P268 CJEFAX 268 Fri 15 Apr 21:18/43 1/6 T X GjIDE CAPITOL G INS TAX Annual exemption for 1994/5 (tax y ar to 5 April) = £5,800. (unchanged since 6/5/92) A marri d couple both get the annsbl exemption. Transfers between spouses don't re ult in COT being z bl . Howe a spouse with capital lo set can't u3j them to lower thieu art n lo £5,800. Gains over £5,800 ar treated as your top slice of income and are taxed at marginal income rates. Source5 Blay's Guide Taxes 2 Annuities Inflation Hou3 sP268 CEEFAX 268 Fri 15 Apr 21:00/42 2/6 TAX GUIDE OTHER COT RELIEF TRUSTS are liable to 25% COT. DISCRJTJONARZ TRUSTS 35% COT. DISABLED PERSONS TRUSTS exempt to £5,800 pa (other trusts £2,900). Other exemptions: - individuals onlyWmain residence - KAYE certificates. savings cetus - psi:es and bjttinks winnings - private motor car - life assurance policies (to owner and beneficiary) - gifts to charities - compensation or damages awarded - chattels-if proceeds not>£6,000 RETIREMENT RELIEF=100% to £250,090. 50% on gains between £250k & £1m Taxes 2 Annuities Inflation HousesP268 CJJFAX 268 Fri 15 Apr 21:21/10 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 as3jt and thu allowable expenses are increased in line with the Retail Price Index from the date acquired (or 31/3/82 if owned thjnR to the disposal date EG: In Jan 94, a painting i sold for £21,900. £12,100 was paid for it in October 1985: 141.3 / 95.6 = 1.478 £12,100 x £1.478 = £17,884 £21,900-£17,884=£4,016=taxable gain Source: Blay+s Guide x s 2 nn t In l t nP268 CEEFAX 268 Fri 15 apr 21:13/09 4/6 TAX GUIDE CAPITBL GAINS TCX Indexation Allowances a 1982 1983 1984 198; 1986 Jan 82. 86.8 91.2 96.2 Feb 83.0 87.2 91.9 96.6 Mar 79.4 83.1 87.5 92.8 97.7 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 95.40 97.8 Jul 81.9 85.3 89.1 95.20 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 96.0 99.6 all figures rebated to Jan 1987= 00 Source: Central Statistical Offic Taxes 2 Annuities Inflation HousesP268 CEEFAX 268 Fri 15 Apr 21:24/47 5/6 TAX GUIDE C PITBL GAINS TcX Indexation Allowances 0 1987 1988 1989 1990 Jan 100.0 103.3 111.0 119.5 Feb 1p0.4 103.7 111.8 120.2 Mar 1pp.6 104.1 112.3 121.4 Apr 101.8 105.8 114.3 G125.1 May 101.9 106.2 115.0 126.2 Jun 101.9 106.6 115.4 G127.7 Jul 101.8 106.7 115.5 G127.8 Aug 1p4.1 107.9Q 115.8 128.1 Sip 102.4 108.4 116.6 129.3 Oct 102.9 109.5 117.5 G130.3 Nov 103.4 110.0 118.5 130.0 Dec 103.3 110.3 118.8 G129.9 all figures rebasjd to Jan 1987=100 Source: Central Statistical Office Taxes 2 Annu tier Inflation ousjuP268 CEEFAX 268 Fri 15 apr 21:18/36 6/6 TAX GUIDE 7££££££££ £££££££££££££££££££££££££££k CAPITBL GAINS TBX Indexation Allowance1 1991 1992 1993 1994 Jan 130.2 135.6 137.9 141.3 Fed 130.9 136.3 138.8 142.1 Mar 131.4 136.7 139.3 142.5 Apr 133.1 138.8 148.6 May 133.5 139.3 141.1 Jun 134.1 139.3 141.0 Jul 135.8 138.8 148.7 Aug 134.1 138.9 141.3 Sip 134.6 139.4 141.9 Oct 135.1 139.9 141.8 Nov 135.6 139.7 141.5 Dec 135.7 139.2 141.9 all figures rjbasjd to Jan 1987=100 Source: Central Statistical Office Taxes 2 Annuities Inflation Houses