Capital gains tax explained Capital gains tax calculator
If you are a basic rate taxpayer, you can use this simple calculator to get an idea of your possible capital gains tax bill for the year.
The calculator does not take into account the higher rate of CGT (28%) payable by a higher-rate taxpayer from 23 June 2010. It also ignores special rules that might affect the calculation of gains or losses from, for example, possessions (chattels), shares or disposal of a business.
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| Example capital gains tax calculation for 2011-12 | |
|---|---|
| Calculation | Amount |
| Capital gain | £20,000 |
| Losses | £1,400 |
| Annual allowance | £10,600 |
| Taxable gain = £20,000 - £1,400 - £10,600 | £8,000 taxable gain |
| CGT rate | 18% tax rate |
| Capital gains tax payable - £8,000 x 18% | £1,440 payable |
- Worried about tax on property and rental income? Read our guide
- Take a look at our expert guide to inheritance tax
- For any tax problems, call our experts on the Which? Money Helpline
