2020 Chartered Accountants - Chartered Accountants, London 2020 Chartered Accountants - Chartered Accountants
About 2020
Home
Services
Clients
Articles of Interest
Business News
Business Strategies
Personal Solutions
Tax Centre
Online Services
Links
Contact Us
Search

Home > > 2008/09 Rates and Allowances > Capital Gains Tax

Capital Gains Tax

Capital gains tax rates and bands are as follows:
  2008/09 2007/08
Standard rate 18% n/a
Taxed as top slice of savings income n/a 20/40%
Entrepreneurs' relief - effective rate 10% n/a
Annual exemption    
- individual £9,600 £9,200
- settlement(s) (spread over total number) £4,800 £4,600
Chattels exemption
(proceeds per item or set) £6,000
Marginal relief 5/3 excess over £6,000
Entrepreneurs' relief 2 (from 6 April 2008) £1 million

Notes

  1. Transfers between spouses and civil partners living together are exempt.
  2. Entrepreneurs' relief is available in respect of gains made on the disposal of all or part of a business, or gains made on disposals of assets following the cessation of a business or gains by certain individuals who were involved in running the business. The first £1 million of gains that qualify will be charged to CGT at an effective rate of 10%. Gains in excess of £1 million will be charged at the normal rate of 18%. An individual will be able to make claims for relief on more than one occasion, up to a lifetime total of £1 million of gains qualifying for relief.

Did you know?

That the Government expect to increase the tax yield from capital gains tax by £200 million. The estimate for the current year of tax receipts is £5 billion.


Home | Business News | Our Services | Business Strategies | Personal Solutions | Tax Centre
Articles of Interest | Client List | Online Services | Links | About Us | Contact Us | Calculators
Content Map | Search | Register | Login | Logout | My Profile | Terms and Conditions

Comments or Technical Problems - email info@2020.co.uk
Copyright © 2020 Chartered Accountants, London. All rights reserved.