capital gains tax - wikipedia, the free encyclopedia

8/12/2019 Capital Gains Tax - Wikipedia, The Free Encyclopedia

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2/21/2014 Capital gains tax - Wikipedia, the free encyclopedia

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Capital gains taxFrom Wikipedia, the free encyclopedia

A capital gains tax(CGT) is a tax on capital gains, the profit realized on the sale of a non-inventory asset that

was purchased at a cost amount that was lower than the amount realized on the sale. The most common capital

gains are realized from the sale of stocks, bonds, precious metals and property. Not all countries implement a

capital gains tax and most have different rates of taxation for individuals and corporations.

For equities, an example of a popular and liquid asset, national and state legislation often has a large array of

fiscal obligations thatmust be respected regarding capital gains. Taxes are charged by the state over the

transactions, dividends and capital gains on the stock market. However, these fiscal obligations may vary from

urisdictionto jurisdiction.

Contents

1 Argentina2 Australia

3 Austria

4 Barbados

5 Belgium

6 Belize

7 Brazil

8 Bulgaria

9 Canada

10 CaymanIslands11 China

12 Cyprus

13 Czech Republic

14 Denmark

15 Ecuador

16 Egypt

17 Estonia

18 Finland

19 France20 Germany

21 Hong Kong

22 Hungary

23 Iceland

24 India

25 Iran

26 Ireland, Republic of

27 Isle of Man

28 Israel

29 Italy

30 Jamaica

31 Japan

32 Kenya
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33 Latvia

34 Lithuania

35 Malaysia

36 Mexico

37 Moldova

38 Netherlands

39 New Zealand

40 Norway41 The Philippines

42 Poland

43 Portugal

44 Romania

45 Russia

46 Serbia

47 Sierra Leone

48 Singapore

49 South Africa50 South Korea

51 Spain

52 Sri Lanka

53 Sweden

54 Switzerland

55 Thailand

56 Turkey

57 United Kingdom

57.1 History

57.2 Basics

57.3 Corporate notes

57.4 Background to changes to 18% rate

57.5 Historical (useful if looking at years prior to April 2008)

58 United States

59 Deferring or reducing capital gains tax

60 References

61 External links

Argentina

There is no specific capital gains tax in Argentina; however, there is a 9% to 35% tax for fiscal residents on their

world revenues, including capital gains.[citation needed]

Australia

Capital gains tax in Australia is only payable upon realized capital gains, except for certain provisions relating to

deferred-interest debt such as zero-coupon bonds. The tax is not separate in its own right, but forms part of the

income tax system. The proceeds of an asset sold less its 'cost base' (the original cost plus addition for cost

price increases over time) are the capital gain. Discounts and other concessions apply to certain taxpayers in

varying circumstances. From 21 September 1999, after a report by Alan Reynolds the 50% capital gains tax
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discount has been in place for individuals and some trusts that acquired the asset after that time and have heldthe asset for more than 12 months, however the tax is levied without any adjustment to the cost base for

inflation. The amount left after applying the discount is added to the assessable income of the taxpayer for that

financial year.

For individuals, the most significant exemption is the family home. The sale of personal residential property is

normally exempt from Capital Gains Tax, except for gains realized during any period in which the property was

not being used as an individual's personal residence (for example, being leased to other tenants) or portions

attributable to business use. Capital gains or losses as a general rule can be disregarded for CGT purposes

when assets were acquired before 20 September 1985 (pre CGT).

Austria

Austria taxes capital gains at 25%. There is an exception for capital gains from the sale of shares of foreign

entities (with opaque taxation) if the participation exceeds 10% and shares are held for over one year (so-called

"Schachtelprivileg").

Barbados

There is no capital gains tax charged in Barbados.

Belgium

Under the participation exemption, capital gains realised by a Belgian resident company on shares in a Belgian

or foreign company are fully exempt from corporate income tax, provided that the dividends on the shares

qualify for the participation exemption. For purposes of the participation exemption for capital gains the

minimum participation test is not required. Unrealised capital gains on shares that are recognised in the financial

statements (which recognition is not mandatory) are taxable. But a roll-over relief is granted if, and as long as,

the gain is booked in a separate reserve account on the balance sheet and is not used for distribution or

allocation of any kind.

As a counterpart to the new exemption of realised capital gains, capital losses on shares, both realised and

unrealised, are no longer tax deductible. However, the loss incurred in connection with the liquidation of a

subsidiary company remains deductible up to the amount of the paid-up share capital.

Other capital gains are taxed at the ordinary rate. If the total amount of sales is used for the purchase of

depreciable fixed assets within 3 years, the taxation of the capital gains will be spread over the depreciable

period of these assets.[1]

Belize

There are no capital gains taxes for residents or non-residents in Belize.

Brazil

Capital gain taxes are only paid on realized gains. At the current stage, taxes are 15% for transactions longer

than one day old and 20% for day trading, both transactions are due payable at the following month after selling

or closing the position. Dividends are tax free, since the issuer company has already paid toRECEITA
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FEDERAL(the Brazilian IRS). Derivatives (Futures and options) follow the same rules for tax purposes as

company stocks. When selling less than R$ 20.000 (Brazilian Reais) within a month (and not operating in day

trading), the financial operation is considered tax-free. Also, non-residents have no tax on capital gains.[2]

Bulgaria

The Corporate tax rate is 10%. The personal tax rate is flat at 10%. There is no capital gains tax on equity

instruments traded on regulated markets within the European Union.

Canada

Currently 50% of realized capital gains are taxed in Canada at an individual's tax rate. Some exceptions apply,

such as selling one's primary residence which may be exempt from taxation.[3]Capital gains made by

investments in a Tax-Free Savings Account (TFSA) are not taxed.

For example, if your capital gains (profit) is $100, you are taxed on $50 at your marginal tax rate. That is, if you

were in the top tax bracket, you would be taxed at approximately 43%, in Ontario. A formula for this exampleusing the top tax bracket would be as follows:

Capital gain x 50.00% x marginal tax rate = capital gain tax

$100 x 50.00% = $50 x 43% = $21.50

In this example your capital gains tax on $100 is $21.50, leaving you with $78.50.

