Capital Gains and Income Tax Calculator 2010-2011
The new budget requires that all capital gains (after exemption has been applied) before 24/06/2010 are taxed at 18%. After this date the rate rises to 28% for higher rate tax payers.
This makes the capital gains calculation a bit tricky. For higher rate tax
payers the key point is to
assign tax year losses, as well as the capital gains exemption and previous
booked capital losses, firstly to gains made on 23/06/2010 or later. Only when
you have run out of gains then start assigning losses to gains made before
23/06/2010.
Run the
capital gains calculator to obtain the values for (1)capital gains
up to and including 22/06/2010, (2)capital gains from 23/06/2010 to 6/4/2011, and for (3)capital losses for the tax year. These values are shown in the summary information at the bottom of the
results. Input the values into the calculator below along with your untaxed earned income.
- What is your Age
- What is your untaxed earned income this year?
- (1)Type your capital gains from 6/04/2010 to 22/06/2010
- (2)Type your capital gains from 23/06/2010 to 6/4/2011
- (3)Type your capital losses for the tax year
- Input previous booked capital losses here
- Your income tax is
- Your capital gains tax is
- Your total tax payable is
Notes: Default Income Exemption = 6475, Basic Rate Band = 37400,
Capital Gain Exemption = 10100