Lock In Capital Gains Tax Rate?

pAnoNymous

This year I had some income which is due Capital Gains Tax. The tax on this is not due until next year. Is there any way to lock in to the current CGT rates? I appreciate the government can pretty much make any changes they want but going on the current rules is there anything to be done?

Pennywise

CGT is due at the prevailing rate when the gain was made, not when the tax is due.

tebthereb

Pennywise is right, if the tax point on your transaction has already occurred then you would work on current rates/rules.

It would take a significant change to the tax system to change a fundamental like this. Very unlikely any time soon.

If someone has expected transactions coming up that they are concerned will fall post election and into a less favourable tax position, yes, there are steps that can be taken to secure current rates but there are various issues some of which are quite complex.

[Deleted User]

Hi,

pAnoNymous wrote: »

This year I had some income which is due Capital Gains Tax.

income tax is due on income,


CGT is due on a gain,


which is it?