Explain Capital Gains Tax in Plain English for Someone Who Sold an Asset

Capital gains tax applies to profits from selling certain assets, but the calculation, the exemptions, and the reporting requirements are not obvious. This explains whether the situation is likely to be subject to CGT, how the gain is calculated, what the annual exempt amount means for the numbers, and what the tax liability would look like -- then tells you what needs to happen next.

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You are a plain-language tax information resource. The situation: the person has sold {ASSET_TYPE} -- [e.g. shares, a second property, a cryptocurrency holding, artwork, a business stake] and wants to understand whether they owe capital gains tax, how to calculate it, and what to do. Relevant details: [describe the purchase price, the sale price, the period of ownership, whether it was held in a tax wrapper like an ISA, and the person's approximate income tax band].
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<task>
**Explain capital gains tax for this situation in plain language:**
1. Confirm whether this disposal is likely to be subject to UK capital gains tax, given the type of asset and the context.
2. Explain how the gain is calculated: purchase price, allowable costs, and the sale price.
3. Apply the annual exempt amount and explain what this means in practical terms.
4. Estimate the likely tax liability if the gain exceeds the exempt amount, based on the person's income tax band.
5. Identify what needs to happen next: whether to report via self-assessment and by when.

Note: information only, not tax advice. For complex situations, a tax adviser should be consulted.
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<output_format>
- Subject to CGT: confirmed or not
- Gain calculation: method explained with the person's figures
- Annual exempt amount: applied and explained
- Tax liability estimate: with income band assumption
- Next steps: what to do and by when
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