As of the 2013 budget, interest can no longer be claimed a capital gain. The formula is the same for capital

losses and these can be carried forward indefinitely to offset future years' capital gains; capital losses not used inthe current year can also be carried back to the previous three tax years to offset capital gains tax paid in those

ears.

For corporations as for individuals, 50% of realized capital gains are taxable. The net taxable capital gains

(which can be calculated as 50% of total capital gains minus 50% of total capital losses) are subject to income

tax at normal corporate tax rates. If more than 50% of a small business's income is derived from specified

investment business activities (which include income from capital gains) they are not permitted to claim the small

business deduction.

Capital gains earned on income in a Registered Retirement Savings Plan are not taxed at the time the gain is

realized (i.e. when the holder sells a stock that has appreciated inside of their RRSP) but they are taxed when

the funds are withdrawn from the registered plan (usually after converting to a registered income fund.) These

gains are then taxed at the individual's full marginal rate.

Capital gains earned on income in a TFSA are not taxed at the time the gain is realized. Any money withdrawn

from a TFSA, including capital gains, are also not taxed.

Unrealized capital gains are not taxed.

Cayman IslandsThere are no capital gains taxes charged on any transaction in the Cayman Islands. However, a Cayman Islands

entity may be subject to taxation on capital gains made in other jurisdictions.
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China

The applicable tax rate for capital gains in China depends upon the nature of the taxpayer (i.e. whether the

taxpayer is a person or company) and whether the taxpayer is resident or non-resident for tax purposes. It

should however be noted that, unlike common law tax systems, Chinese income tax legislation does not provide

a distinction between income and capital. What commonly referred by taxpayers and practitioners as capital

gain tax is actually within the income tax framework, rather than a separate regime.

Tax-resident enterprises will be taxed at 25% in accordance with the Enterprise Income Tax Law. Non-resident

enterprises will be taxed at 10% on capital gains in accordance with the Implementing Regulations to the

Enterprise Income Tax Law. In practice, where a resident of a treaty partner alienates assets situated in China

as part of its ordinary course of business the gains so derived will likely be assessed as if it is a capital gain,

rather than business profit. This is somewhat contradictory with the basic principles of double taxation treaty.

The only tax circular specifically addressing the PRC income tax treatment of income derived by QFIIs from the

holding and trading of Chinese securities is Guo Shui Han (2009) No.47 ("Circular 47") issued by the State

Administration of Taxation ("SAT") on 23 January 2009. The circular addresses the withholding tax treatment o

dividends and interest received by QFIIs from PRC resident companies, however, circular 47 is silent on thetreatment of capital gains derived by QFIIs on the trading of A-shares. It is generally accepted that Circular 47

is intentionally silent on capital gains and possible indication that SAT is considering but still undecided on

whether to grant tax exemption or other concessionary treatment to capital gains derived by QFIIs.

Nevertheless, it is noted that there have been cases where QFIIs withdraw capital from China after paying 10%

withholding tax on gains derived through share trading over years on a transaction-by-transaction basis. This

uncertainty has caused significant problems for those investment managers investing in A-Shares. Guo Shui Han

(2009) No. 698 ("Circular 698") was issued on 10 December 2009 addressing the PRC corporate income tax

treatment on the transfer of PRC equity interest by non-PRC tax resident enterprises directly or indirectly,

however has not resolved the uncertain tax position with regards A-Shares. With respect to Circular 698 itself,

there are views that it is not consistent with the Enterprise Income Tax Law as well as double taxation treatiessigned by the Chinese government. The validity of the Circular is controversial, especially in light of recent

developments in the international arena, such as the TPG case in Australia and Vodafone case in India.

Cyprus

As determined by the Cyprus Capital Gains Tax Law, Capital gains tax in Cyprus arising from the sale or

disposition of immovable property in Cyprus or the disposal of shares of companies which own immovable

property in Cyprus and not listed in a recognised stock exchange. These gains are not added to other income

but are taxed separately. Gains from the sale of shares listed on the stock exchange are excluded from capitalgains tax, as specified in the Capital Gains Tax (Amendment) Law, No. N119(I) of 2002. Payment of

immovable property tax is paid by both individuals and companies on property owned in Cyprus.

Capital gains tax does not apply to profits from the sale of overseas real estate by non-residents, offshore

entities, or residents who were not resident when they purchased the asset. Gains accruing from disposal of

immovable property held outside Cyprus and shares in companies, the property whereof consists of immovable

property held outside Cyprus, will be exempted from capital gains tax. Individuals may, subject to certain

conditions, may claim certain deductions from the applicable taxable gain.[4]

Czech Republic


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Capital gains in the Czech Republic are taxed as income for companies and individuals. The Czech income tax

rate for an individual's income in 2010 is a flat 15% rate. Corporate tax in 2010 is 19%. Capital gains from the

sale of shares by a company owning 10% or more is entitled to participation exemption under certain terms. For

an individual, gain from the sale of a primary private dwelling, held for at least 2 years, is tax exempt. Or, when

not used as a main residence, if held for more than 5 years.

Denmark

Share dividends and realized capital gains on shares are charged 27% to individuals of gains up to DKK 48,300

(2013-level, adjusted annually), and at 42% of gains above that.[5]Carryforward of realized losses on shares is

allowed.

Individuals' interest income from bank deposits and bonds, realized gains on property and other capital gains are

taxed up to 59%, however, several exemptions occur, such as on selling one's principal private residence or on

gains on selling bonds. Interest paid on loans is deductible, although in case the net capital income is negative,

only approx. 33% tax credit applies.

Companies are taxed at 25%. Share dividends are taxed at 28%.

Ecuador

Ecuador does not have capital gains tax for income gained abroad.[citation needed]

Egypt

There is no capital gains tax. After the Egyptian Revolution there is a proposal for a 10% capital gains tax.

Estonia

There is no separate capital gains tax in Estonia. For residents of Estonia all capital gains are taxed the same as

regular income, the rate of which currently stands at 21%. Resident natural persons that have investment account

can realise capital gains on some classes of assets tax free until withdrawal of funds from the investment account.

For resident legal persons (includes partnerships) no tax is payable for realising capital gain (or receiving any

other type of income), but only on payment of dividends, payments from capital (exceeding contributions to

capital) and payments not related to business. The income tax rate for resident legal persons is 21% (payment o

79 units of dividends triggers 21 units of tax due).

