Commentary

D7.825 Capital gains

Corporate tax
Corporate tax | Commentary

D7.825 Capital gains

Corporate tax | Commentary

D7.825 Capital gains

Chargeable gains of a building society are to be included in its corporation tax computation and allowable capital losses may be set against them. Where the losses exceed the gains, the excess must be carried forward for use against future chargeable gains; they cannot be set off against other income. Chargeable gains are treated exactly as for companies, ie they are liable to corporation tax at the rate applicable to the society's income1.

There is no liability for tax on gains which may arise when there is a technical disposal of property by one society to another on

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