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From 23rd June 2010 onwards the Annual exemption can be offset against gains in the most beneficial manner, therefore the capital gains tax computation will offset the annual exemption first against gains arising after 22/06/10 (taxable at 18% or 28%), then against gains arising before 23/06/10 (taxable at 18%) and finally against gains arising after 22/06/10 that qualify for Entrepreneurs relief (taxable at 10%).
If foreign capital gains tax relief has been claimed the annual exemption may be offset against gains with a lower rate of tax first in order to claim the best foreign tax credit relief, but only to the point that is most beneficial. See the Capital Gains Foreign Tax Credit Relief report for a breakdown of the gains and where the annual exemption has been offset.
Tax Year |
Annual Exemption |
Limit on Disposal Proceeds* |
|
2011-12 |
£10,600 |
£42,000 |
|
2010-11 |
£10,100 |
£40,400 |
|
2009-10 |
£10,100 |
£40,400 |
|
2008-09 |
£9,600 |
£38,400 |
|
2007-08 |
£9,200 |
£36,800 |
|
2006-07 |
£8,800 |
£35,200 |
|
2005-06 |
£8,500 |
£34,000 |
|
2004-05 |
£8,200 |
£32,800 |
|
2003-04 |
£7,900 |
£31,600 |
|
2002-03 |
£7,700 |
£15,400 |
|
2001-02 |
£7,500 |
£15,000 |
|
2000-01 |
£7,200 |
£14,400 |
|
1999-00 |
£7,100 |
£14,200 |
|
1998-99 |
£6,800 |
£13,600 |
|
1997-98 |
£6,500 |
£13,000 |
*Capital Gains Tax pages must be produced when the proceeds of chargeable assets exceed the limit for the year.
Annual exemption for trusts is half that of an individual except for the following:
Disabled Person Trusts receive the full amount
Estates in administration get the full rate of annual exemption during the first two years after the year the individual died, all subsequent years do not get annual exemption.
Annual exemption does not apply to Limited Companies.