Capital Gains Tax

Capital gains tax rates and bands are as follows:
  2009/10 2008/09
On chargeable gains 18% 18%
Annual exemption    
- individual £10,100 £9,600
- settlement(s) (spread over total number) £5,050 £4,800
 
Chattels exemption    
(proceeds per item or set) £6,000 £6,000

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.

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