Capital Gains Tax |
|
Exemptions |
04-05 |
03-04 |
| Individuals, personal
representatives, etc. |
£8,200 |
£7,900 |
| Trusts generally |
£4,100 |
£3,950 |
| Chattels ( 5/3
taxable on excess gain proceeds) |
£6,000 |
£6,000 |
|
|
Tax
rate |
|
|
| Individuals |
As savings
tax rates |
| Estates and trusts |
40% |
34% |
|
| Taper Relief for 03-05: |
Percentage of gain chargeable is based on the number of complete years an asset
is owned after 5.4.98. |
|
| Years
owned |
|
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
10 |
| Business Assets |
|
50 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
25 |
| Other Assets* |
|
100 |
100 |
95 |
90 |
85 |
80 |
75 |
70 |
65 |
60 |
* One
year's extra relief for other assets owned before 17.3.98
|
|
| © Copyright March 2004 subject to the Finance Act
2004 |
|
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