Capital Gains Tax (UK)

Capital Gains Tax (CGT) is a tax on profits. That is the profit, or gain, on the disposal of an asset. The gain is calculated from the disposal consideration less incidental costs of disposal and allowable costs and less the net proceeds. Incidental costs are valuation fees, estate agency and legal fees and advertising costs. Allowable costs include the original acquisition cost, incidental costs of acquiring the asset and capital expenditure incurred in enhancing the asset. -Read the full Guide on Shareworld here.