What is the Capital Gains Tax annual exempt amount?
The Capital Gains Tax annual exempt amount is a tax-free allowance of £3,000 for individuals and £1,500 for trusts, according to gov.uk. Gains up to that amount in a tax year are not taxed. You report gains on UK residential property within 60 days of a sale completed on or after 27 October 2021.
Figures checked against gov.uk on . General information, not tax advice.
At a glance
- Individuals
- £3,000
- Trusts
- £1,500
- UK residential property sold on or after 27 October 2021
- Report and pay within 60 days
- Other gains
- Self Assessment return for the tax year after the sale
Reporting a gain
For other gains, gov.uk says to report them in the tax year after you sold the asset if you use a Self Assessment return. If you are eligible, you may be able to use the real-time Capital Gains Tax service and report by 31 December in the tax year after the sale.
gov.uk warns against waiting for the next tax year to report gains on UK residential property sold since 6 April 2020, because you may owe interest and a penalty.
Non-residents and the form
If you are not UK resident, you must report all sales of UK property or land, residential and non-residential, even if no tax is due. Gains that go through a tax return are entered on the capital gains summary pages (SA108).
The page that gives the £3,000 figure does not label it with a tax year, so check the Capital Gains Tax allowances page for the year you are reporting.