CGT

Question 1

Exempt chargeable persons

Answer 1

charities, reg pension schemes

Question 2

chargeable disposal exemptions

Answer 2

death = not disposal

exemp: gifts to charities, art galleries, musuems etc

Question 3

what is chargeable disposal? what is date?

Answer 3

date = date of contract

sale of whole/part of an asset
gift of whole/partl
loss/destruction of whole/part
appropiation to trading stock

Question 4

chargeable assets

Answer 4

defined: all capital assets except those which are specifically exempt
include: tangible assets + intangible assets (goodwill, shares, leases)

Question 5

exempt chargeable assrts

Answer 5

legal tender ie cash
motor cars (including vintage + classic)
most wasting chattels
chattels which are not wasting IF acquisition costs + gross disposal does not exceed 6000
gilt-edged securities (Treasury Stock, Execheqeur Stock) - the gain is exempt but the investment income = income tax
national savings cert + prem bonds
shares + investments held in an ISA - also exempt from income tax!!!