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HMRC internal manual

Capital Gains Manual

Annual exempt amount: taxable amount: losses 1998-99 onwards

A person is chargeable to Capital Gains Tax on the excess of his taxable amount for the year of assessment over his exempt amount for the year. CG18032 explains how the taxable amount for 1998-99 onwards is calculated in the normal case (that is, where there are no ‘attributed gains’, see CG18033). CG18033-4 are concerned with the situation where the person has gains attributed to him under TCGA92/S77, TCGA92/S86 (gains attributed to certain settlors), TCGA92/S87 or TCGA92/S89(2) (gains attributed to beneficiaries of certain non-resident trusts.) There are examples illustrating these points at CG18199 +.