Uk Capital Gains Tax Free Allowance 2024/25

Uk Capital Gains Tax Free Allowance 2024/25. In the uk, capital gains tax for residential property is charged at the rate of 24% where the total taxable gains and income are above the income tax basic rate. Understanding capital gains tax for individuals capital gains tax (cgt) is a tax on the profit/gain from selling, transferring, gifting or otherwise disposing of certain.

After selling an asset, you only owe capital gains tax on profits above £3,000 in the 2024/25 tax year. For the 2023/2024 tax year capital gains tax rates are: