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Many years ago you sold some shares for considerably less than you paid for them. You’ve never had cause to claim the capital gains tax loss. Is it too late to do so?
Broadly, capital gains tax applies to all entities making an asset disposal except those within the scope of corporation tax. Whilst the basic principles involved in calculating chargeable gains...
A chargeable gain will arise on a disposal of a capital asset by a chargeable person if the disposal proceeds exceed the allowable expenditure. Where the disposal proceeds are less than the allowable expenditure,...
In order to calculate the amount of capital gains tax payable, a computation is required for each transaction, before considering the utilisation of: - any losses; - reliefs; and - the annual exemption.
Disposal proceeds will normally either be the actual consideration received or the open market value of an asset. In either case, the disposal proceeds may be reduced by incidental costs of disposal. For...
Allowable expenditure is broadly the total cost incurred by the vendor on the acquisition and disposal of the asset.
Capital losses can be relieved in a variety of ways depending on the circumstances of the disposal and the taxpayer.
A number of loss reliefs are available to taxpayers, although the default treatment in most cases is to reduce current year gains and then carry forward any excess unrelieved loss.
An individual who sustains a loss on the disposal of certain shares which were acquired by subscription, (whether as a sole subscriber, joint owner, or nominee) may set the loss against general income...
The term disposal is not defined by the legislation, and therefore retains its everyday meaning. The most common form of disposal is a change in the ownership of an asset as a result of sale, exchange,...