Our newsletter this month contains the following articles: HMRC’s published list of assets that can be sold without capital gains tax charge, a note of tax exemptions for amateur sports clubs, a change to the reporting of property transactions, and, HMRC are reconciling PAYE tax records for 2010-11 ? under and over payment notices are on their way!
There’s a lot of information published about the amount of capital gains tax you will need to pay if you sell a chargeable asset. And of course you can sell chargeable assets and the first £10,600 of taxable gains is exempt from a tax charge in the current tax year, 2011-12.
We thought it might be of interest to list items that can be sold with no fear of capital gains tax arising on the sale. Here’s HMRC’s published list and please note that a chattel, referred to in the list, is the personal variety; defined as ‘an item of movable, personal property’. In plain English personal effects or household goods: