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Capital gains tax
| Capital gains tax rates and bands are as follows: | ||
| 2011/12 | 2010/11 | |
| Standard rate | 18% | 18% |
| Higher rate from 23 June 2010 | 28% | 28%2 |
| Entrepreneurs' relief - effective rate | 10% | 10% |
| Entrepreneurs' relief - lifetime limit to 22 June 2010 | £2,000,000 | |
| Entrepreneurs' relief - lifetime limit from 23 June 2010 | £10,000,000 | £5,000,000 |
| Annual exemption | ||
| - individual | £10,600 | £10,100 |
| - settlement(s) (spread over total number) | £5,300 | £5,050 |
| Chattels exemption | ||
| (proceeds per item or set) | £6,000 | |
| Marginal relief | 5/3 excess over £6,000 | |
Notes
- Transfers between spouses and civil partners living together are exempt.
- Entrepreneurs' relief is available in respect of gains made on the disposal of all or part of a business, or gains made on disposals of assets following the cessation of a business or gains by certain individuals who were involved in running the business. The first £2 million (rate to 22 June 2010): £5 million (rate from 23 June 2010) of gains that qualify will be charged to CGT at an effective rate of 10%. Gains in excess of the exception will be charged at the normal rate of either 18% or 28%. An individual will be able to make claims for relief on more than one occasion, up to a lifetime total.
Did you know?
That the Government expect to receive £3.4bn from capital gains tax (2010/11 - £3.2bn)
Main taxes
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- National insurance contributions
- Residential property letting
- Main capital allowances
- Business deductions
- Penalties for late returns
- Trusts and settlements
- Non domiciled individuals
