The following Personal Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
In general terms, a charge to capital gains tax arises when a chargeable person makes a chargeable disposal of a chargeable asset. The disposal may produce a profit (known as a gain) or a loss.
Chargeable person and chargeable disposals are discussed in the Introduction to capital gains tax guidance note. Details of how to calculate the gain or loss or given in the Basic calculation principles of capital gains tax guidance note.
Assets are chargeable for capital gains tax purposes unless they are specifically exempt.
If assets are exempt from capital gains tax, this means that gains are not chargeable but also losses are not allowable. Examples of exempt assets include:
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
To view our latest tax guidance content, sign in to Tolley® Guidance or register for a free trial.