Capital Gains Tax Annual Exemption

The annual exemption for capital gains tax purposes has been changed with effect from the 2023-24 tax year.

The new annual exempt amount for individuals for the 2023-24 is £6,000 which is less than half of the previous amount. This is being further reduced to £3,000 for the 2024-25 tax year.

This new change has also affected trusts with the trust annual exemption falling to £3,000 for the 23-24 tax year and £1,500 in the 2024-25 tax year.

If you are planning on selling assets (like shares) in the future and were expecting to use the annual exemption it may now be worth looking to sell before the end of this tax year.

If you have any questions on Capital Gains Tax or any of the subjects discussed, then please get in touch! You can call on 01243 782 423 or head to our contact form.

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