Capital Gains Tax

Capital Gains Tax (CGT) is charged when you sell or gift an asset, such as a property or shares.

Annual exemptions are available, but generally CGT is calculated based on the tax year and your total income. It’s worth remembering that you don’t have to pay Capital Gains Tax on your main home, but if you have more than one residential property you may find yourself more exposed.

CGT ALLOWANCE

There is an annual CGT allowance, which currently stands at £12,300. Any profit made from assets which you sell under this value won’t attract CGT. Anything over this allowance will be subject to CGT. The current rates for CGT vary depending on your Income Tax rate. For example, those who pay higher rate Income Tax will pay 28% CGT on any profits made from residential property and 20% on any other assets.

If you pay basic rate Income Tax, the rate of CGT you pay will depend on the size of the profit but will rarely exceed 18%. Careful planning can help you take advantage of the various tax reliefs available.

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