Capital Gains Tax
The tax paid on an asset subsequently sold for an amount higher than the original purchase price - making a profit.
Capital Gains Tax is a tax on the profit when you sell, or ‘dispose of’, something that has increased in value. Tax is paid on the profit element, not the sale price.
You will expect to pay Capital Gains Tax (CGT) when you sell and make a profit on most personal possessions over £6000, property that is not your main residence, shares excluding a NISA, ISA or PEP, and most business assets.
You will not expect to pay CGT on the sale of a car, gifts to spouse or partner, charitable gifts of profits within you annual allowance.
CGT can also apply if you are resident abroad with assets in the UK.
For expert unbiased advise on CGT call GPG on 01296 613355