Tax on chargeable gains: general principles
This note is a general summary of the UK rules applying to the taxation of chargeable gains. It describes what chargeable gains are, what assets are affected, when disposals arise, the way in which gains are calculated and the manner in which they are taxed, exceptions from taxation, anti-avoidance rules and how allowable losses may be used.
This note is intended as a general overview, so you should be aware that the tax treatment in a particular case may differ from the general position described in this note.
NOTE: This resource is being reviewed in light of the 2013 Autumn Statement. For more information, see Legal update, 2013 Autumn Statement: business tax implications.