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Capital Gains Tax
Capital gains tax rates and bands for 2012/13
On chargeable gains
| Total taxable gains and income: | |
| - up to £34,370 | 18% |
| - from £34,371 | 28% |
| Annual exemption | |
| - individual | £10,600 |
| - most trustees | £5,300 |
| Chattels exemption (proceeds per item or set) |
£6,000 |
Entrepreneurs' Relief
Qualifying gains will be taxed at 10%.
Claims may be made on more than one occasion up to a “lifetime” total of £10 million.
Notes
1. Transfers between husband and wife or civil partners living together are generally exempt.
2. 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.
