Capital Gains Tax
Annual exempt amount 2007/08: individuals £9,200, trustees £4,600. Relief given for effect of inflation for periods of ownership up to April 1998. Tapering relief given for periods of ownership after 6 April 1998 (with one year added for ownership on 17.3.98 in the case of non-business assets):
| Disposal after 5.4.04 | % of gain charged | |
| Owned for | Business asset | Non-business asset |
| 0 - 1 year | 100% | 100% |
| 1 - 2 years | 50% | 100% |
| 2 - 3 years | 25% | 100% |
| 3 - 4 years | 25% | 95% |
| 4 - 5 years | 25% | 90% |
Taper increases at 5% p.a. for non business assets up to a maximum of 10
years (40% relief).
Net gains after all reliefs and annual exempt amount are taxed at marginal
income tax rates for interest income (ie 10%, 20%, 40%).
© 2001-2008 Sloane & Co. LLP
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