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275/1 CEEFAX1 Thu 1 Dec CEEFAX.TV
CAPITAL GAINS TAX 1/3
You work out the taxable gain or
allowable loss on selling an asset by
deducting the cost of the asset from
the proceeds you get when you sell it.
The annual exemption of £10,100 in
2009/10 for an individual is then
deducted. Any remaining gain is taxed
at your own top rate of income tax.
A transfer between spouses is not
taxable.
You can reduce the taxable gain by
claiming the cost of any improvements.
Source: Ernst & Young LLP (see p271)
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