Question on Capital Gains

[548834]

Simple question
My wife will not reach her Income Tax earnings threshold this year. (20/21)
DAK can she offset Capital Gains Tax against the residue Income Tax allowance.

[genou]

Simple question
My wife will not reach her Income Tax earnings threshold this year. (20/21)
DAK can she offset Capital Gains Tax against the residue Income Tax allowance.

I think you are asking if she can use ( unused against income ) Personal Allowance to extend her CGT Exempt Amount. The answer to that is no.

[fca2019]

My understanding is no these are separate taxes.

You do not need to account for capital gains of shares and investments within an ISA. For unsheltered investments you have an annual exemption on gains up to £12k. Above the exemption gains for basic rate payers are taxed at 10%.

[scrumpyjack]

My understanding is no these are separate taxes.

You do not need to account for capital gains of shares and investments within an ISA. For unsheltered investments you have an annual exemption on gains up to £12k. Above the exemption gains for basic rate payers are taxed at 10%.

Yes but only to the extent that your taxable gains plus income are in total within the basic rate. To take an unlikely example. If you made £1 million of capital gains but were a basic rate taxpayer you would not pay just 10% on the whole gain!