Annual exempt amount: For the current tax year, you can earn up to £3,000 in capital gains tax-free before any tax is due.

Tax rates: Basic rate taxpayers pay 10% on gains (18% for residential property), while higher rate taxpayers pay 20% (24% for residential property).

Reporting requirements: Gains above £3,000 must be reported to HMRC via Self Assessment, with deadlines typically by 31 January after the tax year end.

Allowable costs: You can deduct costs like the purchase price, improvement expenses, and selling fees to reduce your taxable gain.

Losses: Capital losses can be offset against gains in the same tax year or carried forward to future years to reduce liability.

Principal private residence relief: Your main home is usually exempt from CGT when sold, but rules apply for periods of non-residence or partial use.

Business asset disposal relief: Formerly entrepreneurs' relief, this can reduce CGT to 10% on qualifying business assets, up to a lifetime limit of £1 million in gains.

Gifts: Gifting assets may still trigger CGT based on market value at the time of gift, so consider this when transferring ownership.

Inheritance: Inherited assets are valued at probate value, and CGT is calculated from that point when you sell them, not the original purchase price.

Deadlines for UK property: CGT on sales of UK residential property must be reported and paid within 60 days of completion, using HMRC's online service.