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CAPITAL GAIN ((NON WASTING CHATTELS, animalshubba16x9.ngsversion…
CAPITAL GAIN
CHARGEABLE DISPOSAL
OF CHARGEABLE ASSETS
CHARGEABLE PERSONS
WASTING CHATTELS
NON WASTING CHATTELS
If the asset is disposed of for gross disposal proceeds of £6,000 or less and acquired for £6,000 or less it is exempt.
If the asset is disposed for gross disposal proceeds of more than £6,000 and the acquisition cost is £6,000 or less, there is marginal relief for the gain. The gain cannot exceed:
5/3 (Gross proceeds less £6,000)
Disposal consideration X
Less incidental costs of disposal (X) :no_entry:
Net disposal consideration X
Less allowable costs (X) :check:
Chargeable gain/Allowable loss X/(X)
:no_entry:
Incidental costs of disposal
:check:
allowable costs
The date of disposal is the date when the contract for sale is made.
f the contract is conditional, the date of disposal is the date when all conditions are satisfied
chargeable gain before allowance
taxable gain after allowance
