Capital Gains Tax changing this tax year.
Are you thinking of selling your investment property soon? If so, be aware that the amount of tax you will have to pay will be slightly different from that of last year. The Capital Gains Tax-free allowance is dropping from £12,300 to £6,000 with another drop again in April 2024 to £3,000. This means for those gains that are above the allowance, by next April there will be an additional £9,300 to pay tax on. This equates to an extra £1,674 to a tax bill for those on the basic rate of tax or £2,604 more for those in the higher-rate tax bracket (Propertynotify.co.uk, 2023).
Do you have any questions regarding selling your investment property? Call us today on 01233 501601 and we can discuss your options with you.
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