2012/13 2011/12
Annual exempt amount £10,600 £10,600
Tax rate
– basic rate taxpayer 18% 18%
– higher rate taxpayer 28% 28%
– Entrepreneurs’ Relief (ER) 10% 10%
Net gains after losses, all reliefs and annual exemption are added to taxable income to determine the applicable CGT rate. ER is available for lifetime gains of up to £10m on disposals of sole trade, interest in partnership trade, or shares in a trading company by an officer or employee owning at least 5%.
Trustees receive up to half the annual exemption and pay at a flat rate of 28%.
