Assets subject to CGT include residential property (not your main home), buy-to-let properties, shares and securities, business assets like equipment, and personal possessions worth over £6,000.

Your main home is usually exempt from CGT through Private Residence Relief, but exceptions apply if you've let it out, used it for business, or it's not your only residence.

CGT rates depend on your income tax band: basic rate taxpayers pay 10% on most assets and 18% on residential property gains; higher rate taxpayers pay 20% on most assets and 28% on residential property gains.

You must report capital gains on your Self Assessment tax return if they exceed the Annual Exempt Amount or if you sold UK residential property, even if no tax is due.

Business Asset Disposal Relief (formerly Entrepreneurs' Relief) reduces the tax rate to 10% on qualifying business asset sales, with a lifetime limit of £1 million in gains.

You can offset capital losses against gains in the same tax year to reduce your tax bill, or carry forward unused losses to future years.

Gift hold-over relief may apply if you give away business assets, deferring the tax until the recipient sells them, which can help with estate planning.

For UK residential property sales, you must report and pay any CGT due within 60 days using HMRC's Capital Gains Tax on UK Property service, even if you're not registered for Self Assessment.

Inherited assets are valued at probate value for CGT purposes, and the gain is calculated from that value when you sell, not the original purchase price.

Jointly owned assets require each owner to report their share of the gain separately on their own tax returns, based on their ownership percentage.