Budget 2007 Introduction Main Income Tax reliefs Income Tax Rates and bands Car Benefit Assessment Tax Free Mileage Allowances National Insurance Contributions Pension Contributions Inheritance Tax Value Added Tax Capital Gains Tax Corporation Tax Main capital allowances Stamp Duty & Stamp Duty Land Tax Earliest due dates for payment of tax

Capital Gains Tax Annual exempt amount 2007/08: individuals £9,200, most trustees £4,600. Relief given for effect of inflation for periods of ownership up to April 1998. Taper relief is based on complete years of ownership after 5 April 1998 (with one year added for ownership on 17.3.98 in the case of non-business assets):   Complete years owned for taper purposes: % of gain charged   Business asset Non-business asset 1 year 50% 100% 2 years 25% 100% 3 years 25% 95% 4 years 25% 90% 5 years 25% 85% 6 years 25% 80% 7 years 25% 75% 8 years 25% 70% 9 years 25% 65% 10 years (max. relief) 25% 60%   Net gains after all reliefs and annual exempt amount are taxed at marginal income tax rates for interest income (ie 10%, 20%, 40%).