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Tax-free capital gains

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:

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.

Bron: HM Revenue & Customs | 27-04-2021