Capital Gains Tax Flashcards
1
Q
How are capital gains on chattels calculated?
A
If valued between £6,000 and £15,000
Then calculate the gain normally first
The work out the excess above £6k and times by 5/3
Use whichever figure is lower
2
Q
What are the rates for Capital Gains Tax?
A
10% for non and basic rate taxpayers
18% for property
20% for higher and additional rate taxpayers
28% for property
20% and 28% for trust gains above the trust CGT allowance
3
Q
How can you defer paying tax on a capital gain?
A
Invest in an EIS, can be done one year before or three years after the gain
4
Q
How do you calculate CGT on part disposals?
A
Original cost of asset x sale proceeds / (Sale Proceeds + residual value)
