Click here to learn more about our revolutionary app or download directly from one of the sources below.
Capital Gains Tax (CGT) is the levy, by the Government via HMRC, on the profit an investor makes when an asset (such as a property, shares in a company or other investment) is sold and it has gained in value since it was originally purchased, or it entered the estate of the person or corporate body that acquired it.
CGT is owed for the tax year during which the investment is sold.
The long-term Capital Gains Tax rates for the 2021 and 2022 tax years are 0%, 15%, or 20% of the profit, depending on the income of the person who files their tax return and includes ‘capital gains’ on it. It is the gain in price between purchase and sale that is taxed, not the sale price.
[See ‘Inheritance Tax’ and ‘IHT’.]
Case law (or judicial precedent) is law which is made by the courts and decided by judges. Judicial precedent operates under the principle of stare decisis which literally means ‘to stand by decisions’.
Case law is the fundamental part of ‘Common Law’, which is the system of law based on judges’ decisions and on custom, rather than on written laws such as statute and legislation. An example is the common law offence of murder. There is no statute that rules a murder is a crime; it has been ‘handed down’ by the decisions of courts over the years.
[See ‘Common Law’.]
Under the Pensions Act a ‘ceasing to act’ notice states that insolvency proceedings in relation to the employer have come to an end and a pension scheme rescue has either occurred, or is not possible.
The Centre of Main Interests (COMI) of a company is the place of command and control, where it carries on business on a regular basis. It is presumed to be the jurisdiction where the company is legally registered.
