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Capital Gains Tax

Capital Gains Tax is a tax on the profit you make when you dispose of a property unless it is your main residence.  It is calculated by deducting the cost and certain allowances and expenses from the net proceeds. The following may be deducted:

• the cost of acquisition including incidental costs such as legal fees and stamp duty
• any enhancement expenditure but not repairs deducted for income tax purposes
• incidental costs of disposal such as agents commission, legal and accountancy fees
• the annual exemption which is £9,600 for the year to 5th April 2009

The personal allowance for income tax cannot be deducted from chargeable gains.

Log in for detailed information on:

• Basic Computation
• Principal Private Residence Exemption
• Two or more residences and PPR
• Letting Exemption and PPR
• Taxable persons
• Residence
• Ordinary Residence
• Domicile
• Temporary non-residence
• Due dates for payment