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Autumn Statement: CGT allowance up 1%

Autumn Statement: CGT allowance up 1%

The government has increased the capital gains tax (CGT) allowance by 1% to reach £11,000 in 2014/15.

In the Autumn Statement, chancellor George Osborne (pictured), said the capital gains annual exemption amount will increase by 1% each year to £11,100 in 2015/16.

The current allowance is £10,600 for 2012/13.

Up until June 2010, everyone paid the same amount of CGT but changes were made so the amount of tax payable depends on how much income tax a person pays.

Income tax personal allowance will also go up to £9,440 next year which is £235 more than previously announced.

The threshold for paying the top 40% of income tax will increase by 1% from 2014. The threshold will go from £41,450 to £41,865 in 2014 and another 1% to £42,285 in 2015.

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