Introduction to Capital Gains
By Lisa Greig
39m CPD time
Difficulty: Basic
Get a taste of the capital gains tax regime with this broad overview of the calculation steps, elements of cost base, special rules and more.
In this session, we cover:
General rules for capital gains
Steps to think about when disposing of an asset
Pro tip: CGT events flagged in prefill reports
Method statement for calculating your capital gain or loss
5 elements of cost base
Special rules for Collectables and Personal Use Assets (PUA)
Modifications to capital proceeds or cost base - Market Value Substitution rule
Blackhole expenditure - Section 40-880