| chargeable gain In the UK, that part of a capital gain arising as a result of the disposal of an asset that is subject to taxation. The exceptions are: ● gains resulting from proceeds that are taxable under income tax or corporation tax; ● gains covered by various exemptions and reliefs (e.g. an annual personal exemption from capital gains tax of £8200 for 2004-05); ● gains not charged in full, as part of the gain occurred before 6 April 1965. See also: indexation, taper relief. |