Capital Gains Tax for 2018/19
Capital Gains Tax (CGT) is the tax a person has to pay on the gains/profit earned when an asset has been sold/disposed. CGT is only paid when the overall profit is more than the tax free allowance referred to as Annual Exempt Amount (AEA). For the year 2018/19, the Annual Exempt Amount for individuals and personal representatives is £11,700 and AEA for trusts is £5,850 (based on the announcements of the Autumn Budget 2017)
| Tax year 2018/19 | Tax year 2017/18 | |
|---|---|---|
| Annual exempt amount (AEA) for individuals and personal representatives | £11,700 | £11,300 |
| AEA for most trustees | £5,850 | £5,650 |
| Main rate for trustees and personal representatives | 20% | 20% |
| Rate for trustees and personal representatives (for gains on residential property not eligible for Private Residence Relief) | 28% | 28% |
| Main rates for individuals | 10% / 20% | 10% / 20% |
| Rates for individuals (for gains on residential property not eligible for Private Residence Relief, and carried interest) | 18% / 28% | 18% / 28% |
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Sumit Agarwal (ACMA ACA India), the Managing Partner of DNS Accountants is a highly respected accountant in Harrow with expertise in helping owner- managed businesses.
