Dexter & Sharpe Chartered Certified Accountants

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Capital Gains Tax

Coins
 
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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