CAPITAL GAINS TAX

Capital gains tax was raised on the 23 June 2010 for higher rate tax payers.

A new 28% rate applies to people whose total gains and income are more than the upper limit of the basic rate band of income tax.

The 28% shall apply on taxable gains, or any part of those gains, that are above that limit. Gains under the limit will still be taxed at 18%.

The Capital Gains rate for trustees and personal representatives of a deceased person has increased to 28%.

This is a general guide not a substitute for professional advice

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