Capital gains tax

From Simple English Wikipedia, the free encyclopedia

A capital gains tax is a tax on the profit realized on the sale of a non-inventory asset. The most common capital gains are seen from the sale of stocks, bonds, precious metals, real estate, and property.

Not all countries have a capital gains tax and most have different rates of taxation. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, Cayman Islands, Isle of Man,[1] Jamaica,[2] New Zealand, Sri Lanka, Singapore, and others.

In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income.

In the United Kingdom people paid £16.7 billion in capital gains tax in 2021-22.[3]

References[change | change source]

  1. "Isle of Man Guide – GOVERNMENT, Taxation". Retrieved 2 February 2019.
  2. "PwC Jamaica". Retrieved 26 September 2018.
  3. Agyemang, Emma (2023-08-03). "Britons paid record £16.7bn in capital gains tax in 2021-22". Financial Times. Retrieved 2023-08-04.