Taxation of Chargeable Gains Act 1992
Taxation of Chargeable Gains Act 1992 (1992 c. 12)
- Taxation of Chargeable Gains Act 1992 (1992 c. 12)
- Part 1 Capital gains tax and corporation tax on chargeable gains
- Chapter 1 Capital gains tax
- Charge to capital gains tax
- 1 Capital gains tax
- Territorial scope of charge
- 1A Territorial scope
- 1B Non-UK residents: UK branch or agency
- 1C Non-UK residents: disposing of an “interest in UK land”
- 1D Non-UK residents: assets deriving 75% of value from UK land etc
- Deduction of allowable losses
- 1E Losses deductible only when within scope of tax etc
- 1F Allowable losses to be used in most beneficial way etc
- UK resident individuals with split tax years
- 1G Gains accruing to UK resident individuals in split years
- Rates of CGT
- 1H The main rates of CGT
- 1I Income taxed at higher rates or gains exceeding unused basic rate band
- 1J Section 1I: definitions and other supplementary provision
- Annual exempt amount
- 1K Annual exempt amount
- 1L Increasing annual exempt amount to reflect increases in CPI
- Temporary periods of non-residence
- 1M Temporary non-residents
- 1N Section 1M(1): assets acquired in temporary period of non-residence
- Interpretation
- 1O Definitions used in Chapter
- Chapter 2 Corporation tax on chargeable gains
- Corporation tax on chargeable gains: the general scheme
- 2 Corporation tax on chargeable gains
- 2A Company's total profits to include chargeable gains
- Territorial scope
- 2B Territorial scope of charge to corporation tax on chargeable gains
- 2C Non-UK resident company with UK permanent establishment
- Application of CGT principles etc
- 2D Application of CGT principles in calculating gains and losses
- 2E References to income tax or Income Tax Acts in case of companies
- 2F Interaction of capital gains tax and corporation tax
- Supplementary
- 2G Assets of a company vested in a liquidator
- Chapter 3 Attribution of gains of non-UK resident close companies
- Gains of non-UK resident companies not otherwise chargeable
- 3 Gains attributed to UK resident individuals etc
- 3A Gains connected to avoidance or foreign activities etc
- 3B Participators and their interests
- Prevention of multiple charges
- 3C Prevention of double UK taxation
- Individuals who were non-UK domiciled and temporary non-residents
- 3D Individuals who were non-UK domiciled
- 3E Temporary non-residents
- Application to groups
- 3F Non-resident groups of companies
- Supplementary
- 3G Supplementary provisions
- Capital gains tax
- 4 Rates of capital gains tax
- 4A Section 4: special cases
- 4B Deduction of losses etc in most beneficial way
- 4BA Rates, and use of unused basic rate band, in certain cases
- 4BB Residential property gain or loss
- 5 Accumulation and discretionary settlements.
- 6 Other special cases.
- 7 Time for payment of tax.
- Corporation tax
- 8 Company’s total profits to include chargeable gains.
- Residence etc.
- 9 Residence, including temporary residence.
- 10 Non-resident with United Kingdom branch or agency.
- 10A Temporary non-residents.
- 10AA Section 10A: supplementary
- 10B Non-resident company with United Kingdom permanent establishment
- 11 Visiting forces and official agents
- 12 Non-UK domiciled individuals to whom remittance basis applies
- 13 Attribution of gains to members of non-resident companies.
- 13A Section 13(5): interpretation
- 14 Non-resident groups of companies.
- 14A Section 13: non-UK domiciled individuals
- CommentaryRef Ref="key-8f1b51e533ff9b07068f2c9150edcf5f"/>UK residential property: non-resident CGT
- 14B Meaning of “non-resident CGT disposal”
- 14C Meaning of “disposal of a UK residential property interest”
- 14D Persons chargeable to capital gains tax on NRCGT gains
- 14E Further provision about use of NRCGT losses
- 14F Persons not chargeable under section 14D if a claim is made
- 14G Section 14F: divided companies
- 14H Section 14F: arrangements for avoiding tax
- Part II General Provisions relating to computation of gains and acquisitions and disposals of assets
- Chapter I Introductory
- 15 Computation of gains.
- 16 Computation of losses.
- 16ZA Losses: non-UK domiciled individuals
- 16ZB Individual who has made election under section 16ZA: foreign chargeable gains remitted in tax year after tax year in which accrue
- 16ZC Individual who has made election under section 16ZA and to whom remittance basis applies
- 16ZD Section 16ZC: supplementary
- 16A Restrictions on allowable losses
- 17 Disposals and acquisitions treated as made at market value.
- 18 Transactions between connected persons.
- 19 Deemed consideration in certain cases where assets disposed of in a series of transactions.
- 20 Original market value and aggregate market value for purposes of section 19.
- Chapter II Assets and disposals of assets
- General provisions
- 21 Assets and disposals.
- 22 Disposal where capital sums derived from assets.
- 23 Receipt of compensation and insurance money not treated as a disposal.
- 24 Disposals where assets lost or destroyed, or become of negligible value.
- 24A Structures and buildings contributions allowances: destruction of asset
- 25 Non-residents: deemed disposals.
- 25ZA Postponing gain or loss under section 25(3): interests in UK land
- 25A Long funding leases of plant or machinery: deemed disposals
- 26 Mortgages and charges not to be treated as disposals.
- 26A Transfers in respect of dormant assets
- 27 Disposals in cases of hire-purchase and similar transactions.
- 28 Time of disposal and acquisition where asset disposed of under contract.
- 28A Contracts completed after ordinary notification period
- Value shifting
- 29 General provisions.
- 30 Tax-free benefits.
- 31 Disposal of shares or securities by a company
- 31A Asset-holding company leaving the group.
- 32 Disposals within a group followed by a disposal of shares.
- 33 Provisions supplementary to sections 30 to 32.
- 33A Modification of sections 30 to 33 in relation to chargeable intangible asset
- 34 Transactions treated as a reorganisation of share capital.
- Chapter III Computation of gains: General provisions
- Re-basing to 1982, and assets held on 6th April 1965
- 35 Assets held on 31st March 1982 (including assets held on 6th April 1965).
- 35A Disposal of asset acquired on no gain/no loss disposal
- 36 Deferred charges on gains before 31st March 1982.
- Re-basing for non-residents for UK land etc held on 5 April 2019
- 36A Re-basing in relation to direct or indirect disposals of UK land
- Allowable deductions
- 37 Consideration chargeable to tax on income.
- 37A Consideration on disposal of certain leases
- 37B Consideration on certain disposals: structures and buildings allowances
- 38 Acquisition and disposal costs etc.
- 39 Exclusion of expenditure by reference to tax on income.
- 39A Exclusion of certain expenditure: structures and buildings allowances
- 40 Interest charged to capital.
- 41 Restriction of losses by reference to capital allowances and renewals allowances.
- 41A Restriction of losses: long funding leases of plant or machinery
- 42 Part disposals.
- 43 Assets derived from other assets.
- Wasting assets
- 44 Meaning of “wasting asset".
- 45 Exemption for certain wasting assets.
- 46 Straightline restriction of allowable expenditure.
- 47 Wasting assets qualifying for capital allowances.
- Cash basis accounting
- 47A Exemption for certain disposals under, or after leaving, cash basis
- 47B Disposals made by persons after leaving cash basis
- Miscellaneous provisions
- 48 Consideration due after time of disposal.
- 48A Unascertainable consideration
- 49 Contingent liabilities.
- 50 Expenditure reimbursed out of public money.
- 51 Exemption for winnings and damages etc.
- 52 Supplemental.
- Chapter IV Computation of gains: the indexation allowance
- General
- 52A Chapter to apply only for corporation tax purposes
- 53 The indexation allowance and interpretative provisions.
- 54 Calculation of indexation allowance.
- 55 Assets owned on 31st March 1982 or acquired on a no gain/no loss disposal.
- 56 Part disposals and disposals on a no-gain/no-loss basis.
- 57 Receipts etc. which are not treated as disposals but affect relevant allowable expenditure.
