{"id":165,"date":"2026-08-16T07:21:58","date_gmt":"2026-08-16T05:21:58","guid":{"rendered":"https:\/\/www.zambiashares.com\/learn-investing\/?p=165"},"modified":"2026-08-16T07:21:58","modified_gmt":"2026-08-16T05:21:58","slug":"lesson-14-capital-gains-and-capital-losses","status":"publish","type":"post","link":"https:\/\/www.zambiashares.com\/learn-investing\/lesson-14-capital-gains-and-capital-losses\/","title":{"rendered":"Lesson 14 \u2014 Capital Gains and Capital Losses"},"content":{"rendered":"<style>\r\n.zs14-lesson {\r\n    max-width: 1100px;\r\n    margin: 30px auto;\r\n    font-family: Arial, Helvetica, sans-serif;\r\n    color: #374151;\r\n}\r\n\r\n.zs14-card {\r\n    background: #ffffff;\r\n    border: 1px solid #DDE5E0;\r\n    border-radius: 18px;\r\n    box-shadow: 0 5px 20px rgba(0,0,0,0.07);\r\n    overflow: hidden;\r\n}\r\n\r\n.zs14-header {\r\n    background: #008C3A;\r\n    color: #ffffff;\r\n    padding: 28px 35px;\r\n    text-align: center;\r\n}\r\n\r\n.zs14-header 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padding: 23px 18px;\r\n    }\r\n\r\n    .zs14-header h2 {\r\n        font-size: 25px;\r\n    }\r\n\r\n    .zs14-slide {\r\n        padding: 30px 22px 25px;\r\n        min-height: 500px;\r\n    }\r\n\r\n    .zs14-slide h3 {\r\n        font-size: 23px;\r\n    }\r\n\r\n    .zs14-slide p,\r\n    .zs14-slide ul {\r\n        font-size: 16px;\r\n        line-height: 1.7;\r\n    }\r\n\r\n    .zs14-formula-main {\r\n        font-size: 21px;\r\n    }\r\n\r\n    .zs14-calc,\r\n    .zs14-compare {\r\n        grid-template-columns: 1fr;\r\n    }\r\n\r\n    .zs14-flow {\r\n        flex-direction: column;\r\n    }\r\n\r\n    .zs14-arrow {\r\n        transform: rotate(90deg);\r\n    }\r\n\r\n    .zs14-navigation {\r\n        padding: 16px;\r\n    }\r\n\r\n    .zs14-btn {\r\n        padding: 11px 17px;\r\n        font-size: 14px;\r\n    }\r\n}\r\n<\/style>\r\n\r\n\r\n<div class=\"zs14-lesson\">\r\n\r\n    <div class=\"zs14-card\">\r\n\r\n        <div class=\"zs14-header\">\r\n            <h2>Lesson 14: Capital Gains and Capital Losses<\/h2>\r\n            <p>Understand how you can gain or lose money when an investment changes in value.<\/p>\r\n        <\/div>\r\n\r\n        <div class=\"zs14-progress\">\r\n            <div class=\"zs14-progress-bar\" id=\"zs14Progress\"><\/div>\r\n        <\/div>\r\n\r\n\r\n        <!-- 01 -->\r\n\r\n        <div class=\"zs14-slide active\">\r\n\r\n            <span class=\"zs14-number\">01 \/ 10<\/span>\r\n\r\n            <h3>What Are Capital Gains and Capital Losses?<\/h3>\r\n\r\n            <div class=\"zs14-visual\">\r\n                <div class=\"zs14-icon\">\ud83d\udcc8 \u2194 \ud83d\udcc9<\/div>\r\n                <strong>Investment value can go up or down.<\/strong>\r\n            <\/div>\r\n\r\n            <p>\r\n                When you buy an investment such as shares, its value may change\r\n                over time.\r\n            <\/p>\r\n\r\n            <p>\r\n                If you later sell the investment for more than you paid for it,\r\n                you have made a <strong>capital gain<\/strong>.\r\n            <\/p>\r\n\r\n            <p>\r\n                If you sell it for less than you paid, you have made a\r\n                <strong>capital loss<\/strong>.\r\n            <\/p>\r\n\r\n            <div class=\"zs14-highlight\">\r\n                <strong>Simple idea:<\/strong><br>\r\n                Buy lower \u2192 Sell higher = Capital Gain<br>\r\n                Buy higher \u2192 Sell lower = Capital Loss\r\n            <\/div>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 02 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">02 \/ 10<\/span>\r\n\r\n            <h3>What Is a Capital Gain?<\/h3>\r\n\r\n            <div class=\"zs14-gain\">\r\n\r\n                <h4>Capital Gain \ud83d\udcc8<\/h4>\r\n\r\n                <div class=\"zs14-number-large\">\r\n                    Sell Price > Purchase Price\r\n                <\/div>\r\n\r\n                <p>\r\n                    You sell the investment for more than you originally paid.\r\n                <\/p>\r\n\r\n            <\/div>\r\n\r\n            <p>\r\n                For example, imagine you buy shares for K2,000.\r\n                Later, you sell those shares for K2,500.