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Where Taxpayers and Advisers Meet

CGT subject to Income tax ?

SteveH
Posts:1
Joined:Wed Aug 06, 2008 3:03 pm

Postby SteveH » Tue May 06, 2003 2:20 am

Can anybody clarify whether an amount subject to CGT is also counted as income and thereby subject to Income tax as well ?

Nigel Lord
Posts:518
Joined:Wed Aug 06, 2008 2:18 pm

Postby Nigel Lord » Tue May 06, 2003 4:54 am

Steve

Chargeable gains on individuals are computed using the Capital Gains Tax (CGT) rules. After computing the chargeable gain (gross gain less allowable deductions and reliefs) the net gain is added to taxable income in the income tax year in which it has arisen. The gain is taxed at the highest marginal tax rate (lower rate = 10%; basic rate = 20% (not 22%); higher rate = 40%).

Our firm specialises in this area of taxation and will be pleased to act on your behalf.

Nigel Lord
Lord Associates
Caxton House
Old Station Road
Loughton
Essex IG10 4PE
Tel: 020 8418 9101
Mob: 07769 931 852
Fax: 020 8418 9101
info@lordassociates.co.uk


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