A client of mine told me that capital gains are chargeable at 10% for the entire gain if their income is below £50,000. As you can imagine I thought I must be going mad. Did I miss something?
Here is what the website says...
https://taxscouts.com/capital-gains-tax-rates/
Capital Gains Tax rates in the UK for 2021/22
For the 2021/2022 tax year capital gains tax rates are:
10% (18% for residential property) for your entire capital gain if your overall annual income is below £50,270
20% (28% for residential property) for your entire capital gain if your overall annual income is above the £50,270 threshold
We all know it straddle the tax bands. Thoughts anyone?
Ian
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