Capital gains tax

Capital gains tax rates and bands are as follows:
	2009/10	2008/09
Standard rate	18%	18%
Entrepreneurs' relief - effective rate	10%	10%
Annual exemption
- individual	£10,100	£9,600
- settlement(s) (spread over total number)	£5,050	£4,800
Chattels exemption
(proceeds per item or set)	£6,000
Marginal relief	5/3 excess over £6,000
Entrepreneurs' relief ²	£1 million

Transfers between spouses and civil partners living together are exempt.
Entrepreneurs' relief is available in respect of gains made on the disposal of all or part of a business, or gains made on disposals of assets following the cessation of a business or gains by certain individuals who were involved in running the business. The first £1 million of gains that qualify will be charged to CGT at an effective rate of 10%. Gains in excess of £1 million will be charged at the normal rate of 18%. An individual will be able to make claims for relief on more than one occasion, up to a lifetime total of £1 million of gains qualifying for relief.

That the Government expects to receive £7.8 billion from Capital Gains Tax in the current tax year (2008/09 £2.2 billion)