Capital Gains Tax
| Capital
gains tax rates and bands
are as follows: |
| |
2008/09 |
2007/08 |
| On
chargeable gains |
18% |
Taxed
as top slice of savings income |
| Annual
exemption |
|
|
| -
individual |
£9,600 |
£9,200 |
| -
settlement(s) (spread over
total number) |
£4,800 |
£4,600 |
| |
| Chattels
exemption |
|
|
| (proceeds
per item or set) |
£6,000 |
£6,000 |
|
Entrepreneurs'
Relief
This relief will reduce the chargeable
gain on qualifying assets by 4/9, resulting
in an effective rate of 10%. An
individual will be able to make claims
for disposals on or after 6 April 2008. Claims
may be made on more than one occasion,
up to a “lifetime”total
of £1 million of gains.
Notes
- Transfers between husband and wife
or civil partners living together
are generally exempt.
- Capital gains of all trusts for
2008/09 are taxed at the standard
rate of 18% (2007/08 special rate
for trusts 40%). Where there are
several trusts created by the same
settlor, the annual exemption is
divided equally between them, subject
to a minimum exemption of £960
(2007/08 £920) for each trust.
|
