Page 13 - F6 - Capital Gains Tax - Debt Reduction

Reduction Or Cancellation Of Debt –

Par12a (On/After 1 Jan 2013)

 When debt owed by a person (debtor) is reduced and

 the amount of the debt reduction > any consideration

for the reduction (‘reduction amount’)

AND

 the debt was originally used to fund:

 a capital asset (other than an allowance asset)

 an allowance asset (acquisition, creation or improvement)