Capital taxes

Capital gains tax (CGT) annual exempt amount

The annual exempt amount for individuals and personal representatives will remain at £12,300 for 2022/23 and the annual exempt amount for most trusts will likewise remain at £6,150 (minimum £1,230).

CGT – property payment window

From 27 October 2021, the deadline for UK residents to report and pay CGT after selling UK residential property will increase from 30 days to 60 days after completion. For non-UK residents disposing of property in the UK, this deadline will also increase from 30 days to 60 days. Legislation will clarify that when UK residents dispose of mixed-use property, the 60-day payment window will only apply to the residential element of the property gain.

Inheritance tax (IHT)

The IHT nil rate band will remain at £325,000 for 2022/23. The residence nil rate band (RNRB) will likewise stay at £175,000 and the RNRB taper will continue to apply where the value of the deceased’s estate is greater than £2 million.

Stamp duty land tax (SDLT)

There are no changes to SDLT rates.

Annual tax on enveloped dwellings (ATED)

The ATED annual charge will rise by 3.1% from 1 April 2022 in line with the CPI.

Property value

Charge for tax year 2022/23

Charge for tax year 2021/22

More than £500,000 but not more than £1m

£3,800

£3,700

More than £1m but not more than £2m

£7,700

£7,500

More than £2m but not more than £5m

£26,050

£25,300

More than £5m but not more than £10m

 £60,900

£59,100

More than £10m but not more than £20m

£122,250

£118,600

More than £20m

£244,750

£237,400

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