Capital Gains Tax
| Capital gains tax rates and bands are as follows: |
| On chargeable gains
| From 23 June 2010
| To 22 June 2010 |
|
Total taxable gains and income:
up to £37,400
from £37,401 |
18%
28% |
18%
18% |
| Annual exemption |
|
|
| - individual |
£10,100 |
£10,100 |
| - most trustees |
£5,050 |
£5,050 |
| |
| Chattels exemption |
|
|
| (proceeds per item or set) |
£6,000 |
£6,000 | |
Entrepreneurs' Relief
Qualifying gains from 23 June 2010 will be taxed at 10%. Prior to that the relief took the form of a 4/9 reduction of the gain.
Claims may be made on more than one occasion up to a “lifetime” total of £5 million (£2 million 6 April 2010 to 22 June 2010, £1 million prior to 6 April 2010).
Notes
- Transfers between husband and wife or civil partners living together are generally exempt.
- Capital gains of all trusts for 2010/11 are taxed at the rate of 28% from 23 June 2010 (previously 18%). Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,010 for each trust.