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Budget 2009 - Personal Taxation
Capital Gains Tax
Flat rate of 18% for individuals and trusts.
| Annual exemptions | 2009/2010 | 2008/2009 |
|---|---|---|
£ |
£ |
|
| Individuals and personal representatives | 10,100 |
9,600 |
| Certain trusts for disabled persons | 10,100 |
9,600 |
| Other trusts1 | 5,050 |
4,800 |
1 Reduced pro-rata if more than one trust per settlor subject to minimum of 10% of full amount.
Entrepreneurs’ relief
- Effective 10% rate on first £1 million of gains in a lifetime, arising after 5 April 2008.
- Applies to disposals of trading businesses and certain disposals of shares in trading companies.
- Qualifying conditions must normally be met for 12 months immediately prior to disposal.
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