Daily Archives: January 31, 2015

Who needs to pay Capital Gains Tax? And on what assets you need to pay Capital Gains Tax 6

In the simplest sense, you need to pa Capital gains tax if you sell an asset for more than it cost you to acquire it. In the most straightforward of terms, Capital Gains is What you receive for an item Less What you paid for it Less Allowable disposable expenses Less The cost of certain improvements.   The Legislation In its truest sense, capital gains arise when a chargeable person, disposes of a chargeable asset, on a chargeable occasion. These terms are not found in legislation so tax law would be used to define them. I will explain them in a straightforward and simple manner in order not to make it too […]