| Capital gains tax rates and bands for 2012/13 | |
|---|---|
| On chargeable gains | |
| Total taxable gains and income:
up to £34,370 from £34,371 |
18%
28% |
| Annual exemption | |
| – individual | £10,600 |
| – most trustees | £5,300 |
| 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
- Transfers between husband and wife or civil partners living together are generally exempt.
- Capital gains of all trusts for 2012/13 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 £1,060 for each trust.