Capital Gains Tax
| 2008/09 (£) | 2007/08 (£) | |
|---|---|---|
| Indivuduals | ||
| Exemption | 9,600 | 9,200 |
|
For 2008/09, balance of gains charged at 18%. For 2007/08, balance of gains (reduced by taper relief*) charged as top slice of income (at savings rates i.e. 10%, 20% or 40%). |
||
| Trusts | ||
| Exemption | 4,800 | 4,600 |
| Balance of gains (reduced by taper relief* for 2007/08). | 18% | 40% |
* Taper relief abolished for gains arising on or after 6 April 2008
Entrepreneurs' Relief
For gains arising on or after 6 April 2008, the first £1m of qualifying gains are charged at an effective rate of 10%. Gains in excess of £1m are charged at 18%