Capital Gains Tax 2014

Rates 2014/15 2013/14
Tax rates – individuals
Gains up to basic rate limit 18% 18%
Gains above basic rate limit 28% 28%
Tax rate – trusts and estates 28% 28%
Exemptions
Individuals, estates, etc £11,000 £10,900
Trusts generally £5,500 £5,450
Chattels exemptions: proceeds up to £6,000 £6,000
Maximum chargeable gains 5/3rds of excess proceeds over limit
Entrepreneurs’ relief*
Gains taxed at 10% up to lifetime limit of: £10,000,000 £10,000,000
* For trading businesses and companies (minimum 5% employee/director shareholding) held for at least one year.
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