Budget Summary 2011 Introduction Main Income Tax reliefs Income Tax rates and bands Car benefit assessment Tax-free mileage allowances National Insurance Contributions Pension Contributions Inheritance Tax Important annual limits Value Added Tax Capital Gains Tax Corporation Tax Main capital allowances Stamp Duty & Stamp Duty Land Tax Earliest due dates for payment of tax

Capital Gains Tax Annual exempt amount 2011/12: individuals £10,600, most trustees £5,300. An individual's net gains after all reliefs, losses and annual exempt amount are added to income and taxed at 18% (basic rate band) and 28% (higher rate band). For trusts, the CGT rate is 28%.   Entrepreneurs' relief   For disposals of sole trade or interest in a partnership trade, or shares in a trading company by an officer or employee owning at least 5%, the gain (up to the lifetime allowance) is taxed at a 10% rate of CGT. The lifetime limit is £10m from 6.4.11 (previously £5m from 23.6.10-5.4.11; £2m from 6.4.10 - 22.6.10, £1m pre- 6.4.10).