ulla
Apprentice
Joined: 14 Dec 2005
Posts: 2
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 Posted: 01/14/08 - 02:19 Post subject: |
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| In legal terms, business asset is determined as asset used in a business, or shareholdings in an unlisted trading company. It is asset used in the company’s trade. There is also taper relief for both, business and non business assets. Chargeable gain arises when you dispose of your asset or when you derive the capital sum from your ownership of an asset. Of course, it is only applicable if the asset is worth more now then it was when you acquired it. If your gain is part of your income, then it’s only chargeable for income tax purposes. Calculating chargeable gain excludes the value of any asset you receive in exchange for the asset you have disposed of and future payments which depend on future events. |
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