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 ?

For each policy adjustment (cutting government spending, raising consumption taxes, raising labor taxes, and raising capital taxes), we simulate the response to a policy that goes into effect immediately and compare it with responses to policies with a 2-year delay, a 4-year delay, and an 8-year delay.

Greek budget realities: no easy option

The data source for capital taxes in the services sectors is Dee and Hanslow (2000).

Foreign direct investment liberalization between Canada and the USA: a CGE investigation

Once date 0 has passed, a planner at date t > 0 who re-optimizes would want to start with choices for consumption, labor effort, and capital taxes that differ from what was chosen for that date at time 0.

Stark optimal fiscal policies and sovereign lending

A YOU must report it to the Capital Taxes Office no later than a year after his death, as he did not outlive the gift by seven years.

Your Money: Q&A YOUR QUESTIONS ANSWERED

The latest (April) edition of the Capital Taxes Office's IHT Newsletter (www.inlandrevenue.gov.uk/cto/april2004a.pdf) confirms that, where property passing on death qualifies for 100 per cent business or agricultural property relief, personal representatives may complete the Inland Revenue Account according to 'their own considered estimate of open market value', and so avoid the expense of a professional valuation.

Business Matters: Racing and the Tax Man: Help is at hand in those darkest hours

The TACS Club, set up by the TACS Partnership, is offering a seminar and support programme covering VAT, capital taxes, employment taxation, business tax issues and customs duties for a fraction of the price of the major firms.

Low-cost tax advice scheme

The Finnish government has launched negotiations to lower the company and capital taxes.

Finnish government negotiates over tax reductions

Capital taxes exacerbate this misallocation of risk-bearing.

Capital income taxes

From the remaining 50% gross profit, only nominal amounts (for bookkeeping, board member fees, audit fees or all Swiss income and capital taxes) may be paid as deductible expenses.

The 50/50 practice in Switzerland

Free zone benefits for Metales Procesados include: 100% exemption from import taxes and duties on raw materials, supplies, machinery, and equipment; 100% exemption from income tax for 12 yr and a 50% exemption for the following six years; 100% exemption from export taxes; 100% exemption from local sales, consumption, and excise taxes; 100% exemption from municipal and capital taxes for 10 yr; 100% exemption from withholding taxes on profit repatriation; and expedited, on-site customs inspection.

Costa rica. (In Latin America)

But in 1986, after four years in office the Fine Gael-Labour Coalition were able to raise a mere pounds 36m in capital taxes and pounds 258m in corporation tax

BERTIE PLANS FOR ANOTHER 5 YEARS; Calls for a nation of risk-takers to meet challenges

These are production and import taxes, including VAT-type taxes; taxes on income, assets, etc.; capital taxes; social security contributions, social security benefits and various types of social security payments.