- Chapter 5 Computation of gains and losses: relevant high value disposals
- 57A Gains and losses on relevant high value disposals
- Chapter 6 Computation of gains and losses: non-resident CGT disposals
- 57B Gains and losses on non-resident CGT disposals
- Chapter 7 Computation of gains and losses: disposals of residential property interests
- 57C Gains and losses on disposals of residential property interests
- Part III Individuals, partnerships, trusts and collective investment schemes etc
- Chapter I Miscellaneous provisions
- 58 Spouses and civil partners.
- 59 Partnerships.
- 59A Limited liability partnerships.
- 59AA Limited liability partnerships: deemed disposal
- 59B Alternative investment fund managers (1)
- 59C Alternative investment managers (2)
- 60 Nominees and bare trustees.
- 61 Funds in court.
- 62 Death: general provisions.
- 63 Death: application of law in Scotland.
- 63A Death: application of law in Northern Ireland
- 64 Expenses in administration of estates and trusts.
- 65 Liability for tax of trustees or personal representatives.
- 66 Insolvents’ assets.
- 67 Provisions applicable where section 79 of the Finance Act 1980 has applied.
- Chapter II Settlements
- General provisions
- 68 Meaning of “settled property".
- 68A Meaning of “settlor”
- 68B Transfer between settlements: identification of settlor
- 68C Variation of will or intestacy, etc: identification of settlor
- 69 Trustees of settlements.
- 69A Sub-fund settlements
- 70 Transfers into settlement.
- 71 Person becoming absolutely entitled to settled property.
- 72 Termination of life interest on death of person entitled.
- 73 Death of life tenant: exclusion of chargeable gain.
- 74 Effect on sections 72 and 73 of relief under section 165 or 260.
- 75 Death of annuitant.
- 76 Disposal of interests in settled property.
- 76A Disposal of interest in settled property: deemed disposal of underlying assets.
- 76B Transfers of value by trustees linked with trustee borrowing.
- 77 Charge on settlor with interest in settlement.
- 78 Right of recovery.
- 79 Provisions supplemental to sections 77 and 78.
- 79A Restriction on set-off of trust losses.
- 79B Attribution to trustees of gains of non-resident companies.
- Migration of settlements, non-resident settlements and dual resident settlements
- 80 Trustees ceasing to be resident in U.K.
- 80A Postponing gain or loss under section 80(2): interests in UK land
- 81 Death of trustee: special rules.
- 82 Past trustees: liability for tax.
- 83 Trustees ceasing to be liable to U.K. tax.
- 83A Trustees both resident and non-resident in a year of assessment
- 84 Acquisition by dual resident trustees.
- 85 Disposal of interests in non-resident settlements.
- 85A Transfers of value: attribution of gains to beneficiaries and treatment of losses
- 86 Attribution of gains to settlors with interest in non-resident or dual resident settlements.
- 86A Attribution of gains to settlor where temporarily non-resident
- 87 Non-UK resident settlements: attribution of gains to beneficiaries
- 87A Section 87: matching
- 87B Section 87: remittance basis
- 87BA Sections 87 and 87A: disregard of capital payments made from carried interest gains
- 87C Sections 87 and 87A: disregard of certain capital payments
- 87D Sections 87 and 87A: disregard of capital payments to non-residents
- 87E Sections 87 and 87A: disregarded payments to temporary non-resident
- 87F Sections 87 and 87A: disregarded payments in year settlement ends
- 87G Settlor liable if capital payment received by close family member
- 87H Meaning of “close member of the settlor's family”
- 87HA Onward gifts from non-residents or qualifying new residents
- 87I Non-UK resident settlements: recipients of onward gifts
- 87J Relevant parts of payment from which onward gift derived
- 87K Attribution of gains or payments to recipient of onward gift
- 87L Cases where settlor liable following onward gift
- 87M Cases where recipient of onward gift is user of remittance basis
- 87N Sections 87 and 87A: disregard of payments to migrating beneficiary
- 87P Sections 87 and 87A: temporary migration after payment disregarded
- 88 Gains of dual resident settlements.
- 89 Migrant settlements etc.
- 90 Sections 87 and 89(2): transfers between settlements
- 90A Section 90: transfers made for consideration in money or money's worth
- 91 Increase in tax payable under section 87 or 89(2).
- 92 Qualifying amounts and matching.
- 93 Matching: special cases.
- 94 Transfers of settled property where qualifying amounts not wholly matched.
- 95 Matching after transfer.
- 96 Payments by and to companies.
- 97 Supplementary provisions.
- 97A Value of benefit conferred by capital payment made by way of loan
- 97B Value of benefit conferred by capital payment made by way of making movable property available
- 97C Value of benefit conferred by capital payment made by way of making land available
- 98 Power to obtain information for purposes of sections 87 to 90.
- 98A Settlements with foreign element: information.
- Chapter III Collective investment schemes and investment trusts etc
- 99 Application of Act to unit trust schemes.
- 99A Treatment of umbrella schemes
- 99B Calculation of the disposal cost of accumulation units
- 100 Exemption for authorised unit trusts etc.
- 100A Exemption for certain EEA UCITS
- 101 Transfer of company’s assets to investment trust.
- 101A Transfer within group to investment trust.
- 101B Transfer of company’s assets to venture capital trust.
- 101C Transfer within group to venture capital trust.
- 102 Collective investment schemes with property divided into separate parts.
- 103 Restriction on availability of indexation allowance.
- 103A Application of Act to certain offshore funds
- 103B Application of section 99B to transparent funds
- 103C Power to make regulations about collective investment schemes
- 103D Application of Act to tax transparent funds
- 103DA Tax transparent funds: share pooling etc
- 103DB UK property rich collective investment vehicles etc
- 103DC Co-ownership schemes which are to be treated as partnerships
- Chapter 4 Collective investment schemes: exchanges, mergers and schemes of reconstruction
- 103E Application of Chapter
- 103F Exchanges of units for units in the same scheme
- 103G Exchange of units for those in another collective investment scheme
- 103H Scheme of reconstruction involving issue of units
- 103I Scheme of reconstruction involving conversion scheme
- 103J Supplementary provisions
- 103K Restriction on application of sections 103G, 103H and 103I : anti-avoidance
- Chapter 5 Carried interest
- 103KA Carried interest
- 103KB Carried interest: consideration on disposal etc of right
- 103KC Carried interest: foreign chargeable gains
- 103KD Carried interest: anti-avoidance
- 103KE Carried interest: avoidance of double taxation
- 103KF Relief for external investors on disposal of partnership asset
- 103KFA Election for carried interest gains to be chargeable as scheme profits arise
- 103KFB Election in relation to scheme to apply to associated schemes
- 103KFC Interaction with other charges
- 103KFD Deemed accrual of loss where carried interest never arises
- 103KFE Anti-avoidance
- 103KG Meaning of “arise” in Chapter 5
- 103KH Interpretation of Chapter 5
- Part IV Shares, securities, options etc.
- Chapter I General
- Share pooling, identification of securities, and indexation
- 104 Share pooling: general interpretative provisions.
- 105 Disposal on or before day of acquisition of shares and other unidentified assets.
- 105A Shares acquired on same day: election for alternative treatment
- 105B Provision supplementary to section 105A
- 106 Disposal of shares and securities by company within prescribed period of acquisition.
- 106A Identification of securities: ... capital gains tax.
- 107 Identification of securities etc: general rules for corporation tax.
- 108 Identification of relevant securities for corporation tax.
- 109 Corporation tax: pre-April 1982 share pools.
- 110 Indexation for section 104 holdings for corporation tax.
- 110A Indexation for section 104 holdings: capital gains tax.
- 111 Indexation: building society etc. shares.
- 112 Parallel pooling regulations: corporation tax.
- 113 Calls on shares: corporation tax.
- 114 Consideration for options: corporation tax.
- Gilt-edged securities and qualifying corporate bonds
- 115 Exemptions for gilt-edged securities and qualifying corporate bonds etc.
- 116 Reorganisations, conversions and reconstructions.
- 116A Holding beginning or ceasing to fall within section 490 of CTA 2009
- 116B Shares beginning or ceasing to be shares to which section 521B of CTA 2009 applies
- 117 Meaning of “qualifying corporate bond".
- 117A Assets that are not qualifying corporate bonds for corporation tax purposes.
- 117B Holdings in unit trusts and offshore funds excluded from treatment as qualifying corporate bonds.
