A straight forward question but one that is not so easy to answer!
From 6 April 2016, finding out the rate of capital gains tax payable when you make a profit on the sale of a capital asset got a whole lot harder.
We now have a range of rates covering different circumstances. The mains rates are as follows:
10% Gains made by individuals qualifying for entrepreneurs relief
10% or 20% Gains made by individuals on the sale of assets excluding residential property (rate dependent on level of income)
18% or 28% Gains made by individuals on the sale of residential property (again rate dependent on level of income)
Companies continue to pay corporation tax rather than capital gains tax, the current corporation tax rate is 20%.
For more information, please contact Lesley Sutton on 01484 550037 or email firstname.lastname@example.org.