CGT

Question 1

Capital gains tax (CGT):

Answer 1

Individuals pay capital gains tax (CGT) on their taxable gains.

Question 2

Annual exempt amount (AEA):

Answer 2

The amount of gains on which no CGT is payable.

Question 3

Chattel:

Answer 3

A chattel is an item of tangible moveable property, and specifically does not include goodwill, shares or leases.

Question 4

Wasting chattel:

Answer 4

A chattel is a wasting chattel if it has a predictable life at the date of disposal not exceeding 50 years.

Question 5

Non-wasting chattel:

Answer 5

A non-wasting chattel is one with a predictable life at the date of disposal of more than 50 years