We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Use personal allowance against capital gains tax
panam
Posts: 29 Forumite
If a minor has zero income, but a large capital gain on investments (say £7000).
Do they use the £6000 CGT exemption to reduce the gain to £1000 and pay 18% on this?
Or can they use the personal allowance to cancel out any tax liability?
If the latter, would they need to report the gain?
Do they use the £6000 CGT exemption to reduce the gain to £1000 and pay 18% on this?
Or can they use the personal allowance to cancel out any tax liability?
If the latter, would they need to report the gain?
0
Comments
-
No, personal allowance is purely for Income Tax. Note also that CGT exemption reduces to £3000 on 6th April.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.5K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.4K Work, Benefits & Business
- 604.2K Mortgages, Homes & Bills
- 178.5K Life & Family
- 261.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards