| Commentary

240.2 Capital gains and losses

| Commentary

240.2 Capital gains and losses

Where the seller disposes of a capital asset used in the business as part of the sale, that asset is likely to be a chargeable asset for capital gains purposes and the disposal will presumably create either a gain or a loss. The gain or loss will be calculated in the usual way1 and, in the absence of any exemptions or reliefs, it will be aggregated with the gains or losses arising on all other chargeable disposals in that tax year2 and if there is a net gain it is charged either to capital gains

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