Exemptions from CGT
Capital Gains Tax (CGT) is a tax on the profit made on the disposal of an asset that has increased in value. Whilst most taxpayers are aware of their annual tax-free allowance (currently £12,000) and the exemption for the, qualifying, sale of the family home - there are other items that are exempt from CGT.
These include:
- your car
- personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques
- stocks and shares you hold in tax-free investment savings accounts, such as ISAs and PEPs
- UK Government or 'gilt-edged' securities, for example, National Savings Certificates, Premium Bonds and loan stock issued by the Treasury
- betting, lottery or pools winnings
- personal injury compensation
- foreign currency you bought for your own or your family's personal use outside the UK
So, if you are lucky enough to win the National Lottery this weekend, you won’t have to pay any CGT...
Please note:
None of the above exemptions apply when the gains arise from trading or business activities as distinct from occasional sales and disposals.
Latest news
- Childcare Account chores
25/04/2024 - More...
HMRC’s Childcare account can be used to claim free childcare (if eligible) or pay for Tax-Free Childcare. HMRC’s sign in
- Do’s and don’ts for Standard Visitors to the UK
25/04/2024 - More...
There is useful guidance published on GOV.UK that explains the do’s and don’ts for Standard Visitors to the UK. Visitors
- Bikes for employees
25/04/2024 - More...
The Cycle to Work scheme allows employers to provide bicycles and cyclists’ safety equipment to employees as a tax-free
Search archive
Newsletter
With our newsletter, you automatically receive our latest news per e-mail and get access to the archive including advanced search options!