The story of Capital Gains Tax (CGT) in the United Kingdom is a relatively short one and a simple one; it landed in 1965 and has been with us ever since.
In the below sections we describe the significant things about CGT in approximate order of importance.
What's the purpose of CGT?
It was designed to tax the gains made from the sale of assets such as property, shares and other investments, the idea being to make tax fairer by taxing income from asset appreciation as-well as from the existing taxes on earned income.