CGT changes normally take effect from 6 April, but there have been mid-year changes in the past. This possibility has caused many taxpayers to bring forward disposals to take advantage of the current rates. The disposal date for CGT is the date of unconditional...
Many commentators are suggesting that the rate of CGT might be aligned with the rates of income tax, a return to the regime that applied when Gordon Brown was chancellor. Rachel Reeves is known to be a disciple of Gordon, so maybe we will see a return to taper relief...
Chancellor Rachel Reeves visited the US and Canada last week, and during an interview with Bloomberg was asked whether she was considering increasing capital gains tax. She replied: “We’ve got a budget on October 30 and we will set out our policy then, but it’s always...
Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more...
Capital Gains Tax (CGT) is a type of tax that is incurred due to the profit you make when selling or ‘disposing of’ an asset that has increased in market value, since the market value upon initial purchase. Tax is paid on the gain that you make, for example, on...
You can claim tax relief on the disposal of your only or main residence (also called your principle private residence or PPR) and as a result not pay any Capital Gains Tax (CGT). This is called Private Residence Relief (PRR). The exemptions cover total grounds,...