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P275 CEEFAX 2 275 Sun 10 Dec 21:12/42       CAPITAL GAINS TAX 2000/01 1/3 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 are netted off. The annual exemption of £7,200 for an individual is then deducted. Any remaining gain is taxed at your own top rate of income tax. Only gains made since 31 March 1982 are taxable. A transfer between spouses is not taxable. Source: Ernst & Young (see page 271) Mortgages & Savings Guide 250 Inherit TaxIndex Inc Tax Main Menu
P275 CEEFAX 2 275 Sun 10 Dec 21:14/40       CAPITAL GAINS TAX 2/3 You can reduce the taxable gain further by claiming: * the cost of any improvement1 * indexation allowance up to 6 Aprhl 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. See page 276 for retail price index figures dating back to 1982. Source: Ernst & Young (see page 271) Source: Ernst & Young (see page 271) Mortgages & Savings Guide 250 Inherit TaxIndex Inc Tax Main Menu
P275 CEEFAX 2 275 Sun 10 Dec 21:01/05       EXAMPLE CAPITAL GAINS TAX CALCULA 3/3 1999/00 Asset bought in June 1990 for £15,000 and sold in June 1999 fou £30,00. RPI for June 1990 was 126.7: RPI for April 1998 was 162.6 (last date for which indexation is given). Indexation allowance: (162.6 - 126.7)/126.7 = 0.283 0.283 x 15,000 = £4,245 Capital gain: proceeds 30,000 less cost plus indexation (19,245) gain (10,755) exemption (7,100) taxable 3,655 Source: Ernst & Young (see page 271) Mortgages & Savings Guide 250 Inherit TaxIndex Inc Tax Main Menu