Capital Gains Tax 2017 Uk

Long term capital gains on so called collectible assets.

Capital gains tax 2017 uk.

6 april 2017 onwards. Capital gains tax is a tax on the profit when you sell or dispose of something an asset that s increased in value. The current 2017 capital gains tax rates. Cgt allowance for 2019 20 and 2020 21.

This is the amount of profit you can make from an asset this tax year before any tax is payable. How uk capital gains tax works. The capital gains tax rate for 2016 17 was that allowance for the individuals personal representatives and trustees for disables people was 11 100 and trusts 5 550. Rates for capital gains tax.

First of all there are two types of capital gains tax rates. The capital gains tax rate you use depends on the total amount of your taxable income so work that out first. Like income tax capital gains tax is calculated on the basis of the tax year which runs from 6 april to 5 april the following year. It s the gain you make that s taxed not the amount of.

The capital gains tax allowance in 2020 21 is 12 300 up from 12 000 in 2019 20. Short term capital gains are profits made on investments you sell that were held for one. Your annual capital gains tax allowance. The capital gains tax rates in the tables above apply to most assets but there are some noteworthy exceptions.