For a gain or loss to be within the scope of tax on chargeable gains, there must be a chargeable disposal of a chargeable asset by a chargeable person. See C1.104, C1.103 and C1.102 respectively.
Individuals, trustees and personal representatives are subject to capital gains tax on chargeable gains. Companies are subject to corporation tax on chargeable gains. See C1.102.
This article discusses the computation of chargeable gains and losses. For the rates of tax that apply to chargeable gains, see C1.107.
Computation of chargeable gains and allowable losses
The amount of any gains accruing on the chargeable disposal of chargeable assets are calculated in accordance with the rules laid down in TCGA 1992, Pt II. These are modified by other provisions of that Act and the rules relating to indexation allowance (where applicable, see Division C2.3)1.
In general, allowable losses are computed in the same way as chargeable gains, except where there is express provision to the contrary2. The computation of chargeable gains and losses is discussed in detail
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