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.
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