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.
