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We will propel your business on a digital journey providing you with all the necessary cloud based software and expertise which will give you a smarter and more streamlined way of working whilst providing full clarity of where your business is heading.

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352 Herringthorpe Valley Rd

Stag, Rotherham

S60 4LA

e: info@branagans.co.uk

t: 01709 327 215

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BRANAGANS

Accountancy Services Ltd

01709 327 215 | info@branagans.co.uk

May 2025 | What to know about the latest Capital Gains Tax rule changes

Anyone who has made disposals of assets since 30 October 2024 must take additional steps to calculate any Capital Gains Tax (CGT) due, as the Self-Assessment tax return is unable to automatically apply the new rates. These changes affect individuals, trustees, and personal representatives.

Exceptions to this include:

• Residential property
• Business Asset Disposal Relief
• Investors' Relief
• Carried interest

The Chancellor increased the amount of CGT due on specific transactions in the Autumn Budget. The main rates of CGT that apply to assets apart from residential property and carried interest have risen from 10% and 20% to 18% and 24% respectively for disposals made on or after October 30, 2024, said HMRC.

For trustees and personal representatives, the rate has gone from 20% to 24% for disposals made on or after the same date. But the CGT applying to Business Asset Disposal Relief and Investors' Relief has gone up from 10% to 14% from April 6, 2025, and will rise again to 18% for disposals made after April 6, 2026.

The CGT rates for applicable residential property sales will remain at 18% and 24% as before.

SOME SPECIAL PROVISIONS TO BE AWARE OF

Where contracts have been entered into before October 30 last year but not completed until after that date, there are special provisions. The same applies for "contracts entered into on or after 30 October 2024 for the phased rate change that applies to Business Asset Disposal Relief and Investors' Relief", HMRC said.

Additional special provisions apply for share reorganisations and exchanges, where an election is made. But the best thing to do is to consult with your accountant and find out the best way to ensure you are meeting all your relevant CGT obligations.

There is an adjustment tool available to support individuals, trustees, and personal representatives when calculating the correct adjustment figure.

Adjustment boxes on the following forms should be used to account for any in-year difference in tax to make sure the tax due is correct:

• SA108 - individuals capital gains summary page.
• SA905 - Trusts and Estates capital gains
• SA970 - Tax Return for Trustees of Registered Pension Schemes

Source: Gov.uk

You can find out more about the changes to the main rates of CGT at Gov.uk.

LET US HELP YOU

If you will be affected by these changes and want to make sure you don't make a mistake with your CGT calculation, then please get in touch with us on 01709 327 215 or email info@branagans.co.uk and we will do everything we can to help you.

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