Taxation of Chargeable Gains Act 1992 section 2

Corporation tax on chargeable gains

Section 2 establishes that corporation tax is charged on chargeable gains that arise when a company disposes of assets.

• Corporation tax applies to chargeable gains made by companies when they dispose of assets.
• The charging authority derives from section 2(1) and (2) of the Corporation Tax Act 2009.
• The charge operates in accordance with the Taxation of Chargeable Gains Act 1992 and all other relevant Corporation Tax Acts.
• This section provides the fundamental link between capital gains made by companies and the corporation tax regime.