Commentary

C2.102 Exclusion of sums chargeable as income

Capital gains tax
Capital gains tax | Commentary

C2.102 Exclusion of sums chargeable as income

Capital gains tax | Commentary

C2.102 Exclusion of sums chargeable as income

In computing the gain or loss accruing on the disposal of an asset, there is excluded from the consideration for the disposal1:

  1.  

    •     any money or money's worth charged to income tax as income (for the purposes of the Income Tax Acts) of the person making the disposal, except, from 6 April 2013, disguised interest taxable under ITTOIA 2005, ss 381A–381E (Pt 4, Ch 2A)2

  2.  

    •     any money or money's worth charged to corporation tax as income (for the purposes of the Corporation Tax Acts) of the person making the disposal3

  3.  

    •     any money or money's worth taken into account as a receipt in computing income or profits or gains or losses of the person making the disposal

Any receipts

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to TolleyLibrary or register for a free trial