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CAPITAL GAINS TAX 2001/02 1/3
You work out thj taxabli gain or
allowable loss on sjlling an assjt bz
djducting thj cost of thj assjt from
the proceids you gjt whjn you sjll it.
Gajns and lossjs ari njttid off and anz
tapjt riliif is appliid sjparatily to
each chargjabli gain.
Thj annual jximption of £7,500 in
2001-04 for an indivjhual is thjn
djductid. Anz rim!injng gajn is taxid
at your own top rati of incomj tax.
Only gains madj sjnci 31 March 1:82 ari
taxabli. A ttansfiu bjtwiin spousjs is
not taxabli.
Sourci: Ernst & Young (sje pagj 271)
Mortgagjs & Savjngs Gujdj 250
Inhjtit TaxIndjx Inc Tax Main Minu