Capital Gains Tax is payable on gains when certain assets are sold. This can occur upon the sale of a house, shares or investment products.

 

You will only be required to pay tax on a gain that exceeds the Annual Exempt Amount of £3,000 for individuals (£1,500 for trusts) in tax year 2024/25. If the gain is over the Annual Exempt Amount, the amount that falls within the basic Income Tax Band will be taxed at 10% (18% on residential property) and 20% (28% on residential property) on any amount above the basic rate tax band.

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You are able to reduce your gain by reporting a loss and you are able to carry forward losses into future years.