Commentary

C2.601 Rebasing—general principles

Capital gains tax
Capital gains tax | Commentary

C2.601 Rebasing—general principles

Capital gains tax | Commentary

Division C2.6     Assets held on 31 March 1982

Division C2.6 reviewed by
JOHN HIDDLESTON,

MA (Cantab), CTA

Assets held on 31 March 1982

C2.601 Rebasing—general principles

As a general rule, gains or losses are computed for the purposes of capital gains tax by deducting the cost of acquiring the asset, and certain other expenditure, from the consideration for disposal1. In the case of an asset acquired before 1 April 1982 and disposed of after 5 April 1988, the general rule is modified so that instead of actual cost, the market value of the asset on 31 March 1982 is deducted in the

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