- Deep discount securities, the accrued income scheme etc.
- 118 Amount to be treated as consideration on disposal of deep discount securities etc.
- 119 Transfers of securities subject to the accrued income scheme.
- 119A Increase in expenditure by reference to tax charged in relation to employment-related securities
- 119B Section 119A: unchargeable, and unremitted chargeable, foreign securities income
- 119C Section 119A: unremitted Part 7A income
- 120 Increase in expenditure by reference to tax charged in relation to shares etc.
- Savings certificates etc.
- 121 Exemption for government non-marketable securities.
- Capital distribution in respect of shares etc.
- 122 Distribution which is not a new holding within Chapter II.
- 123 Disposal of right to acquire shares or debentures.
- Close companies
- 124 Disposal of shares: relief in respect of income tax consequent on shortfall in distributions.
- 125 Shares in close company transferring assets at an undervalue.
- Share loss relief
- 125A Effect of share loss relief
- Chapter II Reorganisation of share capital, conversion of securities etc.
- Reorganisation or reduction of share capital
- 126 Application of sections 127 to 131.
- 127 Equation of original shares and new holding.
- 128 Consideration given or received by holder.
- 129 Part disposal of new holding.
- 130 Composite new holdings.
- 131 Indexation allowance.
- Conversion of securities
- 132 Equation of converted securities and new holding.
- 133 Premiums on conversion of securities.
- 134 Compensation stock.
- Company reconstructions ...
- 135 Exchange of securities for those in another company
- 136 Scheme of reconstruction involving issue of securities
- 137 Restriction on application of sections 135 and 136 : anti-avoidance.
- 138 Procedure for clearance in advance.
- 138ZA Share exchanges involving non-UK incorporated close companies
- 138ZB Treatment of securities connected with such exchanges
- 138ZC Election to disapply section 135 or 136
- 138A Use of earn-out rights for exchange of securities.
- 139 Reconstruction ... involving transfer of business.
- 140 Postponement of charge on transfer of assets to non-resident company.
- Transfers concerning companies of different member States
- 140A Transfer or division of UK business
- 140B Section 140A: anti-avoidance.
- 140C Transfer or division of non-UK business
- 140D Section 140C: anti-avoidance.
- 140DA. Securities issued on division of business
- Mergers within European Community
- 140E Merger leaving assets within UK tax charge
- 140F Merger: assets outside UK tax charge
- 140G Treatment of securities issued on merger
- 140GA. Disapplication of sections 24 and 122 where subsidiary merges with its parent
- Transparent entities: disapplication of reliefs related to Mergers Directive
- 140H. Share exchanges
- 140I. Division of business or transfer of assets
- 140J. Mergers
- 140K. Transparent entities: taxation after merger, &c
- 140L. Interpretation
- Chapter III Miscellaneous provisions relating to commodities, futures, options and other securities
- 142 Capital gains on stock dividends.
- 142A REITs: chargeable gains on stock dividends
- 143 Commodity and financial futures and qualifying options.
- 144 Options and forfeited deposits.
- 144ZA Application of market value rule in case of exercise of option
- 144ZB Exception to rule in section 144ZA
- 144ZC Section 144ZB: non-commercial exercise of option
- 144ZD Section 144ZB: alteration of value to obtain tax advantage
- 144A Cash-settled options.
- 145 Call options: indexation allowance.
- 146 Options: application of rules as to wasting assets.
- 147 Quoted options treated as part of new holdings.
- 148 Traded options: closing purchases.
- 148A Futures and options involving guaranteed returns
- 148B Deemed disposals at a gain under section 564(4) of ITTOIA 2005
- 148C Deemed disposals at a loss under section 564(4) of ITTOIA 2005
- 149 Rights to acquire qualifying shares.
- 149A Employment-related securities options
- 149AA Restricted and convertible employment-related securities and employee shareholder shares
- 149AB Shares in research institution spin-out companies
- 149B Employee incentive schemes: conditional interests in shares.
- 149C Priority share allocations
- 150 Business expansion schemes.
- 150A Enterprise investment scheme.
- 150B Enterprise investment scheme: reduction of EIS relief.
- 150C Enterprise investment scheme: re-investment.
- 150D Enterprise investment scheme: application of taper relief
- 150E Seed enterprise investment scheme
- 150F Seed enterprise investment scheme: reduction of relief
- 150G Seed enterprise investment scheme: re-investment
- 151 Personal equity plans.
- 151A Venture capital trusts: reliefs.
- 151B Venture capital trusts: supplementary.
- 151BA CITR: identification of securities or shares on a disposal
- 151BB CITR: rights issues etc
- 151BC CITR: company reconstructions etc
- 151C Strips: manipulation of price: associated payment giving rise to loss
- 151D Corporate strips: manipulation of price: associated payment giving rise to loss
- 151E Exchange gains and losses from loan relationships: regulations
- 151F Treatment of alternative finance arrangements
- 151G Regulations where non-qualifying shares conditions altered
- Chapter 4 Alternative finance arrangements
- Introduction
- 151H Introduction
- 151I Meaning of “financial institution”
- Arrangements that are alternative finance arrangements
- 151J Purchase and resale arrangements
- 151K Diminishing shared ownership arrangements : initial acquisition
- 151KA Diminishing shared ownership arrangements: refinancing
- 151L Deposit arrangements
- 151M Profit share agency arrangements
- 151N Investment bond arrangements
- 151O Provision not at arm's length: exclusion of arrangements from sections 151J to 151N
- Meaning of “alternative finance return”
- 151P Purchase and resale arrangements
- 151Q Purchase and resale arrangements where return in foreign currency
- 151R Diminishing shared ownership arrangements
- 151S Other arrangements
- Special rules for investment bond arrangements
- 151T Investment bond arrangements are qualifying corporate bonds
- 151U Treatment of bond-holder and bond-issuer
- 151V Treatment as securities
- 151W Investment bond arrangements not unit trust scheme or offshore fund
- Other rules
- 151X Exclusion of some alternative finance return from sale consideration
- 151Y Diminishing shared ownership arrangements : further provision
- 151Z Diminishing shared ownership arrangements: further provision in respect of refinancing
- Part V Transfer of business assets, business asset disposal relief and investors' relief
- Chapter I Transfer of business assets: General provisions
- Replacement of business assets
- 152 Roll-over relief.
- 153 Assets only partly replaced.
- 153A Provisional application of sections 152 and 153.
- 154 New assets which are depreciating assets.
- 155 Relevant classes of assets.
- 156 Assets of Class 1.
- 156ZA Intangible fixed assets: roll-over relief
- 156ZB Intangible fixed assets: interaction with relief under Chapter 7 of Part 8 of CTA 2009
- 156A Cessation of trade by limited liability partnership.
- 157 Trade carried on by family company: business assets dealt with by individual.
- 158 Activities other than trades, and interpretation.
- 159 Non-residents: roll-over relief.
- 159A Disposals of interests in UK land by non-residents: roll-over relief
- 160 Dual resident companies: roll-over relief.
- Stock in trade
- 161 Appropriations to and from stock.
- Transfer of business to a company
- 162 Roll-over relief on transfer of business.
- 162A Election for section 162 not to apply
- Transfer of business from company to shareholders
- 162B Disincorporation relief: assets (including pre-FA 2002 goodwill)
- 162C Disincorporation relief: post-FA 2002 goodwill
- Retirement relief
- 163 Relief for disposals by individuals on retirement from family business.
- 164 Other retirement relief.
- Chapter IA Roll-over relief on re-investment
- 164A Relief on re-investment for individuals.
- 164B Roll-over relief on re-investment by trustees.
- 164BA Interaction with retirement relief
- 164C Restriction applying to retirement relief and roll-over relief on re-investment.
- 164D Relief carried forward into replacement shares.
- 164E Application of Chapter in cases of an exchange of shares.
- 164F Failure of conditions of relief.
- 164FA Loss of relief in cases where shares acquired on being issued.
- 164FF Qualifying investment acquired from husband or wife.
- 164FG Multiple claims.
- 164G Meaning of “qualifying company".
- 164H Property companies etc. not to be qualifying companies.
- 164I Qualifying trades.
- 164J Provisions supplementary to section 164I.
- 164K Foreign residents.
- 164L Anti-avoidance provisions.
