Capital gains tax

Capital gain tax is a tax on the profit when you sell something that is increased in value. Capital gain tax has to be paid on items which are sold at a substantial profit, Antiques, Shares, Precious metals and second homes. Generally it is a tax you paying on gains you make on a disposal of assets.

Disposing of an asset may include:

• Selling it
• giving it away as a gift
• Swapping it for something else
• getting compensation  for it – such as insurance payout if it is lost or stolen.