In general terms, a charge to capital gains tax arises when a chargeable person makes a chargeable disposal of a chargeable asset. The disposal may produce a profit (known as a gain) or a loss.

See Checklist ― calculation of capital gains and losses for issues to consider when reporting client gains and losses.

At Spring Budget 2024 the Chancellor announced a change to the rates of CGT for disposals of residential property. From 6 April 2024, the higher rate for gains from residential property will be reduced to 24% from 28% so that such gains will be taxed at a rate of 18% to the extent that they do not exceed the individual’s unused basic rate band and at 24% to the extent that they exceed the amount of the basic rate band. The rates for carried interest will remain at 18% and 28%.