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Capital Gains Tax


2008/09
2007/08
Individuals - exemption
£9,600
£9,200
For 2008/09, balance of gains charged at 18%.
For 2007/08, balance of gains (reduced by taper relief*) charged as top slice of income (at savings rates i.e. 10%, 20% or 40%).
Trusts - exemption
£4,800
£4,600
- balance of gains (reduced by taper relief* for 2007/08).
18%
40%
*Taper relief abolished for gains arising on or after 6 April 2008.

Entrepreneurs' Relief
For gains arising on or after 6 April 2008, the first £1m of qualifying gains are charged at an effective rate of 10%. Gains in excess of £1m are charged at 18%.
 
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