08: Main exemptions
Gains on certain assets are exempt (and losses are not allowable):
- An individual’s or married couple’s/registered civil partnership’s only or main residence.
- Certain works of art, historic buildings and their maintenance funds, decorations for valour, private motor cars.
- Enterprise investment scheme (EIS) shares (losses on these are allowable after adjustment for any income tax relief) and venture capital trust (VCT) shares.
- Government securities, loan stocks, qualifying corporate bonds, and National Savings and Investments certificates.
- Individual savings account (ISA) and child trust fund (CTF) investments.
- Life assurance policies disposed of by their original owner.
- Foreign currency for personal expenditure.
- Betting and lottery wins, and compensation or damages for personal wrong or injury.
- Assets transferred to charities or to trustees for the benefit of employees.
- Shares held by the trustees of share incentive plans up to the point they are transferred to the employee.
