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Capital gains tax

 

Capital gains tax rates and bands are as follows:
2013/14 2012/13
Standard rate 18% 18%
Higher rate 28% 28%
Entrepreneurs' relief - effective rate 10% 10%
Entrepreneurs' relief £10 mil. £10 mil.
Annual exemption    
- individual £10,900 £10,600
- settlement(s) (spread over total number) £5,450 £5,300
Chattels exemption
(proceeds per item or set) £6,000 £6,000
Marginal relief 5/3 excess over £6,000

2014 and beyond

The capital gains tax annual exemption for 2014/15 is £11,000 and for 2015/16 £11,100.

Notes

  1. Transfers between spouses and civil partners living together are exempt.
  2. 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 £5.1 billion (2012/13 - £3.9 billion) from capital gains tax.