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HMRC internal manual

Capital Gains Manual

Annual exempt amount: example

A has chargeable gain of £15,000 and losses of £1,000 for the year.

Chargeable gains 15,000
Allowable losses 1,000
Annual exemption 10,600
Charged on 3,400

Taper relief was available from 1998/1999 to 2007/2008 which would reduce the amount of gains before the deduction of the annual exemption.