Capital gains tax rates and bands for 2011/12
| On chargeable gains | |
| Total taxable gains and income: up to £35,000 from £35,001 |
18%
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
- Transfers between husband and wife or civil partners living together are generally exempt.
- Capital gains of all trusts for 2011/12 are taxed at the rate of 28%. Where there are several trusts created by the same settler, the annual exemption is divided equally between them, subject to a minimum exemption of £1,060 for each trust.