Capital Gains Tax

Capital gains tax rates and bands are as follows:
	2009/10	2008/09
On chargeable gains	18%	18%
Annual exemption
- individual	£10,100	£9,600
- settlement(s) (spread over total number)	£5,050	£4,800

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

Transfers between husband and wife or civil partners living together are generally exempt.
Capital gains of all trusts for 2009/10 are taxed at the standard rate of 18%. Where there are several trusts created by the same settlor, the annual exemption is divided equally between them, subject to a minimum exemption of £1,010 (2008/09 £960) for each trust.