All the household bills expected to rise in April 📈
The annual allowance, which is a limit on how much can be saved into your pension each year without incurring a tax charge, is also increasing from £40,000 to £60,000. If you pay in more than this, you will pay a tax-charge to counteract any tax relief you received on the amount above the allowance.
You pay CGT at 10 per cent on profits above this allowance if you are a basic-rate taxpayer . Higher-rate taxpayers pay 20 per cent, or 28 per cent on property. The changes mean you will pay up to £630 more in tax if you are a basic-rate taxpayer selling an asset that’s not a property, or £1,134 if you are selling a property.
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