Capital Gains Tax
|Basic Rate Tax Payer||18%||18%|
|Higher Rate Tax Payer||28%||28%|
|– Certain trusts for disabled persons||£11,000||£10,900|
|– Other Trusts||£5,500||£5,450|
|– Entrepreneurs Relief lifetime limit||£10,000,000||£10,000,000|
|– Entrepreneurs Rate||10%||10%|
|Chattels exemption (5/3 taxable on excess)||£6,000||£6,000|
Qualifying gains will be taxed at 10%.
Claims may be made on more than one occasion up to a “lifetime” total of £10 million.
- Transfers between husband and wife or civil partners living together are generally exempt.
- Capital gains of all trusts for 2012/13 are taxed at the rate of 28%. Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,060 for each trust.