CG10248 - Capital Gains Tax: basic concepts not applicable to companies
The concepts described on this page do not apply to companies but apply to all other persons chargeable Capital Gains Tax.
Annual exempt amount
TCGA92/S3* and TCGA92/S262
There is a special, and relatively high, threshold for individuals’ liability to Capital Gains Tax, in addition to and separate from the Income Tax threshold (with special provision for trusts). It is called the annual exempt amount and in 2013-14 it exempts gains of £10,900. A spouse or civil partner each has their own separate threshold.
A table of annual exempt amounts can be found on the internet here
For guidance on the Annual Exempt Amount see CG18000c.
The annual exempt amount was introduced from the year 1982-83. Before that there were various exemptions and marginal reliefs.
Taper relief: 1998-2008
For disposals between 6 April 1998 and 5 April 2008 taper relief was available. This relief reduced the gain chargeable, based on the type of asset and the period for which it had been held. It was abolished for disposals on or after 6 April 2008.
For guidance on taper relief see CG17895+.
* This provision was re-written see CG10150.