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 ?
To the extent that the Bush tax cuts are allowed to remain in effect and Obamacare is not repealed, capital gains taxes will escalate to 18.
Democratic committee members seemed unconvinced that lowering capital gains taxes would necessarily turn the state into a wealth magnet.
Almost no countries apply capital gains taxes to owner-occupied housing, for a variety of economic and political reasons.
In general, the preliminary evidence suggests that capital gains taxes affect equity prices and may contribute to short-term departures from fundamental prices.
In summary, LMM's paper deals with an important topic and contributes to our understanding of how investor-level capital gains taxes impact share prices.
The conservation easement decreased his capital gains taxes brought by the Des Moines sale by $25,000 in the first year alone.
The taxpayers in all of these cases requested a reduction in stock value equal to the full amount of the capital gains taxes that would have been due upon liquidation of the respective corporations.
Capstone Bay President Cliff Brown said, "The ideal structured sale client is someone in transition who has owned real estate for decades and perhaps has done a 1031 exchange multiple times over the years to defer the capital gains tax, but now they are ready to get off the real estate treadmill and enjoy their equity while deferring the capital gains taxes.
The Bush tax cuts set to expire on December 31, 2010, directly affecting how capital gains taxes will be taxed going forward.
Because of the jump in real estate prices, I've realized a nice return on my investment and I'm worried about paying huge capital gains taxes.
For gift tax purposes, the taxpayer reduced the stock's value by 25% for a minority discount and by the capital gains taxes attributable to the built-in gain on the building.
For many years, the IRS has steadfastly held to the position that capital gains taxes on corporate level built-in gains cannot be taken into account for purposes of determining the transfer tax value of common stock in a closely held company.