Why capital losses are important The charge to capital gains tax (CGT) is calculated on the total of all chargeable gains which accrued to the taxpayer in a tax year less any ‘allowable losses’. Capital losses incurred in a tax year are usually set off against the capital gains that arise in the same tax year, reducing the total taxable gains for that year. Losses not set off in this way are normally carried forward to be set against the next available gains in subsequent tax years. However, in certain circumstances those losses may be blocked, restricted, or carried back to earlier tax years, or possibly treated as if they were income tax losses (see below). Where the taxpayer is subject to more than one rate of CGT in a single tax year, they can choose which gains should be reduced by their capital losses, so their tax liability is reduced to the minimum possible. Where the taxpayer makes a claim to defer chargeable gains for an earlier year, the use of losses may be disturbed, which

What is the annual exemption? Tax-free amount Each individual (with some exceptions—see below) is entitled to an annual exempt amount when calculating the taxable amount of their chargeable gains for the tax year. The annual exempt amount is also known as the annual exemption. The amount of gains covered by the annual exemption is not chargeable to capital gains tax (CGT). The CGT annual exemption for 2025–26 is £3,000 for individuals, personal representatives (PRs) and trustees for disabled individuals. For other trustees, the annual exemption is £1,500. For the current annual exemption and that for recent tax years, see Practice Note: Key UK tax rates, thresholds and allowances for Private Client. No carry forward Any part of the annual exemption that is not set against gains in the tax year is lost. It cannot be carried forward or transferred to another person. Restricted annual exemption PRs of a deceased person's estate are entitled to the full annual exemption for an individual for the year the deceased died and the following two tax years. If gains arise

A charge to capital gains tax (CGT) arises when a chargeable person makes a chargeable disposal of a chargeable asset. A chargeable person includes an individual, the personal representatives (PRs) of a deceased individual and the trustees of a settlement, subject in each case to residence conditions. Companies are also legal persons and, for disposals before 6 April 2019, could be subject to CGT. Disposal is not defined but generally refers to a sale, exchange or gift of an asset. It includes a part disposal and the settlement of an asset on trust, as well as the disposal of a beneficial interest in an asset already held on trust. For general information on CGT, see Practice Notes: Introductory guide to CGT and CGT—basic principles for trusts. The need to value an asset In order to calculate the CGT charge, both the acquisition value and the disposal value of the chargeable asset are required. The gain is calculated by deducting the base cost (which is made up of the acquisition value and any allowable expenditure) from the disposal value,

Central Government Unit (CGU) is the unit within HM Treasury which was set up to provide equity investment in PF2 projects.

CASE HUB ARCHIVED–this archived case hub reflects the position at the date of the decision of 1 June 2022; it is no longer maintained. See further, timeline. Case facts Outline UK merger investigation into the completed anticipated acquisition by CHC Group LLC of Offshore Helicopter Service UK Limited, Offshore Services Australasia Pty Ltd and Offshore Helicopter Services Denmark AS (previously part of the Babcock International Group). Latest developments On 1 June 2022, the CMA issued its final report in its phase 2 investigation, finding that the transaction has resulted, or may be expected to result, in an SLC in the market for O&G Offshore Transportation Services in the UK. To remedy the SLC, the CMA decided that the most effective remedy is the complete divestment of the Babcock business (ie to unwind the transaction). Parties • CHC Group LLC (CHC): CHC is a Canadian company. It operates as a helicopter services company. CHC provides offshore transportation, as well as helicopter maintenance, repair, and overhaul services. It manages search and rescue networks and a flee of specialised medevac

Contact Handled ILW: Packaged radioactive ILW that, due to its external dose rate, is able to be directly handled without the need for remote handling equipment.

Combined Heat and Power or Cogeneration: The use of a heat engine or a power station to generate both electricity and useful heat simultaneously.

The Department for Energy Security and Net Zero (DESNZ) has opened the Heat Network Efficiency Scheme Round 7 for applications. Applications should be submitted by 28 March 2025. The scheme is open to organisations in the public, private or third sectors in England and Wales.

Conventional Island: That part of a nuclear plant that does not form part of the nuclear island. The conventional island is sub-divided into the turbine generator (i.e. the plant that converts the nuclear steam into electricity) and everything else that needs to be designed, constructed and tested to complete the conventional island i.e. the balance of conventional island.

The International Arbitration Centre of Madrid–Ibero-American Arbitration Centre (CIAM-CIAR) and Spanish Association of Consulting Companies (AEC) have entered into a collaboration agreement, aimed to advance arbitration as a specialised and efficient mechanism for resolving disputes within the national business sector. This agreement encompasses training initiatives for ACS members, the development of arbitration clauses tailored to the sector's requirements and the expansion of the court's database with highly qualified professionals in consulting, information technologies, telecommunications and electronics.

The the Madrid International Arbitration Center – Ibero-American Arbitration Center (CIAM-CIAR) and the Arbitration and Mediation Center (CAM Santiago) signed to integrate CAM Santiago's international arbitration operations into CIAM-CIAR. Taking effect from 1 July 2025, CAM Santiago will refer all new international arbitration cases to CIAM-CIAR while retaining its domestic arbitration and mediation services. The agreement grants CAM Santiago equal status with CIAM-CIAR's founding courts and establishes new governance arrangements including board positions and vice-presidency roles.

The International Arbitration Centre of Madrid – Ibero-American Arbitration Centre (CIAM-CIAR) has announced the appointment of María Paula Jijón as deputy secretary general. In addition it has also appointed Thalía Jiménez Vilcayauri and Stefano Lobatón Ramírez as two new lawyers in a bid to strengthen its team. According to the president of CIAM-CIAR, José María Alonso, these appointments are a strategic move to support the growth and needs of a thriving arbitration institution, with a focus on solidifying its leadership in international arbitration, particularly in the Latin American region.