Commentary

C1.101 Introduction to capital gains

Capital gains tax
Capital gains tax | Commentary

C1.101 Introduction to capital gains

Capital gains tax | Commentary

Part C1     Capital gains

C1.1     General principles of capital gains tax

C1.2     Persons chargeable

C1.3     Assets and disposals

[C1.4]     [Rewritten—Exemptions and reliefs]

C1.5     Losses

C1.6     Foreign element

Division C1.1     General principles of tax on chargeable gains

For updates affecting this Division please see Part C0 Updates

General principles of CGT

C1.101 Introduction to capital gains

For the latest New Developments, see ND.1733.

Broadly, where an asset is subject to disposal and the proceeds received or deemed to be received exceed the allowable costs, the profit is taxable. This profit is known as a gain. Where the proceeds are less than the allowable costs, a loss rises that may be relieved against the person's gains.

Individuals, trustees and personal representatives are subject to capital gains tax on gains. Companies are subject to corporation tax on chargeable gains. The scope of the tax on gains depends on the residence and potentially domicile status of

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