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HMRC internal manual

Capital Gains Manual

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

Chargeable gain 9,000
less Allowable losses 9,000
Section 87 attributed gains 15,000
Less Annual exempt amount 11,000
Taxable amount 4,000

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.