Commentaries

Tax Memo


PART 4
Capital gains tax

 CHAPTER 1   General principles 

 A.  Background 
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To understand the concept of capital gains tax, particularly with respect to older assets, it is useful to examine the background to the tax. Prior to 1965, gains on the disposal of assets were not subject to UK taxation, and although an asset owned before 1965 which is sold today will be subject to capital gains tax, concessions apply which recognise that such an asset has not always been chargeable. The introduction of new rules from 6 April 2008 for individuals, trustees and personal representatives has further complicated the position, making disposals after this date considerably different from those which occurred previously.
The key dates for capital gains tax can be summarised as follo...

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