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Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.
Capital Gains Tax (CGT) is payable by individuals, trustees and 'personal representatives' (PRs). Companies pay corporation tax on their capital gains.
There are annual tax free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.
For individuals net gains are added to 'total taxable income' to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income do not exceed the 'basic rate band'.
Gains which qualify for 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
Gains which qualify for 'Entrepreneurs' Relief' are charged at 10% for the first £1 million.
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.
All that remains is for me to thank you and your team, particularly Craig, Debbie and Sally. I have received great service and good advice over the last 17 years from you all. I wish you all the best for the future. View More
All that remains is for me to thank you and your team, particularly Craig, Debbie and Sally. I have received great service and good advice over the last 17 years from you all. I wish you all the best for the future.
Thanks for the support so far, that first meeting in the office was incredible, it is clear that you know your stuff and that gave me confidence to work with GRANTS. View More
Thanks for the support so far, that first meeting in the office was incredible, it is clear that you know your stuff and that gave me confidence to work with GRANTS.
Credit especially to Barbara-Ann, Lynne and Jennifer. They have made my life very easy. Will carry on recommending you guys to anyone new to contracting and anyone looking for a change. View More
Credit especially to Barbara-Ann, Lynne and Jennifer. They have made my life very easy. Will carry on recommending you guys to anyone new to contracting and anyone looking for a change.
Can I also please put on record my sincere thanks to you and the rest of the team for your excellent service to date and also providing these accounts so timeously to help us out as we are currently remortgaging. Much appreciated! View More
Can I also please put on record my sincere thanks to you and the rest of the team for your excellent service to date and also providing these accounts so timeously to help us out as we are currently remortgaging. Much appreciated!
Thank you for the continued excellent service you have provided, in particular your quick responses to the many requests for support at short notice that I have sent. View More
Thank you for the continued excellent service you have provided, in particular your quick responses to the many requests for support at short notice that I have sent.