A c apital gains tax rule could save you thousands ahead of Labour Party Chancellor Rachel Reeves' Autumn Budget on November 26. Capital gains tax, taxation on the profit when you sell a taxable asset that’s increased in value, is a potential target, with a current £3,000 annual tax-free allowance.

Anything gained over this sum is subject to tax, instead of the entire amount you receive in a sale, with the rate dependent on your income tax bracket, reports the Express.

Basic-rate taxpayers see an 18% tax rate for capital gains, higher and additional rate taxpayers experience a 24% charge on the sale of property or other assets, with people potentially being pushed into a higher bracket the more capital gains are added to their total income. But there is a possible way to reduce this.

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