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CGT and Inheritance tax.
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 'Investors' Relief' are charged at 14% (10% for 2024/25) for the first £10m of qualifying gains.
Gains which qualify for 'Business Asset Disposal Relief' are charged at 14% (10% for 2024/25) for the first £1 million.
Note...
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, the rates of 18% and 24% may have applied to the disposal of certain residential property throughout 2024/25.
16 00 2025
Parents of 16 to 19-year-olds will receive reminders from HMRC to extend their Child Benefit claim by 31 August if their child is staying in education or training or payments will automatically stop.
15 00 2025
The UK's economy grew by more than expected in the first three months of the year, according to the latest data from the Office for National Statistics (ONS).