Finland

The capital gains tax in Finland is 30% on realized capital income and 32% if the realized capital income is over

50,000 euros.[6]The capital gains tax in 2011 was 28% on realized capital income.[7]Carryforward of realized

losses is allowed for five years. However, capital gains from the sale of residential homes is tax-free after two

ears of residence, with certain limitations.[8]

France
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For residents, capital gains tax on the sale of financial instruments (shares, bonds, etc..) are taxed at the marginal

tax rate (up to 45%), plus 15,5% of social contributions (i.e.: up to 60.5%). A deduction of 20 to 40% on the

gross capital gain can be applied if the instrument has been held for at least 2 years.

If shares are held in a special account (called a PEA), the gain is subject only to social security taxes provided

that the PEA is held for at least five years. The maximum amount that can be deposited in the PEA is 152,000.

The gain realized on the sale of a principal residence is not taxable. A gain realized on the sale of other real

estate held at least 30 years, however, is not taxable, although this will become subject to 15.5% social security

taxes as of 2012. (There is a sliding scale for non principal residence property owned for between 22 and 30

ears.

Non-residents are generally taxable on capital gains realized on French real estate and on some French financial

instruments, subject to any applicable double tax treaty. Social security taxes, however, are not usually payable

by non-residents. A French tax representative will be mandatory if you are non-resident and you sell a property

for an amount over 150.000 euros or you own the real estate for more than 15 years.

GermanyIn January 2009, Germany introduced a very strict capital gains tax (called Abgeltungsteuer in German) for

shares, funds, certificates etc. Capital gains tax only applies to financial instruments (shares, bonds etc.) that

have been bought after 31 December 2008. Instruments bought before this date are exempt from capital gains

tax (assuming that they have been held for at least 12 months), even if they are sold in 2009 or later, barring a

change of law. Certificates are treated specially, and only qualify for tax exemption if they have been bought

before 15 March 2007.

Real estate continues to be exempt from capital gains tax if it has been held for more than ten years. The

German capital gains tax is 25% plus Solidarittszuschlag (add-on tax initially introduced to finance the 5 easternstates of Germany - Mecklenburg-Western Pomerania, Saxony, Saxony-Anhalt, Thuringia and Brandenburg -

and the cost of the reunification, but later kept in order to finance all kind of public funded projects in whole

Germany), plus Kirchensteuer (church tax), resulting in an effective tax rate of about 28%. Deductions of

expenses such as custodian fees, travel to annual shareholder meetings, legal and tax advice, interest paid on

loans to buy shares, etc., are no longer permitted starting in 2009.

Hong Kong

In general Hong Kong has no capital gains tax. However, employees who receive shares or options as part oftheir remuneration are taxed at the normal Hong Kong income tax rate on the value of the shares or options at

the end of any vesting period less any amount that the individual paid for the grant.

If part of the vesting period is spent outside Hong Kong then the tax payable in Hong Kong is pro-rated based

on the proportion of time spent working in Hong Kong.[9]Hong Kong has very few double tax agreements and

hence there is little relief available for double taxation. Therefore, it is possible (depending on the country of

origin) for employees moving to Hong Kong to pay full income tax on vested shares in both their country of

origin and in Hong Kong. Similarly, an employee leaving Hong Kong can incur double taxation on the unrealized

capital gains of their vested shares.

The Hong Kong taxation of capital gains on employee shares or options that are subject to a vesting period, is at

odds with the treatment of unrestricted shares or options which are free of capital gains tax.
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Hungary

Since 1 January 2011 there is one flat tax rate (16%) on capital income. This includes: selling stocks, bonds,

mutual funds shares and also interests from bank deposits. Since January 2010, Hungarian citizens can open

special "long-term" accounts. The tax rate on capital gains from securities held in such an account is 10% after a

3-year holding period, and 0% after the account's maximum 5 years period is expired.

Iceland

From 1. of January 2011 the capital gains tax in Iceland is 20%. Before it was 18% for one year as it was

raised from 15% in January 2010.

2008

10%

2009 until 30 June

10%

2009 from 1 July15%

2010

18%

2011

20%

India

As of 2008, equities are considered long term capital if the holding period is one year or more. Long termcapital gains from equities are not taxed if shares are sold through recognized stock exchange and Securities

Transaction Tax, or STT, is paid on the sale. STT in India is currently between 0.017% and 0.125% of total

amount received on sale of securities through a recognized Indian stock exchange like the NSE or BSE.

However short term capital gain from equities held for less than one year, is sold through recognised stock

exchange and STT paid should not be considered and it is taxable at a flat rate of 15% and other surcharges,

educational cess are imposed. 15%[10](w.e.f. 1 April 2009.[11])

Many other capital investments (house, buildings, real estate, bank deposits) are considered long term if the

holding period is 3 or more years.[12]

Iran

There is no capital gains tax. but in tax system reform, it is implemented in land and housing sector.

Ireland, Republic of

Since 5 December 2012, there is a 33% tax on capital gains,[13]with several exclusions and deductions (e.g.

agricultural land, primary residence, transfers between spouses). Gains made where the asset was originallypurchased before 2003 attract indexation relief (the cost of the asset can be multiplied by a published factor to

reflect inflation). Costs of purchase and sale are deductible, and every person has an exempt band of 1,270

per year.
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The tax rate is 23% on certain investment policies, and rises to 40% on certain offshore gains when they are not

declared in time.

Tax on capital gains arising in the first eleven months of the year must be paid by 15 December, and tax on

capital gains arising in the last month of the year must be paid by the following 31 January.

Isle of Man

There is no capital gains tax.

Israel

Capital gains tax in Israel is a flat rate of 25%. The taxed gains are inflation adjusted.

Italy

Capital gains tax of corporate income tax 27.5% (IRES) on gains derived from disposals of participations andextraordinary capital gains. For individuals (IRPEF), capital gains shall incur a 20% tax.

Jamaica

There are no capital gains taxes in Jamaica.

