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Capital gains tax planning
Annual exemption
Each year an individual has an annual exemption to gains that are free of tax. This year it is £9,600. Thus an individual can realise net capital gains (gains less losses) of up to £9,600 from 6 April 2008 to 5 April 2009 without incurring a CGT liability. The exemption is an annual allowance and cannot be carried forward.
With effect from 6 April 2008 the rate of capital gains tax was fixed at 18% with a reduced rate of 10% for gains arising on the disposal of a business where the reduction of 8% applies to the first £1 million gain.
5 April 2009 Year End Tax Planning
- Act now to save money
- Entrepreneurs' relief
- Capital gains tax planning - significant changes
- Claiming tax relief on your capital expenditure
- Extract profits from your business and minimise the personal tax bill
- Inheritance Tax - the creeping tax?
- Are you saving enough for your retirement?
- Does your PAYE code include a figure of more than £3,000 for car benefit?
- Charity appeals