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An introduction to capital gains tax for individuals


This briefing from Macfarlanes' private client team provides an introduction to the basics of capital gains tax for UK-resident and UK domiciled individuals.

CGT was first introduced in 1965. In the simplest analysis, it taxes profits on the disposal of chargeable assets. Personal representatives and trustees are subject to CGT, but some of the rules are different. Charities are not subject to CGT and companies do not pay CGT - instead they pay corporation tax on chargeable gains.

In addition to outlining who is liable to the charge, Macfarlanes details how CGT deals with the sale or gift of an asset; allowable expenditure; exemptions; reliefs; and lastly, a detailed example of how CGT works in practice.

To learn more, click 'View Briefing'.

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