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Property · Oct 2024 rates

Property Capital Gains Tax Calculator

Selling a second home, BTL or property you’ve inherited? CGT applies on the gain above £3,000. Since 30 October 2024, residential and other assets share the same 18/24% rates.

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CGT due

£26,880

Effective rate 24.0% on the taxable gain.

Breakdown

  • Gross gain
    £115,000
  • Annual exempt amount
    −£3,000
  • Taxable gain
    £112,000
  • Basic-rate portion @ 18%
    £0
  • Higher-rate portion @ 24%
    £26,880
  • Total CGT
    £26,880

How we calculated your result

Gain = sale price − purchase price − allowable costs. Subtract the £3,000 Annual Exempt Amount. The remainder is taxed at 18% to the extent it fits in your basic-rate band, and 24% above. Your other taxable income fills the basic-rate band first.

Official UK rules in simple English

  • Annual Exempt Amount: £3,000 (down from £12,300 in 2022/23).
  • Rates: 18% basic / 24% higher (residential and other unified Oct 2024).
  • Allowable costs: stamp duty paid, legal fees, agent fees, capital improvements (not maintenance).
  • Pay within 60 days of completion via HMRC’s online service.

Common pitfalls to watch out for

  • ⚠ 60-day reporting trap

    Late returns trigger penalties even if no tax is due.

  • ⚠ Improvements vs maintenance

    A new extension counts. Replacing the boiler doesn’t.

  • ⚠ PPR relief only on main home

    If you ever lived in the property, Private Residence Relief reduces the gain pro-rata.

Frequently asked questions

Can I offset previous losses?
Yes — capital losses from prior years can reduce taxable gains. Must have been reported within 4 years.
Do gifts trigger CGT?
Yes — gifts other than to a spouse are treated as a disposal at market value.

Educational. Speak to an accountant for inheritance, divorce or PPR-period calculations.

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