Japan

In Japan, there were two options for paying tax on capital gains from the sale of listed stocks. The first,

Withholding Tax (), taxed all proceeds (regardless of profit or loss) at 1.05%. The second method,

declaring proceeds as "taxable income" (), required individuals to declare 26% of proceeds on their

income tax statement. Many traders in Japan used both systems, declaring profits on the Withholding Tax

system and losses as taxable income, minimizing the amount of income tax paid.

In 2003, Japan scrapped the system above in favor of a flat 20% tax on gains, though the rate was temporarily

halved at 10% and after being postponed a few times the return to the normal rate of 20% is now set for 2014.

Losses can be carried forward for 3 years. Starting in 2009, losses can alternatively be deducted from dividend

income declared as "Separate Income" since the tax rate on both categories is equal (i.e., 20% temporarilyhalved to 10%). Aggregating profits and dividends to reach a single figure taxed at the same rate is fairly

innovative.

Kenya

There are currently no capital gains taxes in Kenya. Nonetheless, Capital Gains Tax will be introduced in 2013

and "is expected to increase the cost of land transaction as investors pass on the cost to buyers. The tax will also

affect those investing in shares and debt in the capital markets."[14]

Latvia


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As of 1 January 2013 the capital gains made on the disposal of shares are exempt from the corporate income

tax. If loss is incurred upon sale, it will not be deductible. To apply exemption, there are no restrictions on

minimal holding period or shareholding. The exemption, however, does not apply on gain from sale of shares in

entities located in the black-listed tax haven countries. The latter gains are subject to regular corporate income

tax rate at 15%. [15]

Similarly, gains on disposal of securities quoted on the regulated markets of the EU or EEA countries and

investment certificates in EU and EEA open-end investment funds are exempt from taxation in Latvia.

Gains on the disposal of other investments (like real estate properties) are taxed at regular corporate income tax

rate of 15%.

The inbound dividends are not taxed in the hands of Latvian company (except, the dividends received from the

low-tax jurisdiction). The outbound dividends are no subject to any taxes, except the dividends payable to the

low-tax jurisdiction (15%).

In the hands of individuals the capital gains are taxed at 15%, the dividends 10%.

Lithuania

Capital gains tax from the disposal of securities and from sale of real estate is 15%. Gains from the disposal of

securities are exempt if they are acquired more than 366 days before their sale and the individual owns not more

than 10% of securities for three years preceding the tax year during which the securities are sold. Gains from

sale of real estate are exempt if the property is owned for more than 3 years before sale. These tax exemptions

will cease to be valid on 1 January 2014 for annual gains of over 10,000 LTL.

Malaysia

There is no capital gains tax for equities in Malaysia. Malaysia used to have a capital gains tax on real estate but

the tax was repealed in April 2007. However, a real property gains tax (RPGT) introduced in 2010 now applies

to property sold less than five years from its purchase. Property disposed off less than three years after purchase

will incur RGPT of 30% while those sold between four and five years after will incur 20% and 15% RPGT,

respectively. As for non-citizens, RPGT is imposed at 30% on the gains from properties disposed within the

holding period of up to five years. And for disposal made in sixth and subsequent years, no RPGT is imposed

for citizens, while companies and foreign property buyers are taxed at 5%.[16]

Malaysia has imposed capital gain tax on share options and share purchase plan received by employee startingear 2007.

Mexico

There is no current Capital Gains Tax for profits in the stock market, it will be introduced in 2014 at 10% rate in

Mexico.

Moldova

Under the Moldovan Tax Code a capital gain is defined as the difference between the acquisition and the

disposition price of the capital asset. Only this difference (i.e. the gain) is taxable. The applicable rate is half

(1/2) of the income tax rate, which for individuals is 18% and for companies was 15% (but in 2008 is 0%).

Therefore, in 2008 the capital gain tax rate is 9% for individuals and 0% for companies.
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Not all types of assets are "capital assets". Capital assets include: real estate; shares; stakes in limited liability

companies etc.

Netherlands

There is no capital gains tax in the Netherlands.

However a "theoretical capital yield" of 4% is taxed at a rate of 30% (so 1.2%) but only if the savings plusstocks of a person exceed a certain threshold (around 20.000 euros a person).

New Zealand

New Zealand has no general capital gains tax. However income tax may be charged on profits from the sale of

personal property and land that was acquired for the purposes of resale.[17]This tax is widely avoided and not

usually enforced, perhaps due to the difficulty in proving intent at the time of purchase. However, there have

been a few cases of the IRD enforcing the law; in 2004 the government gathered $106.6M checking on

property sales from Queenstown, Wanaka and some areas of Auckland.[18]

In a speech delivered on 3 June 2009, then New Zealand Treasury Secretary John Whitehead called for a

capital gains tax to be included in reforms to New Zealand's taxation system.[19]The introduction of a capital

gains tax was proposed by the New Zealand Labour Party as an election campaign strategy in the 2011 general

election, in which the party received the lowest share of votes in a general election since 1928 and lost 8

seats.[20][21]

Norway

The individual capital gains tax in Norway is 28%. In most cases, there is no capital gains tax on profits from

sale of your principal home. This tax was introduced in 2006 through a reform that eliminated the "RISK-

system", which intended to avoid the double taxation of capital. The new shareholder model, introduced in

2006, aims to reduce the difference in taxation of capital and labor by taxing dividends beyond a certain level as

ordinary income. This means that focus was moved from capital to individuals and their level of income. This

system also introduced a deductible allowance equal to the share's acquisition value times the average rate for

Treasury bills with a 3-month period adjusted for tax. Shielding interest shall secure financial neutrality in that it

returns the taxpayer what he or she alternatively would have achieved in a safe, passive capital placement

exempt from additional taxation. The main purpose of the allowance is to prevent adverse shifts in investment

and corporate financing structure as a result of the dividend tax. According to the papers explaining the newpolicy, a dividend tax without such shielding could push up the pressures on the rate of return on equity

investments and lead Norwegian investors from equities to bonds, property etc.

