Chargeable gains

Question 1

Chargeable person

Answer 1

Individual or a company

A company pays corporation tax on capital gains
Individual pays CGT

Question 2

Disposal

Answer 2

Sale of asset, gift (@MV), loss or destruction (insurance compensation)

Nil gain/Nil lose transfer to spouse

Question 3

Exempt disposal

Answer 3

Cars 
Wasting chattels (<50 years)
National savings certificate 
Winnings 
Gilts 
Qualifying corporate bonds

Question 4

Date payable

Answer 4

31 January following tax year

Residential property - 30 days of disposal for payment and return filing

Question 5

Losses

Answer 5

Offset current year losses before annual exempt amount (12,300). Excess carried forward and will be after annual exempt amount.

Question 6

Part disposal

Answer 6

Cost * A/(A+B)
A = MV of disposed part
B = MV of remainder

Question 7

Badges of trade

Answer 7

Are you selling as part of trade or as in individual gain - is it a business you’re doing or selling because you have an asset

Question 8

Private Residence Relief

Answer 8

Gain x (period of occupation/period of ownership)

period of occupation:
Last 9 months
If proceeded by occupation for: abroad due to employment, max 4 years working elsewhere in UK, any period for 3 years for any reason

Question 9

Letting relief

Answer 9

Part let out while owner occupies it

Lower of £40K, letting gain arise, PRR