CG10702 - Chargeable persons

A person is generally chargeable to Capital Gains Tax (鈥淐GT鈥�) on chargeable gains accruing in a tax year if they are resident in the UK, see CG10900P. There are certain exceptions to this rule provided by the TCGA 1992, see CG10760.

听

defines a person as including a body of persons corporate or unincorporate. Where it is appropriate the TCGA 1992 should be read as applying to companies as well as individuals.

听

says that in any Act, unless the contrary intention appears,

a.听words importing the masculine gender include the feminine

b.听words importing the feminine gender include the masculine

c.听words in the singular include the plural and words in the plural include the singular

听

Chargeable persons include:

  • individuals, see CG20220C
  • partners in a business partnership, see CG27000C
  • trustees of settlement trusts, see CG33000C
  • personal representatives of deceased persons, see CG30500P
  • companies, see CG40200C

听

There are special provisions for attributing:

  • the gains accruing to a closely controlled non-resident company to UK resident members of that company, see or (for disposals before 6 April 2019) and听CG13500P
  • the gains accruing to the trustees of non-resident settlements to a UK domiciled and resident settlor, see and听CG38430, or UK resident beneficiaries who receive capital payments from the trustees, see and听CG38570C

听

Beneficial owner

For capital gains purposes, the person chargeable is normally the 鈥榖eneficial鈥� owner of the asset which has been disposed of. Often, the beneficial owner of the asset is also the legal owner of the asset but this is not always the case.

Any actions by

  • nominees, see and听CG34320听onwards
  • bare trustees (that is, where the person is absolutely entitled to property held by trustees), see and听CG34300P
  • receivers, liquidators or trustees in bankruptcy, see (section 8(6) for disposals before 6 April 2019), ,听CG20500听and听CG40400P听
  • mortgages or charge holders or any other persons entitled to the asset by way of security, see and听CG12706

are attributed to the beneficial owner so that any gain or loss accruing on an actual disposal of the asset by the nominee etc. accrues to the beneficial owner (and not the nominee). The transfer of legal ownership between a nominee and the beneficial owner does not constitute a disposal for the purposes of the TCGA 1992.