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(p. 213) 22. Capital gains tax and inheritance tax on business assets 

(p. 213) 22. Capital gains tax and inheritance tax on business assets
(p. 213) 22. Capital gains tax and inheritance tax on business assets

J. Scott Slorach

and Jason Ellis

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date: 25 November 2020

This chapter examines the capital gains tax (CGT) and inheritance tax regimes which apply to individuals in relation to businesses and business assets. Under the provisions of the Taxation of Chargeable Gains Act (TCGA) 1992, CGT is payable when a taxable person makes a disposal of chargeable assets giving rise to a chargeable gain unless an exemption or relief applies. The chapter first discusses the various rules which need to be considered to establish a taxpayer’s CGT liability on any given disposal. It then covers CGT in the business context; disposals of partnership property; disposals of shares; disposals of business assets owned by those involved in the business; the purchase by a company of its own shares; and inheritance tax.

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