The capital gains tax (CGT) annual exempt amount will remain at £11,100 for 2016-7 for individuals, personal representatives of deceased persons and trustees of certain settlements for the disabled. The annual exempt amount for most other trustees is £5,550.
For capital gains above the annual exempt amount the CGT rate for basic and higher rate tax payers will reduce from 18 and 28 per cent respectively to 10 and 20 per cent respectively.
Gains on residential properties (not qualifying as your personal private residence) and carried interest (the share of profits or gains that is paid to asset managers) will remain at the old rates.
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