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Capital Gains Query


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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

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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.

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