- 164M Exclusion of double relief.
- 164MA Exclusion of double relief
- 164N Interpretation of Chapter IA.
- Chapter II Gifts of business assets
- 165 Relief for gifts of business assets.
- 165A Meaning of “holding company”, “trading company” and “trading group”
- 166 Gifts to non-residents.
- 167 Gifts to foreign-controlled companies.
- 167A Gifts of direct or indirect interests in UK land to non-residents
- 168 Emigration of donee.
- 168A Postponing held-over gain: interests in UK land
- 169 Gifts into dual resident trusts.
- 169A Cessation of trade by limited liability partnership
- 169B Gifts to settlor-interested settlements etc
- 169C Clawback of relief if settlement becomes settlor-interested etc
- 169D Exceptions to sections 169B and 169C
- 169E Meaning of “settlor” in sections 169B to 169D and 169G
- 169F Meaning of “interest in a settlement” in sections 169B to 169D
- 169G Meaning of “arrangement” in sections 169B to 169E and information power
- Chapter 3 business asset disposal relief
- 169H Introduction
- 169I Material disposal of business assets
- 169J Disposal of trust business assets
- 169K Disposal associated with relevant material disposal
- 169L Relevant business assets
- 169LA Relevant business assets: goodwill transferred to a close company
- 169M Relief to be claimed
- 169N Amount of relief: general
- 169O Amount of relief: special provisions for certain trust disposals
- 169P Amount of relief: special provision for certain associated disposals
- 169Q Reorganisations: disapplication of section 127
- 169R Reorganisations involving acquisition of qualifying corporate bonds
- 169S Interpretation of Chapter
- 169SA Meaning of “trading company” and “trading group”
- Chapter 3A business asset disposal relief where company ceases to be individual's personal company
- 169SB Overview of Chapter
- 169SC Election by individual where company ceases to be personal company
- 169SD Supplementary election to defer gains until subsequent disposal
- 169SE Application of section 169SD where section 116 applies
- 169SF Application of section 169SD where sections 127 to 130 apply
- 169SG Elections under sections 169SC and 169SD
- 169SH Claims for relief in respect of subsequent disposals
- Chapter 4 business asset disposal relief where held-over gains become chargeable
- 169T Overview of Chapter
- 169U Eligibility conditions for deferred business asset disposal relief
- 169V Operation of deferred business asset disposal relief
- Chapter 5 Investors' relief
- Overview
- 169VA Overview of Chapter
- Qualifying shares
- 169VB Qualifying shares, potentially qualifying shares and excluded shares
- The relief
- 169VC Investors' relief
- 169VD Disposal where holding consists partly of qualifying shares
- 169VE Which shares are in holding immediately before disposal
- 169VF Shares treated as disposed of in previous disposal where claim made
- 169VG Shares treated as disposed of in previous disposal: no claim made
- Trustees of a settlement: special provision
- 169VH Disposals by trustees: further conditions for relief
- 169VI Disposals by trustees: relief reduced in certain cases
- Disposals of interests in shares
- 169VJ Disposals of interests in shares: joint holdings etc
- Cap on relief
- 169VK Cap on relief for disposal by an individual
- 169VL Cap on relief for disposal by trustees of a settlement
- Claims for relief
- 169VM Claims for relief
- Reorganisations
- 169VN Reorganisations where no consideration given
- 169VO The appropriate number
- 169VP Reorganisations where consideration given
- 169VQ Exchange of shares for those in another company
- 169VR New shares issued on scheme of reconstruction
- 169VS Modification of conditions for being a qualifying share
- 169VT Election to disapply section 127
- Supplemental
- 169VU “Subscribe” etc
- 169VV “Trading company” etc
- 169VW “Relevant employee”
- 169VX “Unremunerated director”
- 169VY General definitions
- Part VI Companies, oil, insurance etc.
- Chapter I Companies
- Groups of companies
- 170 Interpretation of sections 171 to 181.
- Transactions within groups
- 171 Transfers within a group: general provisions.
- 171A Election to reallocate gain or loss to another member of the group
- 171B Election under section 171A: effect
- 171C Elections under section 171A: insurance companies
- 172 Transfer of United Kingdom branch or agency.
- 173 Transfers within a group: trading stock.
- 174 Disposal or acquisition outside a group.
- 175 Replacement of business assets by members of a group.
- Losses attributable to depreciatory transactions
- 176 Depreciatory transactions within a group.
- 177 Dividend stripping.
- 177A Restriction on set-off of pre-entry losses.
- Pre-entry gains
- 177B Restrictions on setting losses against pre-entry gains.
- Companies leaving groups
- 178 Company ceasing to be member of group: pre-appointed day cases.
- 179 Company ceasing to be member of group: post-appointed day cases.
- 179ZA Claim for adjustment of calculations under section 179
- 179A Reallocation within group of gain or loss accruing under section 179
- 179B Roll-over of degrouping charge on business assets
- 180 Transitional provisions.
- 181 Exemption from charge under 178 or 179 in the case of certain mergers.
- Restriction on indexation allowance for groups and associated companies
- 182 Disposals of debts.
- 183 Disposals of shares.
- 184 Definitions and other provisions supplemental to sections 182 and 183.
- Restrictions on buying losses or gains etc
- 184A Restrictions on buying losses: tax avoidance schemes
- 184B Restrictions on buying gains: tax avoidance schemes
- 184C Sections 184A and 184B: meaning of “qualifying change of ownership”
- 184D Sections 184A and 184B: meaning of “tax advantage”
- 184E Sections 184A and 184B: “pre-change assets”: basic rules
- 184F Sections 184A and 184B: “pre-change assets”: pooling rules
- 184G Avoidance involving losses: schemes converting income to capital
- 184H Avoidance involving losses: schemes securing deductions
- 184I Notices under sections 184G and 184H
- Assets subject to EU exit charges
- 184J Asset subject to EU exit charge on becoming chargeable asset
- Non-resident and dual resident companies
- 185 Deemed disposal of assets on company ceasing to be resident in U.K.
- 186 Deemed disposal of assets on company ceasing to be liable to U.K. taxation.
- 187 Postponement of charge on deemed disposal under section 185 or 186.
- 187A Deemed disposal under section 185: ATED-related gains and losses
- 187B Postponing gain or loss under section 185(2): interests in UK land
- 188 Dual resident companies: deemed disposal of certain assets.
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 188A Election for pooling
- 188B Meaning of “NRCGT group”
- 188C Transfers within an NRCGT group
- 188D Person chargeable to capital gains tax on NRCGT gains accruing to members of an NRCGT group
- 188E Further provision about group losses
- 188F Companies becoming eligible to join an NRCGT group
- 188G Company ceasing to be a member of an NRCGT group
- 188H The responsible members of an NRCGT group
- 188I Joint and several liability of responsible members
- 188J The representative company of an NRCGT group
- 188K Interpretation of sections 188A to 188J
- Recovery of tax otherwise than from tax-payer company
- 189 Capital distribution of chargeable gains: recovery of tax from shareholder.
- 190 Tax recoverable from another group company or controlling director.
- Demergers
- 192 Tax exempt distributions.
- Disposals by companies with substantial shareholding
- 192A Exemptions for gains or losses on disposal of shares etc
- Chapter II Oil and mining industries
- Oil exploration and exploitation
- 193 Roll-over relief not available for gains on oil licences.
- 194 Disposals of oil licences relating to undeveloped areas.
- 195 Allowance of certain drilling expenditure etc.
- 195A Oil licence swaps
- 195B Licence-consideration swap
- 195C Company that receives mixed consideration: N exceeds C
- 195D Company that receives mixed consideration: N does not exceed C
- 195E Company that gives mixed consideration
- 195F Reimbursed expenditure
- 196 Interpretation of sections 194 to 195F .
- 197 Disposals of interests in oil fields etc: ring fence provisions.
- 198 Replacement of business assets used in connection with oil fields.
