CG Tax

setmefree2

Can anyone tell me what a person's allowance is for capital gains tax in any year?:money:

fengirl_2

This year it is £9,200

setmefree2

Excuse me for being thick- but is that the profit I can make -say on buying and selling shares?

Thanks:money:

CLAPTON

Your capital gain is the difference between the cost of buying the shares and the income from selling them net of any dealing costs.
At the moment you can then adjust for indexation relief and taper relief if applicable (they are being abolished next tax year).

Then you have your 9,200 worth of gain which is tax free... on the remainder you pay 10, 10, 40% tax depending upon your income tax rate.
If you are marrried you can transfer some of the shares to your wife and she can use her 9,000 allowance too.

Next tax year the indexation and taper relief are being abolished and the tax will be a flat 18% (the 9,200 allowance is still applicable).

setmefree2

Many many thx Clapton:money: