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)||£5,450||£5,300|
|(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.
- Transfers between spouses and civil partners living together are exempt.
- 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.