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Capital Gains Tax (CGT) is a tax on the profit made on the disposal of an asset that has increased in value. Whilst most taxpayers are aware of their annual tax-free allowance (currently £12,000) and the exemption for the, qualifying, sale of the family home - there are other items that are exempt from CGT.
These include:
So, if you are lucky enough to win the National Lottery this weekend, you won’t have to pay any CGT...
Please note:
None of the above exemptions apply when the gains arise from trading or business activities as distinct from occasional sales and disposals.