Capital gains made by individuals are generally taxed at lower rates to income and taxpayers benefit from a separate annual exemption that covers the first £12,300 of gains made per year. This exemption will be reduced to £6,000 for the tax year 2023-24 and then to £3,000 for 2024-25. Any annual exemption unused in a tax year cannot be carried over to the next year.

Income tax and national insurance contribution rates have been frozen for 2021-22 and are likely to remain frozen until the end of this Parliament in 2024.

B20 Wessex, Spring Budget 2021 Tax Briefing

Capital gains tax (CGT) is normally payable by 31 January following the tax year in which you sold the asset. This can give you up to an extra 22 months to hold on to the full proceeds.