Capital Gains Tax

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Capital Gains Tax

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Exemptions	Amount	Notes	Useful links	Statutory reference	Last updated	Author
main residence	100% relief/exemption	Provided a property is a genuinely used as a residence an owner of more than one can elect which is their main residence for CGT purposes	UK Gov't notes: "Tax when you sell your home".	TCG Act 1992 ss.222 - 226	5th December 2018	HJS
Individuals	£11,700 in tax year 2018-2019	as well as the annual exemption, capital losses can be set against capital gains in other holdings.	HMRC Guidance HS283 and Ross Martin notes on CGT rates and allowances	The Capital Gains Tax (Annual Exempt Amount) Order 2018, SI 2018/244	5th December 2018	HJS
Trusts	£5,850 in tax year 2018-2019	trustees generally have half the annual exempt amount of an individual.	Gov't notes: Trusts and Capital Gains Tax" and HMRC CGT Manual CG33000C	TCG Act 1992 ss.68 - 98	5th December 2018	HJS
Chattels exemption	£6,000	tangible moveable assets are exempt from CGT if bought and sold for less than £6,000	HMRC CGT Manual CG76550	TCG Act 1992 s.262	5th December 2018	HJS
Cars	normally 100%	in general private cars are not chargeable assets - generally cars go down in value and this ensures they do not give rise to allowable losses	HMRC Capital Gains Manual CG76906	TCG Act 1992 s.263	5th December 2018	HJS
Wasting Assets	normally 100%	Certain chattels are always treated as wasting assets, for example, livestock and plant or machinery.	HMRC Capital Gains Manual CG7621 and Burges Salmon note "Painings can be wasting assets"	TCG Act 1992 ss.44 - 47	5th December 2018	HJS
Gifts to charity	100% relief/exemption	special rules can apply if assets are sold, not given, to a charity (see HMRC Guidance on giving land, share etc to charity)	HMRC note: "Tax relief when you donate to a charity"	TCG Act 1992 s.257	5th December 2018	HJS

For 2018/2019 and Budget 29th October 2018 proposed tax rates for 2019/2020 generally go to:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/754766/Annex_A_rates_and_allowances.pdf

Main law is in the Taxation of Chargeable Gains Act 1992 as amended (esp by Finance Act 2016 ss.83 - 92)
For general technical guidance see HMRC Capital Gains Manual

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Category	Rate	Notes	Useful links	Statutory reference	Last updated	Author
Basic rate taxpayers	10%	18% on residential property not eligible for main residence exemption	Gov't notes: "Tax when you sell property"	Finance Act 2016 s.83(3)(b) and Taxation of Chargeable Gains Act 1992 s.4	5th December 2018	HJS
Higher and Additional rate taxpayers	20%	28% on residential property not eligible for main residence exemption	Ross Martin notes on CGT rates and allowances	Finance Act 2016 s.83(6) and Taxation of Chargeable Gains Act 1992 s.4	5th December 2018	HJS
Trusts	20%	28% on residential property not eligible for main residence exemption	Ross Martin notes on CGT rates and allowances	Finance Act 2016 s.83(5) and Taxation of Chargeable Gains Act 1992 s.4	5th December 2018	HJS