2024/25 Capital Gains Tax Rates and Allowances
Capital Gains Tax Rates and Allowances
Capital Gains Tax applies on your overall gains above your tax free allowance, the Annual Exempt Amount. The allowance is £3,000 for Individuals and £1,500 for Trusts.
Different rates of tax apply on gains on disposals of residential property and on other assets. However, you do not usually pay tax when you sell your home.
If you are a higher or additional rate taxpayer, then the amount you pay will depend on the date and type of your gain.
Gains from 30 October 2024 onwards
24% on gains from residential property
24% on gains from other chargeable assets
Gains between 6 April 2024 to 29 October 2024
24% on gains from residential property
20% on your gains from other chargeable assets
If you are a basic rate payment, then the applicable rate depends on the size of your gain, your taxable income and whether the gain is from a residential property or other assets.
Gains made from 30 October 2024 and within the basic rate Income Tax band will be subject to 18% while gains made between 6 April 2024 to 29 October 2024 will be subject to 10% or 18% on resdential property.
For any amount above the basic Income Tax band, you will pay 24% on gains made from 30 October 2024 while gains made between 6 April 2024 to 29 October 2024 will be subject to 20% or 24% on residential property.
