Capital gains tax

Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.

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Capital Gains Tax (CGT) is payable by individuals, trustees and 'personal representatives' (PRs). Companies pay corporation tax on their capital gains.

There are annual tax free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.

For individuals net gains are added to 'total taxable income' to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income do not exceed the 'basic rate band'.

Gains which qualify for 'Entrepreneurs' Relief' or 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.

Individuals 2019/20 2018/19
Exemption £12,000 £11,700
Standard rate 10% 10%
Higher rate 20% 20%
Trusts 2019/20 2018/19
Exemption £6,000 £5,850
Rate 20% 20%

The higher rate applies to higher rate and additional rate taxpayers.

Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.

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As well as general accountancy, audit and tax skills, we also have individual specialist skills which enable us to provide clients with a first class service as and when required. With our wealth of experience we pride ourselves on delivering an unparalleled service to all clients, what ever their size or sector.

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Contact Details

Please call:
028 90 381755

BMK Chartered Accountants, 43 Lockview Road, Belfast, Northern Ireland BT9 5FJ

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Director: Brian McKee, ACA
T Murphy & Co is the trading name of BMK Accounting Limited (Co. No. NI632272)
Registered Office : BMK Chartered Accountants, 43 Lockview Road, Belfast, Northern Ireland BT9 5FJ
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