Capital Gains Tax
2017-18
On chargeable gains
Total taxable income and gains Up to higher rate threshold From higher rate threshold
10% 20%
Capital Allowances Plant and Machinery Investment for use in Enterprise Zones, energy saving and environmentally beneficial equipment, new low CO 2 emission (up to 75g/km*) cars, natural gas/hydrogen refuelling equipment. First Year allowance (FYA) 100% Annual Investment Allowance (AIA) – on first £200,000 of investment 100% Excludes cars and expenditure already qualifying for 100% FYA Writing Down Allowance on expenditure not qualifying for AIA or FYA: Long-life assets, integral features of buildings, cars over 130g/km* 8% Other plant and machinery 18% *The emissions figures are reduced to 50 and 110g/km respectively for expenditure incurred on or after 1 April 2018. £325,000 £325,000 For 2017-18, a further nil 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 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. 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. Annual exempt amount – individuals £11,300 and most trustees £5,650. 2017-18 2016-17 Nil rate band Trust rate Inheritance Tax
Corporation Tax Financial Year to
31 March 2018 31 March 2017
Corporation Tax rate
19%
20%
FOR ELECTRONICUSEONLY
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