Tax Rates 2007/08
Introduction
Income Tax
Capital Gains Tax
Corporation tax
Main Capital Allowances
Value Added Tax
Inheritance Tax
Vehicle Benefits
Mileage Allowances
NI Contributions
Key Dates and Deadlines
Pension Premiums
Charitable Giving
Savings and Investment
Some Useful Rates
Stamp Taxes

Capital Gains Tax


Capital gains tax rates and bands are as follows:
  2008/09 2007/08
On chargeable gains 18% Taxed as top slice of savings income
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 £6,000

Entrepreneurs' Relief

This relief will reduce the chargeable gain on qualifying assets by 4/9, resulting in an effective rate of 10%.  An individual will be able to make claims for disposals on or after 6 April 2008.  Claims may be made on more than one occasion, up to a “lifetime” total of £1 million of gains.

Notes

  1. Transfers between husband and wife or civil partners living together are generally exempt.
  2. Capital gains of all trusts for 2008/09 are taxed at the standard rate of 18% (2007/08 special rate for trusts 40%). Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £960 (2007/08 £920) for each trust.