You can make up to £10,600 of capital gains in 2011/12 and pay no tax on that amount, as it should be covered by your annual capital gains exemption. If you have not used this annual exemption in 2011/12, check whether you can make any disposals which will crystallise gains before 6 April 2012. Individuals who have non-domicile status may not qualify for this annual exemption.
The annual exemption limit will be frozen in 2012/13 at £10,600. Any unused exemption for 2011/12 cannot be carried forward or passed on to a spouse. However, you can pass assets to your spouse or civil partner tax free. Then on the sale of the asset your spouse’s annual exemption can be set against the gain.

This is a good time to look forward to 2012/13 and assess who will be earning what in your family. The level of personal allowances (tax free income) have increased significantly over the last two years, and are expected to increase again in 2012/13 to at least £8,105 per person.
This allowance cannot be transferred between family members, so if some people in your family are earning less than this, their personal allowance is going to waste.
Strategies you may consider to avoid wastage of the personal allowance include:
- Employing your spouse or children in your business, perhaps on a part-time basis.
- Transferring an income-producing asset, such as a let property or savings account into the name of the lower earning spouse.
- Taking on a family member as a partner in your business, so they can share some of the profits.
- Ensuring the higher earner makes all the Gift Aid donations to charities from the family.