The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
Each individual (with some exceptions ― see below) is entitled to an annualexempt amount when calculating the taxable amount of his chargeable gains for the tax year. The annualexempt amount is also known as the annualexemption. The annualexemption is similar to the personal allowance for income tax in that the amount of gains covered by the annualexemption is not chargeable to capital gains tax (CGT).
The annualexemption is £11,700 for the 2018/19 tax year and £12,000 for the 2019/20 tax year.
Any part of the annualexemption that is not set against gains in the tax year is lost. It cannot be carried forward or transferred to another person.
Personal representatives of a deceased person’s estate are entitled to the full annualexemption for an individual for the year the deceased died and the following two tax years. If gains arise beyond that period, no annualexemption is available.
Trustees are generally entitled to an annualexemption equal to half that available to an individual. Where there is a group of settlements made by the same settlor, the annualexemption for each settlement is proportionally reduced (the minimum annualexempt amount is £1,170 for 2018/19 and £1,200 for 2019/20).
If a non-domiciled (or also, from 6 April 2017, not deemed domiciled) taxpayer makes a claim to
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