CW Accountancy
New shop front
in Frome

Frome Museum
A collection of
local history

Established in the heart of Frome town centre since 1983

2021/22
2020/21
  • CGT is payable by individuals, trustees and personal representatives (PRs). Companies pay corporation tax on their capital gains.
  • There are annual tax-free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.
  • For individuals, net gains are added to total taxable income to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income, do not exceed the basic rate band.
  • Gains which qualify for Investors' Relief are charged at 10% for the first £10m of qualifying gains.
  • Gains which qualify for Business Asset Disposal Relief are charged at 10% for the first £1 million.

Rates and annual exemption

Individuals 2021/22
£
Exemption 12,300
Standard rate 10%
Higher rate 20%

The higher rate applies to higher rate and additional rate taxpayers.

Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.

Trusts 2021/22
£
Exemption 6,150
Rate 20%

  • CGT is payable by individuals, trustees and personal representatives (PRs) . Companies pay corporation tax on their capital gains.
  • There are annual tax-free allowances (the 'annual exempt amount') for individuals, trustees and PRs. Companies do not have an annual exempt amount.
  • For individuals, net gains are added to total taxable income to determine the appropriate rate of tax. The standard rate applies only to the net gains which, when added to total taxable income, do not exceed the basic rate band .
  • Gains which qualify for Investors' Relief are charged at 10% for the first £10m of qualifying gains.
  • Gains which qualify for Business Asset Disposal Relief are charged at 10% for the first £1 million.

Rates and annual exemption

Individuals 2020/21
£
Exemption 12,300
Standard rate 10%
Higher rate 20%

The higher rate applies to higher rate and additional rate taxpayers.

Additionally, higher rates of 18% and 28% may apply to the disposal of certain residential property.

Trusts 2020/21
£
Exemption 6,150
Rate 20%

Frome Museum

A collection of
local history

Cheap Street

Has a stream running
down the middle

Catherine Hill

A host of fabulous Independent shops

Gentle Street

Poldark was filmed
on location here

CW Accountancy

New shop front
in Frome