Contact Us Now
020 8371 4411
enquiries@aspireonline.co.uk
Contact Us Now
020 8371 4411
enquiries@aspireonline.co.uk
In the tax year 2023/2024, an individual's CGT allowance is £6,000 (2022/23 - £12,300).
This means you do not have to pay tax on gains from buying and selling shares or other investments during the tax year up to that amount. You do not normally have to pay tax on any gain you make when you sell your main residence.
2023/2024 | 2022/2023 | |
---|---|---|
For standard rate taxpayers(1) | 10% | 10% |
For trustees and higher/additional rate taxpayers(1) | 20% | 20% |
Annual exempt amount - individuals | £6,000 | £12,300 |
Annual exempt amount - trusts | £3,000 | £6,150 |
Business asset disposal relief: lifetime limit on qualifying gains | £1,000,000 | £1,000,000 |
Rate on gains subject to business asset disposal relief | 10% | 10% |
(1). These rates do not apply to transactions involving residential property (the sale of second homes) or carried interest (the share of profits or gains that is paid to asset managers). CGT rates for these transactions remain at 18% (standard rate taxpayers) and 28% (higher rate taxpayers).
If you have used your CGT allowance, don't forget your Individual Savings Account (ISA) allowance. Both a 'Cash ISA' and a 'Stocks and Shares ISA' can shelter capital gains on investments, for example unit trust holdings, worth up to £20,000 per year.
From 6th April 2008 Taper Relief was removed and a new relief called 'Entrepreneurs' relief' was introduced to reduce the Capital Gains Liabilities on the disposal of certain business assets.
CGT is a tax on capital 'gains'. If when you sell or give away an asset it has increased in value, you may be taxed on the 'gain' (profit). This doesn't apply when you sell personal belongings worth £6,000 or less or, in most cases, your main home.
You may have to pay CGT if, for example, you:
You don't have to pay CGT on:
Important Considerations:
For further information about the 2023 Budget changes please click here.
INFORMATION IS BASED ON OUR CURRENT UNDERSTANDING OF TAXATION LEGISLATION AND REGULATIONS. ANY LEVELS AND BASES OF, AND RELIEFS FROM TAXATION, ARE SUBJECT TO CHANGE.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE SOME FORMS OF TAX PLANNING.
TAX TREATMENT IS BASED ON INDIVIDUAL CIRCUMSTANCES AND MAY BE SUBJECT TO CHANGE IN THE FUTURE.
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FTSE 250 | ||
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FTSE All Shares | ||
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Read moreCONTACT US
Aspire Independent Financial Planners LLP
Aspire House
17 Station Road
Finchley
London
N3 2SB
T: 020 8371 4411
F: 020 8371 4422
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Aspire Independent Financial Planners LLP is a Limited Liability Partnership and is authorised and regulated by the Financial Conduct Authority. Aspire Independent Financial Planners LLP is entered on the Financial Services Register (www.fca.org.uk/register) under reference 456867.
The FCA does not regulate Will Writing, National Savings products or some forms of Inheritance Tax Planning, Buy to Let Mortgages or Offshore Funds.
The advice and / or guidance contained within this site is subject to the UK regulatory regime and is therefore targeted at consumers based in the UK.
Complaints
If you wish to register a complaint, please contact us either in writing at: Aspire Independent Financial Planners LLP Aspire House, 17 Station Road, Finchley, London, N3 2SB or by phone 020 8371 4411.
A summary of our internal complaints handling procedures is available on request and if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service at www.financial-ombudsman.org.uk or by contacting them on 0800 023 4567.
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Registered in England under reference: OC317451.
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