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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' are charged at 10% for the first £1m.
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.
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We offer initial free consultations simply contact us to find out more.
We are pleased to announce that our office is now open for our usual business hours, Monday to Thursday 9.00 - 5.30 and Friday 9.00 – 4.30, with a reduced workforce in line with government guidance.
Partners and various staff members are continuing to work from home for part of the week so please contact the office in advance of your visit if you need to speak with a particular member of the team.
We will continue to monitor the situation and are regularly updating our website with the latest advice and guidance from the government.
HIGSON & CO