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Daily Telegraph Tax Guide 2012, The by David Genders

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13

Capital gains

The profits you make on disposing of your assets are known as capital gains and are subject to Capital Gains Tax. However, not all capital receipts are taxable. These include lottery, pools or gambling winnings, mortgage cash-backs and personal or professional damages. Profits made on disposing of the following types of asset are also tax free:

  • private cars;
  • National Savings;
  • your home;
  • chattels sold for less than £6,000;
  • British Government securities and many corporate bonds;
  • shares issued under the Enterprise Investment Scheme as long as the income tax relief has not been withdrawn;
  • shares in Venture Capital Trusts;
  • investments in an Individual Savings Account (ISA);
  • gifts to charities or for the public benefit; and
  • qualifying ...

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