Taxation of Chargeable Gains Act 1992 section 15

Computation of gains

Section 15 establishes the fundamental rule that gains arising on the disposal of assets must be computed in accordance with Part II of the Act, and that all such gains are chargeable to capital gains tax unless a specific exemption applies.

• Gains on the disposal of assets are computed in accordance with the rules in Part II (sections 15 to 57B) of the Taxation of Chargeable Gains Act 1992.
• The computation is also subject to any other relevant provisions elsewhere in the Act.
• The default position is that every gain is a chargeable gain, meaning it is subject to capital gains tax.
• A gain is only excluded from being chargeable where there is an express statutory provision stating otherwise.