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Capital Gains Tax
CAPITAL GAINS TAX
RATES, BANDS AND RELIEFS
No major changes have been announced – changes may be introduced in Budget 2016.
If no changes are announced rates and exemptions will be as follows:
2016/17
2015/16
Standard rate
18%
18%
Higher rate
28%
28%
Entrepreneurs’ relief - effective rate
10%
10%
Entrepreneurs’ relief
£10 million
£10 million
Annual exemption
- individual
£11,100
£11,100
- settlement(s) (spread over total number)
£5,500
£5,500
Chattels exemption
(proceeds per item or set)
£6,000
£6,000
CAPITAL GAINS TAX
PAYMENT WINDOW
A payment on account of any capital
gains tax (CGT) due on the disposal of a
residential property will be required within
30 days of the completion of the disposal
with effect from April 2019.
In normal circumstances the current
payment period is between approximately
10 and 22 months.
NON UK RESIDENTS
DISPOSING OF UK
RESIDENTIAL PROPERTY
With retrospective effect, from 6 April 2015,
CGT computations for non UK residents
disposing of UK residential property will be
amended to remove a double charge that
occurs in some circumstances.
Contact us to discuss
Autumn Statement 2015