The Philippines

There is a 6% Capital Gains Tax and a 1.5% Documentary Stamps on the disposal of real estate in the

Philippines. While the Capital Gain Tax is imposed on the gains presumed to have been realized by the seller

from the sale, exchange, or other disposition of capital assets located in the Philippines, including other forms of

conditional sale, the Documentary Stamp Tax is imposed on documents, instruments, loan agreements andpapers evidencing the acceptance, assignment, sale or transfer of an obligation, rights, or property incident

thereto. These two taxes are imposed on the actual price the property has been sold, or on its current Market

Value, or on its Zonal Value whichever is higher. Zonal valuation in the Philippines is set by its tax collecting

agency, the Bureau of Internal Revenue. Most often, real estate transactions in the Philippines are being sealed
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higher than their corresponding Market and Zonal values. As a standard process, the Capital Gain Tax is paid

for by the seller, while the Documentary Stamp is paid for by the buyer. However, either of the two parties may

pay both taxes depending on the agreement they entered into.

Poland

Since 2004 there is one flat tax rate (19%) on capital income. It includes: selling stocks, bonds, mutual funds

shares and also interests from bank deposits.

Portugal

There is a capital gains tax on sale of home and property. Any capital gain (mais-valia) arising is taxable as

income. For residents this is on a sliding scale from 12-40%. However, for residents the taxable gain is reduced

by 50%. Proven costs that have increased the value during the last five years can be deducted. For non-

residents, the capital gain is taxed at a uniform rate of 25%. The capital gain which arises on the sale of own

homes or residences, which are the elected main residence of the taxpayer or his family, is tax free if the total

profit on sale is reinvested in the acquisition of another home, own residence or building plot in Portugal.

In 1986 and 1987 Portuguese corporations changed their capital structure by increasing the weight of equity

capital. This was particularly notorious on quoted companies. In these two years, the government set up a large

number of tax incentives to promote equity capital and to encourage the quotation on the Lisbon Stock

Exchange. Until 2010, for stock held for more than twelve months the capital gain was exempt. The capital gain

of stock held for shorter periods of time was taxable on 10%.

From 2010 onwards, for residents, all capital gain of stock above 500 is taxable on 20%. Investment funds,

banks and corporations are exempted of capital gain tax over stock.

Currently it is 28% (year 2013).

Romania

In Romania there is a 16% flat tax. It also applies for real estate transactions but only if the property is sold

earlier than three years from the date is was acquired.[22]

Russia

There is no separate tax on capital gains; rather, gains or gross receipt from sale of assets are absorbed into

income tax base.[citation needed]Taxation of individual and corporate taxpayers is distinctly different:

Capital gains of individual taxpayers are tax free if the taxpayer owned the asset for at least three years. If

not, gains on sales of real estate and securities are absorbed into their personal income tax base and

taxed at 13% (residents) and 30% (non-residents).[citation needed]A tax resident is any individual

residing in the Russian Federation for more than 183 days in the past year.

Capital gains of resident corporate taxpayers operating undergeneral tax frameworkare taxed as

ordinary business profits at the common rate of 20%, regardless of the ownership period. Small

businesses operating undersimplified tax frameworkpay tax not on capital gains, but on gross receipts

at 6% or 15%.

Dividends that may be included into gains on disposal of securities are taxed at source at 9% (residents)

and 15% (non-residents) for either corporate or individual taxpayers.
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Serbia

Capital gains are subject to a 15% tax for residents and 20% for nonresidents (based on the tax

assessment).[23]

Sierra Leone

There is no capital gains tax in Sierra Leone.

Singapore

There is no capital gains tax in Singapore.

South Africa

For legal persons in South Africa, 66.6% of their net profit will attract CGT and for natural persons 33.3%. Thisportion of the net gain will be taxed at their marginal tax rate. As an effective tax rate this means a maximum

effective rate of 13.3% for individuals is payable, and for corporate taxpayers a maximum of 18.6%. The annual

individual and special trust exemption is R30 000.

South Korea

For individuals holding less than 3% of listed company, there is only 0.3% trade tax for sales of shares.

Exchange traded funds are exempt from any trade tax. For larger than 3% shareholders of listed companies or

for sales of shares in any unlisted company, capital gains tax in South Korea is 11% for tax residents for sales ofshares in small- and medium-sized companies. Rates of 22% and 33% apply in certain other situations.[24]

Those who have been resident in Korea for less than five years are exempt from capital gains tax on foreign

assets.[25]

Spain

Spain's capital gains tax law changed from 1 January 2013

Individuals:

Short term (up to fiscal year): Capital gains are taxed like income tax, form 24.75% to 52/56% depending

CCAA (Comunidad Autonoma)

Long term (more one year): Capital gains are taxed in this way, first 6,000 will be taxed at 21%, from 6,000

to 24,000 will be taxed at 25% and gains above 24,000 will be taxed at 27%.

Companies:

Capital gains are taxed like any other income gain, that means between 25% to 30% depending on whether a

company is small or big.

Sri Lanka

Currently there is no capital gains tax in Sri Lanka.
http://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/South_Africahttp://en.wikipedia.org/wiki/Singaporehttp://en.wikipedia.org/wiki/Sierra_Leone


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Sweden

The capital gains tax in Sweden is up to 30% on realized capital income, depending on the depot type.

Traditionally, the capital gains tax in Sweden has been 30%.[citation needed]

Switzerland

There is no capital gains tax in Switzerland for residents on share trades. Corporate capital gains are taxed as

ordinary income. Capital gains tax is charged to individuals on the sale of property if sold within 10 years of

purchase. The 10-year rule is not valid in all Cantons. There are places, where a capital gains tax on property is

payable up to 30 years, but the tax is degressive.

Thailand

There is no separate capital gains tax in Thailand. If capital gains arise outside of Thailand it is not taxable. All

earned income in Thailand from capital gains is taxed the same as regular income. However, if individual earns

capital gain from security in the Stock Exchange of Thailand, it is exempted from personal income tax.

Turkey

Capital gains tax rate on share certificates for residents is 0% as of 2013 for two years of holding period.[26]

United Kingdom

History

Channon observes that one of the primary drivers to the introduction of CGT in the UK was the rapid growth in

property values post World War II. This led to property developers deliberately leaving office blocks empty so

that a rental income couldn't be established and greater capital gains made.[27]The capital gains tax system was

therefore introduced by Chancellor, James Callaghan in 1965[28]

Basics

Individuals who are residents or ordinarily residents in the United Kingdom (and trustees of various trusts) aresubject to an 18% capital gains tax.

