Believe it or not there are a number of assets that you can sell that do not trigger a capital gains tax (CGT) liability. The list, published on HMRC’s website is as follows:
- Your car
- Personal possessions worth up to £6,000 each, such as jewellery, paintings or antiques
- Stocks and shares you hold in tax-free investment savings accounts, such as ISAs and PEPs
- UK Government or 'gilt-edged' securities, for example, National Savings Certificates, Premium Bonds and loan stock issued by the Treasury
- Betting, lottery or pools winnings
- Personal injury compensation
- Foreign currency you bought for your own or your family's personal use outside the UK
And, you can sell your private residence without capital gains tax complications as long as you have lived in the property for your entire period of ownership.
Certain gifts to certain registered charities may also be exempt.
If you would like an opinion about the CGT implications of a disposal you are about make, or have made, please call.