Capital Gains

The annual capital gains tax exemption is £10,100 for individuals and £5,050 for most trusts for 2009/10.  Gains up to this amount are not liable to tax.  The allowance cannot be carried forward.

Assets of negligible value

Where an asset became of negligible value in the year ended 5 April 2008, a claim for capital gains tax relief must be made by 5 April 2010.  Losses on certain shares in unquoted trading companies can be claimed against income tax.

Enterprise Investment Scheme

Gains made in the current or earlier years can be sheltered by reinvestment in qualifying Enterprise Investment Scheme shares.  Purchases of EIS shares can be used to shelter gains made up to three years earlier.  Thus it may still be possible to defer some gains that were taxed at 40% and ensure they crystallise at the lower 18% rate.

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Year End Strategies 2009/10

Disclaimer:
This guide is prepared as a general guide only. No responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication can be accepted by the author or publisher. Always seek professional advice before acting.