Total taxable income and gains
Up to higher rate threshold
Above higher rate threshold
Higher rates (18%/28%)may apply to the disposal of certain residential prperty
Qualifying gains will be taxed at 10%. Claims may be made on more than one occasion up to a "lifetime" total of £10M.
Annual exempt amount - individuals £11,300 and most trustees £5,650.
Budget day edition, rules subject to change-contact us for latest.For general guidance only. No responsibillity is taken or refrained from in consequence of card contents
For 2017/18 a further rate band of £100,000 may be available in relation
to current or former residences.Nil rate bands of surviving spouses/civil partners may be increased by unused nil rate bands of deceased
Nil rate band
Rate of tax on balance:
Chargeable lifetime transfers
Transfers on, or within 7 years of death
Subject to a tapered reduction for transfers betwenn 7 and 3 years before death
STAMP DUTY LAND TAX
On the transfer of property The Stamp Duty Land Tax is:
Value up to £125,000
over £125,000 - £250,000
over £250,000 - £925,000
over £925,000 - £1,500,000
The rates apply to the portion of the total value which falls within each band. Additional LBtt of 3%
may apply to the purchase of additional residential properties.