Capital gains tax is applied to the profit of things you sell that have increased in value. This typically includes:
- Property that isn’t your primary residence, for example second homes and buy-to-let properties
- Inherited properties
- Shares
- Investment funds
- The sale of a business
- Valuables worth over £6,000 including art, antiques and jewellery
- Assets transferred at below their market value
People who are married or in a civil partnership are free to transfer assets to each other without any CGT being charged. You also don’t usually have to pay it on gifts to charities, or winning from the lottery or betting.