For people paying more than the basic rate of income tax, this increased to 28% from midnight on 23 June

2010.

There are exceptions such as for principal private residences, holdings in ISAs or gilts. Certain other gains are

allowed to be rolled over upon re-investment. Investments in some start up enterprises are also exempt from

CGT. Entrepreneurs' Relief allows a lower rate of CGT (10%) to be paid by people who have been involved

for a year with a trading company and have a 5% or more shareholding.

Shares in companies with trading properties are eligible for Entrepreneurs' Relief, but not investment

properties.[29]
http://en.wikipedia.org/wiki/Entrepreneurs%27_Reliefhttp://en.wikipedia.org/wiki/Entrepreneurs%27_Reliefhttp://en.wikipedia.org/wiki/Giltshttp://en.wikipedia.org/wiki/Individual_Savings_Accounthttp://en.wikipedia.org/wiki/World_War_IIhttp://en.wikipedia.org/wiki/Thailandhttp://en.wikipedia.org/wiki/Residency_(domicile)http://en.wikipedia.org/wiki/Switzerlandhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Swedenhttp://en.wikipedia.org/wiki/Sweden


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Every individual has an annual capital gains tax allowance: gains below the allowance are exempt from tax, and

capital losses can be set against capital gains in other holdings before taxation. All individuals are exempt from

tax up to a specified amount of capital gains per year. For the 2011/12 tax year this "annual exemption" is

10,600.[30]

Corporate notes

Companies are subject to corporation tax on their "chargeable gains" (the amounts of which are calculated alongthe lines of capital gains tax). Companies cannot claim taper relief, but can claim an indexation allowance to

offset the effect of inflation. A corporate substantial shareholdings exemption was introduced on 1 April 2002

for holdings of 10% or more of the shares in another company (30% or more for shares held by a life assurance

company's long-term insurance fund). This is effectively a form of UK participation exemption. Almost all of the

corporation tax raised on chargeable gains is paid by life assurance companies taxed on the I minus E basis.

The rules governing the taxation of capital gains in the United Kingdom for individuals and companies are

contained in the Taxation of Chargeable Gains Act 1992.

Background to changes to 18% rate

In the Chancellor's October 2007 Autumn Statement, draft proposals were announced that would change the

applicable rates of CGT as of 6 April 2008. Under these proposals, an individual's annual exemption will

continue but taper relief will cease and a single rate of capital gains tax at 18% will be applied to chargeable

gains. This new single rate would replace the individual's marginal (Income Tax) rate of tax for CGT purposes.

The changes were introduced, at least in part, because the UK government felt that private equity firms were

making excessive profits by benefiting from overly generous taper relief on business assets[citation needed]. The

changes were criticised by a number of groups including the Federation of Small Businesses, who claimed that

the new rules would increase the CGT liability of small businesses and discourage entrepreneurship in the

UK.[31]At the time of the proposals there was concern that the changes would lead to a bulk selling of assets

ust before the start of the 2008-09 tax year to benefit from existing taper relief. Capital Gains Tax rose to 28%

on 23 June 2010 at 00:00.

Historical (useful if looking at years prior to April 2008)

Individuals paid capital gains tax at their highest marginal rate of income tax (0%, 10%, 20% or 40% in the tax

ear 2007/8) but from 6 April 1998 were able to claim a taper reliefwhich reduces the amount of a gain that is

subject to capital gains tax (reducing the effective rate of tax), depending on whether the asset is a "business

asset" or a "non-business asset" and the length of the period of ownership. Taper relief provided up to a 75%reduction (leaving 25% taxable) in taxable gains for business assets, and 40% (leaving 60% taxable), for non-

business assets, for an individual.[32]Taper relief replaces indexation allowance for individuals, which can still be

claimed for assets held prior to 6 April 1998 from the date of purchase until that date, but was itself abolished

on 5 April 2008.

United States

Main article: Capital gains tax in the United States

In the United States, with certain exceptions, individuals and corporations pay income tax on the net total of all

their capital gains. Short-term capital gains are taxed at a higher rate: the ordinary income tax rate. The tax rate

for individuals on "long-term capital gains", which are gains on assets that have been held for over one year

before being sold, is lower than the ordinary income tax rate, and in some tax brackets there is no tax due on
http://en.wikipedia.org/wiki/Ordinary_incomehttp://en.wikipedia.org/wiki/Income_taxhttp://en.wikipedia.org/wiki/Capital_gains_tax_in_the_United_Stateshttp://en.wikipedia.org/w/index.php?title=Taper_relief&action=edit&redlink=1http://en.wikipedia.org/wiki/Tax_yearhttp://en.wikipedia.org/wiki/Federation_of_Small_Businesseshttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Private_equityhttp://en.wikipedia.org/wiki/Taxation_of_Chargeable_Gains_Act_1992http://en.wikipedia.org/wiki/I_minus_E_basishttp://en.wikipedia.org/wiki/Life_assurancehttp://en.wikipedia.org/wiki/Participation_exemptionhttp://en.wikipedia.org/wiki/Substantial_shareholdings_exemptionhttp://en.wikipedia.org/wiki/Inflationhttp://en.wikipedia.org/wiki/United_Kingdom_corporation_tax


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such gains. The tax rate on long-term gains was reduced in 1997 via the Taxpayer Relief Act of 1997 from 28%

to 20% andagain in 2003, via the Jobs and Growth Tax Relief Reconciliation Act of 2003, from 20% to 15%

(for individuals, whose highest tax bracket is 15% or more), or from 10% to 5% for individuals in the lowest

two incometax brackets (whose highest tax bracket is less than 15%) (See progressive tax). The reduced 15%

tax rate on eligible dividends and capital gains, previously scheduled to expire in 2008, was extended through

2010 as aresult of the Tax Increase Prevention and Reconciliation Act signed into law by President Bush on 17

May 2006,which also reduced the 5% rate to 0%.[33]Toward the end of 2010, President Obama signed a law

extending the reduced rate on eligible dividends until the end of 2012.

The law allows for individuals to defer capital gains taxes with tax planning strategies such as the structured sale

(ensured installment sale), charitable trust (CRT), installment sale, private annuity trust, and a 1031 exchange.

