|
CAPITAL GAINS TAX |
2014/2015 |
2015/2016 |
|
|
Annual exempt amount |
|
11,000 |
11,100 |
|
Rate if basic rate taxpayer |
# |
18% |
18% |
|
Rate if higher rate taxpayer |
# |
28% |
28% |
|
Entrepreneurs Relief rate |
## |
10% |
10% |
|
Trustees annual exemption |
|
5,500 |
5,550 |
|
Trustees tax rate |
|
28% |
28% |
# Gains (after all losses, reliefs and the annual exemption) are added to the top of income to determine the band and thus the rate at which the gains are taxed.
## Entrepreneurs Relief applies to certain disposals of business assets (largely the sale of a whole business but also the sale of shares in a trading company by an officer holding at least 5%). There is a lifetime limit of £10m gains to which Entrepreneurs Relief can be applied.