- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 17 Sep 2019
When an asset is sold (or disposed of) at a profit (ie the difference between the sale price and the original purchase price), the seller is said to have made a capital gain and may be liable to pay capital gains tax on the profit.
Capital gains example:
- An art collector sells a painting for £750,000.
- They originally bought it 10 years previously for £250,000.
- Therefore, they have made a profit (capital gain) of £500,000 and will be liable to pay capital gains tax on that £500,000 (assuming there are no allowances or exemptions in force).
- Most personal possessions worth more than the threshold, apart from a car.
- Property that is not a main home.
- A main home if it has been let out, used for business or is very large.
- Shares that are not in an ISA or PEP.
- Business assets.
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