Park McKillop & Company - Capital gains tax

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Capital gains tax

Capital gains tax rates and bands for 2013/14
On chargeable gains 
Total taxable gains and income:
       up to £32,010
       from £32,011
18%
28%
Annual exemption 
- individual£10,900
- most trustees£5,450
 
Chattels exemption 
(proceeds per item or set)£6,000


Entrepreneurs' Relief

Qualifying gains will be taxed at 10%.

Claims may be made on more than one occasion up to a “lifetime” total of £10 million.

Notes

  1. Transfers between husband and wife or civil partners living together are generally exempt.
  2. Capital gains of all trusts for 2013/14 are taxed at the rate of 28%. Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,090 for each trust.


Chartered Accountants Registered Auditors

Registered as auditors by the Association of Chartered Certified Accountants and regulated
for a range of investment business activities by the Institute of Chartered Accountants in Ireland

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