Capital Gains Tax

Question 1

Def: wasting chattel

Answer 1

Life time not exceeding 50 years

Question 2

Are wasting chattels exempt?

Answer 2

Yes

Question 3

Is stamp duty taken away from chargeable gain?

Answer 3

Yea

Question 4

When are inhereted objects valued at?

Answer 4

The date the person dies

Question 5

Is good will exempt from capital gains tax?

Answer 5

No

Question 6

What is included in chargeable gains?

Answer 6

Sale or gift of the whole or part of an asset.
Loss or total destruction of asset

Question 7

What is excluded for capital gains?

Answer 7

Gift to charities
Disposals on death
Disposals between spouses or civil partners

Question 8

What is excluded from chargeable asset?

Answer 8

Cash, car, nsi/ premium bonds, prize winnings, isa accounts, main residence

Question 9

How does someone give details of their chargeable gains?

Answer 9

Via self assessment due 31st Jan after tax year

Question 10

Def: chattels

Answer 10

Tangible moveable assets

Question 11

Examples of wasting chattels that are exempt from capital gains

Answer 11

Animals, caravan, boat, plant and machinery

Question 12

Example of special rules for capital gains?

Answer 12

Antiques, jewellery and paintings