Capital Gains Tax, sometimes referred to as CGT, is often an intimidating and broad subject to understand. Knowing the basics of this often misunderstood tax can present you with generous tax mitigation opportunities and save you money.

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⏱️ Time Stamps:
0:41 What is a chargeable capital gain?
1:20 Who is chargeable to capital gains tax?
2:02 When is capital gains tax charged and what are the rates?
4:04 The annual & other exemptions

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The first and arguably most important thing to understand when it comes to capital gains tax uk is the terminology used in describing it. Capital gains tax arises when a chargeable person, makes a chargeable disposal of a chargeable asset; in layman's terms, if you make a profit on the sale of an asset, Capital gains tax may arise.

Chargeable persons, chargeable assets and chargeable disposals are all terms that will be used in this video and our free downloadable pdf will explain in a lot more detail what these are. To put it simply, if you bought £1,000 worth of listed shares and sold them for £6,000, the chargeable person is YOU a UK resident individual, the chargeable asset are the listed shares and the chargeable disposal will bet the £5,000 PROFIT you have made from selling, or disposing of, these assets (ignoring allowable expenses, incidental costs and the annual exemption for simplification of explanation)

The current Capital Gains Tax UK rates are as follows:

Residential Property. 18% for basic rate taxpayers and 28% for higher rate taxpayers.
Main CGT Rate. 10% for basic rate taxpayers and 20% for higher rate taxpayer.

The annual exemption for Capital Gains Tax UK is currently £12,300. So if you have not exceeded this amount in profit from the sale of assets, aka capital gains, then you do not need to report this to HMRC as you are not liable to pay any Capital Gains Tax. If you are a married couple you may also be able to combine this allowance and benefit from £24,600 worth of exemption, we will go into a lot more detail on this in the next video in our CGT series.

Leave a comment below if you have any questions regarding capital gains tax and we will do our best to answer them as we progress through this series. We hope this takes you one step closer to knowing your numbers and hope you'll like and subscribe for more free quality advice from real qualified accountants.

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