The government is planning to change the CGT rules for separating spouses. Currently, transfers can be made between couples on a tax neutral basis only up until the end of the tax year of separation (not divorce). This is a tight deadline! Inter-spousal transfers after this deadline may trigger a CGT charge. Yet this would
Everyone has a CGT annual exemption of £12,300 for 2022/23. This is wasted if you don’t make capital gains in the tax year, as it can’t be carried forward. In 2023/24 the annual exemption will be £6,000 and in 2024/25 it will be cut to £3,000. If you are planning to dispose of assets that will create
When do I pay Capital Gains Tax? The profit you make on selling a buy-to-let property or a second home is generally subject to capital gains tax (CGT). Also, you may have to pay some CGT on the profit you make from selling your main home. If you have not lived in that property for
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