Capital Gains Tax: Property and personal possessions

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Tax when you sell property

What you pay it on

You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) property that’s not your home, for example:

  • buy-to-let properties
  • business premises
  • land
  • inherited property

There are different rules if you:

You’ll need to work out your gain to find out whether you need to pay tax.

When you do not pay

You do not usually need to pay tax on gifts to your husband, wife, civil partner or a charity.

You may get tax relief if the property is a business asset.

If the property was occupied by a dependent relative you may not have to pay. Find out more in the guidance on Private Residence Relief.

 

Tax when you sell personal possessions

What you pay it on

You may have to pay Capital Gains Tax if you make a profit (‘gain’) when you sell (or ‘dispose of’) a personal possession for £6,000 or more.

Possessions you may need to pay tax on include:

  • jewellery
  • paintings
  • antiques
  • coins and stamps
  • sets of things, eg matching vases or chessmen

You’ll need to work out your gain to find out whether you need to pay tax.

When you don’t pay it

You don’t usually need to pay tax on gifts to your husband, wife, civil partner or a charity.

You don’t pay Capital Gains Tax on:

Jointly owned possessions

You’re exempt from paying tax on the first £6,000 of your share if you own a possession with other people.

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