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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, prior to 30 October 2024 higher rates of 18% and 24% may apply to the disposal of certain residential property.
15 Nov 2024
It is likely that the law relating to renting a dwelling in England is going to be subject to the biggest change in a generation.
Many property owners decide to extend their property rather than incur the expense of moving house.
The ability to work flexibly is seen as very important for employees to help them achieve a work/life balance.