Jump to content
House Price Crash Forum
Quicken

Capital Gains Query

Recommended Posts

Hi all,

Given the CG reductions announced at the budget, I have a query. If someone is a PAYE basic rate taxpayer, but gets a million pounds cap gains, do they pay CG at the basic rate taxpayer rate (10%) on the whole million or are they bumped up to the higher rate?

Cheers, Q

Share this post


Link to post
Share on other sites

Hi all, Given the CG reductions announced at the budget, I have a query. If someone is a PAYE basic rate taxpayer, but gets a million pounds cap gains, do they pay CG at the basic rate taxpayer rate (10%) on the whole million or are they bumped up to the higher rate? Cheers, Q

Add the gain to other income, at the point you hit the 40% band the rest is taxed at 20%. Property has a 8% additional charge.

Share this post


Link to post
Share on other sites
On 4/4/2016 at 7:17 PM, Fatmanfilms said:

Add the gain to other income, at the point you hit the 40% band the rest is taxed at 20%. Property has a 8% additional charge.

Thanks. That chimes with what my tax agents have come up with.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   86 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.