Capital Gains Tax: Threshold to Be Cut
HMRC Confirms Changes
Threshold to Be Reduced
The threshold for Capital Gains Tax (CGT) will be cut to less than a quarter of its current level, Chancellor Jeremy Hunt has announced.
The move will see the tax-free allowance on capital gains reduced from £12,300 to £6,000 for the 2024 to 2025 tax year.
The basic rate band for CGT will also be cut from £50,270 to £37,700, meaning that more people will pay CGT at the higher rate of 20%.
The changes are designed to raise £1.3 billion for the Treasury.
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