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09.01.2024

Capital Gains Tax on Shares

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Nadia Khan DipPFS Cert CII (MP), Wren Sterling

Capital Gains Tax on Shares

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  • Capital gains tax on shares is charged at 10% or 20%, depending on your income tax band.
  • You may need to pay capital gains tax (CGT) on shares you own if you sell them for a profit.
  • The amount of tax you're charged depends on which income tax band you fall into. Broadly speaking, basic-rate taxpayers are charged 10%, while higher-rate taxpayers must pay 20% in CGT.
  • However, if you're a basic-rate taxpayer the gain you make, when added to your income, could push you into the higher-rate bracket. In this case, you'd pay 20% on however much of the gain falls into the higher income tax band.
  • You'll only need to pay tax if your profit, or gain, is more than the capital gains tax allowance. In the 2023-24 tax year, this is £6,000, down from £12,300 in 2022-23. The CGT allowance will fall again in April 2024 to £3,000.
  • If you're part of a couple, you can use both of your CGT allowances to your advantage. It's possible to hold assets in joint names, and transfer assets to your spouse or civil partner so that they can use their CGT allowance on disposal.
  • Unless they're held in a pension or ISA, you'll usually need to consider capital gains tax when selling shares, funds, investment trusts, cryptocurrencies such as Bitocin or other financial products for a profit.

 

  • Tax year end
  • stocks
  • CGT
  • Tax Planning
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Nadia Khan DipPFS Cert CII (MP) Wren Sterling

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