CAPITAL TAX GAINS
Navigating Capital Gains Tax Changes:
What You Need to Know
In the ever-shifting landscape of financial planning, staying informed about tax changes is crucial for securing your financial future and safeguarding your assets. The recent decision by the UK government
to reduce the capital gains tax allowance threshold has far-reaching implications, particularly for those relying on dividend income, retirees, and individuals with valuable non-essential assets.
Capital Gains Tax (CGT) Unveiled:
CGT is a levy imposed on the profit realized from the disposal of assets, taxing the gain exceeding the personal allowance. The recent budgetary decision in 2022 dictates a significant reduction in the capital gains tax allowance threshold, shrinking from £12,600 to £6,000 in April 2023 and further halving to £3,000 in 2024. This move is poised to impact individuals in various financial situations, especially retirees relying on dividend income and those possessing second properties, investments,
or valuable non-essential assets.
Understanding CGT Rates:
For assets outside the personal allowance, individuals in the basic
income tax band face a 10% tax on their gains, rising to 18% for
gains involving residential property. Higher and additional rate
taxpayers encounter a 20% tax on gains, escalating to 28% for
gains related to residential property.
What is Capital
Gains Tax?
CGT is a tax on the profit made on the disposal of assets. The gain realised more than the personal allowance is taxed. For instance, if a property is bought for £200,000 and sold later for £350,000, the
realised gain is £150,000.
Individuals in the basic income tax band pay 10% on their gains and 18% on gains realised with a residential property. Higher and additional rate tax payers pay 20% on gains and 28% on residential property.
The Exception: British Legal Tender Coins:
Amidst these changes, certain coins remain exempt from CGT, providing a strategic avenue for wealth preservation. Coins struck at the Royal Mint are classified as British Legal Tender. Coins such as gold and silver Britannia’s and gold Sovereigns, are exempt from CGT, despite their market value surpassing their face value. This unique exemption ensures that any gains realised from the sale of these coins can be legally excluded from your CGT calculation.
GoldCap's CGT-Free Coins:
Enter a realm of financial resilience with GoldCap's Capital Gains Tax-free coins, a savvy strategy especially pertinent in the wake of impending tax changes. Many of GoldCap’s coins, in addition to being VAT-free, offer a CGT-free status, allowing you to sell or pass on your assets without incurring any tax liabilities. As the CGT landscape undergoes transformation, securing your wealth with these tax-efficient assets becomes more crucial than ever.
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