First £12,000 are tax-free.
£1,000 taxed at 10%: £100
£7,000 taxed at 20%: £1,400
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Your total capital gains tax (CGT) owed depends on two main components:
Your overall earnings determine how much of your capital gains are taxed at 10% or 20%.
Our capital gains tax rates guide explains this in more detail.
In your case where capital gains from shares were £20,000 and your total annual earnings were £69,000:
You pay no CGT on the first £12,000 that you make
You pay £100 at 10% tax rate for the next £1,000 of your capital gains
You pay £1,400 at 20% tax rate on the remaining £7,000 of your capital gains
You don’t have to pay Capital Gains Tax (CGT) on property when:
What you can claim to reduce your CGT bill:
ISAs stand for Individual Savings Accounts. They’re meant to encourage people to save more.
How they work:
The UK tax year for individuals starts April 6th and ends April 5th of the following year. From then, you have until January 31st to complete your online tax return for the previous tax year.
If the value of the coins you got from mining or trading cryptocurrencies like Bitcoin or Ethereum is over £1,000 in GBP equivalent you’ll have to pay tax on your earnings.
HMRC treats cryptocurrency miners as traders, so you need to pay:
If you don’t declare yourself as a trader you will automatically be classified as an investor and have to pay Capital Gains Tax.
When it comes to Self Assessment mistakes, we’ve seen them all. Here are a few you’ll want to avoid:
Figuring out how much tax you owe on your capital gains is hard.
Filing a personal tax return without making a mistake is even harder.
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Once you’ve signed off your return, your TaxScouts accountant will file your return online with HMRC. That’s it! We told you it was simple.