Capital Gains Tax
Capital Gains Tax is a tax on the profit or gain you make when you sell or ‘dispose of’ an asset.
Most assets are liable to Capital Gains Tax when you sell or dispose of them, whether they're in the UK or overseas. Some assets are exempt, such as your car, personal possessions with a value of £6,000 or less and your principle private residence.
There is an annual capital gains allowance available for individuals, this varies year on year and more information on the current allowances and rates can be found in the tax tables.
If you have made disposals during the year and the accumulated gains are above the annual allowance tax will be payable and a tax return should be completed.
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