CGT and the budget

Notepad_Phil

https://forums.moneysavingexpert.com/discussion/comment/82149943#Comment_82149943

I haven’t thought about them changing capital gains tax on death. Would that be extended to assets left to spouses too I wonder.

If this was brought in (which I think is doubtful) then I doubt that the spouse would have to pay cgt straight away on any assets left to them, but certainly when they too died then cgt would be based on the original price that it was bought at and not the price when it was passed to the spouse.

Dilbert_Investor

Sorry, one final thing. If the rate changes the day of the budget like previously, would it be better to realise the gains ahead of the budget (a known rate) and the keep the losses unit after the budget

masonic

https://forums.moneysavingexpert.com/discussion/comment/82151022#Comment_82151022

You could take that precaution.

EthicsGradient

https://forums.moneysavingexpert.com/discussion/comment/82151022#Comment_82151022

As I said on page 1 (https://forums.moneysavingexpert.com/discussion/comment/82144238/#Comment_82144238) , last time, we were allowed to use losses incurred at any time of the year to offset gains incurred during the higher rate. An example of what I mean:

May 2024: gain of £5,000 on share A

June 2024: loss of £4,000 on share B

Oct 2024: CGT basic rate changed from 10% to 18%

Nov 2024: gain of £7,000 on share C

The £3k CG allowance, and the £4k loss, are set against the Nov £7k gain, so there is no tax to pay for the post-Budget period. The £5k May gain attracts 10% tax, ie £500.