Section 1 — Taxation of Chargeable Gains Act 1992: Capital gains tax

Capital gains tax 1 1 Capital gains tax is charged for a tax year on chargeable gains accruing in the year to a person on the disposal of assets.

2 As a result of section 4 of CTA 2009, capital gains tax is not charged on gains accruing to a company, but corporation tax is chargeable instead in accordance with—

a section 2 of CTA 2009, b Chapter 2 of this Part, and c other relevant provisions of the Corporation Tax Acts.

3 Capital gains tax is charged on the total amount of chargeable gains accruing to a person in a tax year after deducting—

a any allowable losses accruing to the person in the tax year, and b so far as not previously deducted under this subsection, any allowable losses accruing to the person in any previous tax year.