Capital Gains Tax
| Annual Exempt Amount | 2010/11 (£) | 2011/12 (£) |
|---|---|---|
| Individuals Etc * | £10,100 | £10,600 |
| Other Trustees | £5,050 | £5,300 |
Net gains after all reliefs, losses and annual excempt amount are taxed at 18% on or before 22 June 2010. After 22 June 2010 the tax rate for individuals is dependant upon the total amount of taxable income. C.G.T. will be charged at 28% as top slice income over £42,475.
The tax rate for trustees or personal representatives of someone who has died is 28%.
Entrepreneurs' Relief
For disposals of sole trade, interest in a partnership trade, or shares
in a trading company by an employee owning at least 5% of the share capital, the gain (up to
£10m lifetime allowance) is reduced to 5/9, to give an effective rate of
CGT of 10%. Gains above the allowance are taxed at 18% / 28%.