chargeable gains

The rate of tax on chargeable gains is that which results from adding the gain to the individual's total income.

Allows for the effects of inflation when calculating chargeable gains on companies.

Any unused losses are carried forward and set off against chargeable gains of later tax years.

In particular, you'll need to keep your calculations for any chargeable gains you've included on your return.

Corporation tax is charged on the profits of companies which includes both normal income and chargeable gains.

Authorised unit trusts are not liable to tax on their chargeable gains.

Who is liable for tax on chargeable gains?

Non-chargeable losses (see below) cannot be offset against chargeable gains.

In the first three years of trading, the haulier should be careful not to make any chargeable gains for tax purposes.

The trustees take the losses away from the gains, leaving no chargeable gains for the year.

Instead, you pay Corporation Tax on your 'chargeable gains'.

You can find your company's total profits by adding together the profits from all its activities, including any chargeable gains.

Most direct expenses are deductible when calculating taxable income and chargeable gains.

The computations of income and taxable chargeable gains include deductions for direct expenses.

In these cases the transactions might not be covered by the chargeable gains exemption because the activity might amount to property trading.

You must tell HMRC about chargeable gains at the right time.

Generally speaking, the calculation of chargeable gains and allowable losses for companies is the same as that used for individuals paying personal tax.

Introduction What are chargeable gains?

How are chargeable gains calculated?

This means you won't have to pay Corporation Tax on any chargeable gains on assets disposed of during that period.

In addition, you as an individual shareholder may have to pay Capital Gains Tax on any chargeable gains.

Almost all of the corporation tax raised on chargeable gains is paid by life assurance companies taxed on the I minus E basis.

Capital gains tax does not apply to corporations, but an identical provision, known as chargeable gains, is included in corporation tax.

Losses arising under section 24(1) TCGA can be set against chargeable gains in the usual way.

See 'chargeable gains'.