ARTICLE · 03 SEPTEMBER 2010

The Capital Gains Tax (CGT) Changes

Smith & Williamson

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Individuals, trustees and personal representatives.

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Lynnette Bober

Richard Mannion

Individuals, trustees and personal representatives

Overview

In summary the following CGT rate changes have been enacted:

there is a special 10% rate that can only apply to gains with respect to which a valid ER claim has been made;
for non ER disposals occurring on or after 23 June 2010:
- trustees and personal representatives are subject to tax at the fixed rate of 28%
- individuals are subject to a standard 28% rate of CGT, for gains realised on disposals effected on or after 23 June 2010, with a potential 18% rate applying to all or part of the gains where the individual does not pay tax on any income at the higher rate or dividend upper rate.
An increase in the ER lifetime allowance to £5 million was also announced from 23 June 2010.

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