What’s capital gains tax (CGT)?
It’s the tax charged on any capital gains that arise from the sale or disposal of any asset bought or acquired after 19 September, 1985 . You are liable for CGT if your capital gains exceed your capital losses in any income year. Any capital gain must be shown in your income tax return for that year. While you do not pay capital gains tax on your place of residence, investment properties are subject to the tax when sold. Any investment property acquired on or after 1 October, 1999 , and held for at least one year, is taxed at only half of your capital gain.
