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Section 55 Nigeria Tax Act 2025 Section 55 of the Nigeria Tax Act 2025 is about Assets held in trust for charities. It provides as follows: (1) Any property held in trust for –(a) a religious or charitable institution of a public character,(b) any statutory or registered friendly society,(c) any co-operative society registered under the…
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Section 54 Nigeria Tax Act 2025 Section 54 of the Nigeria Tax Act 2025 is about Gifts. It provides as follows: (1) Where a person disposes by way of a gift, an asset acquired by him by way of a gift or any other form of gift, not being an acquisition on a devolution on…
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Section 53 Nigeria Tax Act 2025 Section 53 of the Nigeria Tax Act 2025 is about Motor vehicles. It provides as follows: (1) A motor vehicle used solely for private or non-profit purposes shall not be an asset for the purposes of this Part. (2) The exemption under this section shall be limited to not…
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Section 52 Nigeria Tax Act 2025 Section 52 of the Nigeria Tax Act 2025 is about Personal chattels. It provides as follows: (1) A gain accruing on a disposal of an asset which is tangible movable property being personal chattels of an individual shall not be a chargeable gain if the total amount or value…
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Section 51 Nigeria Tax Act 2025 Section 51 of the Nigeria Tax Act 2025 is about Principal private residences. It provides as follows: (1) The gains accruing to an individual are exempt from tax in respect of the disposal of, or an interest in –(a) a dwelling-house or part of such dwelling-house; and(b) land, other…
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Section 50 Nigeria Tax Act 2025 Section 50 of the Nigeria Tax Act 2025 is about Personal injury. It provides as follows: (1) Sums not exceeding 50,000,000 obtained by way of compensation or damages for any wrong or injury suffered by an individual in his person or in his profession or vocation, including compensation for…
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Section 49 Nigeria Tax Act 2025 Section 49 of the Nigeria Tax Act 2025 is about Rights under policies of insurance, other than life assurance policies. It provides as follows: (1) The rights of the insured under an insurance effected in the course of a capital redemption business or industrial assurance business shall constitute an…
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Section 48 Nigeria Tax Act 2025 Section 48 of the Nigeria Tax Act 2025 is about Life assurance policies. It provides as follows: (1) This section has effect in respect to any policy of assurance or contract for a deferred annuity on the life of any person. (2) Chargeable gain shall not accrue on the…
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Section 47 Nigeria Tax Act 2025 Section 47 of the Nigeria Tax Act 2025 is about Indirect transfer of ownership of companies or assets. It provides as follows: Gains accruing to any person in respect of a disposal of shares by a non-resident shall be a chargeable gain under this Act where the disposal results…
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Section 46 Nigeria Tax Act 2025 Section 46 of the Nigeria Tax Act 2025 is about Location of assets. It provides as follows: For the purposes of Chapter Two of this Act –(a) the situation of rights or interests, other than by way of security, in or over immovable property is that of the immovable…