Capital Gains Tax

Capital gains tax rates and bands for 2010/11
On chargeable gains	From 23 June 2010	To 22 June 2010
Total taxable gains and income:        up to £37,400        from £37,401	18% 28%	18% 18%
Annual exemption
- individual	£10,100	£10,100
- most trustees	£5,050	£5,050
Chattels exemption
(proceeds per item or set)	£6,000	£6,000

Entrepreneurs' Relief

Qualifying gains from 23 June 2010 will be taxed at 10%. Prior to that the relief took the form of a 4/9 reduction of the gain. 

Claims may be made on more than one occasion up to a “lifetime” total of £5 million (£2 million 6 April 2010 to 22 June 2010, £1 million prior to 6 April 2010).

Notes

1. Transfers between husband and wife or civil partners living together are generally exempt.
2. Capital gains of all trusts for 2010/11 are taxed at the rate of 28% from 23 June 2010 (previously 18%). Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,010 for each trust.