capital gains tax

[srbuck]

I have a query re taper relief. Are the qualifying years "tax years", or calendar years from the date of purchase? ie do you get a further year's relief after 6 April each year, or after a further complete calendar year from the date of the property purchase?

I have read 2 newspaper articles recently which give opposite views on this.

Many thaks.

[ddd]

See Revenue Help Sheet IR 279 (available from their We-site) - this is very clear it is whole years in any continuious period and does not have to coincide with Tax Years, although it will do for assets acquired before 6 April 1998.

ddd

[Tax Accountant]

I have a query re taper relief. Are the qualifying years "tax years", or calendar years from the date of purchase? ie do you get a further year's relief after 6 April each year, or after a further complete calendar year from the date of the property purchase?

I have read 2 newspaper articles recently which give opposite views on this.

Many thaks.

There is no concept of calendar years as far as tax is concerned.

Basically, non-business asset is calculated by reference to date of purchase of the asset.

If already owned at 18 March 1998, you get 1 bonus year upto 5 April 1998 and then an extra year for each complete tax year thereafter.

If acquired after 18 March 1998, you require complete ownership years and not tax years.

Ramnik