Capital Gains Tax
The following changes affect chargeable gains on or after 23 June 2010.
- If your income, less all allowable deductions and reliefs, plus your net chargeable gains are less than the upper limit of the basic rate income tax band, £37,400 for 2010-11, Capital Gains will still be subject to a flat rate of 18%. If higher, a flat rate of 28% will apply to gains, or the part of the gains that cause you to be a higher rate tax payer.
- If you dispose of qualifying assets on or after 23 June 2010 two aspects of CGT Entrepreneurs' Relief have changed:
- There is a technical change to the way in which the relief is calculated, although effectively a flat rate of 10% will continue to apply, and
- The lifetime gains that can benefit from the relief are increased from £2m to £5m.