capital gains tax

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capital gains tax

a tax charged on gains of a capital nature. More specifically, the charge to capital gains tax is on chargeable gains; these are gains accruing from the chargeable disposal of chargeable assets by chargeable persons. It follows from this that some disposals are chargeable disposals while others (such as a disposal on death by a testator to his executors) are not; likewise, some assets are chargeable and others are not (e.g. cash), and some persons are chargeable persons and others not (e.g. charitable trustees). Chargeable gains made by companies otherwise than in a fiduciary capacity are charged to corporation tax rather than capital gains tax. The current law has been consolidated into the Taxation of Chargeable Gains Act 1992.
References in periodicals archive ?
One reason Congress gave for reducing the capital gain tax rates was to stimulate consumer spending.
When capital gain tax rates rose from 20% to 28%, there was a rise in capital gains taxes collected, from 4.
Estates and individuals with 2002-2003 fiscal years ending after May 5, 2003, and affected by the new capital gain tax rates, must attach to their 2002 Form 1040 or 1041 a computation similar to that shown in Part IV of 2003 Schedule D (Form 1040 or 1041).
The announcement sets forth additional requirements that certain fiscal-year taxpayers must meet to properly take into account the JGTRRA changes to the capital gain tax rates.
The application of this new, reduced capital gain tax rate to a client who already holds capital assets will depend on the client's unique fact pattern.
By completing a 1031 Exchange, an exchanger can dispose of a property, use all of the equity to acquire replacement investment properties and defer the capital gain tax that would ordinarily be paid.
The CIB was required to report the gain on his individual income tax return and pay the resulting capital gain tax.