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Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.
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 'Entrepreneurs' Relief' or 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.
03 Sep 2019
The Institute of Chartered Accountants in England and Wales (ICAEW) has urged the government to simplify the complexities of accessing apprenticeship funding.
In order to try and ensure that businesses are ready to trade post-Brexit, HMRC is automatically enrolling them in the customs system.
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