Effective 30th October 2024, significant changes to Capital Gains Tax rates have come into force, impacting the tax payable on profits from the sale of certain assets. These assets include shares, commercial property, and other taxable investments. 

 

For basic rate taxpayers, the Capital Gains Tax rate has risen from 10% to 18%, while higher and additional rate taxpayers will now pay 24%, up from the previous rate of 20%.  

 

This change aligns the Capital Gains Tax rates for these asset disposals with those already applied to residential property disposals.  

 

The Capital Gains Tax rates for residential property sales remain unchanged at 18% for basic rate taxpayers and 24% for higher and additional rate taxpayers.  

 

The revised rates reflect the government’s aim to simplify the tax system and align rates across asset classes.  

 

Taxpayers affected by this change should review their investment strategies and consider seeking professional advice to manage their Capital Gains Tax liabilities effectively. 

 

If you are planning to sell assets, it’s crucial to factor in the new rates to accurately calculate your potential tax obligations. These changes could have a notable impact on returns, especially for higher earners. 

 

Stay informed about tax policy changes to ensure compliance and optimise your financial planning.  

 

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