infosheet Self Assessment
Capital gains		      Return to menu
     
   Capital gains

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    As an individual taxpayer, you are required to disclose details of any chargeable disposals in the year ended 5 April 2003, if:
  • the proceeds exceeded £14,400 in the year.


  • your total chargeable gain exceeded £7,700.


  • you wish to establish an allowable capital loss.

    •

       Points:    You should include details of your world-wide disposals.

    When considering the £14,400 limit, you should take into account the asset's value, not the sum you received if lower.

    The disposal of a personal car is exempt, and the 'loss' most people experience when they sell their vehicle cannot be claimed.

    The sale of your home is also fully exempt, provided it has been your only residence throughout the period you owned it, ignoring the last three years.