- 198A Ring fence reinvestment: whole consideration reinvested
- 198B Ring fence reinvestment: part of consideration reinvested
- 198C Provisional application of sections 198A and 198B
- 198D No double claims
- 198E Ring fence reinvestments and disposal consideration
- 198F Qualification for roll-over relief
- 198G Qualification for section 153 relief
- 198H Acquisition by member of same group
- 198I Exploration, appraisal and development expenditure
- 198J Oil and gas: reinvestment after pre-trading disposal
- 198K Provisional application of section 198J
- 198L Expenditure by member of same group
- 199 Exploration or exploitation assets: deemed disposals
- 200 Limitation of losses on disposal of oil industry assets held on 31st March 1982.
- Mineral leases
- 201 Royalties.
- 202 Capital losses.
- 203 Provisions supplementary to section 202 .
- Chapter III Insurance
- 204 Policies of insurance and non-deferred annuities
- 205 Disallowance of insurance premiums as expenses.
- 206 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 207 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 208 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- 210 Life assurance and deferred annuities.
- 210A Ring-fencing of losses
- 210B Disposal and acquisition of section 119 or 120 securities
- 210C Losses on disposal of authorised investment fund assets to connected manager
- 211 Transfers of business.
- 211ZA Transfers of business: transfer of unused losses
- 211A Gains of insurance company from venture capital investment partnership
- 211B Transfers of assets to certain collective investment schemes
- 212 Annual deemed disposal of holdings of unit trusts etc.
- 213 Spreading of gains and losses under section 212.
- 213A Power to modify ss. 212 and 213 etc in case of CFCs that are offshore funds
- 214 Transitional provisions.
- 214A Further transitional provisions.
- 214B Modification of Act in relation to overseas life insurance companies.
- 214BA Interpretation
- Chapter IV Miscellaneous cases
- Re-organisations of mutual businesses
- 214C Gains not eligible for taper relief.
- Building societies etc.
- 215 Disposal of assets on amalgamation of building societies etc.
- 216 Assets transferred from society to company.
- 217 Shares, and rights to shares, in successor company.
- Friendly societies
- 217A Transfer of assets on incorporation of registered friendly society.
- 217B Rights of members in registered society equated with rights in incorporated society.
- 217C Subsequent disposal of assets by incorporated society etc.
- Registered societies and co-operatives
- 217D Disposal of assets on union, amalgamation or transfer of engagements
- The Regulator of Social Housing,the Secretary of State and housing associations
- 218 Disposals of land between the Regulator of Social Housing,the Secretary of State or Scottish Homes and housing associations.
- 219 Disposals by housing related bodies.
- 220 Disposals by Northern Ireland housing associations.
- Other bodies
- 221 Harbour authorities.
- Part VII Other property, businesses, investments etc.
- Private residences
- 222 Relief on disposal of private residence.
- 222A Determination of main residence: non-resident CGT disposals
- 222B Non-qualifying tax years
- 222C Day count test
- 223 Amount of relief.
- 223ZA Amount of relief: individual’s residency delayed by certain events
- 223A Amount of relief: non-resident CGT disposals
- 223B Additional relief: part of private residence let out
- 224 Relief under sections 223 and 223B: further provisions.
- 225 Private residence occupied under terms of settlement.
- 225A Private residence held by personal representatives
- 225B Disposals in connection with divorce, etc
- 225BA Deferred payments on disposals in connection with divorce etc
- 225C Sale of private residence under certain agreements with employer, etc
- 225D Private residence of adult placement carer
- 225E Disposals by disabled persons or persons in care homes etc
- 226 Private residence occupied by dependent relative before 6th April 1988.
- 226A Private residence relief: cases where relief obtained under section 260
- 226B Exception to section 226A
- Employee share ownership trusts
- 227 Conditions for roll-over relief.
- 228 Conditions for relief: supplementary.
- 229 The relief.
- 230 Dwelling-houses: special provision.
- 231 Shares: special provision.
- 232 Chargeable event when replacement assets owned.
- 233 Chargeable event when replacement property owned.
- 234 Chargeable events when bonds owned.
- 235 Information.
- 236 Prevention of double charge.
- Share incentive plans
- 236A Relief for transfers to share incentive plans
- Employee shareholders
- 236B Exemption for employee shareholder shares
- 236C Only first £50,000 of shares under associated agreements to be exempt
- 236D Shares not exempt if shareholder or connected person has material interest in company
- 236E Identification of exempt employee shareholder shares
- 236F Reorganisation of share capital involving employee shareholder shares
- 236G Relinquishment of employment rights is not disposal of an asset
- Employee-ownership trusts
- 236H Disposals to employee-ownership trusts
- 236I Trading requirement
- 236J All-employee benefit requirement
- 236K Further provision about the equality requirement
- 236L Cases in which all-employee benefit requirement treated as met
- 236LA Trustee independence requirement
- 236M Controlling interest requirement
- 236N Limited participation requirement
- 236O No section 236H relief if disqualifying event in next four tax years
- 236P Events which trigger deemed disposal and reacquisition by trustees
- 236Q Relief for deemed disposals under section 71
- 236R No section 236Q relief if disqualifying event in next four tax years
- 236S Identification of shares where section 236H or 236Q applies
- 236T Further provision about significant and controlling interests
- 236U Interpretation of sections 236H to 236U
- Superannuation funds, profit sharing schemes, employee trusts etc.
- 237 Superannuation funds, annuities and annual payments.
- 237A Share option schemes: release and replacement of options.
- 238 Approved profit sharing and share option schemes.
- 238A ... Share schemes and share incentives
- 239 Disposals to trustees of employee trusts
- 239ZA Relief for disposals by trustees of employee trusts
- Registered pension schemes
- 239A De-registration of registered pension schemes
- Leases
- 240 Leases of land and other assets.
- 241 UK furnished holiday lettings.
- 241A EEA furnished holiday lettings
- Part disposals
- 242 Small part disposals.
- 243 Part disposal to authority with compulsory powers.
- 244 Part disposal: consideration exceeding allowable expenditure.
- Compulsory acquisition
- 245 Compensation paid on compulsory acquisition.
- 246 Time of disposal and acquisition.
- 247 Roll-over relief on compulsory acquisition.
- 247A Provisional application of section 247.
- 248 Provisions supplementary to section 247.
- Joint interests in land
- 248A Roll-over relief on disposal of joint interests in land: conditions
- 248B Calculation of relief
- 248C Excluded land
- 248D Milk quotas
- 248E Relief on disposal of joint interests in private residence
- Woodlands
- 249 Grants for giving up agricultural land.
- 250 Woodlands.
- Debts
- 251 General provisions.
- 252 Foreign currency bank accounts.
- 252A Foreign currency bank accounts and the remittance basis
- 253 Relief for loans to traders.
- 254 Relief for debts on qualifying corporate bonds.
- 255 Provisions supplementary to section 254.
- Investments in social enterprises
- 255A Hold-over relief for gains re-invested in social enterprises
- 255B Gains and losses on investments in social enterprises
- 255C Application of section 255B(2) where maximum SI relief not obtained
- 255D Application of section 255B(2) where SI relief has been reduced
- 255E Reorganisations involving shares to which SI relief is attributable
- Charities and gifts of non-business assets etc.
- 256 Charities.
- 256A Attributing gains to the non-exempt amount: charitable trusts
- 256B How gains are attributed to the non-exempt amount: charitable trusts
- 256C Attributing gains to the non-exempt amount: charitable companies
- 256D How gains are attributed to the non-exempt amount: charitable companies
- 257 Gifts to charities etc.
- 257A Tainted charity donations
- 257B Associated donations in relation to tainted charity donations
- 258 Works of art etc.
- 259 Gifts to housing associations.
- 260 Gifts on which inheritance tax is chargeable etc.
- 261 Section 260 relief: gifts to non-residents.
- 261ZA Gifts of direct or indirect interests in UK land to non-residents
- Know-how
- 261A Disposal of know-how as part of disposal of all or part of a trade
- Deduction of trading losses or post-cessation expenditure etc
- 261B Treating trade loss etc as CGT loss
- 261C Meaning of “the maximum amount” for purposes of section 261B
- 261D Treating excess post-cessation trade or property relief as CGT loss
- 261E Meaning of “the maximum amount” for purposes of section 261D
- Repurchase price under repos
- 261F Deemed manufactured payments: effect on repurchase price
- 261G Price differences under repos: effect on repurchase price
- 261H Power to modify section 261G in non-arm's length case
- Miscellaneous reliefs and exemptions
- 262 Chattel exemption.
