capital gains tax
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Capital gains tax table
Capital Gains Tax (CGT) rates and bands
| 2011/12 | 2010/11 | 2009/10 | 2008/09 | |
| Standard rate (basic rate taxpayers) | 18% | 18% | 18% | 18% |
| Higher rate taxpayers rate (from 23 June 2010) | 28% | 28% | 18% | 18% |
| Entrepreneurs’ relief – effective rate | 10% | 10% | 10% | 10% |
| Annual exemption | ||||
| Individual | £10,600 | £10,100 | £10,100 | £9,600 |
| Settlement(s) | £5,300 | £5,050 | £5,050 | £4,800 |
| Chattels exemption (proceeds per item or set) | £6,000 | |||
| Marginal relief | 5/3 excess over £6,000 | |||
| Entrepreneurs’ relief lifetime allowance | £10 million | £5 million/ £2 million until 22 June 2010 |
£1 million | £1 million |
Capital gains tax basic rules:
- A transfer between spouses or civil partners is tax-free (made on a no gain/no loss basis).
- A gift made between connected persons is treated as being made at market value.
- When a disposal attracts another form of tax, such as inheritance tax or income tax, credit is generally given so there is no double charge.
- The indexation allowance no longer applies to individuals.
- An income tax trade loss may be offset against capital gains.
- Capital gains may be deferred by reinvestment.
- Non-UKresidents are not taxed on gains made on UK situs assets, providing that they remain non-resident for a qualifying time period.
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