Commentary

C1.301 Definition of assets

Capital gains tax
Capital gains tax | Commentary

C1.301 Definition of assets

Capital gains tax | Commentary

Division C1.3     Assets and disposals

Division C1.3 reviewed by
JOSEPH H HOWARD

MA (Cantab), LLM (Tax), Barrister, Atlas Chambers, Gray's Inn

For updates affecting this Division please see Part C0 Updates

Assets

C1.301 Definition of assets

All forms of property are assets for the purposes of the charge on capital gain1, whether situated in the UK2 or not, including:

  1.  

    •     options (see Division C2.10), debts and incorporeal property generally

  2.  

    •     any currency other than sterling, and

  3.  

    •     any form of property created by the person disposing of it, or otherwise coming to be owned without being acquired3

Sterling includes sovereigns dated 1837 onwards. It is generally thought that sterling does not

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