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Welwyn Garden City - 01707 377057 Stevenage - 01438 362959 info@pomroyassociates.co.uk
Your business growth partners – giving you the tools and confidence to make the right business decisions
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 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
Gains which qualify for 'Business Asset Disposal Relief' are charged at 10% for the first £1 million.
The higher rate applies to higher rate and additional rate taxpayers.
Gains accruing on the disposal of certain residential property and arising on carried interest can attract a standard rate of 18% or a higher rate of 28% for individuals and of 28% for Trusts and Personal Representatives.
Our offices are now fully open and we are happy to have face to face meetings as well as carrying on via video if preferred.
Why not stop by for a coffee? Get in touch today:
Welwyn Garden City - 01707 377057
Stevenage – 01438 362959