Investing and Capital Gains
Where should I start?
Selling shares or another investment outside a wrapper? Start with the Capital Gains Tax Calculator. For the rules, read Capital Gains Tax Explained, then Capital Losses or the ISA guides as needed.
- Selling shares or another investment: Use the Capital Gains Tax Calculator for a taxable disposal estimate.
- Understanding how gains are taxed: Read Capital Gains Tax Explained for rates, the Annual Exempt Amount and wrappers.
- Carrying forward losses: Read Capital Losses Explained, then model the effect in the Capital Gains Tax Calculator.
- Checking tax-free wrappers: Read the ISA Guide, then ISA Allowances Explained for annual subscription limits.
- Receiving dividends outside a wrapper: See Dividend Tax Explained — the same guide covers directors and investors.
- Sold a property instead of shares: Use the same Capital Gains Tax Calculator, then Capital Gains Tax on Property in the property hub for reliefs and reporting.
Featured calculators
Featured guides
- Capital Gains Tax ExplainedHow Capital Gains Tax works on shares and other assets, the Annual Exempt Amount, and how ISAs shelter gains.Read guide
- ISA GuideHow Cash and Stocks and Shares ISAs shelter interest, dividends and gains from UK tax.Read guide
- Dividend Tax ExplainedHow personal Dividend Tax works — reserves, the dividend allowance, rates and band interaction.Read guide
All guides in this topic
- Capital Gains Tax ExplainedHow Capital Gains Tax works on shares and other assets, the Annual Exempt Amount, and how ISAs shelter gains.Read guide
- Capital Losses ExplainedHow allowable capital losses offset gains, when unused losses carry forward, and share matching rules to watch.Read guide
- ISA GuideHow Cash and Stocks and Shares ISAs shelter interest, dividends and gains from UK tax.Read guide
- ISA Allowances ExplainedHow the annual ISA subscription allowance works, flexible ISAs and Junior ISA limits.Read guide
- Dividend Tax ExplainedHow personal Dividend Tax works — reserves, the dividend allowance, rates and band interaction.Read guide
Frequently asked questions
Do I pay tax inside an ISA?
Interest, dividends and gains on investments held in a Stocks and Shares or Cash ISA are normally tax-free within the annual allowance rules.
What is the Capital Gains Tax allowance?
Each tax year you get an Annual Exempt Amount. Only gains above that (after allowable losses) are taxed — check Capital Gains Tax Explained for the current figure and rates, or estimate a disposal with the Capital Gains Tax Calculator.
Can I use losses to reduce gains?
Yes. Allowable capital losses can offset gains in the same year and may be carried forward — see Capital Losses Explained.
Is Dividend Tax the same inside an ISA?
Dividends inside a Stocks and Shares ISA are normally tax-free. Dividend Tax Explained covers dividends in a general account.
Latest guides
- Capital Gains Tax ExplainedHow Capital Gains Tax works on shares and other assets, the Annual Exempt Amount, and how ISAs shelter gains.Read guide
- Capital Losses ExplainedHow allowable capital losses offset gains, when unused losses carry forward, and share matching rules to watch.Read guide
- ISA GuideHow Cash and Stocks and Shares ISAs shelter interest, dividends and gains from UK tax.Read guide
- ISA Allowances ExplainedHow the annual ISA subscription allowance works, flexible ISAs and Junior ISA limits.Read guide
Official HMRC resources
Future calculators
Planned tools for this topic. They are not live yet — guides above cover the rules in the meantime.
- Investment Growth Calculator
Project investment growth for planning — separate from tax on withdrawals.
Coming later
This hub is for general information only. It is not tax, legal or financial advice.