Tax on capital gains in the UK

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Tax on capital gains in the UK

Capital Gains

 Capital gains (CG) is the profit or income that may occur if you sell, alienate or otherwise deprived of his property. Persons owning property in the UK, also pay tax on capital gains in case of sale of property. In General, a capital gain may arise in the implementation of any of the property or assets. Such property must be your own assets – be it stocks or real estate. The tax applies to both legal and physical entities.

You pay tax on capital gains if you benefit from the exclusion (termination hold) your personal property or any other asset class such as you

·Sell something

·Give

·Pass someone

·Change to something else

·Receive payment (for example, in the case of insurance compensation when the asset was destroyed)

When calculating the tax are provided for some measures that can reduce your tax payable. The law provides for exemption for tax on capital gains annual exempt amount which is tax free.

For 2012-2013, this amounted to:

£10600 for individuals

£5300 for the Trustees.

In the 2013-2014 year, the relevant amounts will be:

£10900 for individuals

£5300 – for the Trustees

If the taxpayer received capital gains in excess of the annual non-taxable amount, be taxed on anything above the non-taxable amount that is the difference.

If the recipient of the income on capital gains is a non-resident (i.e. it has no fixed place of residence in the UK, the non-taxable amounts are applied to it. The exemption is intended only for residents.

The tax rate on capital gains for individuals varies from 18% to 28% and depends on the total amount of taxable income. The basic rate of 18% applied to income, the amount of which for 2012-2013 is set at £34370 . The entire increase of capital above this amount is taxed at 28%.

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