CGT Allowance on property sale

Is CGT allowance based on when you submit the CGT to HMRC or when contracts were exchanged? i.e. we recently completed a property sale on the 25th March 2024. Will we get the CGT allowance based on the tax year 2023 - 24 which is £6000 if we submit after April 5th, 2024 or would it be the reduced allowance of £3000 for the Tax Year 2024 - 25?

Hi,

It is generally when the contracts are exchanged unless there are any conditions attached. For your scenario you fall into 2023 to 2024 so get the £6000 allowance.

Thank you.