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Capital Gains Tax: How to pay less to HMRC – four tips everyone should know

Sumary of Capital Gains Tax: How to pay less to HMRC – four tips everyone should know:

  • Capital Gains Tax is a levy charged on the profit a person makes when they sell or gift something which has increased in value.
  • When it comes to selling shares, investments or possessions Britons have a tax-free allowance of £12,300. If a person’s gains are above their Capital Gains Tax (CGT) allowance, they will need to report this and then pay the tax they owe to HMRC.
  • Basic rate taxpayers pay CGT at 10 percent, rising to 20 percent for higher-rate taxpayers.
  • READ MORE: National Insurance update: Increase to go ahead in April How can I reduce my Capital Gains Tax bill?

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