Capital Gains Tax
Information About Capital Gains Tax
- If an individual is resident in the UK, Capital Gains Tax is payable on their assets in the UK and overseas.
- Gains on Life Assurance investments are not liable for Capital Gains Tax but are assessed to income.
- All gains under a non-qualifying policy are taxable whereas only gains in the first ten years might be taxable under a qualifying policy.
- Buy to Let investments do not qualify for Entrepreneur’s relief.
- Losses on the sale of a second home managed as a furnished let property is allowable against other gains for Capital Gains Tax.
- Where someone has more than one home, they must elect their main residence within two years of owning the second property.
- The annual exemption of £11k cannot be carried forward if unused.
- A gift to someone who’s not a spouse is a disposal and liable for Capital Gains Tax.
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