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This is the tax you pay if you make a profit when disposing of a capital asset such as land, investments or property.

You can offset capital losses against capital gains when calculating your liability.

You may be liable to pay capital gains tax on the sale of your home if you claim the cost of running part of it as a business expense.

Capital Gains Tax
  2011/12 2010/11
Individuals £ £
Exemption 10,600 10,100
Balance of gains 18% 18%
Higher rate
28%
28% (18%)
Trusts    
Exemption 5,300 5,050
Rate 18% 28% (18%)
Entrepreneurs' Relief
For disposals on or after 6 April 2011 the first £10m (£5m for disposals on/after 23 June 2010 and before 6 April 2011) of qualifying gains are charged at 10%. Gains in excess of the limit are charged at the rates detailed above.