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Find out more'How can I sell shares without being taxed?'
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I sold some shares in August 2024 and I plan to sell some more shortly.
What do I need to do to declare last year’s gains and to make this year’s as tax efficient as possible?
Vijay from Derby
'There's good news for married couples'
Mike Croxford, Which? money expert, says…
The good news is that you still have time. You can declare gains made in the 2024-25 tax year until 31 January 2026, if filing your self-assessment tax return online (31 October 2025 if filing a paper return).
If filing online, you’ll need to register for an account by 5 October.
The first £3,000 of gains each tax year comes under your capital gains tax allowance.
Beyond that, and because you sold before the October 2024 Budget, you’ll pay either 10% (basic rate) or 20% (higher rate), depending on the size of the gain. For the shares you plan to sell this year, the bad news is that the rates have increased to 18% at the basic rate and 24% at the higher.
Gift some of the shares to your spouse or civil partner
However, you can be more tax efficient by arranging to gift some of the shares to your spouse or civil partner.
There’s no immediate tax charge to do this, and you and your spouse can then each sell some shares. This will mean that you both have the £3,000 capital gain tax allowance.
Depending on how many shares you sell, it could reduce or eliminate the gain that has been pushed into the higher 24% bracket.
If you made losses from selling shares in previous years, you may be able to off-set these against your gains. Bear in mind, though, that you can’t use your income tax allowance – or your spouse’s – against capital gains.
- Find out more: Capital gains tax rates and allowances
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