|
|
2004/05
|
2003/04
|
| Individuals |
- exemption |
£8,200
|
£7,900
|
| Balance of gains (reduced by taper relief) charged as top slice of income (at savings rates - ie 10%, 20% or 40%) |
|
|
|
|
| Trusts |
- exemption |
£4,100
|
£3,950
|
|
- balance of gains (reduced by taper relief) |
40%
|
34%
|
|
|
|
|
|
Taper relief 2004/05 and 2003/04 disposals
Percentage relief depends on number of complete years asset owned after 5.4.98.
|
| Years of ownership |
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
10
|
| Business assets (% relief) |
50
|
75
|
75
|
75
|
75
|
75
|
75
|
75
|
75
|
75
|
| Non-business assets* (% relief) |
0
|
0
|
5
|
10
|
15
|
20
|
25
|
30
|
35
|
40
|
|
| *Add one extra year if asset owned before 17.3.98. |