Tx notes fa22 Final

Payment of capital gains tax 
Payment of CGT is due in full by 31 January following the end of the tax year (i.e. 31 January 
2024 for tax year 2022/23).
Capital Gains in tax year
X
Less: Capital losses in tax year
(X)
Chargeable Gains in tax year
X
Less: AEA
(12,300)
X
Less Capital losses b/f
(X)
Taxable Gains
X
CGT 
×
10%, 20% or18% and 28%
X
Capital Gains tax due:
X

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102
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Example 2 
Tina sold a painting on 1 July 2022 for £500,000. She purchased the painting in February 1997 for 
£350,000.
She also disposed of a commercial investment property for £310,300 on 1 December 2022 and 
incurred agency fees of £15,000 on the disposal. She had purchased the property in August 1998 for 
£200,000.
In addition she sold an antique vase for £10,000 in January 2023 which had cost her £15,000 in 
September 2020.
Tina had capital losses brought forward from previous tax years of £15,000. Tina’s taxable income 
for 2022/23 is £50,000.
Calculate Tina’s Capital Gains Tax for 2022/23 
EXAM TECHNIQUE: 
In attempting Section A or Section B questions on calculations of CGT it is EVEN MORE important 
than ever to ensure that you properly read and understand the information provided in the question, 
for example:
๏
Does the question give you the figure of taxable gains which is after deducting any capital 
losses and AEA, or does the question just tell you the chargeable gains and you have to then 
compute the taxable gains.
๏
Does the question give you the taxable income of the taxpayer for the tax year or are you 
simply provided with income figures that require you to then deduct the personal allowance of 
the taxpayer to compute the taxable income.
In addition read carefully the requirement of the question to ensure that you are actually answering 
the correct requirement, for example:
๏
Does the requirement actually ask you to calculate the CGT liability of the taxpayer or simply to 
compute the taxable gains of the taxpayer.
๏
Does the requirement ask you to compute the taxable gains (after AEA and losses b/f) or 
simply the chargeable gains (before AEA and losses b/f).
Do NOT rush into calculations before you have properly understood the requirement of the question 
and the information given in the question!