Capital Gains Tax 2024/5 5 Years. The government has announced that the higher rate of capital gains tax on gains from residential property will be reduced from 28% to 24% for gains accruing on or after 6. In 2024, individuals' taxable income can be up to $47,025 to skip capital gains taxes with a 0% rate.
A capital gains tax is a tax imposed on the sale of an asset. The capital gains tax allowance has been gradually reduced over the last few years.