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News Alert! Capital Gain Tax halving from April 2023

From April 2023, Capital Gains Tax is haliving. What does this mean for you?

Taxpayers who sell certain assets and make a gain on that asset are liable to pay Capital Gains Tax (CGT). Examples of assets are: second homes, even if inherited, shares and cryptoassets.

Currently there is a yearly tax-free allowance for CGT of £12,300 per person. From April 2023 this is reducing to £6,000 and from 2024 dropping to £3,000.

If you are in the process of disposing of assets, you may wish to complete this before 6 April 2023 to benefit from the higher allowance.

Married couples and civil partners both qualify for the £12,300 allowance in which case organising joint ownership of these assets before disposal may be beneficial. Transfers between spouses and civil partners are exempt from CGT.

If this affects you, please contact us for more information.