(proceeds per item or set) £6,000
Retirement relief
- exempt, first £50,000
- 50% exempt, next £150,000

Taper Relief
For gains realised after 5 April 1998 by individuals or trustees, indexation allowance is frozen and the gain reduced by a tapering relief. The value of the taper relief depends on whether or not the asset is a business asset, and on the complete number of years the asset has been held after 5 April 1998 (with an additional "bonus" year for assets held on 16 March 1998).

For taper relief on the disposal of business assets only after 5 April 2000 the "bonus" year was withdrawn, but the rate of taper relief was accelerated:

No. of complete years
after 5 April 1998 Business assets
% of gain chargeable
0 100
1 87.5
2 75
3 50
4 25

Notes

Transfers between husband and wife living together are exempt.

Capital gains are regarded as the top slice of savings income. Rates of 10%, 20% and 40% will therefore apply to gains taxed on individuals, as appropriate. Gains taxed on trustees are usually taxed at the special trust rate of 34%.
Did you know?

That approximately half of all individuals who pay capital gains tax have some liability at the rate of 20%.