CAPITAL GAINS TAX ACT (ORIGINAL STATUTE)

DOWNLOAD OF A COPY OF THIS LAW IS AVAILABLE [N2,000 (PDF)] CLICK HERE FOR ONLINE PAYMENT. PDF COMPENDIUMS OF ALL THE LAWS OF NIGERIA, LAGOS AND OTHER STATES ARE ALSO AVAILABLE. EMAIL: lawnigeria@gmail.com or info@lawnigeria or Text/WhatsApp +23407067102097

CAPITAL GAINS TAX ACT

CHAPTER C1, LAWS OF THE FEDERATION OF NIGERIA, L.F.N. 2004

–

ARRANGEMENT OF SECTIONS

1.       Taxation of capital gains

2.       Capital gains tax

3.       Chargeable assets

4.       Assets situated outside Nigeria

5.       Exclusion of losses

6.       Disposal of assets

7.       Disposal of assets; provisions as to considerations

8.       Death

9.       Compulsory acquisition of land

10.     Date of acquisition or disposal, etc.

11.     Computation of capital gains

12.     Exclusion from consideration for disposals of sums chargeable to income tax

13.     General provision as to allowable expenditure

14.     Exclusion of expenditure deductible for income tax purposes

15.     Special provisions as to deductions allowable: insurance premiums

16.     Part disposal

17.     Consideration due after time of disposal

18.     Assets lost or destroyed

19.     Bargains comprising two or more transactions

20.     Artificial or fictitious transactions

21.     Valuation: market value

22.     Transactions between connected persons

23.     Meaning of “connected persons”

24.     Location of assets

25.     Supplemental

26.     Exemption for charities, etc

27.     Statutory bodies, etc

28.     Retirement benefits schemes

29.     Decorations

30.     Stocks and shares, etc

31.     Replacement of business assets

32.     Exemption of tax on gains arising from take-over’s, etc.

33.     Tax not chargeable on proceeds re-invested

34.     Life assurance policies

35.     Rights under policies of insurance, other than life assurance policies

36.     Personal injury

37.     Principal private residences

38.     Chattels sold for N1,000 or less in a year

39.     Motor cars

40.     Gifts

41.     Double taxation relief

42.     Relief in respect of delayed remittances of gains

43.     Application of income tax administration provisions

44.     Information as to assets required

45.     Change of ownership of property

46.     Interpretation and other supplemental provisions

47.     Short title

Schedule – Provisions of the Income Tax Acts applied to Capital Gains Tax

–

CAPITAL GAINS TAX

An Act to provide for the taxation of capital gains accruing on disposal of assets.                  

–

(COMMENCEMENT)                                      [1st April, 1967]

–

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA