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Flashcards in Capital Gains Tax Deck (3)
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Give 4 facts about Entrepreneurs Relief?

1. Available when an individual disposes of all or part of a business and any associated disposals
2. Business and associated assets must have been owed for at least a year prior to disposal
3. Lifetime allowance for ER is £10 million
4. ER is payable at 10% regardless of personal tax rates


What gains do you use the annual exemption against?

The gains with the higher tax rate i.e 20% rather than 10% even if the amount of tax under the lower tax rate is higher


When must current year losses be used?

Against current years gains and before the annual exemption, only once exhausted can you use the exemption.