Important Notice: Our web hosting provider recently started charging us for additional visits, which was unexpected. In response, we're seeking donations. Depending on the situation, we may explore different monetization options for our Community and Expert Contributors. It's crucial to provide more returns for their expertise and offer more Expert Validated Answers or AI Validated Answers. Learn more about our hosting issue here.

What are the changes to Capital Gains that came into effect on 6th April 2008?

April 26, 2017April came capital gains changes

0

Posted

What are the changes to Capital Gains that came into effect on 6th April 2008?

1 Answer

0

Posted

From 6 April 2008 any personally owned assets liable to Capital Gains Tax when sold will now be subject to a flat rate tax of 18%. Currently they are taxed at 10%, 20% or 40%, depending on an individual’s income. Taper relief and Indexation, which currently can be used to reduce a gain, will be abolished at the same time. However the annual exemption, currently £9,600, has been retained. Entrepreneur’s relief has been introduced for the disposal of certain business assets.