- 263 Passenger vehicles.
- 263AZA Renewables obligation certificates for domestic microgeneration
- 263ZA Former employees: employment-related liabilities
- 263A Agreements for sale and repurchase of securities: capital gains tax
- 263AA Section 263A: interpretation
- 263B Stock lending arrangements.
- 263C Stock lending involving redemption.
- 263CA Stock lending: insolvency etc of borrower
- 263D Gains accruing to persons paying manufactured dividends
- 263E Structured finance arrangements
- 263F Power to modify repo provisions: non-standard repo cases
- 263G Power to modify repo provisions: redemption arrangements
- 263H Sections 263F and 263G: supplementary provisions
- 263I Powers about manufactured overseas dividends
- 264 Relief for local constituency associations of political parties on reorganisation of constituencies.
- 265 Designated international organisations.
- 266 Inter-American Development Bank.
- 267 Sharing of transmission facilities.
- 268 Decorations for valour or gallant conduct.
- 268A Victims of National-Socialist persecution
- 268B Compensation for deprivation of foreign assets
- 269 Foreign currency for personal expenditure.
- 270 Chevening Estate.
- 271 Other miscellaneous exemptions.
- Visiting forces and official agents etc
- 271ZA Visiting forces and staff of designated allied headquarters
- 271ZB Official agents of Commonwealth countries or Republic of Ireland etc
- Part 7A UK representatives of non-UK residents
- Chapter 1 Treatment of branch or agency as UK representative of non-UK resident
- Introduction
- 271A Overview of Chapter
- Branches and agencies
- 271B Branch or agency treated as UK representative
- 271C Trade or profession carried on in partnership
- 271D Interpretation of Chapter
- Chapter 2 Capital gains tax obligations and liabilities imposed on UK representatives
- 271E Introduction to Chapter
- 271F Obligations and liabilities of UK representative
- 271G Exceptions: notices and information
- 271H Exceptions: criminal offences and penalties etc
- 271I Indemnities
- 271J Meaning of “non-UK resident” and “independent agent”
- Part VIII Supplemental
- 272 Valuation: general.
- 273 Unquoted shares and securities.
- 274 Value determined for inheritance tax.
- 275 Location of assets.
- 275A Location of certain intangible assets
- 275B Section 275A: supplementary provisions
- 275C Location of assets: interests of co-owners
- 276 The territorial sea and the continental shelf.
- 276A No gain/no loss: foreign permanent establishment exemption
- 277 Double taxation relief.
- 278 Allowance for foreign tax.
- 279 Foreign assets: delayed remittances.
- 279A Deferred unascertainable consideration: election for treatment of loss
- 279B Provisions supplementary to section 279A
- 279C Effect of election under section 279A
- 279D Elections under section 279A
- 280 Consideration payable by instalments.
- 281 Payment by instalments of tax on gifts.
- 282 Recovery of tax from donee.
- 283 Repayment supplements.
- 284 Income tax decisions.
- 284A Concessions that defer a charge.
- 284B Provisions supplementary to section 284A.
- 285 Recognised investment exchanges.
- 285A UK Economic Interest Groupings European Economic Interest Groupings
- 286 Connected persons: interpretation.
- 286A Residence of companies
- 287 Orders and regulations made by the Treasury or the Board.
- 288 Interpretation.
- 289 Commencement.
- 290 Savings, transitionals, consequential amendments and repeals.
- 291 Short title.
- SCHEDULES
- SCHEDULE A1 Application of taper relief
- Introductory
- Period for which an asset is held and relevant period of ownership
- Rules for determining whether a gain is a gain on the disposal of a business asset or non-business asset
- Conditions for shares to qualify as business assets
- Conditions for other assets to qualify as business assets
- Companies which are qualifying companies
- Meaning of “material interest”
- Persons who are eligible beneficiaries
- Cases where there are non-qualifying beneficiaries
- Cases where an asset is used at the same time for different purposes
- Periods of limited exposure to fluctuations in value not to count
- Periods of share ownership not to count where there is a change of activity by the company
- Periods of share ownership not to count if company is not active
- Periods of share ownership not to count in a case of value shifting
- Rules for options
- Further rules for assets derived from other assets
- Special rules for assets transferred between spouses or civil partners
- Special rules for postponed gains
- Special rule for property settled by a company
- Special rules for assets acquired in the reconstruction of mutual businesses et ceteralaetc.
- Special rule for ancillary trust funds
- General rules for settlements
- General rule for apportionments under this Schedule
- Interpretation of Schedule
- Meaning of “trading company”
- Meaning of “trading group”
- Qualifying shareholdings in joint venture companies
- Joint enterprise companies: relevant connection
- SCHEDULE B1 Disposals of UK residential property interests
- Meaning of “disposal of a UK residential property interest”
- “Interest in UK land”
- Grants of options
- Meaning of “dwelling”
- Power to modify meaning of “use as a dwelling”
- Damage to a dwelling
- Demolition of a building
- Disposal of a building that has undergone works
- Retrospective planning permission or development consent
- Interpretation
- SCHEDULE BA1 Disposals of non-UK residential property interests
- Meaning of “disposal of a non-UK residential property interest”
- “Interest in non-UK land”
- Grants of options
- Meaning of “dwelling”
- Interpretation
- SCHEDULE C1 Section 14F: meaning of “closely-held company” and “widely-marketed scheme”
- PART 1 Meaning of “closely-held company”
- Introduction
- Main definition
- Meaning of “control”
- Interpretation
- PART 2 Unit trust schemes and OEICs: widely-marketed schemes
- Introduction
- Widely-marketed schemes
- Interpretation
- Schedule D1 Relief for new residents on foreign gains
- Claim for relief for qualifying new residents
- Relief for qualifying foreign gains
- Relief in respect of deemed gains under section 86
- Relief in respect of deemed gains under sections 87 and 89(2) and Schedule 4C
- Other effects of claim
- Interpretation of Schedule
- SCHEDULE 1 UK resident individuals to whom the remittance basis applied
- Foreign gains treated as accruing when remitted to UK
- Use of allowable losses against foreign gains remitted in later year
- Matching rules for relieving allowable losses
- Rules for matching losses to chargeable gains
- Definitions
- SCHEDULE 1A Assets deriving 75% of value from UK land etc
- PART 1 Introduction
- PART 2 Whether asset derives at least 75% of its value from UK land
- The basic rule
- Meaning of “qualifying assets”
- Exception in relation to interests in UK land used for trading purposes
- Exception for certain disposals of rights or interests under same arrangements etc
- Meaning of “interest in UK land”
- PART 3 Whether person has substantial indirect interest in UK land
- Basic rule
- Meaning of “25% investment”
- Attribution of rights and interests
- PART 4 Cell companies and anti-avoidance
- Cell companies
- Anti-avoidance
- SCHEDULE 1B Residential property gains
- Meaning of “residential property gain”
- Attribution of gain to residential property
- Disposing of residential property
- Interest in land
- Dwelling: basic meaning
- Building temporarily unsuitable for use as a dwelling
- Disposal of a building that has undergone works
- Other definitions
- Power to modify meaning of “use as a dwelling”
- Regulations
- SCHEDULE 1C Annual exempt amount in cases involving settled property
- Introductory
- Settlements for the benefit of disabled persons
- Other settlements
- Special rules for qualifying UK settlements comprised in groups
- Special rules for principal settlements and sub-funds
- SCHEDULE 2 Assets held on 6th April 1965
- Part I Quoted securities
- Deemed acquisition at 6th April 1965 value
- Restriction of gain or loss by reference to actual cost
- Election for pooling
- Election by principal company of group
- Pooling at value on 6th April 1965: exchange of securities etc.
- Underwriters
- Interpretation of paragraphs 3 to 7
- Part II Land reflecting development value
- Part III Other assets
- Apportionment by reference to straightline growth of gain or loss over period of ownership
- Election for valuation at 6th April 1965
- Unquoted shares, commodities etc.
- Reorganisation of share capital, conversion of securities etc.
- Part IV Miscellaneous
- Capital allowances
- Assets transferred to close companies
- Spouses and civil partners
- Compensation and insurance money
- SCHEDULE 3 Assets held on 31st March 1982
- Previous no gain/no loss disposals
- Capital allowances
- Part disposals etc.
