Introduction and computation: annual exempt amount: exploitation of annual exempt amount: Annual exempt amount: example
The exempt amount for the year 2014-15 is £11,000. D has a chargeable gain of £9,000 on his personal disposal of shares, and losses for the year of £10,000. He also has Section 87 gains of £15,000 attributed to him as a beneficiary of a non-resident trust. The computation is
|less Allowable losses||9,000|
|Section 87 attributed gains||15,000|
|Less Annual exempt amount||11,000|
The balance of losses, £1,000, is carried forward.
For 1998-99 onwards allowable losses cannot be set against gains ‘attributed’under S87, see CG18033.