P268 CEEFAX 268 Fri 20 May 21:11/27 1/6 TAX GUIDE I CAPITBL GAINS TBX 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. Transfers bjtweun 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. Gains over £5,800 are treated as your top slice of income and are taxed at marginal income rates. Source: Blay's Guides Taxes 2 Annuities Inflation HousesP268 CEEFAX 268 Fri 20 May 21:12/14 2/6 TAX GUIDE OTHER COT RELIEF TRUSTS are liable to 25% COT. DISCRETIONARY TRUSTS 35% COT. DISABLED PERSONS TRUSTS exempt to £5,800 pa (other trusts £2,900). Other exemptions: - individuals onlyWmain 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>£6,000 5ETJRJMENT RELIEF=1p0% to £250,000. 50% on gains between £250k & £1m Taxes 2 Annuities Inflation HousesP268 CEEFAX 268 Fri 20 May 21:02/44 ^ 3/6 TAX GUIDE All gains made prior to 31/3/ 2 1re 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 Jan 94, a painting is 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 Guides Taxes 2 Annuities Inflation HousesP268 CEEFAX 268 Fri 20 May 21:12/45 4/6 TAX GUIDE CAPITAL GAINS TAX Ind xation Allowances 1982 1;83 1984 1985 1986 Jbn 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 95.2 97.8 Jun 81.9 84.8 89.2 95.4 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 rjbased to Jan 1987=100 Source: Central Statistical Office Taxes 2 Annuities Inflation HousrsP268 CEEFAX 268 Fri 20 May 21:10/04 5/6 TAX GUIDE CAPITBL GAINS TAX Indexation Allowances 1987 1988 1989 1990 Jan 1p0.0 103.3 111.0 119.5 Feb 1p0.4 103.7 111.8 G128.2 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 G127.2 Jun 101.9 106.6 115.4 126.7 Jul 101.8 106.7 115.5 127.8 Aug 1p2.1 107.9 115.8 128.1 Sip 1p2.4 108.4 116.6 129.3 Oct 1p2.9 109.5 117.5 130.3 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 Annuitie Inflatadn est auP268 CEEFAX 268 Fri 20 May 21:13/54 C TAX GUIDE CAPITAL GAINS TAX Indexation Allowances 1991 1992 1993 1994 Jan 130.2 135.6 137.9 141.3 Fed 130.9 136.3 138.8 G142.1 Mar 131.4 136.7 139.3 142.5 Apr 133.1 138.8 140.6 144.2 May 133.5 139.3 141.1 Jun 134.1 139.3 141.0 Jul 133.8 138.8 148.7 Aug 134.1 138.9 141.3 Sip 134.6 139.4 141.9 Oct 135.1 139.9 141.8 Nov 135.6 139.7 141.6 Dec 135.7 139.2 141.9 all figures rjbasjd to Jan 1987=100 Source: Central Statistical Office Taxes 2 Annuities Inflation Houses