Capital gains tax table

admin — Wed, 05 May 2010 14:01:47 +0000

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.

Taxation

admin — Thu, 29 Apr 2010 10:53:14 +0000

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Capital gains tax table

Taxation