Capital Gains Tax

For 2023/24, individuals are entitled to an annual exemption of £6000 and trustees to £3000.

If you think that your investments have made substantial unrealised gains and you have not yet made use of your annual allowance, you should consider taking financial advice as you may be able to utilise your annual allowance, or similar. You could for example, consider reinvestment in an ISA (subject to the ISA limits), reinvestment by a spouse/civil partner or reinvestment into a similar holding. Please contact us on 01483 266666 for more information.

Consideration should be given to transferring assets between spouses/civil partners before encashment to enable each to use an annual allowance.

It is important to consider whether any investments have made a loss and whether excess gains could be offset by any losses. Losses can be carried forward indefinitely, so it is important to include gains, losses and the annual exemption in any calculation to determine how to maximise relief.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

The Financial Conduct Authority(FCA) does not regulate taxation advice.