Stamp Duty Land Tax
Land and buildings in England and N. Ireland Residential rates may be increased by 3% where further residential properties are acquired. Residential £ Rate % Non-residential £ Rate % 0 - 125,000 0 0 - 150,000 0 125,001 - 250,000 2 150,001 - 250,000 2 250,001 - 925,000 5 Over 250,000 5 925,001 - 1,500,000 10 Over 1,500,000 12 First-Time Buyer relief may apply to residential purchases up to £500,000.
Capital Gains Tax
Individuals Exemption Standard rate
2020/21 2019/20
£12,300 10% 20% £6,150 20%
£12,000 10% 20% £6,000
Higher/additional rate
Trusts Exemption
Rate 20% Higher rates (18/28%) may apply to the disposal of certain residential property and carried interest. Entrepreneurs’ Relief The first £10m of qualifying gains are charged at 10%. This is reduced to £1m for disposals on or after 11 March 2020 subject to certain transitional rules.
Death rate Lifetime rate Inheritance Tax
Chargeable transfers 2020/21 and 2019/20 0 - £325,000 (nil rate band)
Nil 40%
Nil 20%
Over £325,000 A further nil rate band of £175,000 (£150,000 for 2019/20) may be available in relation to current or former residences.
Made with FlippingBook HTML5