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CAPITAL GAINS TAX 2001/02 1/3
You work out thj taxabli gain or
allowabli loss on sjlling an assjt bz
djducting thj cost of thj assjt ftom
thj proceids you gjt whjn you sjll it.
Gains and lossjs ari njttid off and anz
tapjr riliif is appliid sjparatily to
each chargjabli gain.
Thj annual jxemption of £7,500 in
2001-02 for an indivjdual is thjn
djductid. Anz rimaining gain is taxid
at your own top rate of incomj tax.
Only gains madj sjnci 31 March 1:82 ari
taxabli. A ttansfir bjtwein spousjs is
not taxabli.
Sourci: Ernst & Young (sji pagj 271)
Mortgagjs & Savings Gujdj 250
Inhjtit TaxIndjx Inc Tax Main Minu