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Tax
Chargeable Gains
| Question | Answer |
|---|---|
| exempt disposals include | a. transfers on death b. gifts to charity |
| exempt asssets include | a. motor vehicles for private use b. UK Government Stocks c. qualifying corporate bonds d. wasting chattels e. premium bonds f. investments held in ISAs |
| what is disposal consideration | normally proceeds received market value is used in certain circumstances where valuation is unreliable |
| incidental costs of disposal | costs incurred selling the asset e.g., advertising costs, legal fees, valuation fees |
| allowable costs of disposal | original purchase price and costs associated with the purchase e.g., legal fees, structural survey |
| what is enhancement expenditure | costs incurred to enhance the asset |
| how are chargeable gains treated throughout the year | calculated for every asset throughout the year, added together and exemption amount applicable to total |
| how to treat a total loss for chargeable assets | must be included - even if it does not allow for the full exemption amount to be utilised |
| value of annual tax exemption for chargeable gains | 6,000 |
| best utilisation of losses carried forward | adjust to make full use of annual exemption |
Created by:
amyperston
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