When you do not need to pay CGT?
You only have to pay Capital Gains Tax on your total gains above an annual tax-free allowance.
You do not usually pay tax on gifts to your husband, wife, civil partner or a charity.
What you do not pay CGT it on:
The system is fairly prescriptive but you do not pay Capital Gains Tax on certain assets, including any gains you make from:
- ISAs or PEPs
- UK government gilts and Premium Bonds
- Betting, lottery or pools winnings
What if Someone Dies?
When you inherit an asset, Inheritance Tax is usually paid by the estate of the person who’s died. You only have to work out if you need to pay Capital Gains Tax if you later dispose of the asset.
