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Chargeable Gains

jilbojilbo Well-KnownRegistered Posts: 197
I've just started studying BTC and was wondering if anyone could help with the following.

When calculating chargeable gains, do you take into account capital allowances already claimed? Or is it just a red herring? :confused1:

I would be grateful for any feedback.

Comments

  • bryan100bryan100 Settling In Nicely Registered Posts: 23
    When a trade asset is sold on which cap. all. have been claimed there will be either a balancing charge or allowance. This takes care of the c.a. bit. Any gain is calculated on the sales proceeds less original cost, taking into account indexation and taper relief.
  • jilbojilbo Well-Known Registered Posts: 197
    Many thanks Bryan, it's great when things come together, especially after having a dumb moment!: blushing:
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