Capital Gains Tax
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|
|
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%).
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|
|
|
|
| Trusts |
- exemption |
£4,800 |
|
|
- balance of gains (reduced by taper relief* for 2007/08). |
18% |
40% |
*Taper relief abolished for gains arising on or after 6 April 2008.
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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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