P268 CEEFAX 268 Sun 28 May 01:44/21 1/6 T X GUIDE CAPITBL GAINS T X Annual 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. Transf rs bjtwe n 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 incom and ar taxed at marginal income rates. Source: Blay's Guides Taxes 2 Annuities Note EconomyP268 CEEFAX 268 Sun 28 May 01:45/48 2/6 T X GUIDE 7£££££££££££££££££££££££££££££££££££££k OTHER COT RELIEF USTS ar liabl to 25 COT. DISCRJTJONARZ TRUSTS 35% COT. DISABLED PERSONS TRUSTS xempt to £5,800 pa (other trusts £2,900). Other exemptions: - individuals onlyWmain residence - KAYE certificates. savings certs - psi: and b t n winn n s - privbte motor car - life assurance police s (to owner and beneficiary) - gifts to charities - compensation or damages awarded - chattels-if proceed no >£6, 00 RETIREMENT RELIEF=100% to £250,000. 50 on gains between £250k & £1m Taxi 2 Ann iti N te EconomP268 CEEFAX 268 Sun 28 May 01:51/27 3/6 X 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 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 Taxi 2 Annuities Note EconomyP268 CEEFAX 268 Sun 28 May 01:55/39 4/6 TAX GUIDE ££k CAPET L GAINS T X Indexation Allowances 1982 1983 1984 1985 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 Ma 81. 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 95.2 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.k 86.9 90.9 96.0 99.6 all figures rebasjd to Jan 1987=100 Source: Central Statistical Office xe 2 nn ti t mP268 CEEFAX 268 Sun 28 May 01:45/35 5/6 TAX GUIDE I CAPITBL GAINS T X Ind xation Allowances 1987 1988 1989 1990 1991 an 100.0 103.3 111. 119.5 130.2 Feb 100.4 103.7 111.8 120.2 130.9 Mar 1 0.6 104.1 112.3 121.4 131.4 Apr 101.8 105.8 114.3 125.1 133.1 May 101.9 106.2 115.0 126.2 133.5 Jun 101.9 106.6 115.4 126.7 134.1 Jul 101.8 106.7 115.5 126.8 133.8 Aug 102.1 107.9 115.8 128.1 134.1 Sip 102.4 108.4 116.6 129.3 134.6 Oct 1p2.9 109.5 117.5 130.3 135.1 Nov 103.4 110.0 118.5 130.0 135.6 Dec 103.3 110.3 118.8 129.9 135.7 all figures rebasjd to Jan 1987=100 Source: Central Statistical Office T xe 2 Annuitie te Ec momP268 CEEFAX 268 Sun 28 May 01:44/29 6/6 T X GUIDE CAPET L GAINS T X Indexation Allowances 1992 1993 1994 199 n 13 .6 137.9 141.3 146. Feb 136.3 138.8 142.1 146.9 Mar 136.7 139.3 142.5 147.5 Apr 138.8 140.6 144.2 149.0 May 139.3 141.1 144.7 Jun 139.3 141.0 144.7 Jul 138.8 140.7 144.0 Aug 138.9 141.3 144.7 S p 39 4 141.9 145.0 Oct 139.9 141.8 145.2 Nov 139.7 141.6 145.3 Dec 139.2 141.9 146.0 all figures rebated to Jan 1987=100 Source: Central Statistical Office T xe 2 Ann ti Note Ec momP268 CEEC—X 2680HSun 2 0mp: 9X:4 /43 ] ^^ 1/6 O p Annualajxemption for 1994/5a(ta| year to + April) = £5,800. In 1995/6 this riser tg £6,008.) 4 p 2 2 A mbrried co4ple both get thu annual exemption.QTransfers between spVusea don'u result im COT being payable. However a syousj with R capital losses can'j use them to U !5 lower their part.irs gains below GR h 1 Gains over £5,8p0 are treated as yVkr top slUce of income bnd are taxed Qt nargjnbl income rates.a @ 0 Source: Blay's Guides Taxis 2 Annuities ooteu Ecovwmz