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Private Client Tax Services
Capital Gains Tax UK (CGT)

Capital Gains Tax UK (CGT)

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What is Capital Gains Tax (CGT)? 

Capital gains tax is a tax on the profit or gain you make when selling (or otherwise disposing of) an asset that has appreciated in value. You are not required to pay CGT if your gains for the tax year are below your yearly tax free allowance. 

The current capital gains tax rates for basic rate taxpayers are 18% on residential property and 10% for other gains and for higher/additional rate tax payers they are 28% on residential property and 20% on other gains.
At Moore (South) our specialist capital gains tax advisors can discuss with you a number of ways to reduce your capital gains tax liability. 

Contact us for a free initial consultation

Our expert advisers assist individuals and businesses with a wide range of capital gains tax issues including:
  • Restructuring a business
  • Advising on share disposals 
  • Transfers into and out of trusts 
  • Assisting property investors that are looking to sell  a property other than their main home (including buy-to-let)
  • Transferring a property to family members in a tax efficient way 
  • Efficient usage of capital gains tax losses
Capital gains made on the sale of a business, shares or a property often considerably exceed the available tax free allowances. 

The annual capital gains allowance for this current 2021/22 tax year is £12,300 for an individual (£6,150 for Trusts), meaning that this is the maximum total amount of gains that an individual can make tax-free from the disposal of their assets in the tax year. 

There are a number of circumstances when a disposal does not usually create a taxable gain.

These include:
  • Disposals to your husband, wife or civil partner
  • If your gains are under your Capital Gains Tax allowance
  • Gifts to UK registered charities
  • Personal belongings (or ‘chattels’) where the sale proceeds (or value when given away) are less than £6,000
  • Prizes and betting winnings 
  • ISAs or PEPs
  • UK Government gilts and Premium Bonds
  • Foreign currency held for your own use 
Need more information? Contact our capital gains tax team today.