From Longman Dictionary of Contemporary Englishcapital gains taxˌcapital ˈgains tax noun [uncountable] PETa tax that you pay on profits that you make when you sell your possessions
Examples from the Corpus
capital gains tax• All income and tax gains from assets in the reserve will be free of income and capital gains tax.• Tax studies purporting to show that most capital gains tax is paid by higher-income individuals reflect a fundamental error.• The third was the abolition of capital gains tax on unit trust portfolios in 1980.• Stakeholders, like all pension funds, are also free of capital gains tax.• A major tax innovation included in the budget was the introduction of capital gains tax on stock market dealing.• A valuation may on occasions be necessary because of the interaction of holdover relief and other capital gains tax reliefs.• To conservatives, it means abolishing the capital gains tax, lowering the top rate on millionaires.From Longman Business Dictionarycapital gains taxˌcapital ˈgains tax written abbreviation CGT [uncountable]TAX in Britain, a tax that ordinary people, not companies, pay when they make a large amount of money by selling an asset such as property. In the US, capital gains tax is also paid by companiesUK pension funds are exempt from both capital gains tax and income tax on their investments. → tax 