| Capital Gains Tax: Individuals and Trustees | 2024-25 | 2023-24 | |||
| Annual exempt amount | |||||
| Individuals | 3.000 | £6,000 | |||
| Trusts | £1,500 | £3,000 | |||
| Rates | |||||
| Standard rate taxpayers | 10% | 10% | |||
| Higher rate taxpayers/Trustees | 20% | 20% | |||
| Business Asset Disposal Relief Rate lifetime limit | £1,000,000 | £1,000,000 | |||
| Business Asset Disposal Relief Rate | 10% | 10% | |||
| Investors' relief lifetime limit | £10,000,000 | £10,000,000 | |||
| Investors' relief rate | 10% | 10% | |||
A higher rate of CGT on residential property gains applies at the rate of 24% (2023-24: 28%) for higher rate taxpayers as well as for trustees and personal representatives. There is a lower rate of 18% (2023-24: 18%) for basic rate taxpayers. The 18% and 28% rates of CGT that have historically applied to gains in respect of carried interest (the share of profits or gains that is paid to asset managers) remain unchanged in the current tax year.
In preparing and maintaining this section of our website every effort has been made to ensure the content is up to date and accurate. However, the law and regulations change continually, and unintentional errors can occur, and the information may be neither up to date nor accurate. We make no representation or warranty (including liability towards third parties), express or implied, as to the accuracy, reliability or completeness of the information on the website. Please don't act directly on anything you read - contact us first for advice on how it may affect your individual circumstances.
PHS Associates Acc & Co is led by a skilled team with expertise in Accounting, Taxation, Payroll, Business consultancy, and Company secretarial services.
© Copyright 2024 PHS Associates Acc & Co
Company number - 08670151
