taper relief


taper relief
A relief from capital gains tax (CGT) available to individuals, trustees or personal representatives which reduces the amount of a chargeable gain (chargeable gains) according to how long an asset is held after 5 April 1998.
The rules draw a distinction between business assets and non-business assets:
• Business asset taper relief reduces the effective rate of CGT paid by a higher rate tax payer from 40% to 10% where the business asset has been held for a qualifying period of two years.
• Non-business assets taper relief reduces the rate of CGT paid by a higher rate tax payer from 40% to 24% after ten years of ownership.
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • taper relief — ➔ relief …   Financial and business terms

  • taper relief — In the UK, a tax relief that can be set against a liability to capital gains tax arising from the disposal of chargeable assets. The amount of taper relief depends on the type of asset (business or non business) and the number of complete years… …   Big dictionary of business and management

  • taper relief — In the UK, a tax relief that can be set against capital gains made on disposals of assets. The amount of taper relief depends on the type of asset (business or non business) and the number of complete years of ownership after 5 April 1998. The… …   Accounting dictionary

  • relief — re‧lief [rɪˈliːf] noun 1. [uncountable] when a bad situation is reduced or stops for a time: • Any sign of relief from price pressures will be welcome news for the economy. 2. money, food, clothes etc given to people who are poor or hungry: • a… …   Financial and business terms

  • taper — / teɪpə/, tapering relief /ˌteɪpərɪŋ rɪ li:f/ noun a new system of reducing capital gains tax payable when shares are sold, according to the length of time the shares have been held …   Dictionary of banking and finance

  • tax relief — A deduction from a taxable amount, usually given by statute. In the UK, income tax reliefs are given in respect of income from tax exempt sources (e.g. ISAs), as well as tax deductible expenses, personal allowances, tax credits, and gift aid. See …   Accounting dictionary

  • tax relief — A deduction from a taxable amount, usually given by statute. In the UK, income tax reliefs are given in respect of income from tax exempt sources (e. g. ISAs), as well as tax deductible expenses, personal allowances, tax credits, and gift aid See …   Big dictionary of business and management

  • retirement relief — Formerly, a relief from capital gains tax given to persons disposing of business assets at or over 50 years of age, or earlier if retiring due to ill health. In 1999–2003 it was phased out in favour of taper relief …   Accounting dictionary

  • retirement relief — Formerly, a relief from capital gains tax given to persons disposing of business assets at or over 50 years of age, or earlier if retiring due to ill health. In 1999 2003 it was phased out in favour of taper relief …   Big dictionary of business and management

  • Mark Taper Forum — Address 135 North Grand Avenue City Los Angeles, California Country   …   Wikipedia


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