The new £1m relief

Last October the government announced some major changes to capital gains tax (CGT) for individuals and trustees, but not companies, for 2008/09. These include, for disposals and held over gains arising on or after 6 April 2008:

the withdrawal of taper relief;
the withdrawal of indexation allowance;
simplification of the share identification rules; and
a new single rate of CGT of 18%.

The annual exemption remains and for 2008/09 this is £9,600 for each individual. This exemption allows the first element of gains for each individual made in a given tax year to be exempt from CGT.

The Chancellor has also introduced a new relief with effect from 6 April 2008 so that some business owners will continue to have the potential benefit of a 10% rate of CGT.

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Please contact us to discuss any of the matters raised

In this issue

Entrepreneur's Relief Special - Summer 2008

The new £1m relief

Please
contact us to discuss any of the matters raised