£12,300 Capital Gains Tax Annual Allowance - Use it or lose it!06 Jan, 20231 minute
The CGT annual exempt amount reduces from £12,300 to just £6,000 for gains made in ...
The CGT annual exempt amount reduces from £12,300 to just £6,000 for gains made in 2023/24. Remember that the 2022/23 allowance is lost if not used by 5 April 2023, and you might want to consider bringing forward disposals of chargeable assets where possible.
Where a married couple who are higher-rate taxpayers own a buy-to-let property, bringing forward the disposal from 2023/24 could potentially save £3,528 CGT (£24,600 - £12,000 @ 28%). It would be important to exchange contracts before 6 April 2023 as that is the critical date for CGT.
If you would like more information or would like to discuss your tax affairs in more detail, please don't hesitate to contact our tax experts at firstname.lastname@example.org.