The following Private Client practice note provides comprehensive and up to date legal information covering:
A charge to capital gains tax (CGT) arises when a chargeable person makes a chargeable disposal of a chargeable asset. The disposal may produce a gain or a loss. These principles are explained in the Practice Note: Introductory guide to CGT.
This Practice Note covers the general rules used to calculate whether an individual has made a gain or loss on the chargeable disposal of a chargeable asset.
The standard proforma for calculating the chargeable gain on the disposal of chargeable assets from 6 April 2008 onwards is a basic calculation of the cash profit:
Deductible costs of sale include legal fees, valuation fees, estate agency fees, auction fees and any costs of advertising for sale.
Deductible costs of acquisition include the purchase price or deemed purchase price (unless the asset was acquired before 31 March 1982, see below) and the incidental costs of acquisition (eg legal fees, survey fees, stamp duty land tax or equivalent).
Enhancement expenditure is capital expenditure which increases the value of the asset and is reflected in the state or nature of the asset at the time of the disposal. The most common type of enhancement expenditure is where a taxpayer incurs building costs in enhancing
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