Capital gains tax annual exempt amount 2021-22

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For capital gains tax purposes, individuals are allowed to realise net gains (after deducting any capital losses) of £12,300 for 2021/22 tax-free. Where capital disposals are on the cards, if the annual exempt amount remains available, consider making the disposal prior to 6 April 2022 to utilise the 2021/22 annual exempt amount, paving the way to realise gains free of capital gains tax in 2022/23.

Spouses and civil partners can take advantage of the no gain/no loss rules to transfer assets between them prior to sale to benefit from any available annual exempt amounts.

Remember, the annual exempt amount is lost if it is not used in the tax year – it cannot be carried forward.

Contact us to discuss how to minimise your capital gains tax bill by making best use of your annual exempt amount.