taper relief


noun

(in Britain) a system of relief from capital gains tax under which the percentage of a chargeable gain considered taxable is reduced for each whole year (from April 1998) that the asset was held by the vendor

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Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012