Don’t forget that some assets escape capital-gains tax, says The Schmidt Report. Here’s a reminder of the main ones.
• Any tangible movable asset (excluding currency) sold for less than £6,000.
• ‘Wasting assets’ – those that have an expected life of less than 50 years, provided you don’t claim capital allowances.
• Your principal private residence.
• Foreign currency acquired for personal use outside the UK.
• Government securities (such as gilts).
• Cars, even if they have capital allowances claimed on them.
• Qualifying corporate bonds.
• National Savings Bank certificates.
• Interests in trusts and settlements.
• Qualifying shares in venture capital trusts, or acquired through an enterprise investment scheme.
• Assets held in individual savings accounts.
• Timber “disposed of as part of the commercial occupation of woodlands”.
• Awards for gallantry or bravery.
Source: The Sunday Telegraph