Capital Taxation CGT Flashcards
(5 cards)
1
Q
What is the statutory basis of CGT?
A
Taxation of Chargeable Gains Act 1992
2
Q
Where can you find the definition of market value for CGT?
A
S 272 TCGA 1992
3
Q
What is the rate of tax for CGT?
A
1) 10%-28% depending on type of property and status of taxpayer.
2) Higher rate changing to 24% under latest budget
4
Q
What is the basis of charge for CGT?
A
Proceeds less cost.
5
Q
When is CGT triggered?
A
On the disposal of a qualifying asset.
