Capital Gains Tax
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In the tax year to 5th April 2008/2009 the CGT allowance is £9,600 (2007/2008 £9,200) This means that you do not have to pay tax on gains from buying and selling shares or other investments during the tax year up to that amount. Remember also that you do not normally have to pay tax on any gain you make when you sell your main residence. If you have used your CGT allowance, don't forget your ISA allowance. A "stocks and shares ISA" can shelter capital gains and dividends on investments, for example shares, worth up to £7,200 per year.
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