John dies on 3 March 2022. Between 6 April 2021 and 3 March 2022, he has capital gains of £1,200 and capital losses of £15,400. His net gains in recent tax years (and the annual exemption for each year) have been as follows: 

Explain how (and to what extent) John's net losses in 2021-22 will be relieved.

Transcribed Image Text:

2017-18 2018-19 2019-20 2020-21 Net gains 52,800 18,200 14,800 3,750 Annual exemption 11,300 11,700 12,000 12,300