Capital Gains Tax (CGT)
The top rate of capital gains tax increased to 28% with effect from 23 June 2010. The lower, 18%, rate now applies only where total taxable income and gains for a year are below the higher rate threshold. Broadly this means total income and gains before allowances and exemptions of £53,975 or less will pay at 18%, anything higher and the excess gains are charged at 28%.
The use of joint ownership, annual exemptions and identifying and claiming losses is now increasingly relevant. Holding an asset jointly for example could save up to £2,828 in tax.
Date: 15th September, 2010
Articles from this Author
20th July, 2017
Uncertain times for winding up transactions
3rd July, 2017
9th June, 2017
27th April, 2017
Government places Making Tax Digital legislation on hold
Contact Business Service Partners
Choose from the drop down menu below to select a Partner to contact.
For the latest Mercer & Hole news, visit our LinkedIn page mercer-&-hole