As discussed previously, capital gains tax arises when an asset is sold; the gain being the difference between the proceeds and the cost. It is important to define both of these terms. Proceeds The law sees the proceeds as the “fair-value” of the asset. This is defined as the going

As discussed in the previous post, CGT applies when an asset is sold. There are a number of situations where the sale of an asset is exempt from CGT. The corollary is that if a loss is made in such a situation, it cannot be offset against other gains. There

Within the income tax law there is a large section that deals with the taxation of capital gains. A gain (or loss) is made when an asset is sold; the proceeds are compared to the cost and the difference taxed accordingly. This post will set out some of the basic