Capital gains tax becomes payable on the profit that you make when you sell (dispose) of an assets whose value has increased in the time that you’ve owned it. You can claim capital gains allowances as you can find out in this article.
Just as with your income tax annual personal allowance, there’s a capital gains tax annual allowance which means you’re able to make up to a certain amount in profit every year before any capital gains tax becomes payable on it.
What are the capital gains tax rates and capital gains tax allowances?
For the tax year 2017/2018, the current capital gains tax rates and allowances are: