{"id":26923,"date":"2023-07-25T17:33:52","date_gmt":"2023-07-25T16:33:52","guid":{"rendered":"https:\/\/taxfix.com\/en-uk\/?p=26923"},"modified":"2024-10-31T14:36:32","modified_gmt":"2024-10-31T14:36:32","slug":"what-if-my-profit-is-less-than-the-capital-gains-tax-allowance","status":"publish","type":"post","link":"https:\/\/taxfix.com\/en-uk\/investor-capital-gains-tax-returns\/what-if-my-profit-is-less-than-the-capital-gains-tax-allowance\/","title":{"rendered":"What if my profit is less than the CGT allowance?"},"content":{"rendered":"<\/div> \n\n
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Heads up! As of the 31st October 2024, the lower rate of Capital Gains Tax will increase from 10% to 18%, while the higher rate will rise from 20% to 24%.\u00a0<\/span><\/p>\n

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If you\u2019re selling a second home, don\u2019t worry – the current rates of 18% and 24% for property sales aren\u2019t changing. <\/span>
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\n<\/span>\ud83d\udea8For the full scoop on this year\u2019s Autumn Budget, <\/span>check out our blog<\/span><\/a>. \ud83d\udea8<\/span><\/p>\n\n <\/div>\n<\/div> \n\n

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Today is the day. Find out what you need to do when your profit is less than the CGT allowance for the 2024\/25 tax year of \u00a33,000 and say farewell to your fear of Capital Gains<\/a> Tax! \ud83d\udcaa<\/p>\n\n\n\n

Well, kind of\u2026 <\/p>\n\n\n\n

Whilst we can\u2019t stop your capital gains from being taxed, we can make it a whole lot easier for you to understand your profits, allowance, and taxes – not all heroes wear capes, right? \ud83e\udee3<\/p>\n\n\n\n

What is Capital Gains Tax?<\/h2>\n\n\n\n

Put simply, it\u2019s the tax you pay on your profits<\/a> (gains). You gain<\/a> when you sell or \u2018dispose of\u2019 an asset. \ud83d\uddd1<\/p>\n\n\n<\/div> \n\n

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Here are some of the most common examples:<\/p>\n

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