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Example 4
Katie has trading profit of £41,000 assessed in 2022/23. In addition
she sold a commercial
investment property giving rise to a capital gain of £30,300.
Calculate Katie’s capital gains tax liability for 2022/23
Example 5
Elliot has trading profit of £45,270 assessed in 2022/23. In addition he sold a painting giving rise to a
capital gain of £26,300.
He made a gift aid payment of £2,400 in 2022/23.
Calculate Elliot’s capital gains tax for 2022/23
Example 6
Gaynor had a trading profit assessment of £21,770 in 2022/23 and no other taxable income. She
sold two assets during the tax year, a residential investment property giving rise to a chargeable gain
of £30,300 and a diamond ring yielding a chargeable gain of £12,000.
Calculate Gaynor’s CGT liability for 2022/23
104
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2.
Losses
(a)
Where capital losses arise they are set against capital gains in the same tax year.
(b)
The current year losses set o
ff
is made to the maximum possible extent – it cannot be
restricted to avoid wasting the Annual Exempt Amount (AEA).
(c)
If there are insu
ffi
cient
gains to set o
ff
against the capital losses in the year they arise, the
unrelieved capital losses will be carried forward.
(d)
If net gains do arise then the AEA is then deducted from any net chargeable gains of the tax
year - if the AEA is larger than the chargeable gains the remaining AEA is lost.
The capital
losses brought forward are then deducted after the AEA and therefore will not waste the AEA.
(e)
Any capital losses brought forward that are unused are carried forward.
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