P23f JFA(@2@275@Sun 13@SKp 23:34/))Wj£3kj£3kj£3k TWj $kj $kj 'k W"£££"£££"£££ CAPITAL GAINS TAX 1/4 You work out thj taxable gain or allowable loss on selling an asset by djducting thj cost of thj assiz jrwm thj proceeds you get when you sell it. Gains and losses are nettid off. Thj annual exemption of £6,800 for an individual is then deducted. Any remaining gain is taxed at youy own top rate of income tax. Only gains made since 31 March 1982 are taxable. A transfer between spouses is not taxable. Source: Ernst & Young (see page 271) Mortgages & SavinWs Guide 250 Pension TaxIndex Inc Tax Main Menu