Capital Gains Tax Rates 2024/24. Capital gains tax rates and annual exempt amounts. The rate of capital gains tax is 10%, where the total taxable gains and income is less than £37,700.
Based on the statement, capital gains tax (cgt) exemptions would undergo a reduction starting in april 2023, followed by additional decreases from april. The capital gains tax allowance for the 2023/24 tax year has decreased by more than 50% from its 2022/23 threshold of £12,300 to £6,000.
How Will The Changes Affect You?
From my reading i believe that the higher property capital gains tax rate will be reduced from 28% to 24% as from 6 april 2024.
This Measure Will Have Effect From 6 April 2023.
Tax rates and allowances for 2023/24 and 2024/25.
The Capital Gains Tax Allowance For The 2023/24 Tax Year Has Decreased By More Than 50% From Its 2022/23 Threshold Of £12,300 To £6,000.
Images References :
From My Reading I Believe That The Higher Property Capital Gains Tax Rate Will Be Reduced From 28% To 24% As From 6 April 2024.
1 the individual’s personal allowance is reduced where their income is.
Find Out How Much Cgt You'll Pay.
The higher rate of capital gains tax on property has been cut.