A basic first check for gains from 23 June 2010

This is a basic calculator designed to enable you to look at your liability to capital gains tax. If you are a higher rate or additional rate tax payer your gain will be taxed at 28%. For individuals where total income and gains are less than the upper limit of the income tax basic rate band the liability on the gain will be calculated at 18%. This calculator enables you to calculate an initial liability to capital gains tax, but does not take into account a situation where a portion of the gain is taxable at 18% and a portion at 28%.

Entrepreneurs’ relief

The rate of capital gains tax qualifying for entrepreneurs’ relief is 10%. The lifetime limit on gains qualifying for entrepreneurs’ relief increased from £2 million to £5 million from 23 June 2010.

The above result is, as indicated above, only a first check. If you have a liability we strongly recommend that you contact us. It is our role to ensure you minimise your tax liability.

In calculating the gain you may deduct certain costs. Please contact us to discuss your options for minimising your capital gains tax liability.

The capital gains tax in 2010/11 is payable on or before 31 January 2012.