Assets subject to capital gains tax include property (not your main home), shares, business assets, and personal possessions worth over £6,000.

You have an Annual Exempt Amount of £3,000 (for 2024/25 tax year) – gains below this are tax-free.

Tax rates vary: 10% or 20% for basic and higher rate taxpayers on most assets, and 18% or 28% for residential property gains.

Principal Private Residence relief can exempt gains on your main home if you've lived there throughout ownership.

Business Asset Disposal Relief (formerly Entrepreneurs' Relief) reduces the tax rate to 10% on qualifying business asset sales up to £1 million lifetime limit.

You must report gains on a Self Assessment tax return if they exceed the Annual Exempt Amount or if you're registered for Self Assessment.

Losses from asset sales can offset gains in the same tax year or be carried forward to future years.

Gifts or transfers at less than market value may still trigger capital gains tax based on the asset's market value.

For jointly owned assets, gains are split based on ownership shares, and each person uses their own Annual Exempt Amount.

Non-UK residents pay capital gains tax on UK residential property disposals, with specific reporting requirements via HMRC's Non-Resident Capital Gains Tax service.