Capital Gains Tax
|
|||||||||||||||||||||||||||
Entrepreneurs' Relief
This relief will reduce the chargeable gain on qualifying assets by 4/9, resulting in an effective rate of 10%. An individual will be able to make claims for disposals on or after 6 April 2008. Claims may be made on more than one occasion, up to a “lifetime” total of £1 million of gains.
Notes
- Transfers between husband and wife or civil partners living together are generally exempt.
- Capital gains of all trusts for 2008/09 are taxed at the standard rate of 18% (2007/08 special rate for trusts 40%). Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £960 (2007/08 £920) for each trust.
