Capital Gains Tax Act (1990)

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1. Taxation of capital gains

(1) Subject to the provisions of this Act there shall be charged a tax to be called capital gains tax for the year of assessment 1967-68 and for subsequent years of assessment in respect of any capital gains, that
is to say, gains accruing to any person on or after 1st April, 1967 on a disposal of assets.

(2) Every such gain shall, except so far as otherwise expressly provided, be a chargeable gain.

(3) In this Act, unless the context otherwise requires, any reference to a person shall include a reference
to any person to whom the Personal Income Tax Act applies.
[1993 No. 104]


2. Capital gains tax

(1) The rate of capital gains tax shall be ten percent.

(2) Capital gains tax shall be chargeable at the rate mentioned in subsection (1) of this section on the total amount of chargeable gains accruing to any person in a year of assessment after making such
deductions as may be allowed under this Act in the computation of such gains.

(3) Capital gains tax to be assessed on any person under this Act shall be computed and charged in accordance with the Provisions of this Act. [1999 No. 45.]
 
3. Chargeable Assets

Subject to any exceptions provided by this Act, all forms of property shall be assets for the purposes of this Act whether situated in Nigeria or not, including-

(a) options, debts and incorporeal property generally;
[1972 No. 47]

(b) any currency other than Nigerian currency; and

(c) any form of property created by the person disposing of it, or otherwise coming to be owned without being acquired; and without prejudice to the foregoing provisions, this section shall have effect, notwithstanding that-
(i) Repealed by 1993 No.3
(ii) Repealed by 1993 No.3
 
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Capital Gains Tax Act 1990