ACCA Applied Skills · Taxation (UK) · Gains and losses on the disposal of movable and immovable property
For 2026/27, which statement about the capital gains tax annual exempt amount and rates for an individual is correct?
The annual exempt amount is £3,000, and capital gains tax is charged at 18% for the lower rate and 24% for the higher rate. Other combinations use outdated allowances or income tax rates.
- AThe annual exempt amount is £3,000 and the rates are 18% and 24%Correct
- BThe annual exempt amount is £3,000 and the rates are 10% and 20%
- CThe annual exempt amount is £12,300 and the rates are 18% and 24%
- DThe annual exempt amount is £3,000 and the rates are 20% and 40%
Explanation
The tax tables give an annual exempt amount of £3,000, with a lower rate of 18% and a higher rate of 24%. The 10% and 20% rates are old rates, and 20% and 40% are income tax rates.
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