P268 CEEFAX 268 Thu 14 Oct 21:14/21 1/6 TAX GUIDE CAPITBL GAINS TBX Annual exemption for 1993/4 (ta| year to 5 April) = £5,800. For 1992/3 = £5,800. A married couple both get the annual exemption. Transfers between spouses don't result in COT bjink payable. However a spouse with capital losses can't use them to lower their partners gains below £5,800. Gains are treated as your top slice of income and are taxed at marginal income tax rates. Source: Blay's Guides Inherit Tax Headlines A-Z NewsflashP268 CEEFAX 268 Thu 14 Oct 21:11/05 2/6 TAX GUIDE OTHER COT RELIEF TRUSTS are liable to 25%0CGT. DISCRJTIONARZ TRUSTS 35% COT. DISABLED PERSONS TRUSTS exempt to £5,800 pa (other trusts £2,900). Other exemptions: - individuals only/main residence - KAYE certificates. savings certs - prizes and bjttings winnings - private motor car - life assurance policies (to owner and beneficiary) - gifts to charities - compensation or damages awarded - chattels-if proceeds not>£6,0 0 RJTJRJMENT RELIEF=100% to £150,000. 50% on gains between £150k & £600k. Inherit Tax Headlines A-Z NewsflashP268 CEEFAX 268 Thu 14 Oct 21:12/12 3/6 TAX GUIDE All gains made prior to 31/3/82 are exempt from COT. Since 31/3/82 an Indexation Allowance has been made 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 paintin£ is sold for £20,000. £11,000 was paid for it in April 1984: 139.3 / 88.6 = 1.572 £11,p00 x £1.572 = £17,292 £20,000-£17,292=£2,708=taxable gain Source: Blay's Guides Inherit Tax Headline1 A-Z NewsflashP268 CEJFAX 268 Thu 14 Oct 21:12/39 4/6 TAX GUIDE CBPITBL GAINS TBX Indexation Allowances 1982 1983 1984 1985 1986 Jan 82.6 86.8 91.2 96.2 F b 83.0 87.2 91.9 96.6 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 97.8 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 98.3 Oct 82.3 86.4 90.7 95.6 98.5 Nov 82.7 86.7 91.0 95.9 99.3 Dec 82.5 86.9 90.9 97.0 99.6 all figures rebated to Jan 1987=100 Source: Central Statistical Office Inherit Tax Headliner —-Z CNjw1flashP268 CEEFAX 268 Thu 14 Oct 21:13/15 5/6 O TAX GUIDE CAPITAL GAINS TAX Indexation Allowances 1987 1988 1989 1990 Jan 1p0.0 103.3 111.0 119.5 Feb 100.4 103.7 111.8 G120.2 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 G126.7 Jul 101.8 106.7 115.5 126.8 Aug 1p2.1 107.9 115.8 128.1 Sip 102.4 108.4 116.6 129.3 Oct 102.9 109.u 117.5 130.3 Nov 103.4 110.0 118.5 130.0 Dec 103.3 110.3 118.8 129.9 all figures rubased to Jan 1987=100 Source: Central Statistical ffic Inhjoit Tax Headlines A-Z NjwHflashP268 CJEFAX 268 Thu 14 Oct 21:14/07 6/6 TAX GUIDE CAPITBL GAINS TBX Indexation Allowances 1991 1992 1993 Jan 130.2 135.6 137.9 Feb 130.9 136.3 138.8 Mar 131.4 136.7 139.3 Apr 133.1 138.8 140.6 May 133.5 139.3 141.1 Jzn 134.1 139.3 141.0 Jul 133.8 138.8 140.7 Aug 134.1 138.9 141.3 Sip 134.6 139.4 141.9 Oct 135.1 139.9 Nov 135.6 139.7 Dec 135.7 139.2 all figures rebasjd to Jan 1987=100 Source: Central Statistical Office Inherit Tax Headlines A-Z Newsflash