What is Capital Gains Tax?
Capital Gains Tax is calculated when you dispose of a capital gains tax asset such as property, land, shares or other investments. Any gain on disposal of your (CGT) asset forms part of your taxable income and is not taxed separately as such.
Capital losses from disposal of a (CGT) asset are generally carried forward and can be offset against future gains
What about personal Assets?
Most personal assets are exempt from capital gains tax, including your home, car, and most personal use assets, such as furniture. CGT also doesn’t apply to depreciating assets used solely for taxable purposes, such as business equipment or fittings in a rental property.