Capital gains tax
|Capital gains tax rates and bands are as follows:|
|Entrepreneurs' relief - effective rate||10%||10%|
|Entrepreneurs' relief||£10 mil.||£10 mil.|
|- settlement(s) (spread over total number)||£5,500||£5,450|
|(proceeds per item or set)||£6,000||£6,000|
- Transfers between spouses and civil partners living together are exempt.
- Entrepreneurs' relief of 100% 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.
- Non-UK residents are now subject to capital gains tax on the sale of UK residential property.
- SEID enterprise investment scheme (subject to conditions): 100%/50%
- Venture capital trust: 100%
- Social investment tax relief: 30%
- Principal private residence (subject to conditions): 100%
Did you know?
The Treasury is expecting to raise £6.4 billion (2014/15 - £5.6 billion) from capital gains tax.