Updates on Capital Gains Tax Changes

Recent changes to capital gains tax (CGT) rules have increased government revenue, with income rising nearly 80% to over £24 billion in the last tax year. More people are now subject to CGT, which applies to profits from selling assets such as investments, property, and personal possessions. The annual tax-free allowance has been reduced to £3,000, and CGT rates have increased for higher-rate taxpayers, prompting experts to advise maximizing allowances, using tax-efficient accounts like ISAs, and making strategic gifts or pension contributions to reduce liabilities.

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