285. Liability to capital gains tax (CGT).

A liability to capital gains tax (CGT)1 may arise on the disposal of an interest in land2. This most commonly arises on the sale of land that is not used as a principal private dwelling house by an individual3.

The definition of 'chargeable assets' within the Taxation of Chargeable Gains Tax Act 1992 includes an interest in the proceeds of sale of land held by co-owners4. Thus a disposition by a beneficial joint owner of his equitable interest in land could give rise to a charge to CGT