Taxes Consolidation Act 1997 section 545

Chargeable gains

Section 545 establishes the general rules for computing chargeable gains under the Capital Gains Tax Acts, confirming that all gains are chargeable unless expressly provided otherwise.

• No chargeable gain arises on the disposal of an asset that is not a chargeable asset.
• The amount of any gain on disposal is computed in accordance with the rules in this Chapter, subject to the other provisions of the Capital Gains Tax Acts.
• Every gain is a chargeable gain unless the Capital Gains Tax Acts expressly provide otherwise.
• The general CGT computation deducts allowable expenditure (acquisition cost, enhancement expenditure and incidental costs of disposal) from the disposal proceeds to arrive at a chargeable gain or allowable loss.