Capital gains tax
| Capital gains tax rates and bands are as follows: |
| |
2012/13 |
2011/12 |
| Standard rate |
18% |
18% |
| Higher rate |
28% |
28% |
| Entrepreneurs' relief - effective rate |
10% |
10% |
| Entrepreneurs' relief |
£10,000,000 |
£10,000,000 |
| Annual exemption |
|
|
| - individual |
£10,600 |
£10,600 |
| - settlement(s) (spread over total number) |
£5,300 |
£5,300 |
| Chattels exemption |
| (proceeds per item or set) |
£6,000 |
£6,000 |
| Marginal relief |
5/3 excess over £6,000 |
Notes
- Transfers between spouses and civil partners living together are exempt.
- Entrepreneurs' relief is available in respect of gains made on the disposal of all or part of a business, or gains made on disposals of assets following the cessation of a business or gains by certain individuals who were involved in running the business.
Did you know?
That the Treasury is expecting to raise £3.8 billion (2011/12 - £4.2 billion) from capital gains tax.
