The client's capital gain made after 26/6/2010 is being taxed at 28%
Article ID
ias-9603
Article Name
The client's capital gain made after 26/6/2010 is being taxed at 28%
Created Date
9th March 2011
Product
IRIS Personal Tax
Problem
The client has made a capital gain after 23/6/10 why has IRIS taxed the gain at 28%
Resolution
The 28% rate is applicable if the clients total taxable income including capital gains is above the upper limit for basic rate income tax – i.e. their total income and gains total more than £37,400 this means that any bit of the gain which doesn’t qualify for entrepreneurs relief is taxable at 28%
For more information on changes affecting capital gains taxation for 2011 onwards please see the following sections of HMRCs website:
https://www.hmrc.gov.uk/budget2010/bn20.pdf
https://www.hmrc.gov.uk/budget2010/cgt-qa-1015.pdf
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