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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
'Entrepreneurs' Relief' or
'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.
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.
As the situation regarding COVID-19 develops daily we are doing everything we can to ensure that we keep our staff and clients safe and continue to provide a full service.
Following the latest advice from the UK Government, we have put in place measures to ensure that our business can continue to operate.
We can currently work safely in our office whilst maintaining social distancing. If we need to we can work remotely.
All client meetings will be held by telephone rather than face to face to minimise social contact.
If our resources are compromised due to illness this would mean prioritising workload and keeping those affected updated whilst making every effort to mitigate the impact should this situation arise.
We understand that some of our services, in particular payroll, are vital to our clients and we will be issuing regular emails regarding payroll to all of our payroll clients to ensure that all payrolls are run in time.
This is an evolving situation and we understand that it will present challenges to all of us. We want to reassure you that we are here to help you and will do whatever we can.
Please call or email us with any queries.