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Posted Wed, 02 Oct 2024 11:56:04 GMT by onepearl
Dear HMRC, I am an additional rate taxpayer (45%) and have made a profit of £1,350 from buying and selling funds during the 2023-2024 tax year. As this falls under Capital Gains and given that the Capital Gains Tax annual exempt allowance is £6,000, I assume I do not need to report this profit on my tax return. Could you please confirm if my understanding is correct? Kind regards,
Posted Thu, 10 Oct 2024 09:41:59 GMT by HMRC Admin 20 Response
Hi,
That is correct.
Thank you.
Posted Thu, 10 Oct 2024 11:00:05 GMT by onepearl
Thank you for your confirmation. To clarify, I understand that I am still eligible for the annual exempt allowance of £6,000 for the 2023-2024 tax year meaning being an additional rate taxpayer does not impact my Capital Gains Tax annual exempt allowance. (which is not the case for the personal allowance) right? Kind Regards
Posted Fri, 18 Oct 2024 12:25:12 GMT by HMRC Admin 19 Response
Hi,
That is correct. The £6000 allowance applies no matter what rate of tax you pay.
Thank you.

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