The UnitedStates, unlike almost all other countries, taxes its citizens (with some exceptions [34]) on their

worldwideincome no matter where in the world they reside. U.S. citizens therefore find it difficult to take

advantageof personal tax havens. Although there are some offshore bank accounts that advertise as tax havens,

U.S. law requires reporting of income from those accounts, and willful failure to do so constitutes tax evasion.

Deferring or reducing capital gains tax

Capital gains tax can be deferred or reduced if a seller utilizes the proper sales method and/or deferral

technique.There are many such sales techniques and methods, each of which has its benefits and drawbacks.

See someways to defer and/or reduce capital gains tax below.

(USOnly) - Tax Loss Harvesting - Realized tax losses can carry forward forever and can be applied to

offset capital gains months or years in the future. Discretionary Overlay managers have developed new

trading methodologies that have evolved tax loss harvesting into a year-round strategy, as opposed to

year-end, which is standard to most financial advisors, and is paramount in reducing the capital gains tax

burden on affluent investors.[35]

Charitable trust - Defer and reduce capital gains by giving equity to a charity.

Installment Sale - Defer capital gains by taking payments from a buyer over a period of years. No

protection from buyer default.

(USonly) Deferred Sales Trust- Allows the seller of property to defer capital gains tax due at the time of

saleover a period of time.

(USonly) 1031 exchange - Defer tax by exchanging for "like kind" propertyhowever, generally

available only for real estate and tangible property, both of which must be business-related. Pay capital

gainswhen they are realized (i.e. when subsequently sold).

(USonly) Roth IRA - Transactions inside an account (including capital gains, dividends, and interest) do

notincur a current tax liability.

(USonly) Structured sale annuity (aka Ensured Installment Sale) - Defer and reduce capital gains tax

whilegaining safety and a stream of guaranteed income.

(USonly) Self Directed Installment Sale (SDIS) Allows for the deferral of capital gains taxes while

removing the risks from buyer default under a traditional installment sale.

(USonly) (historical) Private annuity trust - No longer a valid tax deferral tool.

(Canada only) - Utilize a Tax-Free Savings Account

References

1. ^Invest in Belgium (http://economie.fgov.be/investors/why_invest_in_belgium/tax.htm#5)

2. ^"Securities and Exchange Commission of Brazil" (http://www.cvm.gov.br/ingl/indexing.asp). CVM -

Comisso de Valores Mobilirios (Brazilian SEC).
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3. ^CRA. IT-120R6 Principal Residence (http://www.cra-arc.gc.ca/E/pub/tp/it120r6/it120r6-e.html#P92_14422)

4. ^"Various tax rates in Cyprus and information; Capital Gains in Cyprus" (http://www.offshore-

gateway.eu/opportunities_favourable.asp). Offshore-gateway.eu. Retrieved 4 August 2013.

5. ^"SKAT: Satser og belbsgrnser 2010+2011" (http://www.skat.dk/SKAT.aspx?oId=1549830). Skat.dk.

Retrieved 9 February 2012.

6. ^"Kauppalehti" (http://www.kauppalehti.fi/5/i/talous/uutiset/etusivu/uutinen.jsp?oid=20110887893&ext=rss).

Kauppalehti.fi. 18 August 2011. Retrieved 4 August 2013.

7. ^VERO Taxation of Stock Options (http://www.vero.fi/default.asp?

article=3619&domain=VERO_ENGLISH&path=488,489&language=ENG)8. ^VERO (http://vero.fi/?article=2610&domain=VERO_MAIN&path=5,40&language=FIN)

9. ^"How Share Awards and Share Options are Taxed"

(http://www.gov.hk/en/residents/taxes/salaries/salariestax/chargeable/options.htm). GovHK. Retrieved 9

February 2012.

10. ^[1] (http://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?

fn=http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2009ITAct/section111A.htm)

11. ^"ftn97section105.htm"

(http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2009ITAct/ftn97section105.htm).

Law.incometaxindia.gov.in. 4 January 2009. Retrieved 9 February 2012.

12. ^Indian Gov Capital Gains Tax Calculator

(http://www.incometaxindia.gov.in/publications/4_Compute_Your_Capital_Gains/Chapter2.asp)

13. ^"Capital Gains Tax"

(http://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.html).

Citizensinformation.ie. Retrieved 4 August 2013.

14. ^"Tax measures to boost growth but prices of goods will go up" (http://www.nation.co.ke/News/Tax-

measures-to-boost-growth-but-prices-of-goods-will-go-up-/-/1056/1882370/-/item/0/-/lth2lp/-/index.html).

Nation.co.ke.

15. ^http://aat.lv/wp-content/uploads/2013/07/GENERAL-TAX-FACTS-AND-RATES-AS-OF-1-JANUARY-

2013.pdf

16. ^" "Budget 2014 Highlights". 25 October 2013" (http://www.theedgemalaysia.com/political-news/260203-

highlight-budget-2014-highlights.html/). Theedgemalaysia.com. 25 October 2013. Retrieved 1 November 2013.17. ^"Buying and Selling Residential Property"

(https://www.ird.govt.nz/resources/3/0/305950004bbe5936836ed3bc87554a30/ir313.pdf). New Zealand Inland

Revenue. Retrieved 4 August 2013.

18. ^"Capital Gains Tax - Is this needed in New Zealand" (http://www.national.org.nz/Article.aspx?

articleId=9733). National.org.nz. 22 March 2007

19. ^Fallow, Brian (4 June 2009). "Treasury pushes for capital gains tax"

(http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10576312). The New Zealand Herald.

Retrieved 23 September 2011.

20. ^Adam Bennett (14 July 2011). "Labour unveils 'bold' tax plan"

(http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10738434). The New Zealand Herald.

Retrieved 16 June 2012.21. ^"Own Our Future" (http://www.ownourfuture.co.nz/). New Zealand Labour Party. 14 July 2011.

22. ^"Noul impozit pe tranzactiile imobiliare" (http://www.portalroman.com/afaceri/tranzactii_imobiliare.php).

Retrieved 13 July 2012.

