Capital Gains Tax

Capital Gains Tax

Capital Gains Tax
Tax is charged at 18% after deduction of Annual Exemption for basic rate taxpayers and 28% for higher rate taxpayers.Entrepreneurs’ Relief reduces the rate to 10% on the first £10m of gains on disposals of qualifying business assets.
 Annual exemption  2015/2016  2016/2017
 Individuals and personal reps  £11,000  £11,000
 Trusts for disabled person  £11,000  £11,000
 Most trusts  £5,500  £5,550
 Chattels exemption – proceeds up to  £6,000  £6,000
 Transfers between Husband & Wife living together  No Limit  No Limit
Companies: Gains charged to corporation tax after indexation, no annual exemption available.