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Dear tutor,
There is a line in my text book says: “Companies pay corporation tax on their chargeable gains and not capital gains tax”
But I do not think it’s correct because companies actually pay CGT on their chargeable gains.Can you please explain?
Thank you!“Companies pay corporation tax on their chargeable gains and not capital gains tax”. This statement is true. A company’s chargeable gains are included in the corporation tax computation along with trading income etc and the corporation tax paid on its TTP.
For individuals, trading income is included in the income tax computation whereas gains are included in the CGT computation – two separate taxes, different rates, due dates etc.
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