The capital gains tax threshold is changing in April 2023 to bring more of us into the net.

Capital gains tax (CGT) is charged on the profit you make selling assets (normally excluding your main home). You’ll pay tax on the difference between the original purchase price and the sale price. There’s also an annual tax-free allowance you can use to reduce gains, currently £12,300 per tax year.

The CGT annual allowance is reducing from £12,300 to £6,000 in April 2023 and £3,000 in April 2024 and could mean you have a higher tax bill.