Capital Gains Tax Flashcards Preview

AF1 Trusts & Taxation > Capital Gains Tax > Flashcards

Flashcards in Capital Gains Tax Deck (3)
Loading flashcards...
1

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

2

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

3

When must current year losses be used?

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