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bigduckontax, Accountant
Category: Tax
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Experience:  FCCA FCMA CGMA ACIS
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# In tax year 2015 to 2016 my wife will have a total pension

### Customer Question

In tax year 2015 to 2016 my wife will have a total pension annual income of £4,800. She will also have a one off capital gain which will require payment of £3460 capital gains tax. She has no other income. How much tax in total will she need to pay?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help ypu with your question. Please advise how the capital gain occured. Is the GBP 3460 actually the capital gain? If it is the tax who has done the computation? The rate of tax for Capital Gains Tax (CGT) is 18% or 28% or a combination of the two rates depending on your wife's income including the gain in the tax year in which the gain arose. Perhaps you see my difficulty at this stage. Please follow up to enable me to fully respond.
Customer: replied 1 year ago.
The gain, if we proceed with the sale,will be £30,311 in total. I calculated the capital gain amount by deducting £11,100 and then multiplying the remainder by 0.18
Expert:  bigduckontax replied 1 year ago.
Your calculation is correct. The total gain plus income is 35111, within the basic rate band so the whole CGT will be at 18%.
Expert:  bigduckontax replied 1 year ago.
Your calculation is correct. The total gain plus income is 35111, within the basic rate band so the whole CGT will be at 18%.
Customer: replied 1 year ago.
I knew the capital gain tax to be paid would be around £3460. However what I wanted was to know the the total amount she would pay for her income and capital gain.
In other words does she get any benefit from not having used all her personal allowance.
Thank you
Expert:  bigduckontax replied 1 year ago.

Well, yes and no. The personal allowance gives the tax banding and as the gain plus income is within the 20% rate band then the only tax due will be the 18% on the gain.

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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3097
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.

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