Is CGT applicable to all assets?

• In general CGT is applicable only to assets acquired after 19 September 1985 that are normally referred to as CGT assets. If you sell an asset that was acquired before that date no CGT will be payable except in specific circumstances.
• However you may be liable to income tax on the profit made if you are in the business of dealing with such assets.
• If you have a net capital loss in one year it can be carried over and set off against capital gains in the following years. This reduces your net capital gains in those subsequent years.
• CGT assets are not only land and other tangible assets. They also include shares in companies and interests in trusts. Goodwill in a business is a CGT asset.
• You can use our LegalPlan™ membership to call for tenders from experienced lawyers who may be able to assist you with structuring your business assets to minimise CGT.