We calculate the main observables in $B_{u,d}\to (\rho,\omega,K^*)\gamma$ and $B_s\to (\bar K^*,\phi)\gamma$ decays, i.e. branching ratios and CP and isospin asymmetries. We include QCD factorisation results and also the dominant contributions beyond QCD factorisation, namely long-distance photon emission and soft-gluon emission from quark loops. All contributions beyond QCD factorisation are estimated from light-cone sum rules. We devise in particular a method for calculating soft-gluon emission, building on earlier ideas developed for analogous contributions in non-leptonic decays. Our results are relevant for new-physics searches at the $B$ factories, the LHC and a future super-flavour factory. Using current experimental data, we also extract $|V_{td}/V_{ts}|$ and the angle $\gamma$ of the unitarity triangle. We give detailed tables of theoretical uncertainties of the relevant quantities which facilitates future determinations of these CKM parameters from updated experimental results.
Comment: 49 pages, version to appear in PRD