Capital gains tax is levied on the sale of assets i.e. businesses, shares, property.

Individuals each have an annual exemption of £10,100. Gains over this amount attract tax at either 18% or 28% depending on each individuals taxable income.

Higher rate tax payers will be charged capital gains tax at 28%.

Entrepreneurs Relief has a lifetime limit and is taxable at 10%. The maximum lifetime limit is currently £10 million. There are set rules to qualify for the relief but it a very useful relief saving 18% tax.

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