Capital Gains Tax

  • Michael Rayner
Chapter
Part of the Macmillan Building and Surveying Series book series

Abstract

Capital gains are those arising from the disposal of capital assets. They are taxed in the United Kingdom by virtue of Part III of the Finance Act 1965, and Schedules 6–10 as amended by subsequent Income Tax Acts. The basis of the tax is the gain made from the disposal of an asset over the value that has accrued since 5 April 1965 or the date of acquisition, if later than that date. Normal profits from the sale of goods by way of trade are not charged to Capital Gains Tax but are taxed under Schedule D, Cases I and II or are liable to Corporation Tax in the case of companies.

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Copyright information

© Michael Rayner 1978

Authors and Affiliations

  • Michael Rayner
    • 1
  1. 1.Department of SurveyingTrent PolytechnicUK

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