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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 |
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3 |
95 |
38/19 |
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4 |
90 |
36/18 |
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5 |
85 |
34/17 |
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6 |
80 |
32/16 |
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7 |
75 |
30/15 |
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8 |
70 |
28/14 |
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9 |
65 |
26/13 |
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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 |
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