Page 31 - Budget Newsletter - March 2023
P. 31
CAPITAL GAINS TAX
Main exemptions and reliefs
2022/23 2023/24
£ £
Annual exemption 12,300* 6,000*
Principal private residence exemption No limit No limit
Chattels exemption 6,150 6,150
Business assets disposal relief Lifetime cumulative limit £1,000,000.
Gains taxed at 10%
* Reduced by at least 50% for most trusts.
Individuals, personal representatives and trustees will not have to complete the capital gains tax
pages of a tax return if their chargeable gains for the tax year do not exceed their annual
exemption and, for 2022/23, four times the £12,300 annual exemption (£49,200), or, for 2023/24,
£50,000.
Rates of tax
Individuals 10% on gains within UK basic rate band, 20% for
gains in UK higher and additional rate bands
Trustees and personal representatives 20%
Additional rate for residential property and 8%
carried interest gains
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