CG10245 - Capital Gains Tax: rates of tax – from 30 October 2024
Source: gov.uk (2025-10-07)


Throughout this manual, all legislative references are to Taxation of Chargeable Gains Act 1992 (https://www.legislation.gov.uk/ukpga/1992/12/contents) (“TCGA92”) unless otherwise stated.

There are three categories of person chargeable to Capital Gains Tax (CGT):
- individuals
- personal representatives
- trustees
Companies

A company’s chargeable gains less allowable losses form part of its total profits for an accounting period and are charged to Corporation Tax, see CG10247 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg10247) and CG40200 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg40200). Exceptionally, a company may be charged to CGT when acting in a fiduciary capacity, see CG42030 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg42030).

Individuals, personal representatives and trustees

30 October 2024 Onwards

Sections 1H to 1J

Net gains accruing in a year of assessment, after taking account of losses and the annual exempt amount (CG18000c (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg18000c)), are charged to Capital Gains Tax at:
- 10 per cent if the gains qualify for Business Asset Disposal Relief (CG63950 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg63950)+) or Investors’ Relief (CG63500P (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg63500p)). This rate will increase to 14 per cent from 6 April 2025 and then to 18 per cent from 6 April 2026.
- 28 per cent if the gains accrue on “carried interest” under section 103KA(2) or (3) (https://www.legislation.gov.uk/ukpga/1992/12/section/103KA). This rate will increase to 32 per cent from 6 April 2025. Carried interest will then, from April 2026, be taxed as trading profits and form part of Self-Assessment.
- For individuals, other gains are charged at 18 per cent or at 24 per cent
- For personal representatives and trustees, other gains are charged at 24 per cent.
For the gains at item 3 above to the extent that the basic rate limit is not utilised by the individual’s income and by gains qualifying for Business Asset Disposal Relief and Investors’ Relief, the gain (or part) would be charged at the lower rate.

Further detail about the changes to the rates applying for Business Asset Disposal Relief and Investors’ Relief for disposals on or after 6 April 2025 can be found at CG63955 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg63955) and CG63515 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg63515).

Unused Income Tax reliefs and allowances cannot be set against the net gains.

Gains accruing to a person in a tax year may be chargeable to Capital Gains Tax at different rates. Thus the tax effect of losses and the annual exempt amount set off against those gains can vary. CG18000 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg18000) and CG21500 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg21500p)+ explain that, subject to any rules which limit the gains from which losses may be deducted, losses and the annual exempt amount may be set against gains in the way that is most beneficial to the individual. See CG15801 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg15801) for guidance on the circumstances where an unused trading loss can be set against capital gains.

More detail on the how the rates apply to individuals can be found at CG21000 (https://www.gov.uk/hmrc-internal-manuals/capital-gains-manual/cg21000)+

The Self Assessment Tax Return for the 2024-25 tax year will not be able to correctly calculate the amount of CGT due where there is a disposal on or after 30 October 2024 which is charged at a different rate of CGT. In this year, customers will need to use the interactive calculator to compute the additional tax due and enter this amount in the adjustments box on the Capital Gains pages of their Return, see “Work out your capital gains tax adjustment for the 2024 to 2025 tax year (https://www.gov.uk/guidance/work-out-your-capital-gains-tax-adjustment-for-the-2024-to-2025-tax-year)” for a link to the calculator.