 TAX
DATA INFORMATION
Capital Gains Tax
| |
2010/11 |
2009/10 |
Taxed as top slice of savings income
10%/20%/40% |
(savings rate) |
(savings rate) |
| Annual exemption |
|
|
| individual |
£10,100 |
£10,100 |
| most trustees |
£5,050 |
£5,050 |
Transfers between spouses and civil partners are generally not chargeable.
| On chargeable gains |
18% |
18% |
Entrepreneurs' Relief - This will reduce the chargeable gain on qualifying assets by 4/9 - an effective rate of 10%. Claims may be made on more than one occasion, up to a "lifetime" total of £2 million (£1 million before 6 April 2010).
Taper Relief
Taper relief has been abolished for disposals after 5 April 2008 and has been replaced by Entrepreneurs' relief. Please contact the office for further advice on this matter.
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