Capital Gains Tax
| Exemptions |
2008/09 |
2007/08 |
| Individuals, estates,
etc |
£9,600 |
£9,200 |
| Trusts generally |
£4,800 |
£4,600 |
| Chattels
proceeds (excess
gain is taxable) |
£6,000 |
£6,000 |
| |
|
|
| Rates |
| Individuals |
18% |
10%, 20% or
40% |
| Trusts and estates |
18% |
40% |
| |
|
Entrepreneurs' Relief
2008/09:
4/9ths of business gain (effective tax rate of 10%).
Lifetime limit: £1,000,000
For trading businesses and companies (min.
5% employee/director shareholding) held for at least one year
|
| Taper Relief for 2007/08 |
| Percentage of gain chargeable |
| 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 |
|
|
|
|
