Capital gains tax

 

Capital gains tax rates and bands are as follows:
	2013/14	2012/13
Standard rate	18%	18%
Higher rate	28%	28%
Entrepreneurs' relief - effective rate	10%	10%
Entrepreneurs' relief	£10 mil.	£10 mil.
Annual exemption
- individual	£10,900	£10,600
- settlement(s) (spread over total number)	£5,450	£5,300
Chattels exemption
(proceeds per item or set)	£6,000	£6,000
Marginal relief	5/3 excess over £6,000

2014 and beyond

The capital gains tax annual exemption for 2014/15 is £11,000 and for 2015/16 £11,100.

Notes

1. Transfers between spouses and civil partners living together are exempt.
2. Entrepreneurs' relief is available in respect of gains made on the disposal of all or part of a business, or gains made on disposals of assets following the cessation of a business or gains by certain individuals who were involved in running the business.

Did you know?

That the Treasury is expecting to raise £5.1 billion (2012/13 - £3.9 billion) from capital gains tax.