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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 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
Gains which qualify for 'Entrepreneurs' Relief' are charged at 10% for the first £1 million.
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, prior to 30 October 2024 higher rates of 18% and 24% may apply to the disposal of certain residential property.
The Old Vicarage, Church Close, Boston, Lincolnshire PE21 6NA
Tel: 01205 311966
Email: Boston@dextersharpe.co.uk
Rollestone House, Bridge Street, Horncastle, Lincolnshire LN9 5HZ
Tel: 01507 526071
Email: Horncastle@dextersharpe.co.uk
1 Eastgate, Louth, Lincolnshire LN11 9NB
Tel: 01507 609933
Email: Louth@dextersharpe.co.uk
10/12 The Terrace, Spilsby, Lincolnshire PE23 5JR
Tel: 01790 753340
Email: Spilsby@dextersharpe.co.uk
Commerce House, 18 West Street, Bourne, Lincolnshire PE10 9NE
Tel: 01778 393656
Email: Bourne@dextersharpe.co.uk
Landmark House, 1 Riseholme Road, Lincoln, Lincolnshire LN1 3SN
Tel: 01522 533588
Email: Info@dextersharpelincoln.co.uk
26 Ida Road, Skegness, Lincolnshire PE25 2AR
Tel: 01754 763222
Email: Skegness@dextersharpe.co.uk