Disposal of assets: general
Chargeable gains (or allowable losses) accrue on the disposal of assets. The word ‘disposal’ is not expressly defined in the TCGA92 and therefore must be given its natural meaning.
- Sales, gifts and exchanges are examples of natural disposals.
- There are specific occasions and occurrences which are defined by the Act to be disposals, see CG12702-CG12705.
- A series of transactions may be so closely linked that, as a matter of legal construction, they should be regarded as constituting a single disposal.
In general, there is a chargeable occasion whenever a capital sum is received, where the receipt can be related to
- the ownership of an asset, or
- to an interest in or right in or over an asset,
except where the transaction is specifically exempted. ‘Ownership’ means beneficial ownership, see CG34300+.