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Budget 2006
Capital
Gains Tax
| Annual exempt amount 2006/07: individuals £8,800,
trustees £4,400. Relief given for effect of inflation for periods
of ownership up to April 1998. Taper relief is based on complete
years of ownership after 5 April 1998 (with one year added for
ownership on 17.3.98 in the case of non-business assets): |
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| Complete years owned for taper purposes: |
% of gain charged |
| |
Business asset |
Non-business asset |
| 1 year |
50% |
100% |
| 2 years |
25% |
100% |
| 3 years |
25% |
95% |
| 4 years |
25% |
90% |
| 5 years |
25% |
85% |
| 6 years |
25% |
80% |
| 7 years |
25% |
75% |
| 8 years |
25% |
70% |
| 9 years |
25% |
65% |
| 10 years (max. relief) |
25% |
60% |
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| Net gains after all reliefs and annual exempt amount
are taxed at marginal income tax rates for interest income (ie
10%, 20%, 40%). |
Introduction
Main Income Tax
reliefs
Income Tax Rates and
bands
Car Benefit
Assessment
Tax Free Mileage
Allowances
National Insurance
Contributions
Pension
Contributions
Inheritance Tax
Value Added Tax
Capital Gains Tax
Corporation Tax
Main capital
allowances
Stamp Duty &
Stamp Duty Land Tax
Earliest due dates
for payment of tax
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