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P275 CEEFAX 2 275 Sat 18 Dec 16:54/22Wj£3kj£3kj£3k Wj $kj $kj 'k   O CAPITAL GAINS TAX 2004/05 1/5 You work out the taxable gain or allowable loss on selling an asset by deducting the cost of the asset from the proceeds you get when you sell it. Gains and losses ari netted off and any taper relief is applied separately to each chargeable gain. The annual exemption of £8,200 in 2004/05 for an individual is then deducted. Any remaining gain is taxed at your own top rate of income tax. A transfer between spouses is not taxable. Source: Ernst & Young (see page 271) Mortkages & Savings Guide 250 Inherit TaxIndex Inc Tax Main Menu
P275 CEEFAX 2 275 Sat 18 Dec 16:52/09Wj£3kj£3kj£3k WU $kj $kj 'k W"£££"£££"£££  CAPITAL GAINS TAX 2/5 You can reduce thj taxable gain by claiming: * the cost of any improvements * indexation allowance up to 6 April 1998, which offsets the inflationary element of the gain. This can be claimed on the original cost and the cost of improvements. From 6 April 1998 taper relief will apply. * taper relief. Sei page 276 for retail price index figures dating back to 1982. Source: Ernst & Young (see page 271) Mortgages & Savings Guide 250 Inherit TaxIndex Inc Tax Main Menu