Tools to help your business. Capital gains tax 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 'Investors' Relief' are charged at 10% for the first £10m of qualifying gains.Gains which qualify for 'Entrepreneurs' Relief' are charged at 10% for the first £1 million. Individuals 2024/25 (until 29/10/24) 2024/25 (from 30/10/24) Exemption £3,000 £3,000 Standard rate 10% 18% Higher rate 20% 24% The higher rate applies to higher rate and additional rate taxpayers.Additionally, prior to 30 October 2024 higher rates of 18% and 24% may apply to the disposal of certain residential property. Trusts 2024/25 (until 29/10/24) 2024/25 (from 30/10/24) Exemption £1,500 £1,500 Rate 20% 24% Can you claim R&D Tax relief? At DMA, we have a track record of helping clients with all R & D tax issues. We can advise you precisely on what does/does not qualify for tax relief under R&D activities and under which R&D scheme. Life’s too short to be searching for stuff… Fortunately, DMA’s App means that you don’t have to. Get ALL your financial and tax information in one place and at all times – plus a great financial news feed! Register With Us Get better and faster communication and a whole range of free tools. Track your mileage, upload bills directly – and get technology that’s as on-the-move as you are. Demystifying Digital Tax We’ll show you how to use Making Tax Digital to your commercial advantage by streamlining your business processes. Making Tax Digital can be an opportunity to save time and money!