23. ^http://www.e-racuni.com

24. ^"Summary of Korean Corporate and Individual Income Taxes 2007"

(http://www1.samil.com/publication/filemng.nsf/0/9DBA0F85774C3BF34925737C001CF249/$File/2007Korean

TaxSummaries.pdf). Samil Price Waterhouse Coopers. 2007. Retrieved 4 August 2013.

25. ^"Korea : Publications : 2009 Korean Tax Summaries" (http://www.pwc.com/kr/en/publications/korean-tax-

2009.jhtml). Price Waterhouse Coopers. Retrieved 9 February 2012.

26. ^Basbakanlik.gov.tr (http://rega.basbakanlik.gov.tr/#)

27. ^Channon, Derek F (1978). The Service Industries. London: The MacMillan Press Ltd. ISBN 0-338-19807-7.

28. ^"Telegraph: Capital Gains Tax: a brief history" (http://www.telegraph.co.uk/finance/personalfinance/capital-

gains-tax/7771799/Capital-Gains-Tax-a-brief-history.html). The Daily Telegraph. Retrieved 8 January 2014.

29. ^"Residential property tax planning" (http://www.mah.uk.com/residential-property-tax-planning/).MAH,

Chartered Accountants. Retrieved 11/08/2013.
http://www.mah.uk.com/residential-property-tax-planning/http://www.telegraph.co.uk/finance/personalfinance/capital-gains-tax/7771799/Capital-Gains-Tax-a-brief-history.htmlhttp://en.wikipedia.org/wiki/Special:BookSources/0338198077http://rega.basbakanlik.gov.tr/#http://www.pwc.com/kr/en/publications/korean-tax-2009.jhtmlhttp://www1.samil.com/publication/filemng.nsf/0/9DBA0F85774C3BF34925737C001CF249/$File/2007KoreanTaxSummaries.pdfhttp://www.e-racuni.com/http://www.portalroman.com/afaceri/tranzactii_imobiliare.phphttp://www.ownourfuture.co.nz/http://en.wikipedia.org/wiki/The_New_Zealand_Heraldhttp://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10738434http://en.wikipedia.org/wiki/The_New_Zealand_Heraldhttp://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10576312http://www.national.org.nz/Article.aspx?articleId=9733https://www.ird.govt.nz/resources/3/0/305950004bbe5936836ed3bc87554a30/ir313.pdfhttp://www.theedgemalaysia.com/political-news/260203-highlight-budget-2014-highlights.html/http://aat.lv/wp-content/uploads/2013/07/GENERAL-TAX-FACTS-AND-RATES-AS-OF-1-JANUARY-2013.pdfhttp://www.nation.co.ke/News/Tax-measures-to-boost-growth-but-prices-of-goods-will-go-up-/-/1056/1882370/-/item/0/-/lth2lp/-/index.htmlhttp://www.citizensinformation.ie/en/money_and_tax/tax/capital_taxes/capital_gains_tax.htmlhttp://www.incometaxindia.gov.in/publications/4_Compute_Your_Capital_Gains/Chapter2.asphttp://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2009ITAct/ftn97section105.htmhttp://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?fn=http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2009ITAct/section111A.htmhttp://www.gov.hk/en/residents/taxes/salaries/salariestax/chargeable/options.htmhttp://vero.fi/?article=2610&domain=VERO_MAIN&path=5,40&language=FINhttp://www.vero.fi/default.asp?article=3619&domain=VERO_ENGLISH&path=488,489&language=ENGhttp://www.kauppalehti.fi/5/i/talous/uutiset/etusivu/uutinen.jsp?oid=20110887893&ext=rsshttp://www.skat.dk/SKAT.aspx?oId=1549830http://www.offshore-gateway.eu/opportunities_favourable.asphttp://www.cra-arc.gc.ca/E/pub/tp/it120r6/it120r6-e.html#P92_14422


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30. ^"HM Revenue & Customs: Capital Gains Tax rates and annual tax-free allowances"

(http://www.hmrc.gov.uk/rates/cgt.htm). Hmrc.gov.uk. Retrieved 24 July 2012.

31. ^Jean Eaglesham and John Willman (23 January 2008). "Final showdown on CGT reforms"

(http://www.ft.com/cms/s/0/bea3509e-c920-11dc-9807-000077b07658.html). Financial Times. Retrieved 23

January 2008.

32. ^"An Introduction to Capital Gains Tax" (http://www.hmrc.gov.uk/guidance/cgt-introduction.pdf) (PDF). HM

Revenue and Customs. p. 94. Retrieved 22 April 2008.

33. ^Public Law No. 109-222.

34. ^Anexample of an exception is the exemption from U.S. federal income tax for a limited amount of foreignearned income of a citizen or resident of the United States who is living abroad, under26 U.S.C. 911

(http://www.law.cornell.edu/uscode/26/911.html).

35. ^John Phoenix. "Seeking Tax Alpha" (http://www.financial-planning.com/asset/article/651221/seeking-tax-

alpha.html). Financial-Planning.com. Retrieved 1 September 2008.

External links

TheLabyrinth of Capital Gains Tax Policy: A Guide for the Perplexed

(http://www.brookings.edu/research/books/1999/gains) (1999), Brookings InstitutionIRS"Like Kind Exchanges Tax Tips"

(http://www.irs.gov/businesses/small/industries/article/0,,id=98491,00.html)

capital gain tax India (http://www.myaccounting.co.in/blog/cgtax1.html) capital gain tax India

Capital Gains Tax Canada (http://madanca.com/blog/tax-on-real-estate-sales-in-canada/) information on

paying capital gains tax in Canada

Securities and Exchange Commission of Brazil" (http://www.cvm.gov.br/ingl/indexing.asp) Capital gains

tax in Brazil

Retrieved from "http://en.wikipedia.org/w/index.php?title=Capital_gains_tax&oldid=596283254"

Categories: Capital gains taxes Taxation in Australia Taxation in Canada Taxation in China

Taxationin the Czech Republic Taxation in India Taxation in Israel Taxation in Kenya

Taxationin Lithuania Taxation in the Netherlands Taxation in New Zealand Taxation in Norway

Taxationin Poland Taxation in Russia Taxation in Singapore Taxation in South Africa Taxation in Spain

Taxationin the United Kingdom Taxation in the United States

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