Capital Gains Tax

Capital gains tax rates and bands for 2015/16

On chargeable gains

Total taxable income and gains:

       up to £31,785

       from £31,786

18%

28%

Annual exemption

- individual

£11,100

- most trustees

£5,550

Chattels exemption

(proceeds per item or set)

£6,000

Entrepreneurs' Relief

Qualifying gains will be taxed at 10%.

Claims may be made on more than one occasion up to a “lifetime” total of £10 million.

Notes

• Transfers between husband and wife or civil partners living together are generally exempt.
• Capital gains of all trusts for 2015/16 are taxed at the rate of 28%. Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,110 for each trust.

• Introduction                                    
• Income Tax
• Capital Gains Tax
• Corporation Tax
• Capital Allowances
• Value Added Tax
• Inheritance Tax
• Vehicle Benefits
• Mileage Allowances
• National Insurance Contributions
• Key Dates & Deadlines
• Pension Premiums and Withdrawals
• Charitable Giving
• Savings & Investments
• Some Useful Rates
• Stamp Taxes
• Land and Buildings Transaction Tax