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Capital Gain Form

Capital Gain Form Template for Nigeria

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Key Requirements PROMPT example:

Capital Gain Form

"I need a Capital Gain Form for reporting the sale of multiple commercial properties in Lagos, with a total value exceeding ���500 million, to be submitted for the tax year ending March 2025, including provisions for installment payment arrangements."

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Document background
The Capital Gains Form is a crucial tax compliance document required by Nigerian law for reporting gains derived from the disposal of chargeable assets. This form must be submitted to the Federal Inland Revenue Service (FIRS) whenever a taxpayer disposes of assets resulting in capital gains. The document is designed to capture all relevant information needed for proper assessment of Capital Gains Tax at the current rate of 10%, including details of the disposed assets, acquisition costs, disposal proceeds, and allowable deductions. It is particularly important following the Finance Act 2021's introduction of new provisions regarding share disposals exceeding ���100 million. The form serves as both a declaration and computation tool, enabling proper assessment and collection of capital gains tax while ensuring compliance with Nigerian tax regulations.
Suggested Sections

1. Taxpayer Information: Basic identification details including TIN, full name/company name, address, and tax office

2. Assessment Period: The tax year or period for which the capital gains are being reported

3. Asset Description: Details of the capital asset(s) disposed of during the assessment period

4. Acquisition Details: Information about when and how the asset was acquired, including original cost and acquisition date

5. Disposal Details: Information about the asset disposal, including sale price, date, and method of disposal

6. Computation of Capital Gains: Calculation of the gain/loss, showing disposal proceeds minus cost basis and allowable deductions

7. Tax Calculation: Computation of the 10% CGT on the net capital gains

8. Declaration: Taxpayer's declaration of accuracy and completeness of the information provided

Optional Sections

1. Rollover Relief Claim: Section for claiming rollover relief when proceeds are reinvested in qualifying assets

2. Foreign Asset Disposal: Additional section for reporting disposal of assets located outside Nigeria

3. Share Disposal Details: Specific section for share disposals exceeding ���100 million threshold under Finance Act 2021

4. Connected Persons Transactions: Section for reporting disposals involving related parties or connected persons

5. Exemption Claims: Section for claiming any applicable CGT exemptions under Nigerian law

Suggested Schedules

1. Schedule A - Detailed Asset Register: Itemized list of all assets disposed of during the period

2. Schedule B - Computation Worksheet: Detailed calculations showing how the capital gain/loss was determined

3. Schedule C - Supporting Documents: List of required supporting documents (purchase agreements, disposal evidence, etc.)

4. Schedule D - Allowable Expenses: Breakdown of costs and expenses allowed in computing the capital gain

5. Appendix 1 - Valuation Reports: Professional valuations where required for determining asset values

6. Appendix 2 - Transaction Evidence: Copies of sales agreements, transfer documents, and payment receipts

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Relevant Industries

Financial Services

Real Estate

Manufacturing

Oil and Gas

Technology

Agriculture

Mining

Construction

Telecommunications

Professional Services

Retail and Commerce

Investment and Securities

Healthcare

Education

Transportation and Logistics

Relevant Teams

Finance

Accounting

Tax

Compliance

Legal

Treasury

Internal Audit

Corporate Governance

Investment

Financial Planning and Analysis

Risk Management

Relevant Roles

Tax Manager

Financial Controller

Chief Financial Officer

Accountant

Tax Consultant

Finance Director

Compliance Officer

Financial Analyst

Asset Manager

Investment Manager

Company Secretary

Finance Manager

Tax Advisor

Internal Auditor

Treasury Manager

Industries
Capital Gains Tax Act (Cap C1, LFN 2004): The primary legislation governing the taxation of capital gains in Nigeria, defining taxable assets, computation of gains, and applicable rates (currently 10% on gains)
Federal Inland Revenue Service (Establishment) Act 2007: Provides the legal framework for tax administration and enforcement, including CGT collection and compliance procedures
Finance Act 2021: Contains recent amendments to capital gains tax provisions, including the taxation of shares disposal exceeding ���100 million in any 12 consecutive months
Companies Income Tax Act (CITA): Relevant for corporate entities reporting capital gains, especially regarding the interaction between capital gains and corporate income tax
Nigerian Investment Promotions Commission Act: Contains provisions regarding capital gains tax implications for foreign investments and related exemptions
Tax Administration (Self Assessment) Regulations: Provides guidelines for self-assessment and filing procedures for capital gains tax returns
Teams

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