Capital Gains Tax – Reduced Annual Exempt Amount
The annual exempt amount for Capital Gains Tax is a tax-free allowance for Capital Gains Tax purposes. Net gains up to the annual exempt amount can be realised free of Capital Gains Tax.
The annual exempt amount fell to £6,000 for 2023/24 from £12,300 in 2022/23. It is to fall further to £3,000 for 2024/25.
If you are planning disposals that may realise a chargeable gain, it may be worthwhile to make this disposal before 6 April 2024. This could save up to £840 in Capital Gains Tax.
Contact us at enquiries@ardury.co.uk to discuss your plans for disposals in a tax efficient manner.
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