capital gains

Hi
Just a quick question about capital gains/losses,if a person bought shares for 20 000 euros sold them for 40 000 euros a gain of 20 000,also if the same person bought other shares for 20 000 sold them for 10 000 aloss of 10 000,how is the capitol gain calculated?..is the loss taken from the gain or the tax payable?if that makes any sence to anyone?

regards Pat

Assuming you are talking about the loss happening in the same year as (or an earlier year than) the gain, then it would be:

Gain 20,000
Loss (10,000)
Net gain 10,000
Annual allowance (1,270)
Taxable gain 8,730

CGT @ 30% = 2,619

Thanks mandelbrot... for making that clearer to me...

regards Pat