There currently is an annual exemption from capital gains tax of €1,270. If an individual's chargeable gains in a tax year are no greater than this amount, that individual has no capital gains tax liability in respect of those gains. If the chargeable gains are greater than this amount, €1,270 is deducted from the gains before calculating the liability. Any unused exemption cannot be carried forward into the next tax year. This exemption is an individualised one, i.e. a person may not benefit from any unused exemption by his or her spouse.