You are potentially subject to capital gains tax if you dispose of an asset (s 28). An asset means property in any form including intangible property, such as an option or debt (s 532). A disposal includes a part disposal (s 534) and the deriving of a capital sum from an asset (s 535).

Capital gains tax applies to your chargeable gains accruing in each tax year after deducting allowable losses (s 31). Capital gains accruing to a partnership are separately assessed on the individual partners (s 30).