Capital Gains Tax

                                                                                        

Capital Gains Tax

 

2013/14

2012/13

Annual exempt amount

£10,900

£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%. Other conditions apply.

Trustees receive up to half the annual exemption and pay at a flat rate of 28%.

 
 

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