Capital gains tax

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.

Individuals 2020/21 2019/20
Exemption £12,300 £12,000
Standard rate 10% 10%
Higher rate 20% 20%
Trusts 2020/21 2019/20
Exemption £6,150 £6,000
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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Addresses

RJ Anderton Limited, Suite 110, First Floor, The Malthouse Business Centre, 48 Southport Road, Ormskirk, West Lancashire L39 1QR

RJ Anderton Limited, Suite 7c, The Plaza, 100 Old Hall Street, Liverpool, Merseyside L3 9QJ

Phone

01695 580 000

Email

info@rogeranderton.com

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Company registered in England. Company Number: 7476836. Registered Office as above.

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