Chartered Accountants and Business Advisers
Chartered Accountantsand Business Advisers

Capital Gains Tax

On chargeable gains                                                       2015-16         2014-15
Total taxable income and gains                  
Up to £31,785 (2014-15: £31,865)   18%   18%
From £31,786 (2014-15: £31,866)   28%   28%
Trust rate   28%   28%
         
Annual exempt amount        
Individuals   £11,100   £11,000
Most Trustees   £5,550   £5,500

Entrepreneurs'relief

Capital gains qualifying for entrepreneurs' relief are taxed at 10%.  Entrepreneurs' relief can be claimed on more than one occasion up to a "lifetime" limit of £10 million of qualifying capital gains. 

 

Transfer of assets between spouses and civil partners

Transfers of assets between spouses and civil partners are generally not chargeable disposals for capital gains tax purposes.

Inheritance Tax

                                                    2015-16         2014-15
Standard threshold              £325,000   £325,000
Maximum combined threshold:        
Married couples and civil partners   £650,000   £650,000
Rates of Inheritance Tax:        
Chargeable lifetime transfers   20%   20%
Transfers on, or within 7 years of, death   *40%   *40%

*subject to a tapered reduction for transfers between 7 and 3 years before death

Office hours

Monday - Friday

9.30 am to 5.00 pm

Address

Clive Shedd & Co

Chartered Accountants
232 Sladepool Farm Road  

Birmingham     B14 5EE

Making an appointment

If you wish to make an appointment please contact us:

 

Tel:     0121 474 4774

Fax:    0121 474 4766

Email: mail@cliveshedd.co.uk

or use our contact form.

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