How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • Go back-and-forth until satisfied
    Rate the answer you receive.
By continuing to use this site you consent to the use of cookies on your device as described in our cookie policy unless you have disabled them.
Ask Peter Your Own Question
Peter
Peter, Chartered Tax Advisor
Category: Tax
Satisfied Customers: 160
Experience:  Director at PDS Tax Limited
105623467
Type Your Tax Question Here...
Peter is online now

When calculating cgt i have an allowance of £11700 for last

This answer was rated:
★ ★ ★ ★ ★

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

Peter and other Tax Specialists are ready to help you
Ask your own question now
Customer: replied 9 months ago.
Thank you. it was a property we had not lived in so I`m assuming I`ll pay 18%. Would that be correct