Section 1H — Taxation of Chargeable Gains Act 1992: The main rates of CGT

The main rates of CGT 1H 1 This section makes provision about the rates at which capital gains tax is charged but has effect subject to—

a section 169N ( business asset disposal relief : rate of 18% ),

and b section 169VC (investors' relief: rate of 18% ). 1A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Chargeable gains ... accruing in a tax year to an individual are charged to capital gains tax at a rate of 18% or 24% .

4 The question as to which of the rates applies to the gains concerned is determined by section 1I (income taxed at higher rates or gains exceeding unused basic rate band). 4A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 ... Chargeable gains accruing in a tax year to the personal representatives of a deceased individual are charged to capital gains tax at a rate of 24% . 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 ... Chargeable gains accruing in a tax year to the trustees of a settlement are charged to capital gains tax at a rate of 24% . 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .