Personal belongings (or ‘chattels’) where the sale proceeds (or value when given away) are less than £6,000.Private motor cars, including vintage cars.If the asset you inherited increases in value between the date of the deceased's death and the date you dispose of it, the increase is a capital gain. You do not pay CGT when you inherit an asset, but you may have to pay CGT if you sell, give away or exchange an asset you inherited and it has increased in value since the date of death. It is something that you own such as a house, shares in companies or other possessions. This might happen, for example, if a personal possession, such as an antique, has been destroyed and you have received a capital sum, such as an insurance pay-out, by way of compensation. In some cases, you are treated as if you have disposed of an asset. We do not cover the relief for gifts of business assets here, but you can find more information on GOV.UK.ĬGT can also apply if you transfer assets on separation, divorce or dissolution of a civil partnership. The rules are different depending on who you give the gift to and there are special reliefs for gifts of business assets. You may have to pay CGT when you give an asset as a gift to someone. There are special rules for CGT purposes that apply to individuals who are normally resident in the UK but are temporarily resident outside the UK (broadly this means those who are non-resident in the UK for less than five years). If you are non-resident (including in the overseas part of a split year), you may also be liable to CGT on the disposal of UK land and property (although private residence relief may apply). Non-residents are liable to CGT if they are carrying on a trade in the UK. If you are a UK resident, you may be liable to CGT on disposals of assets located anywhere in the world, not just your UK-located assets.
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You can find a basic guide to CGT on GOV.UK.Īs noted above it applies when you sell, give away, exchange or otherwise dispose of an asset, although gains on some assets are specifically exempt from CGT.