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HMRC internal manual

Capital Gains Manual

HM Revenue & Customs
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Losses and annual exempt amounts: example

In 2009-10 Mr F has total gains of £12,400 and total losses of £7,500. The annual exempt amount is £10,100.

The net gain for 2009-10 is

The net gain for 2009-10 is:  
Total gains £12,400
Total losses £7,500
Net gains £4,900

The net gains after deducting losses of the year are wholly covered by the annual exempt amount and so there is no charge to capital gains tax. The balance of annual exemption of £5,200 remains unused.