Capital Gains Tax
|Capital gains tax rates and bands for 2010/11|
|On chargable gains||From 23 June 2010||To 22 June 2010|
Total taxable gains and income:
|- most trustees||£5,050||£5,050|
|(proceeds per item or set)||£6,000||£6,000|
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).
- Transfers between husband and wife or civil partners living together are generally exempt.
- 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.