Capital Gains Tax A capital gain arises when certain capital (or 'chargeable') assets are sold at a profit. The gain is the sale proceeds (net of selling costs) less the purchase price (including acquisition costs).The taxation of capital gains has been significantly revised from 6 April 2008. This factsheet deals with the current position.
Inheritance Tax Inheritance tax (IHT) is levied on a person’s estate when they die, and certain gifts made during an individual’s lifetime.
Pre-owned assets Pre-owned assets - A guide to pre-owned assets. With IHT came the concept of ‘potentially exempt transfers’ (PETs): make a lifetime gift of capital to an individual and, so long as you live for seven years from making the gift, there can be no possible IHT charge on it whatever the value of the gift.
Capital Gains Tax and the Family Home Capital Gains Tax and the Family Home - The capital gains tax (CGT) exemption for gains made on the sale of your home is one of the most valuable reliefs from which many people benefit during their lifetime.
