Capital Gains Tax (CGT) predicted to more than double by 2027

It is predicted that the taxman will take £19.7 billion in Capital Gains Tax (CGT) in the 2026-2027 tax year, which is a 114% rise from £9.2 billion taken in 2019-2020. 

You pay Capital Gains Tax (CGT) when you cash in assets, such as art, a second home, investments or shares held outside an ISA or pension  You do not have to pay when you cash in Premium Bonds or profit from a rise in the value of your main home.  Everyone gets a £12,300 allowance.  After that, basic rate taxpayers are charged 18% on property and 10% on other assets.  Higher and additional rate taxpayers pay 28% on property and 20% on other assets. 

CGT tax take is expected to increase as property and equity prices rise.

To make sure you protect your assets from paying too much capital gains tax, your first consultation with us is free of charge.  To see how we can help you contact us on 01603 957599.

 

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