768. The charge to capital gains tax.

Capital gains tax (CGT) is charged for a tax year1 on chargeable gains2 accruing in the year to a person on the disposal3 of assets4.

Capital gains tax is not charged on gains accruing to a company, but corporation tax is chargeable instead, in accordance with the Corporation Tax Act 2009, Part 15 Chapter 2 of the Taxation of Chargeable Gains Act 19926 and other relevant provisions of the Corporation Tax Acts7. Otherwise, capital gains tax is charged on the total amount of chargeable gains accruing to a person in a tax year after deducting (1) any allowable losses accruing