Reducing the annual exempt amount for Capital Gains Tax
This tax information and impact note is about reducing the Capital Gains Tax annual exempt amount.
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Linked documents
- Policy Paper Capital Gains Tax: Annual Exempt Amount
▤ Verbatim text from source document
This measure changes the Capital Gains Tax (CGT) annual exempt amount (AEA).
For the tax year 2023 to 2024 the AEA will be £6,000 for individuals and personal representatives, and £3,000 for most trustees.
For the tax year 2024 to 2025 and subsequent tax years the AEA will be permanently fixed at £3,000 for individuals and personal representatives, and £1,500 for most trustees.
The measure also fixes the CGT proceeds reporting limit at £50,000.