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 ?
National Clearing Company of Pakistan Limited (NCCPL), which collects capital gains tax on shares, has determined the value of shares for CGT based on this formula in accordance with Section 37a of ITO 2001.
When CGT was in suspension, the government no doubt lost considerable revenue.
Even in countries that do have CGT for foreign investors, the rules are distinctly different from those that apply to domestic investors to provide an attractive tax environment and avoid double taxation.
The CGT has an annual capacity of 115,000 twenty-foot equivalent units (TEUs), including a Ro-Ro wharf, storage for dry laden and empty containers, project cargo, and ISO tanks.
In addition, CGT will offer RoRo barge berthing, container storage or yard leasing, empty container maintenance and repair, container weighing, and other container related services.
Further, the aggregate amount of CGT arising on trading of future commodity contracts at Pakistan Mercantile Exchange, for the period September 01, 2018 to October 31, 2018, would also be collected from the Pakistan Mercantile Exchange on Thursday, November 29.
Will there be a ceiling on the amount of CGT being offset because some landlords might have enormous gains if they've owned a property for decades?
The CGT programme followed the US FDA's Reauthorization Act 2017 (FDARA) designed to reduce the number of review cycles that generic applications usually undergo.
The higher rate of CGT regardless of its holding period as against the previous holding period at various slabs and longer holding period has resulted in drastic fall of turnover.
The country took second place in terms of amount of order backlog after China, falling short of 274 CGT. South Korea also came in second in terms of orderbook value by a head, remaining at the same levels thanks to its high value added vessel contracts.
However, Jeremy Corbyn has said that a Labour government would reverse the cut that took CGT to its present ten per cent for basic rate taxpayers and 20 per cent for higher earners, from 18 per cent basic and 28 per cent higher during the period 2010-16.