Sarah Bradford explains when an adjustment is needed to the capital gains tax figure for 2024/25 calculated by HMRC’s self-assessment return software.
In her Autumn Budget on 30 October 2024, the Chancellor announced a number of changes to capital gains tax (CGT) rates, some of which took effect immediately. This complicates the CGT calculation for 2024/25, not least because HMRC’s self-assessment calculator does not take account of the in-year tax changes.
This means that if a taxpayer has made a chargeable gain in the period from 30 October 2024 to 5 April 2025, the self-assessment calculator will give the wrong answer.
Consequently, to ensure that they pay the correct amount of tax, taxpayers will need to work out an adjustment, which they will need to take into account when filing their tax return. Fortunately, HMRC has issued a calculator which can be used to calculate the adjustment.;
