introduction to taxation

@anon39 said:
Capital gains tax is charged to individuals who dispose of capital assets such as property, shares, etc in excess of the annual exemption allowance.

Balancing charge are for companies where the proceeds received are in excess of the tax written down value at disposal date & as such the difference is the balancing charge which reduces the total capital allowances available to reduce the company’s profit subject to corporation tax.

The tax written down value or net book value is the taxman’s allowable depreciation used in computing taxable profits instead of accounting depreciation which is disallowable for tax purposes.

Good to see that you’ve retained this level of knowledge post qualification. Have you not got better things to be doing though?

Thanks