CGT and Tax Allowance

[thedodger]

For the year ended 5 April 2011 I will have a CGT gain to pay of £4,900(Amount due in tax on gain) but no other earnings other than a small amout of gross b/society interest. Will the CGT liability be offset against my personal tax allowancxe of £6,475? Thanks

[mullet]

No, income and capital are kept separate. But have you taken account of your annual exempt amount for CGT? In 2010-11 it is £10,100. Even if there is no CGT to pay you may still need to declare the disposal if the amount of consideration exceeds £40,400 or if you are claiming certain reliefs.

[thedodger]

Thanks very much for your response and for your information I have taken account of the CGT allowance of £10,100 and am aware of the special reliefs.