DEC 2024 CGT Disposals

Posted in CGT, Taxation

A Capital Gains Tax (“CGT”) liability arising on the sale of a chargeable asset in December 2024 must be discharged by 31 January 2025.

Where the disponer is a chargeable person, details relating to the transaction(s) must be disclosed in the individual’s 2024 income tax return (Form 11).

If the disponer is not regarded as a chargeable person, a Form CG1 must be filed by 31 October 2025.

Where you have a CGT liability, consideration should be given to the crystallisation of CGT losses prior to 31 December 2024 to ensure your overall CGT liability for the year 2024 is minimised.

Failure on the individual’s behalf to meet the relevant payment or filing deadlines will result in interest and penalties being imposed.

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