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Capital Gains Tax
| Capital gains tax rates and bands are as follows: | ||
| 2008/09 | 2007/08 | |
| Standard rate | 18% | n/a |
| Taxed as top slice of savings income | n/a | 20/40% |
| Entrepreneurs' relief - effective rate | 10% | n/a |
| Annual exemption | ||
| - individual | £9,600 | £9,200 |
| - settlement(s) (spread over total number) | £4,800 | £4,600 |
| Chattels exemption | ||
| (proceeds per item or set) | £6,000 | |
| Marginal relief | 5/3 excess over £6,000 | |
| Entrepreneurs' relief 2 (from 6 April 2008) | £1 million | |
Notes
- Transfers between spouses and civil partners living together are exempt.
- Entrepreneurs' relief is available in respect of gains made on the disposal of all or part of a business, or gains made on disposals of assets following the cessation of a business or gains by certain individuals who were involved in running the business. The first £1 million of gains that qualify will be charged to CGT at an effective rate of 10%. Gains in excess of £1 million will be charged at the normal rate of 18%. An individual will be able to make claims for relief on more than one occasion, up to a lifetime total of £1 million of gains qualifying for relief.
Did you know?
That the Government expect to increase the tax yield from capital gains tax by £200 million. The estimate for the current year of tax receipts is £5 billion.
2008/09 Rates and Allowances
Main taxes
- Key dates and deadlines
- Income tax
- Corporation tax
- Inheritance tax
- Capital gains tax
- Value added tax
- NI contributions
- Residential property letting taxation
- Main capital allowances
- Business deductions
- Penalties for late returns
Vehicles
Savings
Other taxes
Giving, credits and benefits
Regulated for a range of investment business activities by The Association of Chartered Certified Accountants
