For a gain or loss to be within the scope of tax on chargeable gains, there must be a chargeable disposal of a chargeable asset by a chargeable person. See C1.104, C1.103 and C1.102 respectively.
Individuals, trustees and personal representatives are subject to capital gains tax on chargeable gains. Companies are subject to corporation tax on chargeable gains. See C1.102.
This article discusses the definition of residential property gains. For the computation of chargeable gains and losses, see C1.105. For the use of allowable losses, see C1.106.
Why is the definition of residential property gains important?
Determining the amount of residential property gains is important:
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•ÌýÌýÌýÌý as, for disposals before 30 October 2024, individuals, trustees and personal representatives are subject to a higher rate of capital gains tax on residential property gains (see C1.107)1
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•ÌýÌýÌýÌý as UK resident individuals, trustees and personal representatives and non-UK residents who carry on a trade, profession or vocation through a UK branch or agency need to file a capital gains tax UK property disposals return and make
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