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PENNY BATES explains the various circumstances under which a disposal may take place
KEY POINTS
- The lack of a statutory definition of ‘disposal’.
- What is a disposal and when does it take place?
- Defining a small disposal.
- The tax treatment of part disposals of land and other assets.
- Death and other deemed disposals.
- Disposals by trustees.
- Conditional contracts.
The purpose of this article is to give a basic guide to what a disposal for capital gains tax purposes is and when it occurs looking at some specific situations.
There is no statutory definition of ‘disposal’ so the word must be given its normal meaning. A disposal is ‘an occasion when you sell an asset or give it away’ (HMRC’s guidance in the Capital Gains Manual at CG10242).
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