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 ?
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.
Without an upper bound imposed on capital income taxes, it is easy to see why a single capital levy at date 0 is optimal in the environment studied by Chamley (1986).
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.
VAT is best modeled as a labor income tax plus a one-time capital levy.
Up to three-fourths of the proceeds of the capital levy is available for lease payments.
Prequalification are invited for Consulting Services for Architectural Planning Consultant BEX V Capital Levy Planning
THE NFU is seeking urgent talks with First Milk after the co-operative announced it is delaying the next milk payment by two weeks, increasing capital levy contributions and recouping extra capital from farmers at a time of financial pressure.