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Capital Gains Tax Rules & Deadlines
CGT rates changed significantly in the October 2024 Budget. Understanding the current rules and strict deadlines is essential to avoid penalties.
2024/25 CGT Rates
| Asset Type | Basic Rate Taxpayer | Higher Rate Taxpayer | Notes |
|---|---|---|---|
| Residential Property | 18% | 24% | Main residence is exempt (PPR relief) |
| Other Assets (shares, business assets) | 18% | 24% | Rates changed from October 2024 Budget |
| Business Asset Disposal Relief | 10% | 10% | Lifetime limit of £1m. Rate rises to 14% from April 2025, then 18% from April 2026 |
| Investor's Relief | 10% | 10% | Lifetime limit reduced to £1m from October 2024 |
Key Deadlines & Planning Points
60-Day Reporting Rule
If you sell a UK residential property and have CGT to pay, you must report and pay within 60 days of completion — not your annual tax return.
Annual Exempt Amount
The CGT annual exempt amount is £3,000 for 2024/25 and 2025/26, down from £12,300 in 2021/22.
Self Assessment Deadline
All other capital gains must be reported on your Self Assessment return by 31 January following the tax year.
Bed & ISA / Bed & Spouse
Use your annual exemption by selling and repurchasing assets within an ISA or transferring to a spouse before disposal.
Plan Your CGT Before You Sell
Proactive planning before a disposal can significantly reduce your CGT liability. Speak to us before you sign any contracts.
Get CGT Advice