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Is a tax on any profit made when someone disposes of an asset ( sell, give, transfer, exchange ) The tax is levied on the gain and not on the amount of money received for the asset. CGT applies to most assets but not to someone's main home, their car o personal possessions disposed of for £6000 or less Everyone has an annual tax-free allowance for CGT - annual exempt amount Individuals - £12,300 2020/21 Trust - £6,150 Tax is levied on gains over and above this amount: if gains are below the threshold no tav ...
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