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Online Resources > Tax Rates & Allowances >
Capital Gains Tax
|
Annual exempt amount |
2008-09
(£) |
2007-08
(£) |
Individuals etc* |
9,600 |
9,200 |
Other trustees |
4,800 |
4,600 |
| *
Individuals, trustees of settlements for the disabled, and personal representatives
of the estate of a deceased person. |
| |
2008-09
(£) |
2007-08
(£) |
| Rate of tax |
18% |
20% or 40%** |
| Entrepreneurs' Relief - effective rate |
10%*** |
N/A |
** For 2007/08 after any reduction for taper relief is added
onto the top of income liable to income tax for individuals and is charged to
CGT at these rates:
- below the starting rate limit at 10%,
- between
the starting rate and basic rate limits at 20%,
- and above the basic rate
limit at 40%.
*** Entrepreneurs' relief is available on the first £1 million of qualifying lifetime gains on or after 6th April 2008.
Transfers between husband and wife or civil partners living together
are exempt.
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