Capital gains tax

[29moriaty54]

From the 6th April 2024 the new capital gains tax allowance for private sellers is £3,000 per year, compared to this time last year  which was £12,300 !

[*vyolla*]

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@29moriaty54 wrote:

From the 6th April 2024 the new capital gains tax allowance for private sellers is £3,000 per year, compared to this time last year  which was £12,300 !

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If you're going to try and post an 'informative' announcement then at least get it right.

Where on earth are you getting £12,300 from????

It's currently £6,000.

£3,000 from April 6th 2024.

Capital Gains Tax is unlikely to apply to 99% of eBay sellers anyway. 

https://www.gov.uk/capital-gains-tax#:~:text=Capital%20Gains%20Tax%20is%20a,')%20that's%20increased%....

[thesmokingrunner]

CGT allowance in the tax year 2022/23 was £12,300, it reduced to £6,000 in the tax year 2023/24 and will further reduce to £3,000 in the tax year 2024/25

Given the above the OP is technically not incorrect as "this time last year" was, by all of two days, in the 2023/24 tax year.

[*vyolla*]

Okay, 2 days out for some historical info - these threads about Capital Gains Tax gather momentum and sellers come here just to be confused, this rears it's head on every tax thread. 

 CGT won't apply to most eBay sellers.

[theelench]

Just goes to show how horrendously complex the Tax System has become and how things that could be clear-cut are mired in grey areas, hedged about with exemptions, exceptions and special provisions.  Many of which can be and are changed regularly to the confusion of many.

[*vyolla*]

Agreed.

I'm failing to see the obsession with CGT, it keeps coming up!

[jow1995]

Probably due to it being a lot higher than £1000 trading allowance, wishful thinking for "hobby sellers"