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 rules that apply where a debt is acquired from a connected person. For details of the computation of chargeable gains and losses, see C1.105.
For an overview of allowable capital losses, including how relief is given for allowable losses, see C1.106.
Chargeable gains treatment of debts
Debts are expressly included as assets for capital gains tax purposes1. However, unless the debt is a debt on a security or a debenture deemed for these
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