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Capital Gains and Savings Allowance
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ados42
Posts: 15 Forumite


in Cutting tax
If I have a chargeable event which results in me having to pay some capital gains tax does this count towards my income when I am being assessed for the savings allowance?
I can find no straight forward definition as what counts as income as far as the savings allowance is concerned.
For example; Income from pensions and other sources £12,570, capital gain £10,000 do I still retain the £5000 starting rate for savings band? Do dividends from shares count towards my income as far as the starting rate for savings is concerned?
I can find no straight forward definition as what counts as income as far as the savings allowance is concerned.
For example; Income from pensions and other sources £12,570, capital gain £10,000 do I still retain the £5000 starting rate for savings band? Do dividends from shares count towards my income as far as the starting rate for savings is concerned?
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ados42 said:If I have a chargeable event which results in me having to pay some capital gains tax does this count towards my income when I am being assessed for the savings allowance?
I can find no straight forward definition as what counts as income as far as the savings allowance is concerned.
For example; Income from pensions and other sources £12,570, capital gain £10,000 do I still retain the £5000 starting rate for savings band? Do dividends from shares count towards my income as far as the starting rate for savings is concerned?
Using the savings starter rate band or savings nil rate band eats up some of your basic rate band meaning there is less of that available for use by any Chargeable Gains (CGT).
This isn't a bad guide.
https://www.litrg.org.uk/savings-property/tax-savings-and-investments/tax-savings-income
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