The 2008/09 capital gains tax annual exemption will be £9,600 and the exemption for trusts will generally be £4,800.

Capital Gains Tax Reform

Indexation and taper relief will no longer apply to disposals by individuals and trustees after 5 April 2008. Any gains realised on disposals from 2008/09 will be subject to a flat 18% tax rate.
.
2008 / 09
2007 / 08
Individuals, as top slice of income
.
.
- on taxable gains up to lower rate limit
18%
10%
- on taxable gains between lower and basic rate limit
18%
20%
- on taxable gains above basic rate limit
18%
40%
Trusts generally / personal representatives
18%
40%
.
.
.
Annual Exemptions
£
£
Individuals & certain trusts
9,600
9,200
Trusts generally
4,800
4,600
Personal representatives for year of death & next two years
9,600
9,200

Chattels exemption (proceeds per item or set)
2008 / 09
2007 / 08
£6,000
£6,000

Marginal Relief
2008 / 09
2007 / 08
5/3 excess over £6,000
5/3 excess over £6,000

Entrepreneurs' Relief
from 6 April 2008
2007 / 08
£1Million
n/a

Entrepreneurs’ relief will reduce the effective rate of tax to 10% for the first £1 million of gains on the sale of business assets in certain circumstances. Gains in excess of £1M are charged at 18%.