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Capital Gains Tax is a tax on the profit or gain you make when you sell or 'dispose of' an asset.
You usually dispose of an asset when you cease to own it - for example if you:
• sell it
• give it away
• transfer it to someone else
• exchange it for something else
• receive compensation for it - for example you receive an insurance payout when an asset has been destroyed
It is the gain you make, not the amount of money you receive for the asset that is taxed.
You bought some shares for £2,500 in June 1992.
You sell them for £12,500 in May 2013.
You have made a gain of £10,000 (£12,500 less £2,500).
It is important to plan for any capital gains that you may make in the future.
The value of investments, and the income from them, can fall as well as rise, and you may not get back the full amount you invest.
Tax Planning is not regulated by the Financial Conduct Authority.
