Charge to tax
Capital gains tax (CGT) is charged when a person makes a chargeable gain on the disposal of an asset (s 28).
An asset means property in any form including intangible property, such as an option or debt (s 532).
A disposal includes a part disposal (s 534) and the deriving of a capital sum from an asset (s 535).
CGT is charged on gains arising in a tax year after deducting allowable losses (s 31). Gains accruing to a partnership are separately assessed on the individual partners (s 30).