Self Assessment » Large CG with small income » Go to message
Hi

I wonder if someone could check my understanding of CGT where there's a lot of CG and no income besides bank interest.
Specifically how large the 10% CGT band is when you have a tiny income (only bank interest) that is below the personal allowance.

Read the gov.uk site but would feel more comfortable double checking.

How much CGT is due on £211,300 Capital Gain that is not from property if your only income was £3000 of bank interest? I understand the CG tax free allowance is £11,300 thus meaning there is £200K of taxable gain here.

Is the tax 10% on the first £33,500 of £200,000 or more than this as the tax free personal allowance is hardly used? Or less than £33,500 as the £3,000 bank interest reduces it despite being under the personal allowance and not taxable - and the personal savings allowance is £1000?

I've read "The rate of Capital Gains Tax is 10%, where the total of taxable gains and taxable income is less than £33,500. Any excess gains are taxed at 20%." but I'm having trouble translating that to my situation with just a small amount of bank interest as income. I'm not sure how the £11,500 personal allowance is applied here if at all.

Some definitive guidance would be helpful - note that this would be for the upcoming 17/18 return.