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.
Collins Dictionary of Law © W.J. Stewart, 2006
References in periodicals archive ?
Section 3 concerns his papers published during the late phase of the war, between 1917 and 1918, which deal with the nature of Britain's inflation and his reasons for supporting a capital levy. Section 4 deals with the post war period and considers the reasons for Pigou's back down on the capital levy as well as his thoughts on 'stability' and Britain wining the peace in an economic sense.
However, as we noted above, the Lagarde-run IMF has taken Dantonesque audacity to even greater limits, calling for a global wealth tax--more euphemistically, a "capital levy"--on all "positive net worth," meaning all savings, pensions, and home equity.
"(A capital levy) corresponds to the principle of national responsibility, according to which tax payers are responsible for their government's obligations before solidarity of other states is required," the Bundesbank said in its monthly report.
If the taxpayers expected another 'one-time' capital levy to occur with a sufficiently high probability, they will adjust their behavior accordingly.
Here the reform would differ from calls for a capital levy. The aim is not to put more money into the Exchequer, but to get it into the community.
The citizens of the McKenzie Valley first passed a 10-year capital levy in 2000.
For instance, when the capital stock is sufficiently large and no restrictions are placed on the capital income tax, it is optimal for the government to raise all revenues through a single capital levy at date 0 and never again tax either capital or labor.
He recommends a national tax on financial property, a capital levy akin to, though not as extreme as, the capital levy Donald Trump has recently floated as a way to pay off the national debt.
Finally, to the extent that changes in the nominal stock of base money can be made unexpectedly, they impose an ex-post capital levy on holders of the state's unindexed nominal liabilities, including base money.
Thus it is that some socialists have sought to speed up the levelling process by means of a substantial capital levy, once-for-all but subject to reimposition if needed.
There is a simple way to solve the deficit/debt problem: impose a wealth tax (or capital levy) large enough to pay off (or drastically reduce) the debt.
VAT is best modeled as a labor income tax plus a one-time capital levy. The tax is said to be pro-savings because it's a single, one-time tax on wealth.