Budget 2012 – Annual Tax Rates and Allowances
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 | 2012/2013 (£) | 2011/2012 (£) |
|---|---|---|
| Individuals and personal representatives |
10,600
|
£10,600
|
| Certain trusts for disabled persons |
£10,600
|
£10,600
|
| Other trusts1 |
£5,300
|
£5,300
|
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.
- 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.
Read more about Entrepreneurs’ Relief
