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Glossary   >   A   >   "Annual exemption" Definition            Annual exemption Each taxpaying individual in the UK is entitled to an annual exemption of Ј7,900 on capital gains for the current tax year. This means that they can make this level of gains (on for instance share sales) without paying capital gains tax.For exemptions relating to inheritance tax, see "inheritance tax". Glossary    Dictionary Search (powered by Google) WWW ITLOCUS.COM GLOSSARY.ITLOCUS.COM Translate a web page (powered by Google)      to German Spanish French Italian Portuguese Japanese Korean Chinese

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Annual exemption - Each taxpaying individual in the UK is entitled to an annual exemption of Ј7,900 on capital gains for the current tax year. This means that they can make this level of gains (on for instance share sales) without paying capital gains tax.For exemptions relating to inheritance tax, see "inheritance tax".