Capital Gains Tax — work out your adjustment for the 2024 to 2025 tax year

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

For the 2024 to 2025 tax year, individuals, trustees and personal representatives will need to take additional steps to calculate their Capital Gains tax if they made disposals on 30 October 2024 or thereafter.

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 tax 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

This will account for any in-year difference in tax.  

For further guidance and advise contact Amin & Co Accountants or call at 0161 224 3510