Capital Gains Tax annual exemption cut
Many were predicting that the rates of Capital Gains Tax (CGT) paid by individuals would increase, possibly to align with the rates of income tax.
Instead, the Chancellor has announced that the current £12,300 annual tax-free CGT exemption (or allowance) will be reduced to just £6,000 in 2023/24 and only £3,000 in 2024/25.
This change will mean that those disposing of investments such as shares, second homes and buy-to-let properties will pay more tax.
If you are planning any capital disposals, please contact us to discuss the best strategy for timing of sale.
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