Budget 2004

Personal Taxation
Capital Gains Tax
Rates
- individuals charged at 10%, 20% or 40% depending on their marginal rate of tax
- all trusts charged at 40% (34% 2003/2004)
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* Reduced if more than one trust per settlor
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Indexation allowance
- frozen after March 1998 for individuals and trusts
- not available for assets acquired by individuals and trusts after 31 March 1998
Losses
Relief available for
- capital losses of the same tax year and those brought forward
- trading losses of same and following tax year
Taper relief
Gains on business assets*
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Gains on non-business assets
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* The definition of business assets is complex and advice should be sought on
asset classification
† Assets held on 17 March 1998 are deemed to have been held for one year at 5 April 1998 for the purposes of this relief
The figures shown here are subject to ammendment as the Finance Bill passes through Parliament.
This information has been prepared only as a topical guide to tax and personal financial matters. No responsibility can be accepted by us for loss occasioned to any person acting or refraining from acting as a result of any material contained in this publication.