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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 'Business Asset Disposal 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.
You MUST WEAR A FACE MASK when you come in to our office: please put it on before entering our office and keep it on until you leave. If you arrive without one, we will offer you a disposable one to wear. If you cannot wear a face mask, you must advise the person you are seeing of this before you come in. All meetings in person will be kept short to minimise the risk of contracting the virus. You may be asked to remove face coverings temporarily for the purposes of identification. Please note that a visor is not accepted as a substitute for wearing a mask.
We are available during our normal office hours (8.30am-5.30pm) to offer you our full service by telephone, email or video conferencing. Do not hesitate to get in touch. You can of course use the email of the person you usually deal with. Even if they are not currently working in the office, emails are read and actioned regularly.