CAPITAL GAINS TAX AT A GLANCE

CAPITAL GAINS TAX AT A GLANCE

Rate (individuals) 20%/25%/40%

Annual exemption (individuals etc*) £5,800

Annual exemption (disability trusts) £5,800

Annual exemption (other trusts) £2,900

*Available separately for husband and wife

What is liable:

Investments, including shares

Land and buildings

Jewellery, pictures, antiques

Currency other than sterling

Property you create before disposing of it

Options, debts etc

What is Exempt:

Your main private residence

Foreign currency for personal expenditure abroad

Betting winnings (pools, premium bonds etc)

Government securities and certain corporate bonds

Life assurance policies and deferred annuities (where you

are the first owner or they were gifted to you)

Chattels sold for no more than £6,000

Private motor vehicles

Gifts to the National Trust

Futures and options in gilts and qualifying corporate bonds

Compensation/damages for any wrong or injury suffered

to your person or concerning your profession/vocation

Assets, eg boats and animals, that are tangible movable property, and wasting assets (expected life of less than 50 years).

Source: `How to Cut Your Tax Bill' by Walter Sinclair