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CGT Payable on or after 23-06-10 ( CGT Payable at 18% & 28% )

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › CGT Payable on or after 23-06-10 ( CGT Payable at 18% & 28% )

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  • October 25, 2011 at 5:03 pm #50220
    sajidhameed
    Participant
    • Topics: 3
    • Replies: 7
    • ☆

    Dear Sir,

    If Taxable Income+Taxable Gains is more than basic rate limit. How we can calculate CGT?.

    Please answer ASAP.

    Regards,

    Sajid

    November 6, 2011 at 8:52 am #89081
    usmanw
    Member
    • Topics: 5
    • Replies: 12
    • ☆

    For example:

    If you have tax income of £30000 and tax gain of £10000(after A/Exempt)

    Than : cgt= 18% x (37400-30000) + 28% x (10000-7400)

    Hope this helps!

    November 9, 2011 at 8:35 pm #89082
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    Correct if there is any remaining basic rate band after taxable income the gains up to £37,400 are taxed at 18%. Once the Basic rate band is used up the gains are at 28%
    Hope this helps

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