Annual exempt amount: £12,300 (for 2024/25) – gains below this threshold are tax-free, but unused allowance cannot be carried forward to future years.

Tax rates: Basic rate taxpayers pay 10% on gains (18% for residential property), while higher or additional rate payers pay 20% (28% for residential property).

Allowable costs: Include the original purchase price, legal fees, improvement costs (but not routine maintenance), and selling costs like agent fees.

Assets included: Property (excluding your main residence), shares and securities, business assets, and valuable personal possessions sold for over £6,000.

Exempt assets: Your main home (with certain conditions), cars, ISAs, government gilts, and personal belongings sold for less than £6,000.

Losses: Capital losses can be offset against gains in the same tax year or carried forward indefinitely to reduce future tax liabilities.

Reporting requirements: Gains above the annual allowance must be reported on your Self Assessment tax return, with deadlines typically by 31 January.

Payment deadline: Capital gains tax is due by 31 January following the end of the tax year in which the gain was made.

Business Asset Disposal Relief: Formerly known as Entrepreneurs' Relief, it reduces the tax rate to 10% on qualifying business asset sales up to £1 million lifetime limit.

Gift hold-over relief: Allows you to defer capital gains tax when gifting business assets, useful for succession planning or transfers.