(Capital Gains Tax)When you sell a capital asset such as a property or shares, the profit is treated as a capital gain rather than income and is subject to Capital Gains Tax. This is the difference between the base cost (i.e. the acquisition cost) and the value realised on disposal. Capital Gains Tax is charged at 40 per cent of the amount of the gain. In the period to 4 April 1998 the amount of the gain was reduced by indexation allowances. For disposals after 5 April 1998 there is to be a taper which will reduce the gain according to the length of time the asset has been held after 5 April 1998. The taper relief is more generous for business assets. Capital losses may be offset against gains and individuals have an annual exemption (₤7,200 for 2000/1).

Easyform Glossary of Law Terms. — UK law terms.

A tax on any chargeable gains made on the disposal or deemed disposal of capital assets by individuals, personal representatives and trustees in a year of assessment (which is a year ending on 5 April).
Related links

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

  • CGT — Saltar a navegación, búsqueda La sigla CGT puede significar: Las siguientes centrales obreras: Confederación General del Trabajo, de Argentina: Confederación General del Trabajo de la República Argentina CGT Azul y Blanco CGT N.º 1, una central… …   Wikipedia Español

  • Cgt — Cette page d’homonymie répertorie les différents sujets et articles partageant un même nom. {{{image}}}   Sigles d une seule lettre   Sigles de deux lettres > Sigles de trois lettres …   Wikipédia en Français

  • CGT — es el acrónimo de Confederación General del Trabajo que corresponde a las siguientes centrales sindicales: ● CGT Argentina ● CGT de España ● CGT de Francia * * * ► POLÍTICA Siglas de Confederación General del Trabajo …   Enciclopedia Universal

  • CGT — steht als Abkürzung für folgende Gewerkschaften: Confederação Geral do Trabalho, portugiesische anarcho syndikalistische Gewerkschaft Confederación General del Trabajo, spanische anarcho syndikalistischen Gewerkschaft Confédération générale du… …   Deutsch Wikipedia

  • CGT — can refer to:* Capital gains tax * Creatine Glutamine Taurine * Compagnie Générale Transatlantique, otherwise known as the French Line * General Confederation of Labour, referring to the name of various labour unions located in French, Spanish… …   Wikipedia

  • CGT —   [seʒe te], Abkürzung für die französische Gewerkschaft Confédération Générale du Travail, Frankreich, Staat und Recht …   Universal-Lexikon

  • CGT — sigla ES fr. Confedération Générale du Travail, confederazione generale del lavoro …   Dizionario italiano

  • CGT — [ ,si dʒi ti ] abbreviation BRITISH capital gains tax …   Usage of the words and phrases in modern English

  • CGT — capital gains tax (CGT) Tax paid on the profits or gains made from the sale of fixed assets. Capital Gains Tax (CGT) The tax an individual is liable to on realised capital gains which accrue in a year of assessment during any part of which the… …   Financial and business terms

  • CGT — abbrev 1. Capital gains tax (also cgt) 2. Confédération Générale du Travail (French), General Confederation of Labour, the largest French trade union * * * CGT UK [ˌsiː dʒiː ˈtiː] US [ˌsi dʒi ˈti] abbreviation british capital gains tax Thesaurus …   Useful english dictionary

Share the article and excerpts

Direct link
Do a right-click on the link above
and select “Copy Link”