Does anyone know what the capital gains limit is?? and if you go above this level then how much tax you pay?
im just curious.cheers for help
Answers:
Which country are we talking about?
Allowances here
http://www.hmrc.gov.uk/rates/cgt.htm.
There is no "limit." Capital gains are taxed as regular income, no matter how large, if you held the security or property on which they were based for less than 1 year. If you held the security or property on which they were based for MORE than one year, then they qualify for the special capital gains tax rate of 20% rather than the regular income tax rate. You can have capital gains of $10 or $10 million, and the same rules apply.
There is no limit. All long term capital gain (gain on assets held more than one year) are taxed at 15% and all short term capital gains (gain on assets held less than one year) are taxed at yor regular tax rate.
The capital gains tax limit is £8,800 a year above that you pay capital gains. The amount depends upon how long you have held the asset - you pay less if you have held the asset a log time and the standard rate is 30% I think.
In the UK it is £8800 (2006/7). The rate you pay after this is 40%.
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Answers:
Which country are we talking about?
Allowances here
http://www.hmrc.gov.uk/rates/cgt.htm.
There is no "limit." Capital gains are taxed as regular income, no matter how large, if you held the security or property on which they were based for less than 1 year. If you held the security or property on which they were based for MORE than one year, then they qualify for the special capital gains tax rate of 20% rather than the regular income tax rate. You can have capital gains of $10 or $10 million, and the same rules apply.
There is no limit. All long term capital gain (gain on assets held more than one year) are taxed at 15% and all short term capital gains (gain on assets held less than one year) are taxed at yor regular tax rate.
The capital gains tax limit is £8,800 a year above that you pay capital gains. The amount depends upon how long you have held the asset - you pay less if you have held the asset a log time and the standard rate is 30% I think.
In the UK it is £8800 (2006/7). The rate you pay after this is 40%.
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