capital gains tax
(CGT) A tax on chargeable gains arising from chargeable disposals of chargeable assets. Events treated as disposals include not only gift, sale, or exchange of an asset but also complete loss or destruction (Taxation of Chargeable Gains Act 1992 s 24(1)), the vesting of trust property (s 71), or the receipt of a capital sum in relation to an asset (s 22).
CGT was introduced in 1965 and applies only to gains accruing since 5 April 1965. For disposals on or after 6 April 1988, CGT effectively imposes only on gains accruing since 31 March 1982. To remove from the charge to tax increases in value that arise purely as a result of inflation, a measure of relief (indexation allowance) was formerly applied to gains made by a company; however, this relief is frozen from April 2018. Individuals have not been given relief for the effect of inflation since 1998. Gains made by an individual may attract Business Asset Disposal Relief (see business asset). See also holdover relief; rollover relief.
https://www.gov.uk/topic/personal-tax/capital-gains-tax
•CGT area of the GOV.UK website
- notice of transfer
- notice to quit
- notice to treat
- noting a bill
- not negotiable
- not proven
- nova causa interveniens
- novation
- novus actus interveniens
- no win, no fee
- nudity
- nudum pactum
- nuisance
- nuisance neighbours
- nulla poena sine lege
- nullity of marriage
- nullum crimen sine lege
- nunc pro tunc
- nuncupative will
- oath
- oath of allegiance
- obiter dictum
- objection to indictment
- object of agreement
- objects