Tax Facts 2008/9
Capital gains, inheritance, stamp duty and stamp duty land tax
| CAPITAL GAINS TAX | ||
|---|---|---|
| 2008/09 | 2007/08 | |
| Individuals | £ | £ |
| Exemption | 9,600 | 9,200 |
For 2008/09, balance of gains charged at 18%. For 2007/08, balance of gains (reduced by taper relief*) charged as top slice of income (at savings rates i.e. 10%, 20% or 40%). |
||
| Trusts | ||
| Exemption | 4,800 | 4,600 |
| Balance of gains (reduced by taper relief) | 18% | 40% |
|
*Taper relief abolished for gains arising on or after 6 April 2008. |
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| INHERITANCE TAX | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Death | Lifetime | Chargeable transfers | |||||||||||||||
| rate | rate | 2008/09 | 2007/08 | ||||||||||||||
| % | % | £'000's | £'000's | ||||||||||||||
| Nil | Nil | 0 - 312* | 0 - 300 | ||||||||||||||
| 40 | 20 | Over 312* | Over 300 | ||||||||||||||
| *Potentially increased for surviving spouses or civil partners who die on or after 9 October 2007. | |||||||||||||||||
| Reliefs | |||||||||||||||||
| Annual Exemption | £3000 | Marriage | parent | £5,000 | |||||||||||||
| Small gifts | £250 | grandparent | £2,500 | ||||||||||||||
| bride/groom | £2,500 | ||||||||||||||||
| other | £1,000 | ||||||||||||||||
| Reduced charge on gifts within seven years of death | |||||||||||||||||
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| STAMP DUTY & STAMP DUTY LAND TAX | ||||
|---|---|---|---|---|
| Land and buildings (on full consideration paid) | ||||
| Rate | Residential property | Non-residential | ||
| Disadvantaged areas | Other | |||
| £ | £ | £ | ||
| Nil | 0 - 150,000 | 0 - 125,000 | 0 - 150,000 | |
| 1% | 150,001 - 250,000 | 125,001 - 250,000 | 150,001 - 250,000 | |
| 3% | 250,001 - 500,000 | 250,001 - 500,000 | 250,001 - 500,000 | |
| 4% | Over 500,000 | Over 500,000 | Over 500,000 | |
| Shares and securities - rate 0.5% | ||||
Disclaimer
The information in this tax card is based upon the 2008 Budget and other earlier announcements and may be subject to amendment by the Finance Act.