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Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.
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' or
'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
06 Sep 2018
HMRC is warning that taxpayers could face penalties if they fail to declare their income on foreign assets before new 'Requirement to Correct' legislation comes into force.
According to the latest statistics 121,500 first-time buyers have saved a total of £284 million.
HMRC is working with more than 150 software suppliers who have said they will provide software for Making Tax Digital for VAT (MTDfV) in time for April 2019.