A UK taxpayer has disposed of four assets during the year. Which of the following gains could be subject to Capital Gains Tax? A The taxpayer purchased a large sum of Euros for use on holiday, which were not spent and were worth more than had been paid for them when converted back to Sterling. B The taxpayer had invested in shares issued by his employer and sold them at a gain. C The taxpayer purchased a rare model of sports car, but sold it soon afterwards at a profit because he found it difficult to drive. D The taxpayer sold his family home, realising a profit, in order to move to a smaller property. May I know why A,B and D is not accepted?
Hi. B is the correct answer here. Options A, C and D are all examples of assets free from CGT in the UK (as listed in Chapter 3).
