How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask taxadvisor.uk Your Own Question
taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4996
Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
54961312
Type Your Tax Question Here...
taxadvisor.uk is online now

Is the CGT rate calculated on your personal rate of tax or

Resolved Question:

Is the CGT rate calculated on your personal rate of tax or is it always 40% flat rate?
Submitted: 3 years ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 years ago.
Hello and welcome to the site. Thank you for your question.

CGT rates are 18%, 28% or a combination of both depending on your total income in the tax year in which capital gain arises.

More information on this can be found here

http://www.hmrc.gov.uk/rates/cgt.htm#2

I hope this is helpful and answers your question.

If you have any other questions, please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 years ago.

Thanks. I may have a large gain this coming year, so if I reduce my drawdown pension I may be able to reduce the CGT rate?

Expert:  taxadvisor.uk replied 3 years ago.
Thanks for your reply.

If you are considering drawing down pension post budget 2014 changes then yes you would have to make adjustments.

I hope this is helpful.
taxadvisor.uk and other Tax Specialists are ready to help you
Expert:  taxadvisor.uk replied 3 years ago.
I thank you for accepting my answer.

Best wishes