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Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.
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' are charged at 10% for the first £1m.
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.
Initial meetings are free of charge and totally without obligation
These are unprecedented times with the “goalposts” changing every day. We are trying to continue to provide our clients with a first-class service but with many of our team working from home, this coupled with the need to stop non- essential contact and all unnecessary travel means certain changes are inevitable.
We request people don’t come into the office unless necessary (dropping off and collecting records etc is still ok). Please contact us (phone/email) before arriving so that we can ensure the office is open. Client meetings will need to be rescheduled to video calls or phone calls. Whilst PHM phones will still be manned it would be a help if clients emailed with a query or just to ask someone to call back.
We sincerely hope that none of the above creates a problem for you.