Tax free chargeable gains

There’s a lot of information published about the amount of capital gains tax you will need to pay if you sell a chargeable asset. Of course you can sell chargeable assets and the first £10,600 of taxable gains is exempt from a tax charge in the current tax year, 2011-12.

We thought it might be of interest to list items that can be sold with no fear of capital gains tax arising on the sale. Here’s HMRC’s published list:

•    private motor vehicles
•    an individual's only or main residence (having gardens or grounds of half a hectare or less) which has been occupied as such throughout the period of ownership
•    tangible moveable property, that is chattels such as household goods and personal effects, worth less than £6,000
•    chattels with a predictable life of 50 years or less (unless used for the purposes of a trade, profession or vocation)
•    SAYE (save-as-you-earn) contracts
•    National Savings Certificates
•    Premium Bonds
•    British Government Securities
•    qualifying corporate bonds
•    certain investments in Personal Equity Plans, Individual Savings Accounts and under the Business Expansion Scheme
•    the receipt of personal injury compensation
•    the receipt of winnings from betting, including pool betting, or lotteries or games with prizes.

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