Capital Gains Tax

What is Capital Gains Tax?

Capital Gains Tax is the tax that you pay on investment profits, which may include property, vehicles, jewellery, stocks and shares and even cryptocurrency.

What is the Capital Gains annual allowance

The capital gains annual allowance is the amount of profit that an individual can make from an asset before any tax is payable.

The Capital Gains tax allowances are as follows:

• 2024/25 £3,000
• 2023/24 £6,000

For those who are married or in a civil partnership, no Capital Gains Tax is charged when you transfer assets to each other.

Reasons to work with a Capital Gains Tax accountant?

Capital Gains Tax can affect anyone, from individuals to entire enterprises. Capital Gains Tax can become an extremely expensive headache, that is why working with a Capital Gains Tax accountant is advantageous so that you know what reliefs you are eligible for to help reduce your Capital Gains Tax.

If you’re an investor, especially in property where your asset value increases annually, you need to be aware of how much tax you pay when selling your assets as you could end up paying a significant amount of Capital Gains Tax. Working with a Capital Gains Tax accountants will analyse your records to review any potential reliefs to bring the cost down, no matter what asset you’re selling.

What assets are chargeable?

Capital Gains Tax is paid on the following assets when you gain a profit upon sale and are known as ‘chargeable assets’:

• Majority of personal assets worth £3,000 or more, but not your car/vehicle
• Shares that aren’t apart of an ISA or PEP account
• Business assets
• Your main home property if you rent it out, use for business purposes or it’s of significant size.
• Any property you don’t live in

Capital Gains Tax is only paid when you go over your total annual tax-free allowance, which can vary.

There are some assets in which you do not pay Capital Gains Tax on, such as:

• Betting wins (Lottery or pools)
• UK governments gilts and Premium Bonds
• ISAs or PEPs

Why Choose Rogers Spencer?

We are Chartered Accountants based in Nottingham, specialising in capital gains tax. We’ve been working alongside businesses since 1871 and since then we’ve learnt a lot about individual companies. We understand what makes you and your business unique and we want to help you achieve the goals and targets you set out.

Our capital gains tax accountants in Nottingham are able to help you and your business manage your capital gains tax.

Contact our Capital Gains Tax Accountants in Nottingham

If you would like more information regarding Capital Gains Tax, contact our Capital Gains Tax Accountants in Nottingham today. At Rogers Spencer we specialise in a range of accountancy services in Nottingham and we’re happy to answer any queries you have.

Related services