- Assets derived from other assets
- Apportionment of pre-1965 gains and losses
- Elections under section section 35(5): excluded disposals
- Elections under section 35(5): groups of companies
- SCHEDULE 4 Deferred charges on gains before 31st March 1982
- Application of Schedule
- Reduction of deduction or gain
- Charges rolled-over or held-over
- Postponed charges
- Previous no gain/no loss disposals
- Assets derived from other assets
- Claims
- SCHEDULE 4ZZA Relevant high value disposals: gains and losses
- Introductory
- Assets held on 5 April 2013, 5 April 2015 or 5 April 2016: no paragraph 5 election
- Election for paragraph 2 to 4 not to apply to a chargeable interest
- Cases where election made or or none of Cases 1 to 3 apply
- Special rule for certain disposals to which both this Schedule and Schedule 4ZZB relate
- Adjustments of ATED chargeable days
- Wasting assets
- Capital allowances
- SCHEDULE 4ZZB Non-resident CGT disposals: gains and losses
- PART 1 Introduction
- PART 2 Elections for alternative methods of computation
- PART 3 Main computation rules
- Disposals to which this Part applies
- Introduction to paragraphs 6 to 8
- Assets held at 5 April 2015: default method
- Modified application of paragraphs 5 to 7 where election made for straight-line time apportionment
- Cases where asset acquired after 5 April 2015 or election made under paragraph 2(1)(b)
- Interest subsisting under contract for off-plan purchase
- PART 4 Cases involving relevant high value disposals
- Overview
- Disposal involving one or more relevant high value disposals
- Assets held at 5 April 2015 (where no election made and no rebasing in 2016 required)
- Asset acquired after 5 April 2015 or election made under paragraph 2(1)(b) (but no rebasing in 2016 required)
- Certain disposals after 5 April 2016 (computation involving additional rebasing in 2016)
- Amount of gain or loss that is neither ATED-related nor an NRCGT gain or loss
- Where relevant high value disposal and “other” disposal are comprised in the disposal of land
- Interest subsisting under contract for off-plan purchase
- PART 5 Special rules for companies
- Indexation
- PART 6 Miscellaneous provisions
- Wasting assets
- Capital allowances
- PART 7 Interpretation
- SCHEDULE 4ZZC Disposals of residential property interests: gains and losses
- PART 1 Introduction and interpretation
- Introduction
- Interpretation
- PART 2 RPI disposals not involving relevant high value disposals
- Application of Part
- Computation of residential property gains and losses
- Computation of balancing gains and loses
- Interest subsisting under contract for off-plan purchase
- PART 3 RPI disposals involving relevant high value disposals
- Application of Part
- Interpretation of Part
- Computation of residential property gains or losses on the RPI disposal
- Computation of residential property gains or losses on relevant high value disposal not within Case 1, 2 or 3 (or where an election is made)
- Computation of residential property gains and losses on relevant high value disposal within Case 1, 2 or 3 (and no election made)
- Computation of balancing gains or losses on the RPI disposal
- Computation of balancing gains or losses on relevant high value disposal not within Case 1, 2 or 3 (or where an election is made)
- Computation of balancing gains or losses on relevant high value disposal within Case 1, 2 or 3 (and no election made)
- Relevant high value disposal and “other” disposal are comprised in the disposal of land
- Interest subsisting under contract for off-plan purchase
- SCHEDULE 4ZA Sub-fund settlements
- Making a sub-fund election
- Sub-fund elections: procedure
- Power to make enquiries
- Consequences of a sub-fund election
- SCHEDULE 4A Disposal of interest in settled property: deemed disposal of underlying assets
- Circumstances in which this Schedule applies
- Meaning of “interest in settled property”
- Meaning of “for consideration”
- Deemed disposal of underlying assets
- Condition as to UK residence of trustees
- Condition as to UK residence of settlor
- Condition as to settlor interest in the settlement
- The relevant underlying assets
- Character of deemed disposal
- Avoidance of double-counting
- Recovery of tax from person disposing of interest
- Meaning of “settlor”
- Cases where there is a period between the beginning of the disposal and its effective completion
- Exception: maintenance funds for historic buildings
- SCHEDULE 4AA Re-basing for non-residents in respect of UK land etc held on 5 April 2019
- PART 1 Introduction
- PART 2 Indirect disposals and direct disposals not chargeable before 6 April 2019
- Introduction
- Re-basing to 5 April 2019
- Election for retrospective basis of calculation
- Calculation of residential property gain if election made under paragraph 4
- PART 3 Direct disposals of Pre-April 2015 assets fully chargeable before 6 April 2019
- Introduction
- Re-basing to 5 April 2015
- Election for retrospective basis of calculation
- Election for straight-line time apportionment
- Calculation of residential property gain if election made under paragraph 8 or 9
- PART 4 Direct disposals of assets partly chargeable before 6 April 2019
- Introduction
- Re-basing to 5 April 2015 and 5 April 2019
- Election for retrospective basis of calculation
- Calculation of residential property gain if election made under paragraph 14
- PART 5 Miscellaneous
- Companies with UK land becoming UK resident after 5 April 2019
- Persons with UK land ceasing to be UK resident after 5 April 2019
- Wasting assets
- Capital allowances
- Making of elections
- Interpretation
- SCHEDULE 4B Transfers of value by trustees linked with trustee borrowing
- General scheme of this Schedule
- Transfers of value
- Settlements within section ... 86 or 87
- Trustee borrowing
- Transfer of value linked with trustee borrowing
- Application of proceeds of borrowing for normal trust purposes
- Ordinary trust assets
- The alternative condition for assets no longer part of the settled property
- Normal trust purposes: power to make provision by regulations
- Deemed disposal of remaining chargeable assets
- Whether deemed disposal is of whole or a proportion of the assets
- Value attributable to trustee borrowing
- Assets and transfers
- SCHEDULE 4C Transfers of value: attribution of gains to beneficiaries
- Introduction
- Outstanding section 1(3) amounts
- Computation of Schedule 4B trust gains
- Chargeable amount: non-resident settlement
- Chargeable amount: dual resident settlement
- Gains attributed to settlor
- Reduction for allowable losses
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Gains to be brought into pool on subsequent transfer of value
- Attribution of Schedule 4C gains to beneficiaries
- Relevant settlements
- Attribution of gains: remittance basis
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Attribution of gains: Schedule 4C pool gains and other gains
- Attribution of gains: disregard of certain capital payments
- Residence of trustees from whom capital payment received
- Taper relief
- Attribution of gains to settlor in section 1M cases
- Attribution of gains to beneficiaries in section 1M cases
- Increase in tax payable under this Schedule
- Effect of settlement ceasing to exist after transfer of value
- Interpretation
- SCHEDULE 5 Attribution of gains to settlors with interest in non-resident or dual resident settlement
- Construction of section 86(1)(e)
- Test whether settlor has interest
- Settlements created before 17th March 1998
- Exceptions from section 86
- Old section 87 rebasing elections to apply in relation to section 86
- Right of recovery
- Meaning of “settlor"
- Meaning of “originating"
- Qualifying settlements, and commencement
- Information
- SCHEDULE 5A Settlements with foreign element: information
- SCHEDULE 5AZA Meaning of “scheme of reconstruction”
- Introductory
- Form of scheme
- First condition: issue of units
- Second condition: equal entitlement to new units
- Preliminary reorganisation of units to be disregarded
- Subsequent issue of units to be disregarded
- SCHEDULE 5AA Meaning of “scheme of reconstruction”
- Introductory
- First condition: issue of ordinary share capital
- Second condition: equal entitlement to new shares
- Third condition: continuity of business
- Fourth condition: compromise or arrangement with members
- Preliminary reorganisation of share capital to be disregarded
- Subsequent issue of shares or debentures to be disregarded
- Interpretation
- SCHEDULE 5AAA UK property rich collective investment vehicles etc
- PART 1 Introduction: key expressions
- Meaning of “collective investment vehicle”, “participant” and “unit”
- Meaning of “offshore collective investment vehicle”
- Meaning of a collective investment vehicle being “UK property rich” etc
- PART 2 Basic rules
- Application of Act to offshore CIV
- Units in certain co-ownership schemes treated as shares in a company
- Disposals by non-UK residents
- Overseas life insurance companies
