Tax advice of the week: Thirteen CGT-free assets

Nov 13, 2009

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Don't forget that some assets escape capital-gains tax, says The Schmidt Report. Here's a reminder of the main ones.

• Any tangible movable asset (excluding currency) sold for less than £6,000. 

• 'Wasting assets' – those that have an expected life of less than 50 years, provided you don't claim capital allowances.

• Your principal private residence.

• Foreign currency acquired for personal use outside the UK.

• Government securities (such as gilts).

• Cars, even if they have capital allowances claimed on them. 

• Qualifying corporate bonds.

• National Savings Bank certificates.

• Interests in trusts and settlements.

• Qualifying shares in venture capital trusts, or acquired through an enterprise investment scheme. 

• Assets held in individual savings accounts.

• Timber "disposed of as part of the commercial occupation of woodlands".

• Awards for gallantry or bravery.

Source: The Sunday Telegraph

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