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Capital Gain set versus unused Personal Allowance?

If income less than PA, can surplus be used against Capital Gains?

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Client has some unused Personal Allowance but may it be set against a substantial Capital Gain? I have never come across such a case before! My software (very reliable) doesn't think so. Any guide to the legislation would be very helpful.

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By Accountant A
29th Jul 2019 15:35

sammerchant wrote:

Any guide to the legislation would be very helpful.

Have a look at the HMRC CGM.

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RLI
By lionofludesch
29th Jul 2019 16:50

Your software thinks correctly.

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Replying to lionofludesch:
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By Tax Dragon
29th Jul 2019 17:12

One shouldn't rely on software. But if it got something this basic wrong, one shouldn't use that software.

OP, you ask for legislative reference. It's hard to point you at something that doesn't exist. (Compare: can I use my unused IHT Nil Rate Band against my income tax?)

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Replying to lionofludesch:
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By sammerchant
01st Aug 2019 09:56

It does make sense. After all, you couldn't apply the CGT annual exemption anywhere else!

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