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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 '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.
Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.
With restrictions being lifted our offices are now open with someone in each day.
Fortunately, our staff are all in good health currently and no one has symptoms of the virus but we are taking these steps to try and minimise the risk to not only our team and their families, but our clients and local communities as well.
In addition to asking all staff to work from home, we still won’t be holding any face to face meetings however we will continue to hold meetings via telephone and video.
All of our internal systems are cloud based which means that the team will be working normally and will be available to assist you by telephone and email.
This is a rapidly changing situation and so we are monitoring this on an ongoing basis and following the advice issued by the Government.
Please do not hesitate to get in touch if we can be of any assistance.