To calculate your capital gains tax enter your details below in the boxes and click on Calculate
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To calculate capital gains tax (CGT) for the UK, you need to follow these steps:
- Work out your gain: This is the difference between the amount you sold your asset for and the amount you paid for it. You can deduct any costs associated with selling the asset, such as legal fees and estate agent's fees.
- Work out your allowance: You have an annual CGT allowance that you can use to offset your gains. For the 2022/23 tax year, the allowance is £12,300.
- Work out your taxable gain: This is your gain minus your allowance. If your taxable gain is less than £12,300, you do not have to pay CGT.
- Work out your CGT rate: The CGT rate you pay depends on your income tax band and the type of asset you sold. For the 2022/23 tax year, the CGT rates are:
- 10% for basic rate taxpayers
- 18% for higher rate taxpayers
- 28% for additional rate taxpayers
- Work out your CGT liability: This is the amount of CGT you owe. You can calculate this by multiplying your taxable gain by the relevant CGT rate.
Here is an example of how to calculate CGT:
- You sell a painting for £10,000.
- You bought the painting for £5,000.
- You have an annual CGT allowance of £12,300.
- Your taxable gain is £5,000.
- You are a basic rate taxpayer.
- Your CGT liability is £5,000 x 10% = £500.
You can find more information about CGT on the GOV.UK website: https://www.gov.uk/capital-gains-tax.
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