Tax-free capital gains
29/04/2021

As with Income Tax personal allowances, taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is forfeited if not used. The annual exemption for individuals in 2021-22 is £12,300.

Whilst most taxpayers are aware of their annual tax-free allowance and the exemption for the qualifying sale of the family home there are other items that are exempt from CGT.

These include:

  • 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

A husband and wife each have a separate exemption. This also applies to civil partners who are treated in the same way as married couples for CGT purposes. Married couples and civil partners should ensure that assets sold at a gain are either jointly owned or that each partner utilises their annual exempt amount wherever possible. Any unused part of the annual exempt amount cannot be carried forward and is forfeited if unused in the current tax year.


Contact us

Main Office
33a Portsmouth Rd
Woolston
Southampton
SO19 9BA
 
Tel: 02382 123 336
E:   This email address is being protected from spambots. You need JavaScript enabled to view it.
 
 

Hampshire

Satellite Office
The Old Bond Store
Back of the Walls
Hampshire
Southampton
SO14 3BH
 
Tel: 0345 222 1066 / 02382 123 336
 
 

Surrey

Satellite Office
16 Imber Grove
Esher
Surrey
KT10 8JD
 
Tel: 0345 222 1066 / 02382 123 336
 
 
 

Wartling

Satellite Office
Well House
Wartling Road
Wartling
Eastbourne
BN27 1RX
 
Tel: 0345 222 1066 / 02382 123 336
 
 

Visit Us

Monday - Friday 09:00- 1730​
Evening and Weekend appointments
are available on request​.
 
To make an appointment,
please email hello@genio-accountants
or call us on 02382 123 336.

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