How to work out capital gains tax
Article Abstract:
The UK Inland Revenue generally only takes into account gains or losses since Mar 31, 1982, for the purposes of assessing capital gains tax. For gains which are not tax-free, the tax is based on the increase in value of the asset during the time it was owned by the individual concerned. It is not necessary to pay tax on increases in value due merely to inflation, and it is also possible to deduct an indexation allowance.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1997
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How to work out capital gains tax
Article Abstract:
Capital gains tax (CGT) falls due when an asset is disposed of in some way. In most cases, only gains or losses made since Mar 31, 1992, are taken into account, and some gains are completely free of tax. Any tax charged is based on the rise in the value of the asset during the time it was owned by the individual. Increases in the value of shares or unit trusts are generally seen as taxable capital gains.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1996
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How to work out capital gains tax
Article Abstract:
Some assets may be liable to capital gains tax when they are sold or given away. The tax is based on the gain in the asset's value while it has been in the owner's possession. Tax-free gains include betting winnings and prizes, private cars, personal equity plans and presents between spouses. Tax is payable on shares, business and property.
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Subject: Consumer news and advice
ISSN: 0043-4841
Year: 1995
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