CG10244 - Capital Gains Tax: annual exempt amount

TCGA92/S3 & TCGA92/S262

There is a special, and relatively high, threshold for individuals' liability to Capital Gains Tax, in addition to and separate from the Income Tax threshold (with special provision for trusts). It is called the annual exempt amount and in 2005-06 it exempts gains of £8,500. A husband or wife or civil partner each has their own separate threshold. This is in addition to a `de minimis' exemption for chattels disposed of for less than £6,000. The annual exempt amount was introduced from the year 1982-83. Before that there were various exemptions and marginal reliefs.