduce your CGT to offset your tax liability.
1. Use the annual exemption
The annual exemption, being £10,600 for 2012–13
tax year and £10,900 for 2013–14 tax year, cannot be carried
forward and therefore should be utilised each year, if appropriate,
by crystallising gains on investments.
