Capital Gains Tax
CAPITAL GAINS TAX | ||
Tax Rates – Individuals | 18/19 | 19/20 |
Below UK higher rate income tax band
|
10% | 10% |
Within UK higher and additional rate income tax bands | 20% | 20% |
Tax rate – Trusts and estates | 20% | 20% |
Surcharge for residential property and carried interest | 8% | 8% |
Exemptions | ||
Annual exempt amount: Individuals, estates, etc | £11,700 | £12,000 |
Trusts generally | £5,850 | £6,000 |
Chattels: gain limited to 5/3rds of proceeds exceeding | £6,000 | £6,000 |
Entrepreneurs’ Relief 10% on lifetime limit of | £10,000,000 | £10,000,000 |
For trading businesses and companies (minimum 5% participation) held for at least | 1 year | 2 years |