P268 CEEFAX 268 Thu 7 Oct 21:11/35 1/6 T—X G DE CAPITBL GAINS TBX Annval exemption for 1993/4 Sta| year to 5 April) = £5,800. For 1992/3 > £5,8p0. A mbrriid couple both get the annual exemption. Transfers bjtwjen spouses don't result in COT being payable. However a spouse with capital losses can't use them to lower their partners gains below £5,800. U Gains are treated as your top slice of income qnd are taxed at marginal income tax rates. Source5 Blay's Guider Inherit Tax H adlinjs A Z wsflashP268 CEJFAX 268 Thu 7 Oct 21:17/18 2/6 O TAX GUIDE OTHE6 COT RELIEF DISCRJTJONARZ TRUSTS 35% CG,. DISABLED PERSONS TRUSTS kxempt to £5,800 pa (other trusts £2,900). Other exemptions: - individuals onlyWmain residence - KAYE certificates. savings cetus - prizes and bjttings winnings - privbte motor car - life assurance policies (to owner and beneficiary) - gifts to ch1rhties - compensation ou damages awarded m chattels-if proceeds nor>£6&899 RETIREMENT RELIEF=180% to £150,890. 50% on gains between £150k &0£600k. Inherit Tax Headlines A-Z NewsflashP268 CJJFAX 268 Thu 7 Oct 21:18/47 3/6 O TAX GUIDE All gains made prior to 31/3/82 are exempt from COT.!Since 31/3/82 an Indexation Allowance has been mads to give relief from inflation. Initial value of the asset and the allowable expenses are increased in line with the Retail Price Index from the date acquired (or 31/3/82 if owned then) to the disposal date EG: In June 92, a painting is sold for £20,800. £11,000 was paid for it in April 1984: 139.3 / 88.6 = 1.572 £11 0 £1.572 £ 7,29 £20,p00-£17,292=£2,780=taxable gain Source: Blay's Guides Inherit Tax Headlines A-Z NewsflashP268 CEEFAX 268 Thu 7 Oct 21:19/58 4/6 TAX GUIDE 2 p0CAPITcL0GAINS TcX 2 2 Indexation Allowances 1982 1983 1984 ;985 1986 Mar 79.4 83.1 87.5 92.8 96.7 Apr 81.0 84.3 88.6 94.8 97.7 May 81.6 84.6 89.0 95.2 97. Jun 81.9 84.8 89.2 95.4 97.8 Jul 81.9 85.3 89.1 95.2 97.5 Aug 81.9 85.7 89.9 95.5 97.8 Sip 81.9 86.1 90.1 95.4 98.9 Oct 82.3 86.4 90.7 95.7 98.5 Nov 82.7 86.7 91.0 95.9 99.3 Dec 82.k 86.9! 90.9 96.9 99.6 U all figures rebated to Jan 1987=100 Source: Central Statistical Office Inherit $ax Headline A-Z New flashP268 CEEFAX 268 Thu 7 Oct 21:20/33 5/6 I CAPITBL GAINS TBX Indexation Allowances 0 1987 1988 1989 1998 Jan 1p0.0 103.s 111.0 119.5 Feb 100.4 103.7 111.8 128.2 Mar 1p0.6 104.1 112.3 121.4 Apr 101.8 105.8 114.3 125.1 May 101.9 106.2 115.0 126.2 Jun 101.9 106.6 115.4 126.7 Jul 101.8 106.7 115.5 126.8 Aug 1p2.1 107.9 115.8 G128.1 Sip 1p2.4 108.4 116.6 129.3 Oct 102.9 109.u 117.5 130.3 Nov 103.4 11p.0 118.5 130.0 Dec 103.3 110.3 118.8 129.9 all figures rebated to Jan 1987=100 Source: Central Statistical Office Ind ri Tax H adlin A- w flash