\r\n            <\/p>\r\n\r\n            <div class=\"zs14-formula\">\r\n\r\n                <div class=\"zs14-formula-main\">\r\n                    K2,500 \u2212 K2,000 = K500\r\n                <\/div>\r\n\r\n                <div class=\"zs14-formula-sub\">\r\n                    Your capital gain is K500 before considering applicable\r\n                    costs, taxes or other adjustments.\r\n                <\/div>\r\n\r\n            <\/div>\r\n\r\n            <p>\r\n                The gain comes from the increase in the value of the investment.\r\n            <\/p>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 03 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">03 \/ 10<\/span>\r\n\r\n            <h3>What Is a Capital Loss?<\/h3>\r\n\r\n            <div class=\"zs14-loss\">\r\n\r\n                <h4>Capital Loss \ud83d\udcc9<\/h4>\r\n\r\n                <div class=\"zs14-number-large\">\r\n                    Sell Price < Purchase Price\r\n                <\/div>\r\n\r\n                <p>\r\n                    You sell the investment for less than you originally paid.\r\n                <\/p>\r\n\r\n            <\/div>\r\n\r\n            <p>\r\n                Imagine you buy shares for K2,000.\r\n                Later, you sell them for K1,600.\r\n            <\/p>\r\n\r\n            <div class=\"zs14-formula\">\r\n\r\n                <div class=\"zs14-formula-main\">\r\n                    K1,600 \u2212 K2,000 = \u2212K400\r\n                <\/div>\r\n\r\n                <div class=\"zs14-formula-sub\">\r\n                    This represents a capital loss of K400 before considering\r\n                    applicable costs, taxes or other adjustments.\r\n                <\/div>\r\n\r\n            <\/div>\r\n\r\n            <div class=\"zs14-highlight\">\r\n                A capital loss means the investment was sold for less than\r\n                its original purchase amount.\r\n            <\/div>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 04 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">04 \/ 10<\/span>\r\n\r\n            <h3>A Simple Zambian Example<\/h3>\r\n\r\n            <div class=\"zs14-example\">\r\n\r\n                <h4>Example: Buying Shares<\/h4>\r\n\r\n                <p>\r\n                    Chanda buys shares for a total of <strong>K5,000<\/strong>.\r\n                <\/p>\r\n\r\n                <p>\r\n                    After some time, the shares increase in value.\r\n                    Chanda sells them for <strong>K6,500<\/strong>.\r\n                <\/p>\r\n\r\n                <p>\r\n                    The difference is:\r\n                <\/p>\r\n\r\n                <p>\r\n                    <strong>K6,500 \u2212 K5,000 = K1,500<\/strong>\r\n                <\/p>\r\n\r\n            <\/div>\r\n\r\n            <div class=\"zs14-highlight\">\r\n                Chanda has made a capital gain of K1,500 before considering\r\n                transaction costs, taxes or other applicable adjustments.\r\n            <\/div>\r\n\r\n            <p>\r\n                The important point is that the gain becomes realised when\r\n                the investment is sold for more than its relevant purchase cost.\r\n            <\/p>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 05 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">05 \/ 10<\/span>\r\n\r\n            <h3>A Capital Loss Example<\/h3>\r\n\r\n            <div class=\"zs14-example\">\r\n\r\n                <h4>Example: The Value Falls<\/h4>\r\n\r\n                <p>\r\n                    Suppose Banda buys shares for <strong>K5,000<\/strong>.\r\n                <\/p>\r\n\r\n                <p>\r\n                    Later, the shares fall in value and Banda sells them\r\n                    for <strong>K4,000<\/strong>.\r\n                <\/p>\r\n\r\n                <p>\r\n                    The difference is:\r\n                <\/p>\r\n\r\n                <p>\r\n                    <strong>K4,000 \u2212 K5,000 = \u2212K1,000<\/strong>\r\n                <\/p>\r\n\r\n            <\/div>\r\n\r\n            <div class=\"zs14-highlight\">\r\n                Banda has made a capital loss of K1,000 before considering\r\n                transaction costs, taxes or other applicable adjustments.\r\n            <\/div>\r\n\r\n            <p>\r\n                This shows why investors need to understand that share prices\r\n                can move both upwards and downwards.