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Standard and higher rates of capital gains tax (CGT) together with the annual exemption. The special rate of CGT and the limit applying for entrepreneurs’ relief purposes.
Capital Gains Tax (CGT) is payable by individuals, trustees and 'personal representatives' (PRs). Companies pay corporation tax on their capital gains.
There are annual tax free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.
For individuals net gains are added to 'total taxable income' to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income do not exceed the 'basic rate band'.
Gains which qualify for 'Entrepreneurs' Relief' are charged at 10% for the first £1m.
The higher rate applies to higher rate and additional rate taxpayers.
Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.
For the continued health and safety of our staff and clients, the J V Banks offices in Rhyl and Llandudno have been temporarily closed effective 23 March 2020. Our partners and key staff are now working from home.
The change in location has had little impact on us operationally and we continue to provide our accountancy, VAT and payroll services as normal.
Our telephone and email contact details remain the same.
You may continue to drop off any records through letterboxes at our offices, and post items to us in the usual way. Items will be collected on a rota basis by one of our team regularly.
Please note: if your item is time sensitive or urgent please email or telephone your usual contact in the first instance.
All face to face client meetings have also been suspended and we will work with you to establish alternative arrangements if you are affected by this.
We have been inundated with requests for information regarding the impact of COVID-19 on business and on Government support packages available.
There is a range of COVID-19 content available on our website and we will continue to update you via our email newsletters when information becomes available.
This is a challenging time for us all and J V Banks appreciate the trust you place in us and hope everyone stays safe and well.
J V Banks