Capital Gains
Capital Gains Tax (CGT) is a tax on the profit – or gain – you make when selling an asset. You do not have to pay CGT if your gains for the tax year are below your yearly tax-free allowance.
CGT is a tax on the profit when you sell or dispose of an asset
Some assets are tax free and you get an annual tax free allowance for CGT.
CGT is paid on the gain you make when you sell:
most personal possessions worth more than £6000 (apart from your car)
property that is not your main home
shares (not ISAs or PEPs)
business assets
CGT on UK property must be reported to HMRC within 60 days.