CC CGT

Question 1

Chargeable Gain: Definition

Answer 1

A chargeable gain arises when a chargeable person disposes of a chargeable asset on a chargeable occasion 

Question 2

Current CGT tax rates

Answer 2

10% and 20%
For residential sales 18% or 24%

Question 3

1 What is a “deemed disposal?”
2 what are three examples?

Answer 3

When statute prescribes a disposalable occasion has taken place

1) assets are lost or destroyed
2) capital sum derived from an asset such as a compensation
3) move to trade stock, such as moving a pizza oven personally owned to a pizza business

Question 4

What occasions are not a deemed disposal? (4)

Answer 4

theft
Death
Transfer of the asset
Share reorganisation

Question 5

Is death a chargeable occasion?

Answer 5

No, unless Personal representative or new owner sells for a chargeable gain

Question 6

What is a CG group?

Answer 6

if a company beneficially owns directly than indirectly more than 50% of the first companies share capital

Question 7

What is a no gain no loss?
What are the three examples?

Answer 7

Number of disposals that are treated as if they give a rights to no gain No loss even though they are chargeable occasions

any consideration paid as received is ignored

Examples
transfers of assets between spouses
Transfers of assets between CG groups
Gifts to charities

Question 8

What is a chargeable asset? (4)
What is not a chargeable asset? (6)
What might be a chargeable asset? (2)

Answer 8

Photo

Question 9

What is a chargeable occasion?
What are the different kinds of disposal for occasion?

Answer 9

Photo