The capital gains tax (CGT) annual exempt amount will remain at £10,600 for 2012/13 for individuals, personal representatives of deceased persons and trustees of certain settlements for the disabled. The annual exempt amount for most other trustees is £5,300.
For capital gains above the annual exempt amount the CGT rate for basic and higher rate tax payers will remain at 18 and 28 per cent respectively.
Gains made in respect of certain business assets may qualify for entrepreneurs’ relief.
The amount of an individual’s gains that can qualify for entrepreneurs’ relief remains at £10 million for gains arising on or after 6 April 2012.
Gains qualifying for the relief will continue to be taxed at a 10% rate.