You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
01276 685941 enquiries@ccc-law.co.uk
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 24% may apply to the disposal of certain residential property.
10 Jul 2024
Homeowners wishing to sell their house normally appoint an estate agent to deal with the marketing of the property and find a buyer.
Japanese knotweed is back in the news - this time the Supreme Court has considered the implications of this plant and its impact on property owners.
Generally speaking, the only person who can make a claim for injury caused by negligence is the person who suffered the injury.