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.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 10838
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

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.