\r\n            <\/p>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 06 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">06 \/ 10<\/span>\r\n\r\n            <h3>When Does a Gain Become Realised?<\/h3>\r\n\r\n            <div class=\"zs14-visual\">\r\n\r\n                <div class=\"zs14-flow\">\r\n\r\n                    <div class=\"zs14-box\">\r\n                        Buy<br>\r\n                        K3,000\r\n                    <\/div>\r\n\r\n                    <div class=\"zs14-arrow\">\u2192<\/div>\r\n\r\n                    <div class=\"zs14-box\">\r\n                        Value<br>\r\n                        K4,000\r\n                    <\/div>\r\n\r\n                    <div class=\"zs14-arrow\">\u2192<\/div>\r\n\r\n                    <div class=\"zs14-box\">\r\n                        Sell<br>\r\n                        K4,000\r\n                    <\/div>\r\n\r\n                <\/div>\r\n\r\n            <\/div>\r\n\r\n            <p>\r\n                Suppose you buy shares for K3,000 and their market value later\r\n                rises to K4,000.\r\n            <\/p>\r\n\r\n            <p>\r\n                You may see an increase of K1,000 in the value of your investment.\r\n                But if you have not sold the shares, that increase has not\r\n                been realised through a sale.\r\n            <\/p>\r\n\r\n            <p>\r\n                When you sell the shares, the actual gain or loss can then\r\n                be calculated based on the relevant purchase and sale amounts.\r\n            <\/p>\r\n\r\n            <div class=\"zs14-tip\">\r\n                <strong>Important:<\/strong> Tax treatment of gains and losses\r\n                can depend on Zambian law and your circumstances. Always check\r\n                current official requirements before making tax decisions.\r\n            <\/div>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 07 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">07 \/ 10<\/span>\r\n\r\n            <h3>Gain Does Not Mean All the Money Is Profit<\/h3>\r\n\r\n            <p>\r\n                Beginners sometimes calculate a gain by simply subtracting\r\n                the purchase price from the selling price.\r\n            <\/p>\r\n\r\n            <p>\r\n                This is useful for understanding the basic concept, but in real\r\n                investing there can be other costs to consider.\r\n            <\/p>\r\n\r\n            <ul>\r\n                <li>Brokerage or transaction charges<\/li>\r\n                <li>Other investment-related fees<\/li>\r\n                <li>Applicable taxes<\/li>\r\n                <li>Other costs connected with the transaction<\/li>\r\n            <\/ul>\r\n\r\n            <div class=\"zs14-example\">\r\n\r\n                <h4>Simple Example<\/h4>\r\n\r\n                <p>\r\n                    Purchase amount: K5,000\r\n                <\/p>\r\n\r\n                <p>\r\n                    Sale amount: K6,000\r\n                <\/p>\r\n\r\n                <p>\r\n                    Basic price difference: K1,000\r\n                <\/p>\r\n\r\n                <p>\r\n                    Your final net result may be different after relevant\r\n                    costs and taxes are considered.\r\n                <\/p>\r\n\r\n            <\/div>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 08 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">08 \/ 10<\/span>\r\n\r\n            <h3>Capital Gain vs Capital Loss<\/h3>\r\n\r\n            <div class=\"zs14-compare\">\r\n\r\n                <div class=\"zs14-compare-box\">\r\n\r\n                    <h4>Capital Gain \ud83d\udcc8<\/h4>\r\n\r\n                    <div class=\"zs14-compare-value\">\r\n                        +K1,000\r\n                    <\/div>\r\n\r\n                    <p>\r\n                        Selling price is higher than the relevant purchase cost.\r\n                    <\/p>\r\n\r\n                <\/div>\r\n\r\n                <div class=\"zs14-compare-box loss\">\r\n\r\n                    <h4>Capital Loss \ud83d\udcc9<\/h4>\r\n\r\n                    <div class=\"zs14-compare-value\">\r\n                        \u2212K1,000\r\n                    <\/div>\r\n\r\n                    <p>\r\n                        Selling price is lower than the relevant purchase cost.