| Rates | 2000/2001 | 1999/2000 | ||
| Individuals (as top slice of income) | 40% (to 28,400 pounds) | |||
| Trusts where settlor or spouse retains interest | As settlor’s gain | As settlor’s gain | ||
| Other trusts and personal representatives | 34% | 34% | ||
| Married couples (unless permanenty seperated) | ||||
| Transfers between spouses | No tax effect | No tax effect | ||
| Exemptions | ||||
| Individuals | 7,200 pounds | 7,100 pounds | ||
| Trusts | 3,600 pounds | 3,550 pounds | ||
| Main home | Unlimited | Unlimited | ||
| Chattles-Per items | 6,000 pounds | 6,000 pounds | ||
| – Alternaive charge 5/3 excess over 6,000 pounds | ||||
| Retirement Relief | ||||
| For business and holdings of 5% or more in qualifing trading companies. For disposal if age 50 or over ( or ill health): | ||||
| 2000/2001 | 1999/2000 | |||
| Exempt | up to 150,000 pounds | up to 200,000 | ||
| 50% Taxable | 150,000-600,000 pounds | 200,001-800,000 pounds | ||
| Indexation Relief | ||||
| For individuals indexation relief is avilible up to April 1998. | ||||
Taper Relief – reduction in chargable gains
Business assests
Sold before 6.4.00 – 7.5 for each complete year asset is held after 5.4.98 plus one year if held on 16.3.98.
Sold after 5.4.2000 -12.5% for each of the first two complete years asset held after 5.4.98, 25%for each of the following two years.
Other Assets
5% forthe third and each of the following compete year assets held after 5.4.98 plus one year if held on 16.3.98. Maximum relief reached after 10years