Capital Gains Tax

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This is a tax you pay if you have made a capital gain after selling some of your assets. The tax applies differently depending on how long you owned the asset before you sold it and made the profit. For example, if you owned shares for more than 12 months and then sold them at a profit, the tax on that profit is typically less than if you had owned those shares for less than 12 months. This is known as a "long-term" capital gain, as opposed to a "short-term" capital gain in which the ownership is usually for less than 12 months.