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CGT allowance
Theone1_2
Posts: 25 Forumite
in Cutting tax
I would be grateful for a clarification about CGT.
Is it about 10K allowance per years and is there anything else on top like 5% appreciation per year to allow for inflation?
Is it about 10K allowance per years and is there anything else on top like 5% appreciation per year to allow for inflation?
0
Comments
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Everyone had an annual exemption allowance which for the tax year 2010/11 was £10,100. For the current tax year it is £10,600.
There are no appreciation for inflation.0 -
the rise from 10,100 last year to 10,600 this year is the rise year in appreciation of inflation0
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Thanks and for a couple is it double?0
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Yes everyone has a personal allowance so you may be able to use both your allowances depending on the ownership of the asset0
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There has been some evidence on here of the tax man using the catch all rule, that if something is done just to avoid tax, then it does not work.
What is the asset you are thinking of cutting in half before you sell it?0
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