|Capital gains tax rates and bands are as follows:|
|On chargeable gains||18%||Taxed as top slice of savings income|
|- settlement(s) (spread over total number)||£4,800||£4,600|
|(proceeds per item or set)||£6,000||£6,000|
This relief will reduce the chargeable gain on qualifying assets by 4/9, resulting in an effective rate of 10%. An individual will be able to make claims for disposals on or after 6 April 2008. Claims may be made on more than one occasion, up to a “lifetime” total of £1 million of gains.