The following Personal Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
In general terms, a charge to capital gains tax arises when a chargeable person makes a chargeable disposal of a chargeable asset. The disposal may produce a profit (known as a gain) or a loss.
Chargeable person and chargeable disposals are discussed in the Introduction to capital gains tax guidance note. Details of how to calculate the gain or loss or given in the Basic calculation principles of capital gains tax guidance note.
Assets are chargeable for capital gains tax purposes unless they are specifically exempt.
If assets are exempt from capital gains tax, this means that gains are not chargeable but also losses are not allowable. Common examples of exempt assets are discussed below.
An individual’s only or main residence is usually exempt from capital gains tax, although the situation is more complicated when the individual owns more than one property. See the Principal private residence relief ― basic principles guidance note.
Cars, defined as mechanically propelled road vehicle(s) suitable for the conveyance of passengers, are exempt assets for capita
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