Things which may be ignored for CGT

Sales of property
You do not usually pay capital gains tax on the sale of your home. This is because of a tax relief called principle private residence relief. But if you have a second or holiday home, any capital gains are taxable. Principle private residence relief is a complex subject and is considered in the section: Selling your main private residence.

Other items that can be ignored
There are other things which are ignored for capital gains tax. These include:

• Private cars
• Personal property worth under £6,000, such as paintings and other works of art, antiques, furniture, ornaments and jewellery
• Items that usually last for less than 50 years – such as business equipment, clocks and watches, motor cars and other road vehicles
• Certain investments like ISAs and British Government Stock