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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.
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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' are charged at 10% for the first £1m.
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.
The health and safety of our staff, clients and visitors to the office is our upmost priority.
In line with the Government advice on social distancing, we have closed our office with immediate effect, to limit the amount of contact and exposure to the COVID-19 virus.
We are still working hard remotely and helping our clients with any advice and support they may need.
You can reach us by emailing any of the directors or firstname.lastname@example.org where we can put you in touch with the relevant person.
We would like to thank you for your understanding and for keeping you and our staff safe. Our office will be open as soon as possible, until then, we look forward to seeing you soon.
Please take care and keep safe.
From us all at Acre