Watson Knipe Blog

The Autumn Budget 2024 introduced notable changes to Capital Gains Tax (CGT), impacting a wide range of taxpayers, particularly property owners, landlords, and investors. Here’s an overview of the key changes and their implications.

Changes to Capital taxes were announced in the Spring Budget on 6 March 2024. These included changes to Capital Gains Tax rates, CGT annual exemption, Inheritance Tax nil rate bands, as well as modifications to Agricultural Property Relief and Woodlands Relief

No changes to the current rates of CGT were announced in the Spring Budget in March 2023. This means that the rate remains at 10%, to the extent that any income tax basic rate band is available, and 20% thereafter.

In the Autumn Budget 2022, there were some updates on Capital Gains Tax, Inheritance Tax, and Stamp Duty Land Tax. Below is a summary for each of these areas.

The Capital Gains Tax (CGT) and Inheritance tax (IHT) thresholds have been frozen until April 2026. In this article, we summarise what you need to know about both these taxes.

It is important to understand what Capital Gains Tax is and the changes that were made to this in 2017.  Capital Gains Tax is a tax that taken from any profit that you make when you sell (or ‘dispose of’) something (an ‘asset’) that has increased in value. It is not based on the amount of money you receive.

We wanted to let you know about changes to Capital Gains Tax coming up in April 2020. The amount of Capital Gains Tax is not affected; the changes relate to when the tax needs to be paid.

We have written about this before, but we wanted to remind you about the changes to Capital Gains Tax if you are planning to sell a second property after April 2020. This is particularly important for all landlords and property investors who regularly buy and sell properties. 

If you are a landlord, you need to be aware of your financial commitments when buying a property and when you sell it. When you purchase a property as a landlord, you will also need to pay stamp duty.