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STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

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.

From 6 April 2024, the higher rate for gains from residential property are reduced to 24% from 28% so that such gains are taxed at a rate of 18% to the extent that they do not exceed the individual’s