CGT What is Taxed?
CGT What is Taxed?
You are potentially liable to capital gains tax CGT when you dispose of an asset.
Assets can be anything of value such as shares, unit trusts, property and antiques. Some assets are exempt.
Disposing of an asset for capital gains tax CGT purposes does not just mean selling it.
The liability to tax therefore includes any transfer of ownership or value of an asset. It covers:
- Sale of assets for monetary value
- Giving assets away either direct to an individual or via a trust
- Transfer of ownership of property
- Transfer of assets under their market value, the full value is still chargeable
- Compensation received for damages to your assets
- Sums received for selling the benefits or rights of an asset to another
- Losses e.g. shares in a company that goes into liquidation, this transfer means you can reduce you tax liabilit
The date that you make the disposal, is the date that the asset needs to be valued.
Some disposals are exempt.
Buy a tax planning pack in the shop or request tax advice today.
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