For the tax year 2023/2024, the CGT rates and allowances are as follows:
· The annual exempt amount for individuals is £6,000
· The CGT rate for basic rate taxpayers (those earning up to £50,270) is 10% on gains above the annual exempt amount.
· The CGT rate for higher rate taxpayers (those earning over £50,270) is 20% on gains above the annual exempt amount.
· The CGT rate for gains on residential property (not including your main home) is 18% for basic rate taxpayers and 28% for higher rate taxpayers.
It’s important to note that the rates and allowances for CGT are subject to change and may be different in future tax years.
Additionally, there may be certain exemptions or reliefs available that could reduce the amount of CGT payable. If you’re planning to sell an asset and want to understand the potential CGT implications, it’s recommended to seek professional advice from a qualified tax advisor or accountant.
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