Capital Gains Tax (CGT) applies when you sell, give away, exchange or otherwise dispose of an asset and make a profit (the 'gain'). The tax is charged on the gain, not the total proceeds. CGT covers assets like property, company shares and possessions, but some assets are exempt, including:
- Private motor cars, including vintage models
- Gifts to UK registered charities
- Certain government securities
- Prizes and betting winnings
- Cash
- Stocks and shares held in an ISA
- Foreign currency held for personal use
Personal belongings ('chattels') are also exempt if their sale or gift value is under £6,000. However, company shares are generally not exempt from CGT.
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