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.
See Checklist ― calculation of capital gains and losses for issues to consider when reporting client gains and losses.
TCGA 1992, s 1A (from 6 April 2019); TCGA 1992, s 1 (up to 5 April 2019)
Exempt persons include, amongst others, charities and local authorities, see CG10760.
TCGA 1992, s 1A (from 6 April 2019); TCGA 1992, s 2 (up to 5 April 2019)
TCGA 1992, s 21
Date of disposal
The date of the disposal determines when the gain arises and therefore the tax year in which it is subject to capital gains tax (unless the remittance basis applies, see ‘Overseas issues’ below).
The date of disposal depends on the type
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