CGT

abbreviation

1. capital gains tax

Example Sentences

It applies to the sale of things like paintings, second homes, and stocks and shares, but main homes are currently exempt from CGT.

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The government is considering removing this relief for pricier homes, according to the Times, which would mean those sales would be subject to CGT, the current rates being 24% for higher-rate taxpayers and 18% for lower-rate taxpayers.

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Critics argue that removing CGT relief for higher value home sales would slow down those transactions, meaning it might not raise as much as the government would like.

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Unlike CGT, this tax does not apply to the change in value of the property but to the value of the property when bought.

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"It should not be possible to harvest the grapes of champagne using human misery," said Jose Blanco of the CGT union.

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