If you are a specific, trustee or an individual rep, you are at the mercy of capital gains taxes (CGT). The CGT for the taxes year 2009-2010 was set at 18%.You need to, however, calculate your earnings tax responsibility before training your capital profits tax. You will need to pay capital increases duty on any property whose value has increased over its cost price therefore you stand to get when you dispose it of. Your individual possessions, whose value is ?6,000 or less, are exempted from capital increases duty. Your first home, generally, is also exempt from CGT.
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