This tax year could be your last chance to save thousands, by making use of your capital gains tax (CGT) allowance.
We all have an annual CGT allowance of £12,300, meaning a couple can make tax free gains of £24,600 between them, which is certainly not to be sniffed at. Any gains over this are taxed at 10% or 20% depending on whether you sit in the basic or higher rate tax band. Although, it’s worth mentioning that for second properties, this tax does increase to 18% or 28%.