So what exactly is an “asset” for Capital Gains Tax? In general terms, if it’s a physical, movable thing that’s worth at least £6,000, then it probably counts as an asset. That could mean artwork, jewellery, or even book collections and wines. There’s an exception for privately owned cars, but other kinds of vehicles can still count for the tax.
If you dispose of property that’s not your main home then you’ll probably owe Capital Gains Tax on your profits. In fact, if you were using your main home for business or letting it out, even that can count for the tax. The same goes for any shares (unless they’re in an ISA or Personal Equity Plan) or business assets you dispose of.
Anything with an expected lifespan of 50 years or under will generally be exempt, but the rules can get fiddly here, so it’s probably best to get professional advice if you’re not sure where you stand.