Capital Gains Tax

Tax Data 2008 / 2009

2008/09 (£)

2007/08 (£)

Rates of tax

Individuals - flat rate from 06/04/08

18%

10%/20%/40%

Companies - added to income

21%/28%

20%/30%

Discretionary and Accumulation & Maintenance Trusts

18%

40%

Interest In Possession Trusts

18%

40%

Exemptions

Individuals and most estates

9,600

9,200

Most trusts

4,800

4,600

Chattels (5/3 taxable on excess above)

6,000

Individual's indexation allowance (ceases 6th April 2008) - maximum rate 104.7%

Companies' indexation allowance continues to be calculated to the month of disposal.

Taper relief (ceases 6th April 2008)

Percentage of gain that is chargeable based on number of years and asset is owned after 5th April 1998.

Non-Business Assets
Complete years held/owned:

	Non-Business Assets
0	100.0%
1	100.0%
2	100.0%
3	95.0%
4	90.0%
5	85.0%
6	80.0%
7	75.0%
8	70.0%
9	65.0%
10+	60.0%

Business Assets
Complete years held/owned:
0	100.0%
1	75.0%
2+	25.0%

Pre 17th March 1998 assets sold in 2007/08		60.0%

For information of users: This material is published for the information of clients. It provides only an overview of the regulations in force at the date of publication, and no action should be taken without consulting the detailed legislation or seeking professional advice. Therefore no responsibility for loss occasioned by any person acting or refraining from action as a result of the material can be accepted by the authors or the firm.

For further information, please email us on accountants@mitchells.org or call us on +44 (0) 1242 260066.

Mitchells Chartered Accountants, 41 Rodney Road, Cheltenham
Gloucestershire, GL50 1HX
Tel: +44 (0) 1242 260066 Fax: +44 (0) 1242 263707

For further information, please email us on accountants@mitchells.org

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