You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
Register for our Newsletter
Call 020 7794 5757 - Email info@numerallp.com
CGT and Inheritance tax.
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.
20 Dec 2024
UK interest rates will remain at 4.75% after the Bank of England voted to hold borrowing costs.
Why not register to receive our Monthly Newswire?
Once a month we'll send you an email packed full of essential business news and handy tax tips to help save you money.
Sign-up today