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Division C1.1ÌýÌýÌýÌý General principles of tax on chargeable gains

For updates affecting this Division please see Part C0 Updates

General principles of chargeable gains

C1.101 Capital gains—overview

For the latest New Developments, see ND.2751.

Broadly, where an asset is subject to disposal and the proceeds received or deemed to be received exceed the allowable costs, the profit is taxable. This profit is known as a gain. Where the proceeds are less than the allowable costs, a loss rises that may be relieved against the person's gains.

Individuals, trustees and personal representatives are subject to capital gains tax on gains. Companies are subject to corporation tax on chargeable gains. The scope of the tax on gains depends on the residence and potentially domicile status of the person. See C1.102.

For a gain or loss to be within the charge to tax,