Tax Data

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 L1 million of gains.

Notes

1. Transfers between husband and wife or civil partners living together are generally exempt.
2. Capital gains of all trusts for 2009/10 are taxed at the standard rate of 18%. Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of L1,010 (2008/09 L960) for each trust.