Personal Tax: Capital Gains

[Demarera]

Say if you sold some shares, what is the capital gains tax payable on the gain? Do you look at the chargeable part of the gain being before or after Taper Relief? I.e. is it: Proceeds less cost = chargeable gain; or is it: Proceeds less cost less taper relief = chargable gain? Can anyone help or give a better illustration? Thanks.

[bryan]

Proceeds less cost, then apply taper relief, then annual exemption. The remaining gain is treated as the top slice of what is taxable i.e. add up all income first, then, if any basic rate availibility is left, tax the gain at 20%, then at 40%.