Capital Gains Tax Calculator
Calculate your tax liability on capital gains with this efficient tool. Input the sale price, purchase price, and holding period of your asset to determine your tax obligations accurately. This calculator considers applicable tax rates and exemptions, providing a clear breakdown of your capital gains tax calculations.
Capital Gains Tax Allowances
| Year | Annual Exempt Amount |
|---|---|
| 2022/2023 | £12,300 |
| 2021/2022 | £12,300 |
| 2020/2021 | £12,300 |
| 2019/2020 | £12,000 |
| 2018/2019 | £11,700 |
| 2017/2018 | £11,300 |
| 2016/2017 | £11,100 |
| 2015/2016 | £11,100 |
| 2014/2015 | £11,000 |
what is Capital Gains Tax Calculator
A Capital Gains Tax (CGT) Calculator is a tool used to estimate the amount of tax an individual may owe on the profits from the sale or disposal of certain assets, known as capital gains. Capital gains generally arise when you sell an asset such as property, stocks, or valuable personal possessions.
To use the calculator, you typically need to provide the following information:
- Asset Details: The details of the asset being sold, including the purchase price, sale price, and any associated costs or expenses.
- Holding Period: The length of time the asset was held before it was sold.
- Allowances and Deductions: Any applicable capital gains tax allowances, reliefs, or deductions that may reduce the taxable gain.
Based on this information, the calculator will estimate the taxable gain and calculate the capital gains tax owed. It takes into account the current capital gains tax rates and rules set by the relevant tax authority, such as HM Revenue and Customs (HMRC) in the UK or the Internal Revenue Service (IRS) in the US.
Please note that capital gains tax rules can be complex, and there may be different rates, exemptions, and thresholds depending on factors such as the type of asset, the duration of ownership, and the individual's overall tax circumstances. It's always best to use a calculator specific to your country or jurisdiction or consult with a tax professional for accurate and up-to-date information regarding your specific capital gains tax obligations.
How to use Capital Gains Tax Calculator?
The tax that you have taken from the profit which you have gained from selling or disposing of an asset that has increased in value is called Capital Gains Tax. These assets can include:
Any personal possessions that have a total worth of £6,000 or more.
Property that you own that is not classed as your main home.
Your main home if you have chosen to let it out for business, or is very large.
Shares that are not business assets or part of NISA, ISA or PEP.
If you have inherited assets you will have to pay Capital Gains Tax when you dispose of it later on.
You are not required to pay any tax on profit that is below your tax-free allowance (called the annual exempt amount). After you have chosen the circumstances that apply to you, you are able to add a number of assets in the table shown below.
Please note: This calculator has been fully updated for the 2022/23 tax year.
