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Capital gains tax
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2008/2009
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2007/2008
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Exemptions
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- Individuals
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£9,600 *
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£9,200
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- Personal representatives
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£9,600
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£9,200
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- Trusts
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£4,800
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£4,600
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* Nil for individuals subject to the annual charge for the remittance basis
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Rates
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- Individuals: 18% (2007/08:22%**)
**10% for gains within lowest income tax band and 440% for gains within the highest income tax band
- Personal representatives and trusts: 18% (2007/08:40%)
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Entrepreneurs relief
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- From 6 April 2008: liability reduced to 10% on gains on qualifying business assets up to a maximum lifetime allowance of £1,000,000 (2007/08: Nil).
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Tapering relief
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- From 6 April 2008: Nil (2007/08 percentage reduction:
Number of years held post 5/4/1998*
Business asset Non-business asset
1 50% -
2 75% -
3 or more 75% 5 p.a. (40 max)
* Bonus year if non business asset held on 17 March 1998)
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To find out how Chapman Robinson & Moore can help your business either call 01865 379272, or click here to arrange a free Confidential Business Analysis.
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