What exactly is Capital Gains Tax (CGT)?
Capital Gains Tax (CGT) is the tax that may be charged on the profit made when selling, gifting, transferring, exchanging or disposing of an asset. The asset could be a personal asset such as your home, or a business asset such as premises or shares in a company. Should you make a (capital) loss, you can’t claim it against other income, but you can use it to reduce a gain in that same year. If your capital losses exceed your capital gains in an income year, you can generally carry forward the loss and deduct it against capital gains made in future years.
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