Introduction
Main Income Tax reliefs
Income Tax Rates and bands
Car Benefit Assessment
Tax Free Mileage Allowances
National Insurance Contributions
Personal Pensions and Retirement Annuity Premiums
Inheritance Tax
Value Added Tax
Capital Gains Tax
Corporation Tax
Main capital allowances
Stamp Duty & Stamp Duty Land Tax
Earliest due dates for payment of tax
Capital Gains Tax| Annual exempt amount 2005/06: individuals £8,500, trustees £4,250. Relief given for effect of inflation for periods of ownership up to April 1998. Taper relief is based on complete years of ownership after 5 April 1998 (with one year added for ownership on 17.3.98 in the case of non-business assets): | ||
| Complete years owned for taper purposes: | % of gain charged | |
| Business asset | Non-business asset | |
| 1 year | 50% | 100% |
| 2 years | 25% | 100% |
| 3 years | 25% | 95% |
| 4 years | 25% | 90% |
| 5 years | 25% | 85% |
| 6 years | 25% | 80% |
| 7 years | 25% | 75% |
| 8 years | 25% | 70% |
| 9 years | 25% | 65% |
| 10 years (max. relief) | 25% | 60% |
| Net gains after all reliefs and annual exempt amount are taxed at marginal income tax rates for interest income (ie 10%, 20%, 40%). | ||