Capital gains tax rates and bands for 2011/12
|On chargeable gains|
|Total taxable gains and income:
up to £35,000
|– most trustees||
|(proceeds per item or set)||
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 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.