{"id":5392,"date":"2022-04-21T04:00:00","date_gmt":"2022-04-21T04:00:00","guid":{"rendered":"http:\/\/im-23484"},"modified":"2023-01-11T11:14:12","modified_gmt":"2023-01-11T11:14:12","slug":"asset-disposals-not-subject-to-capital-gains-tax","status":"publish","type":"post","link":"https:\/\/www.oneaccounting.co.uk\/asset-disposals-not-subject-to-capital-gains-tax\/","title":{"rendered":"Asset disposals not subject to Capital Gains Tax"},"content":{"rendered":"<p>Capital Gains Tax (CGT) is a tax on the profit made from selling certain assets such as property, shares or other investments. CGT is usually charged at a flat rate of 20% and applies to most chargeable gains made by individuals.<\/p>\n<p>If taxpayers only pay basic rate tax and make a small capital gain, they may only be subject to CGT at a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to 20% CGT. An 8% surcharge applies to the sale of chargeable residential property (apart from a principal private residence) and carried interest (the share of profits or gains that is paid to asset managers). There is also an annual CGT exemption for individuals that is currently &pound;12,300.<\/p>\n<p>There are a number of asset disposals, which&nbsp;are not subject to CGT.<\/p>\n<p>These include:<\/p>\n<ul>\n<li>your car<\/li>\n<li>your main residence &ndash; known as a principal private residence, but there are some important caveats to be aware of<\/li>\n<li>personal possessions worth up to &pound;6,000 each, such as jewellery, paintings or antiques<\/li>\n<li>stocks and shares you hold in tax-free investment savings accounts, such as ISAs and PEPs<\/li>\n<li>UK Government or &#39;gilt-edged&#39; securities, for example, National Savings Certificates, Premium Bonds and loan stock issued by the Treasury<\/li>\n<li>betting, lottery or pools winnings<\/li>\n<li>personal injury compensation<\/li>\n<li>foreign currency you bought for your own or your family&#39;s personal use outside the UK<\/li>\n<\/ul>\n<p>So, if you are lucky enough to win the National Lottery this weekend, it is unlikely you will&nbsp;have to pay CGT!<\/p>\n<p>Note that none of the above exemptions apply when the gains arise through trading or business activities as distinct from occasional sales and disposals.<\/p>\n<div style='font-size:smaller' class='im_source'>Source: HM Revenue &#038; Customs   Tue, 19 Apr 2022 00:00:00 +0100<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Capital Gains Tax (CGT) is a tax on the profit<\/p>\n","protected":false},"author":1,"featured_media":5393,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[147,1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.5 - 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