Capital Gains Tax 2024/5 5 Years Old

Capital Gains Tax 2024/5 5 Years Old. In their march 2024 economic and fiscal outlook (efo), the obr estimate that the cut in capital gains tax payable on residential property gains increases property transactions. Capital gains tax is paid on the profits made when people sell valuable assets such as second homes, stocks and shares, stakes in a business or valuable.

Capital gains tax is a tax on the profit when you sell (or ‘dispose of’) something (an ‘asset’) that’s increased in value. Capital gains tax allowance has shrunk (again) the cgt allowance was cut from £12,300 to £6,000 for the 2023/24 tax year, and the annual exemption halved again.