Non-residents, like residents, are entitled to the CGT annual exemption (£12,300 for 2020–21). This means that any chargeable gains up to this amount in a tax year are not taxed.

Any gains in excess of this are taxed at the rates in 6.2 above. This is the annual exemption for individuals and personal representatives. For trusts, the annual exemption is lower at £6,150 for 2020–21.

It is a common misunderstanding for individuals to think that the personal allowance (see 4.2) can also be set off against chargeable gains. This is not the case. The personal allowance applies for income tax purposes only.

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