Capital Gains Tax

Capital Gains Tax (‘CGT’) was introduced on 6 April 1965 and is levied on the chargeable gains arising on disposals of chargeable assets made by individuals and trustees. Companies do not pay CGT but are charged to corporation tax on their chargeable gains.

In its simplest form, the calculation of a chargeable gain is by reference to the difference between the disposal proceeds and the acquisition cost.

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