Enjoying a windfall from the sale of a house or other property that has gained a lot of value can come with a sting in the tail. Tap our capital gains tax specialist accountant for help. Capital gains tax (CGT) is due when you sell assets and make a profit due to the increase in value. Most commonly this is a second home, but it could be other high-value property, such as antiques or shares.

Fortunately, there are reliefs and allowances for these profits, and much may depend on the rate of tax you pay on your income and what the tax-free income threshold is for that year. Also, remember you do not have to pay CGT on the sale of your main residence or your car.