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Peter, Chartered Tax Advisor
Category: Tax
Satisfied Customers: 161
Experience:  Director at PDS Tax Limited
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When calculating cgt i have an allowance of £11700 for last

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hi when calculating cgt i have an allowance of £11700 for last year but I do not use all my personal income allowance as I only have a small pension. Can the rest of that be used also before the final amount to declare?
JA: Have you talked to a tax professional about this?
Customer: not yet
JA: Anything else you want the Accountant to know before I connect you?
Customer: my only income is pension iof only £208 per month

Hi, my name is ***** ***** I am a Chartered Tax Advisor.

Unfortunately, unused personal allowance cannot be used to offset against chargeable gains. Any capital gains in excess of the annual exemption will be subject to capital gains tax at your marginal rate of capital gains tax, be that 10% or 20% for most assets, or for the sale of residential property 18% or 28%.

If you have any follow up questions, I am happy to help. Otherwise please consider a 5 star rating for my answer.

Kind regards, Peter

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Customer: replied 2 years ago.
Thank you. it was a property we had not lived in so I`m assuming I`ll pay 18%. Would that be correct