CGT Assumed knowledge

Question 1

what assets are exempt from CGT?

Answer 1

motor vehicles
principal private residence
cash
investments held in an ISA and NS&I certificates
prizes, winnings
trade receivables
qualifying corporate bonds and gilts
some chattels
goodwill (companies only)

Question 2

what are the rules on chattels?

Answer 2

wasting chattels are exempt.

non wasting chattels:
- if cost less than 6k and sold for less than 6k= exempt-
- cost less than 6k and sold for more than 6k= proceeds-6k

• if cost more than 6k and sold less than 6k= proceeds equal 6k
• if cost more than 6k and sold more than 6k= normal CGT comp.