Budget 2011 – Annual tax rates and allowances

Capital Gains Tax - Budget 2011 - GT

Capital Gains Tax

A flat rate of 18% applies to gains up to the unused basic rate band and a flat rate of 28% applies thereafter.1

A flat rate of 18% applies to gains realised before 23 June 2010.

Annual exemptions 2011/2012 (£) 2009/2010 (£)
Individuals and personal representatives
10,600
£10,100
Certain trusts for disabled persons
£10,600
£10,100
Other trusts1
£5,300
£5,050

1 Losses and annual exemption to be offset to benefit the taxpayer.
2 Reduced pro-rata if more than one trust per settlor subject to minimum of
10% of full amount.

Entrepreneurs’ relief

  • Effective 10% rate on first £10 million of gains in a lifetime (£5 million for gains realised after 22 June 2010 and before 6 April 2011, £2 million for gains realised before 23 June 2010).
  • Applies in specified circumstances to disposals of business assets and of shares in trading companies.
  • Qualifying conditions must normally be met for 12 months immediately prior to disposal.
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