Capital Gains Tax Explained | UK
Let's look at Capital Gains Tax Explained for the UK. Certain forms of income would fall under capital gains tax rules such as cryptocurrency, shares, selling a property, and disposing of business assets. Anything that HMRC considers to be an asset may be liable for capital gains tax.
When these capital gains arise, you would need to report them to HMRC and pay the appropriate CGT where applicable. Please consult a professional if you need help with reporting or calculating your capital gains.
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-Timestamps-
00:00 - Intro
00:29 - What is Capital Gains Tax?
01:05 - Types of 'Chargeable Assets' for CGT
02:02 - How is an Asset Disposed?
03:29 - Capital Gains Tax Rates Explained
04:48 - How to Calculate Capital Gains (Profit)
06:37 - How to Calculate Capital Gains Tax (income)
07:49 - How to report Capital Gains to HMRC
09:02 - Helpful Links (below)
General Info for Capital Gains - https://www.gov.uk/capital-gains-tax
Capital Gains Calculator for Shares - https://www.gov.uk/tax-sell-shares/wo...
How capital gains are calculated when you sell shares - https://www.gov.uk/government/publica...
Capital Gains Tax on UK Property Account - https://www.tax.service.gov.uk/capita...
Register for Self-assessment - https://www.gov.uk/government/publica...
BONUS: HMRC Cryptocurrency Manual - https://www.gov.uk/hmrc-internal-manu...
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