What are the tax laws around chargeable gains?
There are a few nuances to whether or not you would pay CGT when you sell an asset that has generated a chargeable gain. For example, if you inherit an asset, inheritance tax is usually paid by the estate of the person who has died. This means you might only need to pay CGT if you sell the asset.
You could also incur chargeable gains on some of your overseas assets. However, you would only pay CGT on the chargeable gains if you claimed the ‘remittance basis’. This means you would pay tax on UK income and gains for the tax year, but you only pay UK capital gains on foreign income and foreign gains if or when they are brought (or 'remitted') to the UK. However, if you are a UK tax resident, you will pay CGT on your worldwide gains regardless of whether you remit the proceeds to the UK.
If you were to sell an asset that had incurred a chargeable gain, and you had an ownership share with someone else, you would only pay CGT on your share of the asset.