Capital Gains Tax
2018-19
On chargeable gains
Total taxable income and gains Up to higher rate threshold From higher rate threshold
10% 20%
Inheritance Tax Nil rate band £325,000 A further nil rate band of £125,000 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 spouses/civil partners. Rate of tax on balance: Chargeable lifetime transfers 20% 20% Transfers on, or within 7 years of, death 40% 40% subject to a tapered reduction for transfers between 7 and 3 years before death 20% Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest. Entrepreneurs’ relief and Investors’ relief Qualifying gains will be taxed at 10%. Claims may be made on more than one occasion up to a ‘lifetime’ total of £10m per relief. Annual exempt amount – individuals £11,700 and most trustees £5,850. Trust rate 2018-19 £325,000 2017-18
Key Dates & Deadlines
Payment Dates
2018-19
2017-18
Income Tax and Class 4 NICs 1st payment on account 31 January 2nd payment on account 31 July
2019 2019 2020 2020 2020 2019
2018 2018 2019 2019 2019
Balancing payment
31 January 31 January 31 January
Class 2 NICs
Capital Gains Tax
Class 1A NICs 2018 Corporation Tax – 9 months and one day after the end of accounting period (or by quarterly instalments if large company) 2017-18 Returns Filing Deadlines 31 May 2018 Issue P60s to employees 6 July 2018 P11D and P11D(b) – and appropriate copies to employees 31 October 2018 Self Assessment Tax Return (SATR) – paper version 30 December 2018 SATR Online where outstanding tax (subject to cap) to be included in 2019-20 PAYE code 31 January 2019 SATR Online Under Real Time Information most employers must notify HMRC of payments and deductions on or before the time of payment. Some concessions apply. March 2018 edition. Rates subject to change – contact us for latest. For general guidance only, no responsibility is taken for action taken or refrained from in consequence of card contents. 19 July
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