Sold a property, shares, or business asset? We calculate your CGT liability, maximise available reliefs, and file your return — including 60-day residential property reports.
Capital Gains Tax (CGT) is charged on the profit you make when you sell or dispose of an asset that has increased in value. It applies to residential property (that is not your main home), shares and investments, business assets, and personal possessions worth over £6,000. The gain is the difference between what you paid for the asset and what you received when you sold it, after deducting allowable costs.
From October 2024, the CGT rates on most assets are 18% for basic rate taxpayers and 24% for higher and additional rate taxpayers. For residential property disposals, the rates are 18% (basic rate) and 24% (higher rate). Business Asset Disposal Relief (formerly Entrepreneurs' Relief) reduces the rate to 10% on qualifying business disposals up to a lifetime limit of £1 million.
When you sell a UK residential property and CGT is due, you must report the gain and pay the tax within 60 days of completion — not at the end of the tax year. Missing this deadline results in automatic interest and penalties. taxvista handles the 60-day report submission urgently to ensure you meet this tight deadline.
The Annual Exempt Amount for 2024–25 is £3,000 per person. Married couples and civil partners each have their own allowance. Losses from other disposals in the same or previous tax years can be set against gains. Transfers between spouses are exempt. Principal Private Residence relief exempts gains on your main home. Careful timing of disposals across tax years can also reduce your effective CGT rate.
Fast turnaround on CGT calculations and 60-day property reports. Contact us today.
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