P268 CEEFAX 268 Thu 4 Nov 21:11/24 1/6 TAX GUIDE I 0CAPITAL GAINS TAX Annzal exemption for 1993/4 (ta| year to 5 April) = £5,800. For 1992/3 = £5,8p0. A married couple both get the annual exemption. Transfers setweun spouses don't result in COT being pa:able. However a spou3j whth 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 VewsvlashP268 CKJFAX 268 Thu 4 Nov 21:19/27 2/6 TBX GUIDE OTHER COT RJNIJF T$USTS are liable to 25% COT. DISCRETIONARY TRUSTS 35% CGTW DISABLED PERSONS TRUSTS exempt to £5,800 pa (other trusts £2,]00). Other exemptions: - individuals onlyWmain re5idjnce - KAYE certificates. savings cetus - prizes and bjttings winnings - privbte motor car - life assurance policies (to owner and beneficiary) - gifts to charities - compensation or damages awarded - chattels-if proceeds nor>£6,X00 RETIREMENT RELIEF=180% to £150,000. 50% on gains between £150k & £600k. Inherit Tax leadlinjs A-Z CNjwsflashP268 CJEFAX 268 Thu 4 Nov 21:23/10 ] 3/6 cX 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 di p al date EG: In June 92, a painting iu sold for £20,000.Q£11,000 was paid for it in April 1984: 139.3 / 88.6 = 1.572 £11,p0p x £1.572 = £17,292 £20,000-£17,292=£2,7p8=taxable gain Source: Blay's Guides Inherit Tax leadlines A-Z Njw1flashP268 CJEFAX 268 Thu 4 Nov 21:13/35 4/6 TAX GUIDE I R ICAPJTTL GAINS T X Indgxation Allowances 1,82 1h83 1984 198h 1986t Jan 82.6a 86.8 91.2 9a.2 Fab p 83.0 87.2 91.9 9 .6 Mar 79.4 83.1 87.5 92.8 9d.7 Apr 8 p 84.3 88. 9 .8 97.7 May 81a6 84. <9.0 95.2 7. Jun 81.9 84.8 89.2 9 .4 97.8 Jul 81.9 85.3 =9.1 95.2 97.5 Aug 81.9 85.7 89.9 95.5 97.8 S p 8 .9 86 1 90.1 9 . 9 . Oct 82.3 86.4 90.7 95.6 98.5 Nov 82.7 86.7 91. h95.9 99.3 Dec 82.5 86.9 90 9 96.00 d9a6 all figur 1 r ap d 0o Jan 1987 1 0 Source: Cuntral Statistical O fic sP268 CEEFAX 268 Thu 4 Nov 21:14/17 5/6 TAX GUIDE CAPITBL GAINS TBX Indexation allowances 1987 1988 1989 1990 Jbn 1pp.0 103.3 111.0 119.5 Feb 100.4 103.7 111.8 128.2 Mar 1pp.5 104.1 112.3 121.4 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 102.1 107.9 115.8 128.1 Sip 1p2.4 108.4 116.6 129.3 Oct 1p2.9 109.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 rjbasjd to Jan 1987=100 Source: Cjnttal Statistical Office Inherit Tax Headlines A-U NewsflashP268 CJEFAX 268 Thu 4 Nov 21:15/41 6/6 n2n | T X G DE CBPITBL GAINS TAX U 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 133.1 138.8 148.6 May 133.k 139.3 141.1 Jun 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: Cjnttal Statistical Office Inherit Tax Headlines A-Z Vjwsflash