Capital Gains Tax (“CGT”) applies in certain cases when an asset is sold for more than it was originally purchased.  The taxable gain (profit) may be triggered following the transfer of an asset, although commonly this would follow a sale.  A number of tax reliefs are available to exempt or reduce the tax that may apply.  Basic tax planning may involve extending the period of time before or an asset is sold or crystallising the gain by transferring it to a 3rd party before it significantly increases in value.