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...

Late payment penalties under ITSA/CTSA: income tax, CGT, Class 4 NICs and corporation tax—current rules, MTD and FA 2009/2021 reforms, appeals and mitigation

Published by a LexisNexis Tax expert

Practice notes

FORTHCOMING CHANGES relating to Making Tax Digital (MTD) for Income Tax and penalty reform: late payment and late submission penalties :

As set out at Spring Budget 2021, the Finance Act 2021 introduces major revisions to the frameworks governing late-payment and late-submission penalties for VAT and income tax. For VAT, these reforms—together with changes that bring late-payment Interest provisions for VAT into line with those for income tax—came into force on 1 January 2023 (see Practice Note: VAT penalties)...

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Web page updated on 21/05/2026

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