Understanding Capital Gains Tax (CGT) (UK)

This video is all about Capital Gains Tax (CGT) - what you pay it on, how much you pay, what rates you pay and how you can offset it (or some of it at least).

CORRECT FOR THE 2022/23 TAX YEAR.

#capitalgainstax #capitalgainstaxuk #capitalgains

The content of my videos is for information only and does not in any way constitute advice or a recommendation to act. If you wish to take action based on what you have seen in my videos, then please seek independent financial advice first. The aim of these videos is to provide you with factual information only.

Who Am I?
I am a fully qualified Independent Financial Adviser on a mission to make financial advice more accessible to all. Working at Horlock Holdcroft Financial Consultants Ltd, I am qualified to advise in all areas of financial planning including pensions, savings, investments and protection.

My Credentials
Diploma in Regulated Financial Planning
Currently working towards becoming Chartered

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DISCLAIMERS
Investment carries risk and capital invested can go down as well as up - you may not get back the full capital invested.

Opinions are my own.

Horlock Holdcroft Financial Consultants Ltd is authorised and regulated by the Financial Conduct Authority.

[KingCharlesSpaniel]

Excellent video, so many YouTube videos have annoying music and pics, but this was very useful

[samsonakinola]

This is some valuable information right here. Thank you for this

[srikish]

Great content. Could you please do a similar detailed video on IHT? Thank you.

[vpsclpp]

This is a very informative video, yet I am still confused about CGT. These may seem silly questions, but any useful answers appreciated. I purchased a property in 1993 & lived there for 10 years. It cost me about £30k I have since rented it out for 20 0years or so, and paid tax on thr rental income. If I sell it - value about £130k do I pay capital gains tax. The annual allowance: is that a one -off allowance in the year of sale, or does compound from each year since purchase.

[hereswhatithinkabout]

Great video. Thank you for taking the time to make it.

[steveharman]

Louise.awesome and very clear....a question if I may...a friends son...
Bought a plot of land for £12k over 20 years ago...and has recently gained plannin* permission and wants ro sell, probably for c.£300k.
Can he open aLLP nad sell the plot to that to avoid CGT.?
Or, if he builds it out first and secures Capital Allowances, could he then sell to his LLP to either avoid CGT, or then be able to use the Capital Allowances to cover or reduce the CGT on the entire lot.?
Please.

[nicholascramer]

Very informative thank you so much for posting. If I declared a rented property as now my main residence, moved in and lived there for a few years - then sold it. Would I have to prove to the accountant/HMRC with council tax and household bills to be able to claim for the PPR relief for those "lived in" years?

[davidahhh]

Hi there...what about CGT rebasing in 2019... how does this work? Also, as a non resident, I've been disentitled use of a personal allowance against income Does this bar extend to capital gains? Finally, is the CGT 6k allowance usable by non residents? I own a buy to let flat in the UK.

[deborahlamb-xn]

Hi Louise, I have a scenario where I declared and paid my capital gains from selling a property in Sept 2022. I hadnt made any rental income since Oct 2021 as the flat was empty until it was sold in July 22. I'm not sure whether I need to complete a SA for tax year 22-23 because the property has been sold, the CGT has been paid and no rental income was accrued from the property in that tax year. Can you help please?

[locksmith]

Hi, great video!!!

Are my Gains Subject to Income Taxes post Capital Gains. I trade cfds

[xnp]

Thanks for your great video!
Do I need to report my tax return if my gains are below my allowances ? I keep track of my gains very carefully and I know it is below CGT allowance but I don’t know if I have to file a tax return even though I do not have to pay CGT tax

[ronindude]

How come the asset price is not brought into today's value by calculating the inflation ? If I bought a painting for £5k twenty years ago, that money is equivalent to today's £8, 700 based on official government inflation figures. If I sell the paiting for £9k now, my gain would be merely £300 and not £4000.
But what you are saying is for the capital gains tax, my gain would be deemed to be £4000. Is this fair ?

[waifanhung]

Thank you for your video. I want to know if I had borrowed a sum of money from bank by remortgaging my overseas property where it has been my main residence. Will it be regarded as income and had to pay capital gain tax.

[Ishe]

Great content and clear information, i am looking to start CFD forex trading soon however I am unclear if profits are under cgt or income tax considering i already work full time so it wont be my main source of income?

[retrerwdg]

If me and my sister jointly inherit a property and we've lived in that property are whole lives had no other residents .im assuming we wouldn't have to pay capital gains tax if we sold it ?i assume that would also be the case if we were gifted say a percentage of it as we've never lived in another property ?

[LizAdams-lc]

We purchased a property in 2001 and lived in it until 2020. We then went travelling and rented this property out. It is our only property as we have not purchased another. As it is our sole property, would we need to pay capital gains tax should we sell? It was never purchased as an investment property but didn't want to leave it empty and was not a good time to sell when we left it. Unfortunately for us, the property hasn't gained much equity in the past 4 years due to property market in our area.

[GatesAion]

Firstly awesome video I watched a few videos and your one seems the most right to the point no talking around like your trying to sell something or some story telling.

I got a question, I'm a UK resident. I bought a property last year and sold it this year, is the profit I made added to my yearly income? if so will it be on my last year salary or this years salary. I bought the property in March 2022 and sold it January 2023. thank you again for the strong content!

[jameswatkins]

Is capital gains tax allowance separate from income tax allowance or is that 12300 for both of them combined?

[brendanreilly]

if you sell a property in Ireland with retirement relief on CGT so you pay no tax on it, Will the UK realise that releif or do you pay CGT in England which makes the tax treaty useless?

[Sam-uerv]

Hello quick question.

Im looking to take profits ive used up my 3k Going to sell about 5 holdings 5k at 18% Owe £900.

Can I just pay the money or have to show the working out? It seems long but ived kept my notes.. I can't do the breakdown havent called HMRC rather pay and be done with.. Tax is really taxing im stressed out.