Capital Gains Tax

Capital gains tax rates and bands for 2010/11
On chargeable gains From 23 June 2010 To 22 June 2010
Total taxable gains and income
up to £37,400 18% 18%
from £37,401 28% 18%
Annual exemption
– individuals £10,100 £10,100
– most trustees £5,050 £5,050
Chattels exemption
(proceeds per item or set) £6,000 £6,00

YP

Entrepreneurs’ Relief
Qualifying gains from 23 June 2010 will be taxed at 10%. Prior to that the relief took the form of a 4/9 reduction of the gain.

Claims may be made on more than one occasion up to a “lifetime” total of £5 million (£2 million 6 April 2010 to 22 June 2010, £1 million prior to 6 April 2010).

Notes

  1. Transfers between husband and wife or civil partners living together are generally exempt.
  2. Capital gains of all trusts for 2010/11 are taxed at the rate of 28% from 23 June 2010 (previously 18%). Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,010 for each trust.

YP