Chapter 19 - Computation of gains and tax payable Flashcards
What are the three things needed for Capital gains tax
- Chargeable person
- Chargeable asset
- Chargeable disposal
Who can be a chargeable person?
UK resident
UK resident company
What are exempt disposals?
- Disposals as a result of death
- Gift to charities
Is compensation received from damage or loss of an asset deemed as a chargeable disposal?
Yes
Is loss of an asset deemed as a chargeable disposal?
Yes
Is the below an exempt or not exempt asset for CGT purposes?
Freehold land and buildings
Not exempt
Is the below an exempt asset for CGT purposes?
Goodwill
Not exempt
Is the below an exempt asset for CGT purposes?
Unquoted shares
Not exempt
Is the below an exempt asset for CGT purposes?
Quoted shares
Not exempt
Is the below an exempt asset for CGT purposes?
Motor vehicles
Exempt
Is the below an exempt asset for CGT purposes?
Main residence
Exempt
Is the below an exempt asset for CGT purposes?
Cash
Exempt
Is the below an exempt asset for CGT purposes?
ISA investments
Exempt
Is the below an exempt asset for CGT purposes?
Qualifuying corporate bonds
Exempt
Is the below an exempt asset for CGT purposes?
Gilt edged securities
Exempt
Is the below an exempt asset for CGT purposes?
NS&I certificates
Exempt
Is the below an exempt asset for CGT purposes?
Foreign currency for private use
Exempt
Is the below an exempt asset for CGT purposes?
Receivables
Exempt
Is the below an exempt asset for CGT purposes?
Trading inventory
Exempt
Is the below an exempt asset for CGT purposes?
Prizes and betting winnings
Exempt
What is the value of an asset when it is gifted?
Market value
What is the value of an asset when it is inherited?
Market value on date of death
What are the rates for capital gains tax?
Normal rate 10%/20%
Residential property rates 18%/28%
When is CGT due?
31 January following the tax year
