Gains arising on the disposal of certain assets, listed below, are exempt; by the same token any loss arising on their disposal is not allowable for these purposes. (see ( /intro/when-to-pay.htm)

Chattels: These are assets which are touchable (`tangible') and moveable. They are exempt if the disposal is for £13,000 or less. (A special computation is necessary if the sum exceeds £13,000.) This does not apply to currency (but see under Foreign currency below). There are also special rules dealing with 'sets' of chattels.

Motor cars: These are not chargeable assets unless they are of a type not commonly used as a private vehicle and unsuitable to be so used.

National Savings Certificates, Premium Bonds, etc: These and other government securities which are not transferable are exempt whenever they are acquired or disposed of.

Government securities Gilt-edged'): These are exempt if held for more than 12 months. Also listed corporate bonds, futures and options.

Betting and other winnings: Winnings from betting are not chargeable gains. Premium Bond winnings, etc., are also exempt.

Foreign currency: This is exempt when disposed of providing it was acquired only for personal and family expenditure.

Medals and decorations: These are exempt unless acquired by purchase.

Compensation for damages: This is exempt if received for personal or professional wrong or injury; if the damages, etc., relate to an asset, payment will constitute a disposal.

Life assurance policies and deferred annuities: These are exempt when they are disposed of or realised by the original policy-holder but not when they are disposed of or realised by another person who may have acquired them by subsequent purchase.

Your home: Generally speaking if your home is your only or main residence throughout your period of ownership there will be no charge to CGT (HTTP://WWW.HMRC.GOV.UK/CGT/) when you sell the property. This exemption extends to the building and in most cases up to one acre of land.

CCMG - 2013

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