Tax Facts 2008/9

Capital gains, inheritance, stamp duty and stamp duty land tax

CAPITAL GAINS TAX
  200/10 2008/09
Individuals £ £
Exemption 10,100 9,600
Balance of Gains 18% 18%
 
Trusts    
Exemption 5,050 4,800
Balance of Gains 18% 18%

Entrepreneurs’ Relief
For gains arising on or after 6 April 2008, the first £1m of qualifying gains are charged at an effective rate of 10%. Gains in excess of £1m are charged at 18%.

INHERITANCE TAX
Death Lifetime Chargeable transfers
rate rate 2009/10 2008/09
% % £'000's £'000's
Nil Nil 0 - 325* 0 - 312*
40 20 Over 325* Over 312*
*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      
years before death 0 -3 3 -4 4 - 5 5 - 6 6 - 7
% of death charge 100 80 60 40 20
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
* £175,000 for transactions with an effective date on or after 3rd September 2008 and before 1st January 2010
Shares and securities
- rate 0.5%

Disclaimer

The information in this tax card is based upon the 2009 Budget and other earlier announcements and may be subject to amendment by the Finance Act.

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Tax Facts 2009/10

Introduction

Income tax rates, reliefs and tax credits

Pension premiums and ISA's

Corporation tax, capital allowances and VAT

Capital gains, Inheritance, stamp duty and stamp duty land tax

National Insurance, Social security benefits.

Car, van and fuel benefits and mileage allowances