Capital gains tax

Capital gains tax rates and bands are as follows:
	2011/12	2010/11
Standard rate	18%	18%
Higher rate from 23 June 2010	28%	28%²
Entrepreneurs' relief - effective rate	10%	10%
Entrepreneurs' relief - lifetime limit to 22 June 2010		£2,000,000
Entrepreneurs' relief - lifetime limit from 23 June 2010	£10,000,000	£5,000,000
Annual exemption
- individual	£10,600	£10,100
- settlement(s) (spread over total number)	£5,300	£5,050
Chattels exemption
(proceeds per item or set)	£6,000
Marginal relief	5/3 excess over £6,000

Transfers between spouses and civil partners living together are exempt.
Entrepreneurs' relief is available in respect of gains made on the disposal of all or part of a business, or gains made on disposals of assets following the cessation of a business or gains by certain individuals who were involved in running the business. The first £2 million (rate to 22 June 2010): £5 million (rate from 23 June 2010) of gains that qualify will be charged to CGT at an effective rate of 10%. Gains in excess of the exception will be charged at the normal rate of either 18% or 28%. An individual will be able to make claims for relief on more than one occasion, up to a lifetime total.

That the Government expect to receive £3.4bn from capital gains tax (2010/11 - £3.2bn)