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Q: What is the current personal allowance for capital gains tax?

A: The annual exemption is £11000 for 2014/15. The exemption or any part of it cannot be carried forward nor can it be transferred to another person. A number of assets are exempt from Capital Gains Tax including an individuals main residence.

Gains above the amount of the exemption will be taxed at either 18% or 28% depending on the level of the individuals total income in that year.

Assets (including property) can be transferred between spouses or civil partners & treated as a no gain/no loss for CGT purposes. Planning is required for such transfers, the benefit being the use of two annual exemptions to set against any gain made.

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