Capital gains tax

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 'Entrepreneurs' Relief' are charged at 10% for the first £1 million.

Individuals 2024/25 2023/24
Exemption £3,000 £6,000
Standard rate 10% 10%
Higher rate 20% 20%

The higher rate applies to higher rate and additional rate taxpayers.

Additionally, higher rates of 18% and 24% may apply to the disposal of certain residential property.

Trusts 2024/25 2023/24
Exemption £1,500 £3,000
Rate 20% 20%

Home | Contact us | Site map | Accessibility | Disclaimer | Privacy Policy | Help |

Company registered in England & Wales, number 06137832
The ICAEW audit registration number for Honey Barrett (Audit) Ltd is C005419803.
VAT No. 725 2398 29

powered by totalSOLUTION

© 2024 Honey Barrett Limited. All rights reserved. We use cookies on this website, you can find more information about cookies here.

The Registered office is: Honey Barrett Limited, 53 Gildredge Road, Eastbourne, East Sussex BN21 4SF

Honey Barrett Limited, 53 Gildredge Road, Eastbourne, East Sussex BN21 4SF
Bexhill Office : 48 St Leonards Road, Bexhill-on-Sea, East Sussex TN40 1JB
Wadhurst Office : Pharmacy Chambers, High Street, Wadhurst, East Sussex TN5 6AP