![]() In terms of proceeds, if you give away an asset HMRC will treat you as having sold it for what it is worth (that is, the market value). Look at the example Neil to see how this works. Less: Costs incurred in improving the asset You normally work out your gain like this: How do I work out the gain on disposal of an asset? See Selling shares and other assets for more information. If you sell or give away other personal belongings (‘chattels’) then there will be no CGT if your share of the proceeds or value when given away is less than £6,000. You can read more about relief on selling your home separately. The CGT relief that can be applied on disposal of your main home does not apply to second homes or properties which are rented out, though part of those gain might qualify for relief if the property has previously been your only or main residence. The disposal of your main home is often free of CGT, but this is not always the case.
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