Glossary
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| Capital Gains Tax | Capital Gains Tax (CGT) is a tax charged to individuals on gains made from selling or disposing of assets. Limited companies are charged Corporation Tax on these gains. As far as individuals are concerned, CGT is calculated for each tax year and is charged on the total of that individual’s taxable gains after taking into account certain selling costs and reliefs that can reduce or defer gains, allowable losses they made on assets to which CGT normally applies and the annual exemption (£9,200 for every individual in 2007-8 tax year). |
| Capital Value | The value of an asset, freehold or leasehold, as distinct from its annual or periodic (rental) value. |
| Capitalisation | The value of an asset assessed in relation to the expected future income (rental) stream. |
| Commercial Property | Land and buildings which are either zoned, designed or intended for use by businesses such as retailers and office workers. Property other than that used for residential purposes (see residential property). |
| Communities and Local Government (CLG) | Communities and Local Government is the department responsible for developing and implementing taxation policies in England. |
| Completion | The point in a property transaction at which the legal transfer of a property from the seller to the buyer is finalised (contracts will have previously been exchanged – see exchange). The buyer can take possession of the property from the completion date. |
| Covenant | The word is used in two senses. First, in the strict legal sense, it refers to clause in the lease requiring the tenant (or landlord) to do something or to refrain from doing something; see also restrictive covenant. Second, it is used in the wider sense to denote the worth of a tenant (or, bearing in mind the doctrine of privity of contract, that of previous assignors) and hence the risk of default, which will have a bearing on the value of the lease. |
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