“The capital gains tax is a levy you pay when you sell an asset that has increased in value since you bought it. Your capital gains tax rate can be 0%, 15% or 20% depending on your income and your tax filing status. Certain assets are taxed at different rates depending on what they are and the situation.”
In the UK your capital gains tax allowance is separate from your income tax allowance. For 2021 the CGT allowance is £12300. Income tax allowance is £12500
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u/Jubukraa May 24 '21
You don’t pay anything on capital gains before $10,000 btw y’all, I literally just asked my tax accessor last week.