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What is the Capital Gains tax rate?

What is the Capital Gains tax rate on property?

Asked on Jun 11 2013, Home Finance in Beverley | Report content

Answers (1)

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  • 2012-13 Allowance £10,600 18% or 28% depending on your tax band 2013-14 Allowance £10,900 18% or 28% depending on your tax band. Until June 2010, capital gains tax was charged at a single rate of 18%. Since then, there have been two rates. Basic rate taxpayers still pay CGT at 18%, but higher rate taxpayers are charged CGT at 28%. If you are a basic rate taxpayer by virtue of your income, but have made large enough taxable capital gains to push you over the threshold above which income tax is levied at 40% (£34,370 taxable income in 2012-13, £32,010 in 2013-14), you will pay the higher rate of CGT on the portion of gains that takes you over the threshold . You don’t pay capital gains tax on the full amount you make as everyone has a yearly tax-free allowance: £10,600 in 2012-13, £10,900 in 2013-14. In addition, some gains are tax-free (see below). On your 2012-13 tax return, you must give details if your taxable gains for the year came to more than £10,600 or the total value of the assets you disposed of (other than those which are tax-free) came to more than £40,400. HMRC's online tax return service includes capital gains.You must include your workings for each capital gain or loss that you report. You do not have to pay the tax on everything, gifts between husband and wife or civil partners or charities, the sale of your main home, private cars. You really need to discuss this with an accountant

    Web reference: http://www.which.co.uk/money/tax/guides/capital-gains-tax...

    Answered on Jun 12 2013, Report content

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