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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 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
Gains which qualify for 'Entrepreneurs' Relief' are charged at 10% for the first £1 million.
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, prior to 30 October 2024 higher rates of 18% and 24% may apply to the disposal of certain residential property.
15 Jan 2025
UK inflation dipped in December for the first time in three months, according to the latest data from the Office for National Statistics (ONS).
14 Jan 2025
Prime Minister Keir Starmer has indicated that the government intends to use Artificial Intelligence (AI) to help boost UK growth.
13 Jan 2025
The Chartered Institute of Taxation (CIOT) is calling on the government to address unfair tax rules as interest rates on late payments rise.