Capital Gains Tax catches people out in a very specific way: it doesn't require you to receive cash to trigger a bill. Selling an asset for a profit is the obvious case, but giving one away, transferring ownership, or swapping one investment for another can all count as a "disposal" — and HMRC will generally value the transaction at market value, whether or not any money actually changed hands.

That matters because the misconceptions run deep. Gifting a property to your child doesn't erase the gain. Divorcing couples have a limited window to transfer assets tax-free. Even exchanging one cryptocurrency for another can create a taxable event, despite no sterling ever touching your bank account.

With the annual exempt amount now down to just £3,000, relatively modest gains can create a reporting obligation that didn't exist a few years ago. And because rates depend on your income, your reliefs, and the timing of the transaction, the biggest mistake is treating CGT as an afterthought — something to calculate once a sale has already completed, when most of the planning options have closed.

Read our full guide for a closer look at the reliefs available, how gifting and inheritance are treated differently, and what to check before your next disposal.

If you're planning to sell, gift or transfer a significant asset, talk to us before taking action so we can help you understand the potential Capital Gains Tax implications.