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Capital Gains Tax
|
|
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2008/2009
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2007/2008
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Taxed as slice of income
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18%
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10, 20 or 40%
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Annual exemption
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Individual
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£9,600
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£9,200
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Settlement
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£4,800
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£4,600
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Chattels exemption
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£6,000
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£6,000
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Transfers between
husband and wife living together are exempt.
For disposals on or after 6th April 2008 both taper
relief and indexation will no longer apply. Prior to this net gains
were subject
to
a taper relief determined according to length of ownership, type of
asset, etc.
Entrepreneurs relief will be available in respect of certain disposals
on or after 6th April 2008. This will reduce the effective tax rate
to 10% for up to the first £1 million of qualifying gains made
over a lifetime.
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