CAT / FIA FTX Syllabus D. Capital Gains Tax - Administrative framework for CGT - Notes ^{3 / 3}

Administration

• Individuals pay CGT on gains arising in a tax year

  CGT is charged for tax years, like income tax. 

  Any gain arising from 6 April 2023 to 5 April 2024 is taxed in 2023/24
   
  CGT is payable on 31 January following the end of the tax year. 

  There are no payments of account for CGT

• Companies pay corporation tax on gains

  Companies are not liable to CGT. 

  Instead a company's net chargeable gains are brought within the charge to corporation tax. 

  This means that a company's chargeable gains suffer corporation tax rather than CGT.