Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Capital gains tax definition

What does Capital gains tax mean? Capital gains tax (CGT) is the tax on the profit (chargeable gain) realised when a chargeable asset is disposed of, for example by sale, gift or exchange of shares, land or a business. The concept and computation are statutory: in the UK, principally the Taxation of Chargeable Gains Act 1992; in Ireland, the Taxes Consolidation Act 1997. CGT primarily applies to individuals and trusts. In the UK, companies do not pay CGT; their gains are within corporation tax. In Ireland, companies are generally taxed on chargeable gains under corporation tax, typically at the CGT rate. Key features include an annual exempt...

UK tax on incorporating a sole trade or partnership: stock elections, capital allowances, loss reliefs, SDLT/LBTT/LTT, VAT TOGC

Published by a LexisNexis Tax expert

Practice notes

When a sole trader, or a person carrying on a business as a partner, opts to incorporate, the assets of that enterprise are moved into a, generally, newly created company. This movement amounts to a transfer, disposal or supply for VAT, Capital gains tax, income tax, Stamp Duty Land Tax (SDLT) and capital allowances purposes, and may result in a tax liability for the individual effecting the transfer at that time in respect of the assets transferred...

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Web page updated on 22/05/2026

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