Which of the following is exempt from Capital Gains Tax?

Life assurance policies are generally exempt from Capital Gains Tax because they are considered a type of long-term investment vehicle that provides a death benefit or may accumulate cash value. The gains from these policies typically do not trigger a capital gains tax event because the financial benefits are intended for policyholders or beneficiaries upon death, rather than as gains realized from the sale or transfer of an asset.

The other options, such as company shares, secondary property, and units in Contracts for Differences (CIS), are typically subject to Capital Gains Tax upon their sale or disposal. These assets generate profits upon realization, making them taxable events under capital gains regulations. The key characteristic of life assurance policies is their structure and purpose, which differ from traditional capital assets that may be sold for profit.