P268 CEEFAX 268 Fri 6 May 21:16/24 ^ 1/6 TAX GUIDE 2 0CAPITBL GAINS TbX 2220 Annual exemption for 1994/5 (tax year to 5 April) = £5,800. (unchanged since 6/5/:2) A married couple both get the annual exemption. Transfdrs betweun spouses don'5 result in COT being pa:bble. However a spouse with capital losses canGt use them to lower their partners gains below £5,800. Gains over £5,800 are treated as your top slice of income and are taxed at marginal income ratesW Source: Blay's Guides Taxes 2 Annuities Inflation HousesP268 CEEFAX 268 Fri 6 May 21:14/37 ^ 2/6 T—X0GUIDE I OTHER COT RELIEF $ USTSCOT DISCRJTJONARZ TRUSTS 35% COT. DISABLED PERSONS TRUSTS uxempt to £5,800 pa (other trust3 £2,900). Other exemptions: - individuals onlyWmain re5idjnce - SBYE certificates. 3a6inks ceut2 - prizes and bjttinks winnings - privbte motor car - life assurance policies (to owner and bjnjficiar9Q - gifts to charities - compensation or damages awarded -achattels-if proceeds not>£6,000 RJTJRJMENT RELIEF=100% to £250,X00. 50% on gains between £250k & £1m Taxes 2 Annuities Inflation HousesP268 CEJFAX 268 Fri 6 May 21:19/08 3/6 TAX GUIDE All gains made prior to 31/3/82 1re exempt from COT. Since 31W3/82 1n 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 (ou 31W3/82 if owned th n to the disposal date EG: In Jan 94, a painting is sold for £21,900. £12,100 was 8aid wok 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 Guides Taxes 2 Annuities Inflation Hou3ruP268 CEEFAX 268 Fri 6 May 21:15/15 4/6 n1 |/ 6AX GUIDE 2 bbCAPITcL GAINS TcX 2 2 Indexation Allowances 1982 1983 1984 198; p1986 Jan 82.6 86.8 91.2 96.2 Feb 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 95.20 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 98.5 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 rebasjd to Jan 1987=100 Source: Central Statistical Office Taxes 2 Annuities Inflation HousesP268 CEEFAX 268 Fri 6 May 21:10/22 G TAX GUIDE O CAPITBL GAINS TAX Indexation Allowances 1987 1988 1989 1990 Vbn 1p0.0 103.3 111.0 G119.5 0 Fed 1p0.4 103.7 111.8 G120.2 Mar 1p0.6 104.1 112.3 121W4 Apr 101.8 105.8 114.3 125.1 May 101.9 106.2 115.0 G126.2 Jun 101.9 106.6 115.4 G126.7 Jul 101.8 106.7 115.5 126.8 Aug 102.1 107.9 115.8 G128.1 Sip 1p2.4 108.4 116.6 G129.3 Oct 1p2.9 109.5 117.5 130.3 Nov 103.4 110.0 11 .5 930.9 Dec 103.3 110.3 11 .8 G12].9 0 all figures redased to Jan 1987=100 Source: Central Statistical Office Taxes 2 Ann ities Inflation HousesP268 CEEFAX 268 Fri 6 May 21:13/24 6/6 O TAX GUIDE 0CAPITAL GAINS TcX Indexation Allowances 1991 1992 1993 1994 Jan 130.2 135.6 137.9 141.3 2 Feb 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 133.8 138.8 140.7 Aug 134.1 138.9 141.3 Sip 134.6 139.4 141.9 Oct 135.1 139.9 141.8 Nov 135.6 139.7 141.6 Dec 135.7 139.2 141.9 0 all figures rebasjd to Jan 1987=100 Source: Central Statistical Office T xes 2 Annuities Inflation ou3js