Most assets you own
may give rise to a liability to Capital Gains
Tax if you realise a gain when you sell them
or give them away. Some assets are exempt
and every individual has an annual exemption.
There are also various reliefs which may be
available in certain circumstances and provided
specific conditions are satisfied. The calculation
of the capital gain arising can also be complicated
in many instances.
Recent legislation
has resulted in significant changes in the
rules for calculating capital gains. In particular,
the abolition of indexation allowance for
individuals and trustees, but not companies,
and the introduction of taper relief, has
added further complications to an already
complicated tax.
