Capital gains tax (CGT) is charged on the profits you make from selling an asset, such as a second property or valuable possession.
The tax-free allowance is £12,300 for 2022-23, but from April this will be dramatically cut to £6,000. From April 2024, it will be reduced again to just £3,000.
The CGT rates that apply after the tax-free allowance will remain the same, and depend on whether you're a basic-rate or higher-rate taxpayer:
The tax-free allowance is £12,300 for 2022-23, but from April this will be dramatically cut to £6,000. From April 2024, it will be reduced again to just £3,000.
The CGT rates that apply after the tax-free allowance will remain the same, and depend on whether you're a basic-rate or higher-rate taxpayer:
