Capital gains tax (CGT) is a charge on the increase in the value of an asset when you sell it. It applies to the sale of things like paintings, second homes, and stocks and shares, but main homes are currently exempt from GCT.

UK Treasury considers overhaul of property levies as ministers confront hole in public finances of at least £20bn

Rachel Reeves is reportedly mulling over the introduction of a new tax on higher-value properties, which experts warn could hit pensioners looking to downsize post-retirement