Continuing in our series of specific updates following the autumn Budget, here is a short focus on Capital Gains Tax (CGT).

For a more comprehensive deep dive, see our Tax Compass Podcast on the 2024 Budget.

Prior to the autumn Budget, there had been lots of speculation about how the Government was planning to finance its election promises. One of the most circulated rumours was that Capital Gains Tax (CGT)* would increase significantly.

As accountants and tax specialists, we felt that the rises which were announced last month were not as significant as anticipated.  

In the end, CGT rates were raised to match the residential CGT rates. In reality what this means is that CGT rates have increased from 10% to 18% for basic rate taxpayers and from 20% to 24% for higher rate taxpayers. 

As is true whenever tax changes are announced, the potential financial impact of these changes on an individual will vary depending upon their specific circumstances. 

As experts in the UK taxation system, we at LSR are more than ready to advise you as to how the CGT changes may affect you.  If you decide to get in touch with us, we will work with you to understand your situation, listen to your concerns and provide tailored advice to help you work out how best to manage any current or future CGT implications for your financial affairs. 

See more of our Budget Short on the Capital Gains Tax changes here:

Definitions: 

*Capital Gains Tax (CGT) is the tax that an individual pays on any profit made from the sale of an asset or investment.

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