Among the changes announced today was a huge tax rise for those earning more than £125,140 a year, investors and pensioners living off dividends and landlords selling properties for a profit. The thresholds for income tax, inheritance tax and national insurance were also frozen until April 2028, dragging hundreds of thousands into higher tax brackets without realizing it. The series of changes will have a huge impact on British taxpayers. Use our capital gains, dividend and income tax calculators to find out how much more you’ll pay.
Capital gains tax
Profit-based investors and owners will also be hit with higher taxes. While the rates have not changed, the amount of tax-free earnings has. From April 2023, investors will pay tax on gains above £6,000, up from £12,300. From April 2024, only £3,000 of winnings can be taken tax-free. Tax rates above this amount depend on the type of asset being sold and the tax situation of the investor. Basic rate taxpayers will be 10% unless the asset is residential property, when they will pay 20%. Higher rate taxpayers pay 18% and 28% respectively.
