Capital Gains Tax
| Capital gains tax rates and bands for 2011/12 | |
|---|---|
| On chargeable gains | |
|
Total taxable gains and income: |
18% 28% |
| Annual exemption | |
| - individual | £10,600 |
| - most trustees | £5,300 |
| Chattels exemption | |
| (proceeds per item or set) | £6,000 |
Entrepreneurs' Relief
Qualifying gains will be taxed at 10%.
Claims may be made on more than one occasion up to a “lifetime” total of £10 million.
Notes
- Transfers between husband and wife or civil partners living together are generally exempt.
- Capital gains of all trusts for 2011/12 are taxed at the rate of 28%. Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,060 for each trust.