Section 28 Taxation of capital gains and rate of charge

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(1) Capital gains tax shall be charged in accordance with the Capital Gains Tax Acts in respect of capital gains, that is, in respect of chargeable gains computed in accordance with those Acts and accruing to a person on the disposal of assets.

When am I charged capital gains tax?

(1) You are charged capital gains tax (CGT) if a chargeable gain accrues to you when you make a disposal of an asset....

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(2) Capital gains tax shall be assessed and charged for years of assessment in respect of chargeable gains accruing in those years.

What do I pay capital gains tax on?

(2) You are caught for CGT on the chargeable gains that accrue to you in each tax year.

(3) Except where otherwise provided by the Capital Gains Tax Acts, the rate of capital gains tax in respect of a chargeable gain accruing to a person on the disposal of an asset shall be [25 per cent]¹, and any reference in those Acts to the rate specified in this section shall be construed accordingly.

Amendments

1 Substituted by Finance Act 2009 section 14(1)(a) applying to disposals made on or after 8 April 2009.

What is the rate of capital gains tax?

(3) The general rate of CGT is 25%. ...

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