Taxes Consolidation Act 1997 section 28

Taxation of capital gains and rate of charge

Section 28 sets out how capital gains tax (CGT) is charged on profits arising from the disposal of assets, and specifies the general rate of tax that applies.

• Capital gains tax is charged on chargeable gains that accrue to a person when they dispose of an asset, with those gains calculated in accordance with the Capital Gains Tax Acts.
• CGT is assessed and charged on a year of assessment basis, meaning it applies to chargeable gains that accrue during each particular tax year.
• The standard rate of CGT is 33%, which has applied since 6 December 2012, and any reference in the Capital Gains Tax Acts to the rate specified in this section is to be read accordingly.
• Higher or lower rates may apply in specific circumstances provided for elsewhere in the Capital Gains Tax Acts, such as a 40% rate on disposals of certain foreign life assurance policies or units in certain offshore funds, and a 10% rate on qualifying business disposals held for at least three years.