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T8 - Capital Gains Under the new rules, there will be fewer occasions where the capital gains tax pages of a tax return need to be completed. Individuals do not have to complete these pages for tax years 2003/4 and later where... l the total of their tapered chargeable gains do not exceed the annual exemption £8,200 (£7,900 for 2003/04) unless l the proceeds on disposal of chargeable assets was more than four times (increased from two times) the annual exempt amount, or l they have allowable losses to offset against gains in that year. Similar rules apply for trustees and personal representatives. Taper Relief The rules which determine whether assets other than shares or securities qualify as business assets for capital gains tax taper relief are to be relaxed so that a wider range of assets qualify. The new definition will apply to periods of ownership from 6 April 2003. Assets used wholly or partly for the purposes of trades carried on by individuals, trustees of settlements, personal representatives or certain partnerships will qualify as business assets irrespective of whether the owner of the asset is carrying on the trade concerned. |
"I can honestly say that they are the best accountants I have ever had and offer a very professional yet personal service." "Mac is always available to "pick his brains" and has a solution for any problem!" "I have confidence that our practice finances are in the best hands possible." "They really know dentistry and what it takes to run a practice successfully." "I can honestly say that I would not take any life decision without first consulting Mac who always has time to discuss matters with me."
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We take great pride in our service, and would be delighted to invite you for a free 1 hour, no obligation meeting at our comfortable offices. Simply call us on 020 8346 0391 to arrange a mutually convenient time. This web-site was last updated on 23/04/2012 Specialist Dental Accountants for over 28 years. Copyright © 2003-2012 Mac Kotecha & Company. All rights Reserved. The information on this site is for general guidance only. It is essential to take professional advice on specific issues about their impact on any individual or entity. No liability can be accepted for any errors or omission or for any person acting or refraining from acting on the information provided on this site. We can still help you if you're not a dentist. Please click here
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