\r\n                    <\/p>\r\n\r\n                <\/div>\r\n\r\n            <\/div>\r\n\r\n            <p>\r\n                The basic concept is straightforward: compare what you received\r\n                from selling the investment with what you paid for it,\r\n                while remembering that actual calculations can require\r\n                consideration of transaction costs, taxes and applicable rules.\r\n            <\/p>\r\n\r\n            <div class=\"zs14-tip\">\r\n                Understanding gains and losses helps you understand what is\r\n                happening to your investment when its value changes.\r\n            <\/div>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 09 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">09 \/ 10<\/span>\r\n\r\n            <h3>What Should a Beginner Remember?<\/h3>\r\n\r\n            <div class=\"zs14-visual\">\r\n\r\n                <div class=\"zs14-icon\">\ud83e\udde0 \ud83d\udcca \ud83d\udcb0<\/div>\r\n                <strong>Know your purchase price. Know your sale price. Know your costs.<\/strong>\r\n\r\n            <\/div>\r\n\r\n            <ul>\r\n                <li>A capital gain happens when an investment is sold for more than its relevant purchase cost.<\/li>\r\n\r\n                <li>A capital loss happens when an investment is sold for less than its relevant purchase cost.<\/li>\r\n\r\n                <li>A rise in market value before selling is not the same as a realised gain from a completed sale.<\/li>\r\n\r\n                <li>Transaction costs can affect your actual return.<\/li>\r\n\r\n                <li>Taxes and their treatment depend on applicable Zambian rules and circumstances.<\/li>\r\n\r\n                <li>Investments can go up as well as down.<\/li>\r\n\r\n                <li>Never assume that every investment will produce a gain.<\/li>\r\n            <\/ul>\r\n\r\n            <div class=\"zs14-highlight\">\r\n                <strong>Key idea:<\/strong> Investing involves both opportunity\r\n                and risk. A good investor understands both gains and losses.\r\n            <\/div>\r\n\r\n        <\/div>\r\n\r\n\r\n        <!-- 10 -->\r\n\r\n        <div class=\"zs14-slide\">\r\n\r\n            <span class=\"zs14-number\">10 \/ 10<\/span>\r\n\r\n            <div class=\"zs14-complete\">\r\n\r\n                <div class=\"zs14-complete-icon\">\ud83c\udf93<\/div>\r\n\r\n                <h3>Lesson Complete!<\/h3>\r\n\r\n                <p>\r\n                    Well done! You now understand the difference between\r\n                    capital gains and capital losses.\r\n                <\/p>\r\n\r\n                <div class=\"zs14-formula\">\r\n\r\n                    <div class=\"zs14-formula-main\">\r\n                        Gain = Sale Amount \u2212 Purchase Cost\r\n                    <\/div>\r\n\r\n                    <div class=\"zs14-formula-sub\">\r\n                        Positive result \u2192 Capital Gain<br>\r\n                        Negative result \u2192 Capital Loss\r\n                    <\/div>\r\n\r\n                <\/div>\r\n\r\n                <div class=\"zs14-highlight\">\r\n                    <strong>Remember:<\/strong><br>\r\n                    A gain is not guaranteed. Share prices can rise or fall,\r\n                    and your final return can be affected by costs and\r\n                    applicable taxes.\r\n                <\/div>\r\n\r\n                <p>\r\n                    The most important lesson is simple:\r\n                    understand what you paid, what you received when you sold,\r\n                    and the costs involved.\r\n                <\/p>\r\n\r\n            <\/div>\r\n\r\n        <\/div>\r\n\r\n\r\n        <div class=\"zs14-navigation\">\r\n\r\n            <button\r\n                type=\"button\"\r\n                class=\"zs14-btn zs14-prev\"\r\n                id=\"zs14Prev\">\r\n                \u2190 Previous\r\n            <\/button>\r\n\r\n            <div class=\"zs14-counter\" id=\"zs14Counter\">\r\n                1 \/ 10\r\n            <\/div>\r\n\r\n            <button\r\n                type=\"button\"\r\n                class=\"zs14-btn zs14-next\"\r\n                id=\"zs14Next\">\r\n                Next \u2192\r\n            <\/button>\r\n\r\n        <\/div>\r\n\r\n    <\/div>\r\n\r\n<\/div>\r\n\r\n\r\n<script>\r\n(function() {\r\n\r\n    