Capital Gains Tax

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: