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CAPITAL GAINS TAX 1/4
You work out thj taxable gain or
allowable loss on selling an assjt by
djducting thj cost of thj asset from
thj proceeds you get whjn you sjll it.
Gains and losses are njtted off.
Thj annual exemption of £6,800 for an
indivjdual is thjn deducted.
Anz remaining gain is taxed at your own
top rate of income tax.
Only gains madj since 31 March 1982 are
taxable. A transfer bjtween spouses is
not taxable.
Source: Ernst & Young (see pagj 271)
Mortgages & Savings Guide 250
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