Capital Gains Tax (CGT) is payable by individuals, trustees and 'personal representatives' (PRs). Companies pay corporation tax on their capital gains.

There are annual tax free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.

For individuals net gains are added to 'total taxable income' to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income do not exceed the 'basic rate band'.

Gains which qualify for 'Entrepreneurs' Relief' or 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.

Individuals 2019/20 2018/19
Exemption £12,000 £11,700
Standard rate 10% 10%
Higher rate 20% 20%
Trusts 2019/20 2018/19
Exemption £6,000 £5,850
Rate 20% 20%

The higher rate applies to higher rate and additional rate taxpayers.

Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.

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Registered to carry out audit work by the Institute of Chartered Accountants in England and Wales. Authorised and regulated by the FCA.

Our FCA Register number is 542783 which can be checked at www.fca.org.uk/register. The Financial Conduct Authority does not regulate taxation and trust advice, personal finance and some aspects of commercial property investment.

Volans, Leach & Schofield is a trading style of Volans Limited - Company number 07549089.

Registered in England and Wales with registered office at Volans, Leach & Schofield, 10 Blenheim Terrace, Woodhouse Lane, Leeds, West Yorkshire LS2 9HX .

Directors: Christopher Smart FCA CTA and Martin Knaggs FCCA.

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