Capital gains tax new rules 2010
This post will be of interest to anyone likely to pay capital gains tax (CGT) as a result of a sale of an asset in the 2010/11 tax year. The June Budget introduced an overnight change to the CGT regime and HMRC have produced a fairly readable Budget Note 20 and a copy of the Example 1 from that release is reproduced at the foot of this article. The example uses a taxpayer whose income is taxed at the basic rate but in adding capital gains the inclusive income will be in the higher rate band. read more