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Copyright © 2015
RBA Accountancy Ltd., Chartered Accountants, Bridlington, East Yorkshire | |
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Capital Gains Tax (CGT) is charged on any profits (the 'gains')
you make when you sell (or transfer) shares and unit trusts
or other assets such as a second home. If the total of any gains
realised in the year, minus any losses, exceeds your annual
allowance the excess is liable to CGT.
CGT has a different tax rate depending upon whether it applies
to business assets or non-business assets.
Capital Gains Tax rates and bands
| Rates |
2019 / 20 |
2020 / 21
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Individuals, as top slice of income
on taxable gains up to basic rate limit
on taxable gains above basic rate limit
Trusts generally/personal representatives
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10%
20%
20%
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10%
20%
20%
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| Annual Exemption |
. |
.
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| - individual |
£12,000 |
£12,300
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| - trusts (maximum) |
£6,000 |
£6,150
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| Chattels (proceeds per item or set) |
£6,000 |
£6,000
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| Entrepreneurs' Relief |
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| Lifetime Limit |
£10,000,000 |
£1,000,000
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| Capital Gains Tax rate |
10% |
10%
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Transfers between husband and wife or civil partners living
together are generally exempt.
Entrepreneurs' Relief may be taxed at 10%. For trading businesses
and companies (minimum 5% employee / director shareholding)
held for one year or more.
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