Some changes in the rate of capital gains tax (CGT) payable on the disposal of assets happened ion 30th October 2024 and these need to be reflected separately in your tax return for 2024/25.

The main rates for pre 30th October 2024 were:

• 10% for any gains that fall within an individual’s unused basic rate band
• 20% for higher rate taxpayers

Two higher rates apply to residential property disposals. These are:

• 18% for any gains that fall within an individual’s unused basic rate band
• 24% for higher rate taxpayers

Two higher rates apply to carried interest. These are:

• 18% for any gains that fall within an individual’s unused basic rate band
• 28% for higher rate taxpayers

The main changes in the rates for gains made on or after 30th October 2024 were:

• the 10% rate for basic rate taxpayers to 18% for disposals made on or after 30 October 2024
• the 20% rate for higher rate taxpayers to 24% for disposals made on or after 30 October 2024
• the 20% rate of Capital Gains Tax that applies to gains accruing to trustees and personal representatives to 24% for disposals made on or after 30 October 2024

This means that the residential property rates have not changed and other gains have been brought into line with those rates.

Obviously this can be quite complex so you are recommended to take advice if you are in any doubt about how much CGT you need to pay.

Further information can be found on the government website.