What has changed
Capital gains tax rates rose to 18 and 24 per cent and the annual exempt amount is frozen at 3,000 pounds. With the allowance now small, more disposals create a tax bill.
Who it affects
Anyone selling assets such as a second property, shares outside an ISA, or a business. Residential property gains must be reported and paid within 60 days of completion.
What you should do
Plan disposals in advance, use your annual exempt amount across tax years where possible, and consider the timing and ownership of assets before you sell.
Our view
Planning before a sale, not after, is where the savings are. Once contracts are exchanged your options narrow quickly.
Common questions
Who does this affect?
Anyone selling assets such as a second property, shares outside an ISA, or a business. Residential property gains must be reported and paid within 60 days of completion.
What should I do about it?
Plan disposals in advance, use your annual exempt amount across tax years where possible, and consider the timing and ownership of assets before you sell.
Can TaxTune help me with this?
Yes. Tell us your situation through the quote builder or book a free call, and we will explain exactly what it means for you and handle it if you would like.