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
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