ACCA F6 四大学工商管理学院 课件Chapter 13.pptVIP

PART C Chargeable gains for individuals Chapter 13 Computing chargeable gains 1 Chargeable persons, disposals and assets 2 Computing a gain or loss 3 The annual exempt amount 4 Capital losses 5 CGT payable by individuals 6 Transfers between spouses/civil partners 7 Part disposals 8 The damage, loss or destruction of an asset 1 Chargeable persons, disposals and assets A gain is chargeable if there is a chargeable disposal of a chargeable asset by a chargeable person. Chargeable persons: individual or a company Chargeable disposals: - Sales of whole assets or parts of assets - Gifts of assets or parts of assets - The loss or destruction of assets Chargeable assets: all forms of property unless some exempt assets certain chattels and motor cars Example Which of the following disposals may give rise to a capital gain? Sale of shares in an unquoted trading company. Gift of antique painting. Sale of 13% Treasury stock 2013. Exchange, with a friend, of a house for an apartment. Sale of a motor car to brother at less than market value. Gift of a London flat by an individual who is neither resident nor ordinarily resident in the UK. 2 Computing a gain or loss Calculation format Disposal consideration / proceeds or market value × Less: incidental costs of disposal × Net proceeds × Less: original cost of acquisition × capital expenditure incurred in enhancing the asset × incidental costs of acquisition × Chargeable gain × Less: allowable losses for year × Less: allowable losses b/f × Less: annual exempt amount × Taxable gains taxable income for the year × Tax rates CGT payable × Notes: An unincorporated business is not treated as a separate entity for capital gains tax purposes. Therefore, when a business is disposed of, you should deal with each asset separately to get chargeable gains for each asset . CGT is calculated by each tax year. The consideration for a disposal Usually the disposal consideration is the proceeds of sale of the asset, but a disp