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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.