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Tax Levied on the Profit Made on sale of any Non-Inventory Qualifying Assets
A tax levied on the profit made on sale of any non-inventory qualifying assets is called capital gains tax. Property, real estate, bonds, stocks and shares and precious metals when sold are subjected to capital gains tax. If you make a Gain (a Profit), there may be liability to pay tax. The amount of tax chargeable will differ depending on type of asset sold, how long it was held, how the asset was utilised.
Capital Gain Tax – CGT is applicable to both individuals as well as businesses, however, the tax rates may well be different for both. Similarly, the tax allowance or tax bands may also differ for each.
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