CAPITAL GAINS: This is tax on the profit when dispose a capital asset that´s

increased in value. The gain you make in selling of that asset is taxed .You also do not pay
Capital Gains if all your gains are under your tax free allowance or when the gain is
exempted .Capita assets includes ,land and building ,shares, securities, other financial assets
,and an interest in a partnership.

SIMILARITIES BETWEEN THE PROVISION OF CAPITAL GAIN TAX

UNDER THE UK FINANCE ACT 2020/2021 AND THE GAMBIA’S ACT
2012

. They´re payable on gains arising on the disposal of capital assets.

. Failure to file a capital gain return , supporting documents and giving false or
misleading information on capital gain tax is punishable in both the Uk’s capital
gain tax and the Gambia’s act
.In both Uk and The Gambia an individual who is a resident is a chargeable
person and is therefore liable on their worldwide assets and non residents are.
Only liable on assets within the country.
.In both Uk and The Gambia the capital gain tax is a final tax neither the gains
and the nor the consideration received will be subjected to further taxation.
.A gain on disposal of a private resident if two years immediately preceeding
the disposal ,the building was personally used by the person or the parents is
exempted.

DIFFERENCIES BETWEEN THE UK’S PROVISION ON CAPITAL GAIN

TAX UNDER THE UK FINANCE ACT 2020/2021 AND THE GAMBIA’S
ACT 2012
. In the UK tax system capital gain tax payment is due on the 31st January
following the end of the tax year while in The Gambia capital gain returns is
due and payable within 15 days of from the date of disposal.
. In UK every individual benefits from an annual exempt amount of gains for
each tax year.an amount of 12300pounds while in the Gambia while in Gambia
tax individuals are not entitled to any annual exempt benefit but are not
entitled to pay capital gain tax if the gain does not exceed D18000 in a year.
.In UK the trustees are entitled to an annual exemption of 6150 pounds while
in the gambia trustees are not entitled to any annual exemption.
.In uk trustees of settled property held for people with disabilities, or others in
receipt of attendance allowance or disability living allowance are entitled to
the full annual exemption which is not applicable to the Gambia´s ACT2020 .
. In the Gambia act 2012 for individuals the capital gain tax is 15% of the gain
or 5% of the consideration, whichever is higher. For companies, partnerships,
trustees, etc the rate is 25% of the gains or 10% of the consideration,
whichever is higher. while in the Uk`s provision of capital gain tax qualifying
assets will be paid at a rate of 10% up to a maximun of 1million pounds ,and
shares qualifying for investors` relief will be taxed at 10% but up to a max
limit of 10millon pounds, gains on residential property are charged at the rate
of 18% or 28%,and gains on another other assets will be taxed by 10% or 20%.