Each UK taxpayers have an annual exempt amount for Capital Gains Tax (CGT) which is lost if not used. The annual exemption for individuals in 2021-22 is £12,300.
Whilst most taxpayers are aware of the amount of annual tax-free allowance and the exemption for the qualifying sale of the family home there are other items as well that are exempt from Capital Gains Tax CGT.
These include:
Have a look at our Capital gains tax services page.
Any unused part of the annual exempt amount cannot be carried forward and is forfeited if unused in the current tax year.
If you are looking to know more about this, feel free to book a free consultation.