const lesson = document.querySelector('.zs14-lesson');\r\n\r\n    if (!lesson) return;\r\n\r\n    const slides = lesson.querySelectorAll('.zs14-slide');\r\n    const nextButton = lesson.querySelector('#zs14Next');\r\n    const prevButton = lesson.querySelector('#zs14Prev');\r\n    const counter = lesson.querySelector('#zs14Counter');\r\n    const progress = lesson.querySelector('#zs14Progress');\r\n\r\n    let current = 0;\r\n\r\n    function showSlide(number) {\r\n\r\n        slides.forEach(function(slide, index) {\r\n\r\n            slide.classList.toggle(\r\n                'active',\r\n                index === number\r\n            );\r\n\r\n        });\r\n\r\n        counter.textContent =\r\n            (number + 1) + ' \/ ' + slides.length;\r\n\r\n        progress.style.width =\r\n            (((number + 1) \/ slides.length) * 100) + '%';\r\n\r\n        prevButton.style.visibility =\r\n            number === 0 ? 'hidden' : 'visible';\r\n\r\n        if (number === slides.length - 1) {\r\n\r\n            nextButton.style.display = 'none';\r\n\r\n        } else {\r\n\r\n            nextButton.style.display = 'block';\r\n\r\n        }\r\n\r\n        lesson.scrollIntoView({\r\n            behavior: 'smooth',\r\n            block: 'start'\r\n        });\r\n    }\r\n\r\n    nextButton.addEventListener('click', function() {\r\n\r\n        if (current < slides.length - 1) {\r\n\r\n            current++;\r\n            showSlide(current);\r\n\r\n        }\r\n\r\n    });\r\n\r\n    prevButton.addEventListener('click', function() {\r\n\r\n        if (current > 0) {\r\n\r\n            current--;\r\n            showSlide(current);\r\n\r\n        }\r\n\r\n    });\r\n\r\n    showSlide(current);\r\n\r\n})();\r\n<\/script>\n<p style=\"text-align: justify;\">When you invest in shares, the value of your investment can change. Sometimes the value goes up, and sometimes it goes down. Understanding these changes is an important part of becoming a knowledgeable investor.<\/p>\n<p style=\"text-align: justify;\">A <strong>capital gain<\/strong> happens when you sell an investment for more than its relevant purchase cost. For example, if you buy shares for K5,000 and later sell them for K6,500, the basic difference is a K1,500 capital gain, before considering transaction costs, taxes or other applicable adjustments.<\/p>\n<p style=\"text-align: justify;\">A <strong>capital loss<\/strong> happens when you sell an investment for less than its relevant purchase cost. If you buy shares for K5,000 and later sell them for K4,000, the basic difference is a K1,000 capital loss.<\/p>\n<p style=\"text-align: justify;\">There is another important idea to understand. Imagine you buy shares for K5,000 and their market value rises to K6,500. You can see that the investment is currently worth more, but if you have not sold it, you have not completed a sale that realises that gain.<\/p>\n<p style=\"text-align: justify;\">Capital gains and losses are not just numbers on a screen. They help investors understand how the value of their investments has changed.<\/p>\n<p style=\"text-align: justify;\">In this lesson, you will learn how capital gains and capital losses work, how to calculate them using simple Kwacha examples, why investment costs matter, and why a rising share price does not automatically mean money has been put into your pocket.<\/p>\n<p style=\"text-align: justify;\">The most important lesson is simple: <strong>investments can make money, but they can also lose money.<\/strong> Understanding both sides is essential before investing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you invest in shares, the value of your investment can change. 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Sometimes the value goes up, and sometimes it [&hellip;]","_links":{"self":[{"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/posts\/165","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/comments?post=165"}],"version-history":[{"count":0,"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/posts\/165\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/media?parent=165"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/categories?post=165"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zambiashares.com\/learn-investing\/wp-json\/wp\/v2\/tags?post=165"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}