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Capital Gains Tax (CGT) is payable by individuals, trustees and 'personal representatives' (PRs). Companies pay corporation tax on their capital gains.
There are annual tax free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.
For individuals net gains are added to 'total taxable income' to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income do not exceed the 'basic rate band'.
Gains which qualify for 'Entrepreneurs' Relief' are charged at 10% for the first £1m.
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.
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As of 5 January 2021, In line with the government national lockdown, our staff are continuing to work from home. We have a small team running the office to enable essential operations. If you intend to drop off records please ensure you call ahead of your arrival, wear a mask and sanitize when entering the building. You will understand that we are experiencing an increased volume of requests for assistance during this unprecedented time. We will answer all calls and emails as soon as we can but would like to apologise if it takes us longer than normal to respond.
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