GLOSSARIO CGT CAPITAL GAIN TAX (IMPOSTA) di HMRC



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Acquire, to

See Acquisition.

Acquisition

When you acquire an asset.

For Capital Gains Tax purposes this could be when you buy, inherit, or receive an asset as a gift, or receive it in exchange for something else.

You don't necessarily have to pay money to acquire it.

Allowable Costs

See Costs.

Allowable Losses

You may make a loss when you sell or otherwise dispose of an asset that's liable to Capital Gains Tax.

The loss will normally be an allowable loss, providing you claim for it; this is sometimes also called a capital loss.

Losses resulting from tax avoidance schemes may not be allowable losses.

Allowance, Tax-Free

See Annual Exempt Amount.

Annual Exempt Amount

This is the annual tax-free allowance you, are usually entitled to each year before you have to pay Capital Gains Tax.

Personal representatives or executors of a deceased person's estate are also entited to the Annual Exempt Amount; they are entitled to it for the tax year in which someone dies and the next two tax years.

Most trustees are entitled to half the Annual Exempt Amount that individuals are entitled to.

Arising Basis

If you're resident in the UK, you'll normally be taxed on the arising basis.

This means that you'll be liable to pay UK tax when you dispose of an asset - whether the asset is in the UK or abroad.

See also Remittance Basis and Residency.

Arm's Length Disposal

When you sell or dispose of an asset at arm's length, it's like a normal commercial transaction; you seek to obtain the best deal, as does the person acquiring the asset from you.

A disposal that's not made at arm's length might be, for example:
  • if you give something away
  • if you deliberately sell an asset to someone for a lower amount - even if they were prepared to pay more
If you sell or otherwise dispose of an asset to a 'connected person', you're treated as if the disposal was not at arm's length.

If you don't dispose of an asset at arm's length, it can affect how much Capital Gains Tax you pay.

See Connected Person.

Asset

Assets are things you can own, such as:
  • shares, units in a unit trust and other investments
  • property - including land, buildings and leases
  • business assets, business premises, copyright and 'goodwill' the reputation of a business)
  • antiques, jewellery and other personal possessions - known as Chattels
See also Goodwill and Chattels.


AVVERTENZE D'UTILIZZO: Il presente glossario contiene la definizione dei termini indicati da HMRC Her Majesty's Revenue and Customs.
La spiegazione di ciascuno dei termini indicati in questo glossario è di carattere meramente orientativo e priva di valore legale; si raccomanda, quindi, di tenere conto del contesto e dell'evento in cui essi vanno applicati, in quanto il significato loro attribuito potrebbe differire rispetto a quello qui rappresentato.

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