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Summary LPC - Taxation (Capital Gains Tax Guide) $11.74   Add to cart
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Summary LPC - Taxation (Capital Gains Tax Guide)
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  • Course
  • LPC - Taxation
  • Institution
  • Manchester Metropolitan University (MMU)

This revision document is for the core Taxation unit featured on the LPC. It is a comprehensive step-by-step guide, which allows you to tackle a Capital Gains Tax calculation. This revision manual strives to offer notes that are both clear and useful. Given that they summarise important subject are...

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Document information

  • September 26, 2022
  • 4
  • 2022/2023
  • Summary

Subjects

  • capital gains tax

Written for

  • Manchester Metropolitan University (MMU)
  • Unknown
  • LPC - Taxation
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Capital Gains Tax

Summary - Steps of a CGT calculation

Step 1
First identify whether you have a chargeable asset which is the subject of a chargeable
disposal by a chargeable person in the current Tax Year.

Step 2
Then explain/calculate the gain e.g. consideration less allowable deductions and explain
what these are.

Step 3
Consider reliefs e.g. business asset disposal/roll-over/hold-over relief etc. Are they
applicable? If not, why not?

Step 4
Deduct any allowable losses (i.e. those in the current Tax Year and unused losses from
previous years).

Step 5
Cumulate with other gains in that Tax Year (if any).

Step 6
Deduct the annual exempt amount from cumulated gains.

Step 7
You can now calculate the tax due, having checked whether the tax payer is a basic or

higher rate tax payer for income tax purposes.




Who pays it?
- Most UK taxpayers are liable but not companies.
- CGT is paid on the increase in value of the asset.

Chargeable disposal
- Sale of asset, giving it away gift, exchange or lost/destroyed.
Exempt disposals
- On death, transfer of estate to deceased heirs.
- Between spouses and civil partners.
- Gifts to charities and political parties.

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