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Prime Advisors Ltd,
NEW ADDRESS:
Ocean Air house
Suite 200, Floor 1,
750-760 High Road, Leytonstone,
London E11 3AW
Tel - 0044 208 530 6929
Fax - 0044 208 989 1179
E-mail: primeadvisors@yahoo.co.uk

 
   

CAPITAL GAINS TAX AND ISAs

  

 

Capital Gains Tax

 

2003-2004

2002-2003

Individuals

Aligned with those
for savings

Aligned with those
for savings

Interest in possession trusts

34%

34%

Discretionary and A&M trusts

34%

34%

Annual Exemptions
Individuals, personal representatives etc

Trusts generally


7,900


3,950


7,700


3,850

Chattels Exemptions (5/3 taxable on excess)

6,000

6,000

 

Taper Relief - for disposals on or after 6/4/03

Gains on business assets

Gains on non-business assets

Years asset held

% gain chargeable

Equiv tax rates for higher rate/basic rate taxpayer

No of complete years after 5/4/98 for which asset held

% gain chargeable

Equiv tax rates for higher rate/basic rate taxpayer

0-1

100

40/20

0

100

40/20

1-2

50

20/10

1

100

40/20

over 2

25

10/5

2

100

40/20

 

 

 

3

95

38/19

 

 

 

4

90

36/18

 

 

 

5

85

34/17

 

 

 

6

80

32/16

 

 

 

7

75

30/15

 

 

 

8

70

28/14

 

 

 

9

65

26/13

 

 

 

10+

60

24/12

For non-business assets acquired before 17/3/98, these qualify for an additional one year to the period for which they are treated as held after 5/4/98.

Individual Savings Accounts (ISA)

Maximum subscription allowance for each component

2003-2004

MAXI - one ISA Manager

7,000

MINI - the option to have an ISA Manager for each component

3,000 stocks & shares

3,000 cash

1,000 life assurance

 

 

   
 

2007 Prime Advisors Limited, All Rights Reserved