Capital gains tax

There will be a single 18% rate of capital gains tax from 6 April 2008 for individuals, trustees and personal representatives. Taper relief and indexation relief (except for companies) will be withdrawn from the same date.

These changes will result in a simplification of the identification rules for matching disposals of part of a holding of shares acquired on more than one date. The annual exemption (currently £9,200) will remain and other capital gains tax reliefs (eg, for a main residence) will continue.

Contents

	Introduction

	Inheritance tax

	Capital gains tax

	Residence and domicile

	Income tax

	Business taxation

	VAT

	Stamp duties

	Pensions

	Anti-avoidance

This guide is for general information only and is not intended to be advice to any specific person. You are recommended to seek competent professional advice before taking or refraining from taking action on the basis of the contents of this publication. The guide represents our understanding of the law and HM Revenue & Customs practice as at October 2007, which are subject to change. These proposals may be changed in the Spring 2008 Budget and subsequent legislation.