Capital gains tax
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www.hmrc.gov.uk
You only pay Capital Gains Tax if your overall gains for the tax year (after deducting any losses and applying any reliefs) are above this amount. On this page: ...
www.hmrc.gov.uk
Capital Gains Tax is not a tax which is implemented worldwide although it does apply in the UK. It is a tax which is applied on items which have been purchased at a lower amount and then sold at a profit. Companies do not pay capital gains tax. Any capital gains made by a company are classed as profits and therefore subject to corporation tax instead.
In the tax year 2007/2008 the capital gains tax rate was 10%. This was raised to 18% for 2008/2009.
Examples of items on which capital gains tax is applied are Property, Precious Metals and Stocks and Bonds.
There is a Capital Gains Tax free allowance for individuals of £9,600.00 in 2008/2009 (ie any gains up to £9,600.00 are exempt from this tax). Any gain above this amount is taxed at 18%.
Entrepreneur Tax Relief
If however, you are an entrepreneur and are selling your business you are able to apply for a entrepreneur's relief which means that you can reduce Capital Gains Tax on the first £1,000,000.00 to 10% instead of the normal rate of £18%, this is a one off allowance and does not, unlike an individual allowance renew after a year has elapsed.
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What happens if you give away or sell an asset that's gone up in value - the basics of Capital Gains Tax
www.direct.gov.uk
Find out whether you need to pay Capital Gains Tax when you sell or give away shares, and how to report any gains to your Tax Office
www.direct.gov.uk
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