2024
Changes To Capital Gains Tax Allowance
Mark Wigginton / 0 Comments /Tax on capital gains is perhaps the least painful tax to pay – you don’t pay it unless you have made a gain (obviously). Most people will find themselves paying Capital Gains Tax when they make a profit from the sale of shares or unit trusts (not held in an ISA or a pension), from the sale of property (not your primary residence), or from the sale of a business you have built up.
Tax allowances used to mean that if that profit was less than £12,300, you didn’t need to pay tax at all. That allowance was reduced to £6,000 for the tax year 2023-2024, and will fall again in 2024-2025 to £3,000.
There are various legitimate ways to lessen the Capital Gains Tax you have to pay – but it helps to plan ahead and review regularly. This is even more important now that allowances are so much lower.
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