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bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10838
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If i have only earned £5k in the year but have a CGT Gain of

Customer Question

If i have only earned £5k in the year but have a CGT Gain of £50k do I still only get £12,300 tax free or can i use my 7.5k left in personalallowance
JA: What are the assets or property for this capital gain?
Customer: Hi. A buy to let
JA: Is there anything else the Accountant should know before I connect you? Rest assured that they'll be able to help you.
Customer: no
Submitted: 16 days ago.
Category: Tax
Expert:  bigduckontax replied 16 days ago.

Sorry, you can't. Income Tax (IT) and Capital Gains Tax (CGT) are discrete taxes and cannot be mixed.