Source: HMRC

At the Autumn Budget 2024, the government announced changes to the main rates of Capital Gains Tax (CGT).    

For the 2024 to 2025 tax year individuals, trustees and personal representatives will need to take additional steps to calculate their CGT if they made disposals on or after 30 October 2024. This excludes:

·         Residential property

·         Business Asset Disposal Relief

·         Investors Relief

·         carried interest

This will make sure the new rate of tax is correctly accounted for in the 2024 to 2025 Self Assessment return.

This will require using the adjustment boxes on the forms:

·         SA108 — Individuals Capital Gains summary page

·         SA905 — Trust and Estates Capital Gains

·         SA970 — Tax Return for Trustees of registered pension schemes