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Current Rate of Capital Gains Tax UK

Capital Gains Tax is a tax on the profit when you sell (or 'dispose of') something (an 'asset') that's increased in value. The Office of Tax Simplification (OTS) has published a review of the tax, commissioned by Chancellor Rishi Sunak. Currently, CGT is charged at a basic rate of 10% or a higher rate of 20% on the disposal of assets.

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Current Rate of Capital Gains Tax UK

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  1. HOW COULD CHANGES TO CAPITAL GAINS TAX AFFECT YOU Morgan Reach

  2. Capital Gains Tax • Capital Gains Tax is a tax on the profit when you sell (or 'dispose of') something (an 'asset') that's increased in value. • It's the gain you make that's taxed, not the amount of money you receive. https://morganreach.com

  3. Government urged to overhaul CGT • The Office of Tax Simplification (OTS) has published a review of the tax, commissioned by Chancellor Rishi Sunak, which revealed £14bn could be raised by making these changes. • Currently, CGT is charged at a basic rate of 10% or a higher rate of 20% on the disposal of assets, with rates of 18% or 28% applying to residential property. https://morganreach.com

  4. Tax Director OTS, added: • If the Government considers the simplification priority is to reduce distortions to behaviour, it should consider either more closely aligning capital gains tax rates with income tax rates, or addressing boundary issues as between capital gains tax and income tax.‘ https://morganreach.com

  5. Calculating Capital Gains Tax • Capital Gains Tax is a tax on the profit when you dispose – or sell – an asset that’s increased in value. It’s the gain you make that’s taxed, not the amount of money you receive. • While the top bands of income tax are both 45% and 40% for people earning more than £50,000, the average CGT paid on the sale of assets is only around 15%. • Morgan Reach App includes a Capital Gains Tax calculator. https://morganreach.com

  6. Contact Morgan Reach • Our tax experts can provide the clarity you are seeking. We can review or might be able to reduce your tax bill if you fear you are paying too much tax, contact us through one of below. • Phone: • 0121 236 0777 • Email: • info@morganreach.com • Website: • https://morganreach.com

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