Chapter 9 - 2.3 - Rate of Capital Gains Tax Flashcards
1
Q
What does the rate of CGT depend on?
A
An individual’s taxable income
2
Q
What is the CGT for a higher rate taxpayer?
A
20%
3
Q
What is the CGT rate for an additional taxpayer?
A
20%
4
Q
What is the CGT rate for a basic rate taxpayer?
A
10% on gains falling within the unused basic rate band, 20% on the excess
5
Q
How do you calculate any unused BRB?
A
As the difference between taxable income and the BRB limit
(So 37,700 - taxable income)
