In UtenSilos Blog

Tax On Sales Of Assets

April 21st, 2009

As if property taxes such as stamp duty weren’t enough, another of the different types of tax we pay is in the form of capital gains tax.  This form of tax generally only affect the very well off and is generally charge on the profit you make when you sell or give away, certain assets such as shares and property. Prior to 2008-09, rates of up to 40 per cent were payable, but from April 2008 there has been a flat rate of 18 per cent.  Capital gains tax is just that, a tax on capital gains.  Capital refers to wealth in the form of money, or property, that is used to make more money.  Gain refers to the increase, if any, in the value of that wealth.  You will normally only have to pay capital gains tax when you are no longer the owner of that asset, when you have either given it away, or sold it on.  The technical term is disposal.

Entry Filed under: Business