|Capital gains tax rates and bands for 2012/13|
|On chargeable gains|
|Total taxable gains and income:
up to £34,370
|– most trustees||£5,300|
|(proceeds per item or set)||£6,000|
Qualifying gains will be taxed at 10%.
Claims may be made on more than one occasion up to a “lifetime” total of £10 million.
- 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.