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Tax Facts - Cap Gains, Corp & Inheritance Tax
Capital Gains Tax
Annual exempt amounts
2016/17
2015/16
Individuals
£11,100
£11,100
Trusts
£5,550
£5,550
Rates
**2016/17
2015/16
Individuals
Standard rate
10%
18%
Higher rate for higher rate and additional rate taxpayers
20%
28%
Trustees
20%
28%
** Higher rates may apply to the disposal of certain residential property
Entrepreneurs relief
The first £10m of qualifying gains to which entrepreneurs' relief applies. Gains in excess of the limit are charged at the rates above.
10%
10%
Corporation Tax
Financial Year To:
31/3/2017
31/3/2016
All profits
20%
All profits
20%*
* Different rates apply for ring fenced (braodly oil industry) profit
Inheritance Tax
Transfers made after 5 April 2016 and before 6 April 2017
Death Rates
Gross transfer
Rate %
Up to £325,000*
Nil
Over £325,000
40
*Unused nil rate band is transferable to spouse or civil partner.
Chargeable lifetime transfers are initially charged at 20%. Annual gifts of up to £3,000 per donor are exempt
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