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HMRC internal manual

Capital Gains Manual

Annual exempt amount: qualifying persons: the main exemption

The full annual exempt amount, referred to as the `main exemption’ in this guidance, isgiven to the following persons:

  • individuals (including children};
  • personal representatives of deceased persons for the year of assessment in which the death occurs and the two following years;
  • trustees of certain settlements for the benefit of disabled persons, but the exemption may be reduced if the settlement is made after 9 March 1981 and is one of a number of such settlements having the same person as settlor, see CG18050+.