| 单词 | capital gains tax |
| 释义 | capital gains tax = CGT A tax on capital gains. Most countries have a form of income tax under which they tax the profits from trading and a different tax to tax substantial disposals of assets either by traders for whom the assets are not trading stock (e.g. a trader's factory) or by individuals who do not trade (e.g. sales of shares by an investor). The latter type of tax is a capital gains tax. Short-term gains taxes are taxes sometimes applied to an asset that has only been held for a limited time. In these cases the rates tend to be higher than for the normal capital gains tax. In the UK, capital gains tax applies to the net gains (after deducting losses) accruing to an individual in any tax year, with an exemption to liability if the individual's gains do not exceed a specified figure (£8200 for 2004-05); this exemption applies separately to husbands and wives. Other exemptions include gains on assets sold for less than £6000, private cars, government securities and savings certificates, loan stocks, options, gambling, life-assurance and deferred-annuity contracts, main dwelling house, and works of art. Certain reductions also apply to gains from employee shares held for more than four years. The rate of tax is 10%, 20%, or 40% depending on the taxpayer's marginal rate of income tax. Taper relief may be available to reduce a chargeable gain and indexation is available to companies and to individuals who purchased the asset prior to April 1998. |
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