For individuals, the flat CGT rate is being replaced. The gain from selling an asset will now be added to the individual’s other income and taxed using the progressive Personal Income Tax (PIT) bands.
- Scenario: If you sell shares and the gain falls within the ₦3 million to ₦12 million income bracket, you will pay tax at the corresponding rate of 18%, not a flat 30%. This makes the system more equitable.
