P268 CJJFAX 268 Fri 30 Dec 00:11/34 1/6 TBX GUIDE ] CAPITBL GAINS TAX Annubl exemption for 1994/5 (tax year to 5 April) = £5,800. In 1995/6 this rises to £6,000. A married couple both get the annual exemption. Transfers between spouses donWt result in COT being pazbble. However a spouse with capital losses canWt use them to lower their partners gains below £5m800n Gains over £5,800 are treated as your top slice of income and are taxed at marginal income rates. Source: Blay's Gujdjs Taxes 2 Annuities Notes EconomyP268 CEEFAX 268 Fri 30 Dec 00:11/42 ] 4/6 O 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 only/main residence - KAYE certificates. savings certs - prizes and bjttings winnings - privbte motor car - life assurance policies (to owner and beneficiary* - gifts to charities - compensation or damages awarded - chattels-if proceeds not>£6,000 RJTJRJMENT RJLJJF=100% to £250,000. 50% on gains between £250k & £1m Taxes 2 Annuities Notes EconomyP268 CJJFAX 268 Fri 30 Dec 00:01/04 ] 3/6 TBX 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 vbluj 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 Gujdjs Taxes 2 Annuities Notes EconomyP268 CJEFAX 268 Fri 30 Dec 00:14/41 4/6 ] TAX GUIDE O ] CAPITAL GAINS TBX Indexation Allowances 1982 19y3 1984 1995 1986 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 95.2 97.8 Jun 81.9 84.8 89.2 95.4 97.8 Jul 81.9 85.3 8 .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 96.0 99.6 all figures rebasjd to Jan 1987=100 Source: Central Statistical Office Tbxes 2 Annuities Notes EconomyP268 CJJFAX 268 Fri 30 Dec 00:14/34 5/6 TAX GUIDE ] CAPITBL GAINS TBX Indexation Allowances 1987 1988 199: 1990 Jbn 100.0 103.3 111.Q 119.5 Feb 100.4 103.7 111.8 120.2 Mar 100.6 104.1 112.3 121.4 Apr 101.8 105.8 114.3 125.1 May 101.9 106.2 115.Q 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 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 rebasjd to Jan 1987=100 Source: Central Statistical Office Tbxes 2 Annuities Notes EconomyP268 CJJFAX 268 Fri 30 Dec 00:12/52 6/6 TAX GUIDE ] CAPITBL GAINS TAX Indexation Allowances 1991 1992 1993 1994 Jan 130.2 135.6 137.9 141.3 Feb 130.9 136.3 138.8 142.1 Mar 131.4 136.7 139.3 142.5 Apr 133.1 138.8 140.6 144.2 May 133.u 139.3 141.1 144.7 Jun 134.1 139.3 141.0 144.7 Jul 133.8 138.8 140.7 144.0 Aug 134.1 138.9 141.3 144.7 Sip 134.6 139.4 141.9 145.0 Oct 135.1 139.9 141.8 145.2 Nov 135.6 139.7 141.6 145.3 Dec 13u.7 139.2 141.9 all figures rebasjd to Jan 1987=100 Source: Central Statistical Office Taxes 2 Annuities Notes EconomyP268 CJJFAX 2v8 Fri sQ Dec 00:s9/28 ( /}l4|l4|, ,| ] 2/6 TAX GUIDE ( ] O$HER COT RELIEF )"USTS are liable to 25% COT. D SC$JTJONARZ TRUSTS 35% COT. DISABMJD PERSONS TRUSTS exempt to £5,800 pa (o}her trusts £2,900). 5 Other exemptions: - indiv du ls only/main re djnci - KAYE certificates. savings certs - prizes and bjttings winnings - privbte motor car - life assurance policies (to owner and bjnjficiar{J - gifts to charities RJTJRJMENT RELIEF=100% to £250,000. 50% on gains between £250k & £1m Taxes 2 Annuities Votes Economy