CGT Flashcards
(6 cards)
1
Q
What’s the rate of CGT?
A
18% standard, 24% higher rate
2
Q
What is the exemption amount?
A
£3000 annually
3
Q
What is ATED?
Annual Tax on Enveloped Dwellings
A
Tax payable by companies that own more than £500k worth of UK residential property.
4
Q
What date are rebasing valuations done?
A
6th April 1982
5
Q
Why are rebasing valuations done?
A
Finance Act 1988 (section 35 tcga 1992) - Date chosen due to inflation and market growth.
Date chosen due to inflation and market growth.
6
Q
Where can guidance be found?
A
UK VPGA 15
