Capital gains tax is charged for a tax year on chargeable gains accruing in the year to a person on the disposal of assets.
As a result of section 4 of CTA 2009, capital gains tax is not charged on gains accruing to a company, but corporation tax is chargeable instead in accordance with—
section 2 of CTA 2009,
Chapter 2 of this Part, and
other relevant provisions of the Corporation Tax Acts.
Capital gains tax is charged on the total amount of chargeable gains accruing to a person in a tax year after deducting—
any allowable losses accruing to the person in the tax year, and
so far as not previously deducted under this subsection, any allowable losses accruing to the person in any previous tax year.