Measure
The higher rate of capital gains tax for chargeable gains on the disposal of residential property will be reduced from 28% to 24%.
To the extent that gains fall within an individual’s basic rate band, the applicable tax rate will remain at 18%.
Individuals, trustees and personal representatives subject to UK taxation on the disposal of residential property.
For disposals on or after 6 April 2024.
This measure will be welcomed by those who are realising gains on the disposal of residential property.
It is worth noting that the new 24% rate will mean that from 6 April 2024 there will be five rates of capital gains tax on assets (excluding residential property) - 10%, 18%, 20%, 24% and 28%.