Syllabus C. Chargable Gains For Individuals C1. The scope of the taxation of capital gains

C1b. Assets which are exempt

Syllabus C1b)

Recognise those assets which are exempt.

Exempt assets include:

  • Motor cars suitable for private use

  • Animals (wasting chattels that do not qualify for capital allowances)

  • Debtors

  • Cash

  • Chattels bought and sold for less than £6,000

  • Corporate bonds

  • Government securities

  • Trading stock

  • Shares in individual savings accounts ISA

  • Shares in a VCT

  • Foreign currency for private use (Cash)

  • Works of art given for national use

  • Damages for personal injury

  • Life insurance policies (Cash)

  • National Savings and Investment certificates

In the exam, if you think that an asset is exempt just state this.