Capital gains tax

Capital gains tax rates and bands are as follows:
2015/16 2014/15
Standard rate 18% 18%
Higher rate 28% 28%
Entrepreneurs' relief - effective rate 10% 10%
Entrepreneurs' relief £10 mil. £10 mil.
Annual exemption    
- individual £11,100 £11,000
- settlement(s) (spread over total number) £5,500 £5,450
Chattels exemption
(proceeds per item or set) £6,000 £6,000

Notes

  1. Transfers between spouses and civil partners living together are exempt.
  2. 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.
  3. Non-UK residents are now subject to capital gains tax on the sale of UK residential property.

Other exemptions:

  • 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.