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Capital Gains Tax 2007/08
| Capital gains tax rates and bands are as follows: |
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2006/07 |
2005/06 |
| Taxed as top slice of savings income |
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| Annual exemption |
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| - individual |
£9,200 |
£8,800 |
| - settlement(s) (spread over total number) |
£4,600 |
£4,400 |
| Transfers between husband and wife living together are exempt |
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| Chattels exemption |
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| (proceeds per item or set) |
£6,000 |
£6,000 |
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Taper Relief
For gains realised after 5 April 1998 by individuals or trustees, indexation allowance is frozen and the gain reduced by a tapering relief. The value of the taper relief depends on whether or not the asset is a business asset, and on the number of complete years the asset has been held after 5 April 1998 (with an additional "bonus" year for non-business assets held on 16 March 1998).
Non-Business Assets |
No. of complete years
held after 5 April 1998 |
% gain chargeable |
1 |
100 |
2 |
100 |
3 |
95 |
4 |
90 |
5 |
85 |
6 |
80 |
7 |
75 |
8 |
70 |
9 |
65 |
10 or more |
60 |
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Business Assets |
No of complete years
held |
Disposals |
% of gain chargeable |
| 0 |
100 |
| 1 |
50 |
| 2 or more |
25 |
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Contact Us |
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Suite 4, Earls House, Earlsway,
Team Valley, Gateshead, NE11 0RY |
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