Capital Gains Tax is a tax charged if you sell, give away, exchange or dispose of an asset and make a profit or ‘gain’.
Some gains though are free (or exempt) from Capital Gains Tax. For instance:
- Private motor cars, including vintage cars
- Gifts to UK registered charities
- Some government securities
- Personal belongings (or ‘chattels’) where the sale proceeds (or value when given away) are less than £6,000
- Prizes and betting winnings
- Cash
- Assets held in ISAs
- Foreign currency held for your own use