Everything you must know about Capital Gain Tax (CGT)
Paying Capital Gains Tax (CGT) isn’t necessarily a bad thing because it means that you have sold an asset and made a profit, which is better than a loss, of course. That said, I’m certain that most people would prefer to pay less tax, not more. Therefore, it’s important to understand the ins and outs of CGT.Capital Gain Tax basicsThe amount of tax you must pay on any capital gain is calculated using the below formula (for any asset purchase after 20 September 1985).See here. (A) Net sale proceeds – this includes the amount that you received less any direct selling costs such as advertising…
The skinny
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