- Offshore collective investment vehicles (other than UK feeder vehicles) that meet the conditions in paragraph 7(2)(a) and (b)
- PART 3 Election for transparency
- Election for collective investment vehicle to be treated as partnership
- Further provision about election
- Units in CIVs held by life insurance companies
- Relationship to re-basing rules under Schedule 4AA for non-UK residents
- PART 4 Exemption
- Exemption for qualifying offshore CIV that is UK property rich etc
- Qualifying conditions and information provided to HMRC
- Exemption for direct or indirect disposals of UK land by persons in which fund invests
- Making of election and period for which it has effect
- Revocation of election
- Qualifying fund or company ceasing to meet applicable exemption conditions
- Deemed disposal: payments not otherwise taxable where value derived from direct or indirect disposals of UK land
- Deemed disposal if election ceases to have effect
- Gains accruing on disposals under paragraph 21 or 22
- Relief for expenses in the case of deemed disposals under paragraph 21 or 22
- Notification to participants in relation to deemed disposals under paragraph 21 or 22
- Temporary period during which applicable exemption conditions not met
- Steps taken by relevant fund manager to wind up relevant fund
- Deemed disposals of UK land by companies previously owned by fund
- Deemed disposals of UK land by company or fund ceasing to be qualifying etc
- Exemption for disposals by companies wholly owned by certain investors
- Disapplication of paragraphs 5 and 6 of Schedule 1A
- Disapplication of paragraph 3A of Schedule 7AC: qualifying institutional investors
- Relationship between rules in this Part and REIT rules in Part 12 of CTA 2010
- Separate application of exemptions under this Schedule and elsewhere
- Meaning of meeting “the applicable exemption conditions”
- Meaning of “the relevant fund” and “the relevant fund manager”
- Meaning of “wholly owned” or “wholly (or almost wholly) owned”
- Meaning of “designated HMRC officer”
- PART 5 Reporting and payment
- Reporting by collective investment vehicles
- Withholding of amounts on account of capital gains tax
- General
- PART 6 General
- Meaning of “close company”, “qualifying investor” and “direct or indirect participator”
- References to regulation 75(3) of the Offshore Funds (Tax) Regulations 2009
- Other definitions
- Power to make provision in relation to UK property rich collective investment vehicles etc
- PART 7 Transitional provision
- Elections for transparency under paragraph 8
- Elections under paragraph 12 and information about disposals by participants
- Genuine diversity of ownership condition in case of existing funds
- SCHEDULE 5B Enterprise investment scheme: re-investment
- Application of Schedule
- Failure of conditions of application
- Postponement of original gain
- Chargeable events
- Gain accruing on chargeable event
- Person to whom gain accrues
- Claims
- Reorganisations
- Acquisition of share capital by new company
- Other reconstructions and amalgamations
- Re-investment in same company etc.
- Pre-arranged exits
- Disqualifying arrangements
- Put options and call options
- Value received by investor
- Provision supplemental to paragraph 13
- Receipt of replacement value
- Provision supplemental to paragraph 13B
- Value received by other persons
- Insignificant repayments disregarded for purposes of paragraph 14
- Certain receipts to be disregarded for purposes of paragraph 14
- Investment-linked loans
- Information
- Trustees: general
- Trustees: anti-avoidance
- Interpretation
- SCHEDULE 5BA Enterprise investment scheme: application of taper relief
- Application of Schedule
- Taper relief on revived gains
- Qualifying holding period
- Periods that do not count
- Gains on disposal of business or non-business assets
- Savings
- Relevant re-investment shares
- Derivation of gains
- Interpretation
- SCHEDULE 5BB Seed enterprise investment scheme: re-investment
- SEIS re-investment relief
- Restrictions on relief under paragraph 1
- Claims
- Attribution of SEIS re-investment relief to relevant SEIS shares
- Removal or reduction of the relief
- Transfers of shares to spouses and civil partners
- Adjustment of capital gains tax liability
- Interpretation etc
- SCHEDULE 5C Venture capital trusts: deferred charge on re-investment
- Application of Schedule
- The postponement of the original gain
- Chargeable events
- Gain accruing on chargeable event
- Persons to whom gain accrues
- Interpretation
- SCHEDULE 6 Retirement relief etc.
- Part I Interpretation
- Part II The operation of the relief
- Disposals on which relief may be given
- Gains qualifying for relief
- The amount available for relief: the basic rule
- Aggregation of earlier business periods
- Relief given on earlier disposal
- Aggregation of spouse’s interest in the business
- SCHEDULE 7 Relief for gifts of business assets
- Part I Agricultural property and settled property
- Agricultural property
- Settled property
- Part II Reductions in held-over gain
- Application and interpretation
- Reductions peculiar to disposals of assets
- Reduction peculiar to disposal of shares
- Reduction where gain partly relieved by retirement relief
- SCHEDULE 7ZA Business asset disposal relief: “trading company” and “trading group”
- PART 1 Meaning of “trading company” and “trading group”
- PART 2 Joint venture companies
- Attribution of activities of a joint venture company
- Meaning of “investing company”
- Shareholding test
- Voting rights test
- PART 3 Partnerships
- Activities of a company as a member of a partnership
- Meaning of “direct interest company” and “relevant corporate partner”
- Profits and assets test
- Voting rights test
- PART 4 Interpretation of this schedule
- Meaning of “P”
- Meaning of “relevant period”
- Other interpretation provisions
- SCHEDULE 7ZB Investors' relief: disqualification of shares
- Disqualification of shares where value received in period of restriction
- “Receives value”
- Amount of value
- Receipt of replacement value
- Interpretation
- SCHEDULE 7A Restriction on set-off of pre-entry losses
- Application and construction of Schedule
- Pre-entry proportion of losses on pre-entry assets
- Disposals of pooled assets
- Rule to prevent pre-entry losses on pooled assets being treated as post-entry losses
- Alternative calculation by reference to market value
- Restrictions on the deduction of pre-entry losses
- Gains from which pre-entry losses are to be deductible
- Change of a company’s nature
- Identification of “the relevant group" and application of Schedule to every connected group
- Appropriations to stock in trade
- Continuity provisions
- Companies changing groups on certain transfers of shares etc.
- SCHEDULE 7AA Restrictions on setting losses against pre-entry gains
- Introductory
- Restriction on setting off losses
- Adjustment of pre-entry gains
- Meaning of “qualifying losses"
- Special rule for disposal of pooled assets
- Special rule for losses on disposal of certain assets acquired at different times
- Special rule for gains and losses on deemed annual disposal
- SCHEDULE 7AB Roll-over of degrouping charge: modification of enactments
- Introductory
- Section 152
- Section 153
- Section 153A
- Section 155
- Section 159
- Section 175
- Section 185
- Section 198
- Schedule 22 to the Finance Act 2000
- SCHEDULE 7AC Exemptions for disposals by companies with substantial shareholding
- Part 1 The exemptions
- The main exemption
- Subsidiary exemption: disposal of asset related to shares where main exemption conditions met
- Subsidiary exemption: disposal of shares or related asset where main exemption conditions previously met
- Subsidiary exemption: qualifying institutional investors
- Application of exemptions in priority to provisions deeming there to be no disposal etc
- Circumstances in which exemptions do not apply
- Other cases excluded from exemptions
- Part 2 The substantial shareholding requirement
- The requirement
- Meaning of “substantial shareholding"
- Aggregation of holdings of group companies
- Effect of earlier no-gain/no-loss transfer
- Effect of deemed disposal and reacquisition
- Effect of repurchase agreement
- Effect of stock lending arrangements
- Effect in relation to company invested in of earlier company reconstruction etc
- Effect in relation to company invested in of earlier demerger
- Effect of transfer of trading assets within a group
- Effect of investing company’s liquidation
- Special rules for assets of insurance company held for the purposes of its long-term business
- Part 3 Requirements to be met in relation to ... company invested in
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- Requirements relating to the company invested in
- Meaning of “trading company"
- Meaning of “trading group"
- Meaning of “trading subgroup"
- Treatment of holdings in joint venture companies
- Meaning of “joint venture company" and “qualifying shareholding"
- Effect in relation to company invested in of earlier company reconstruction, demerger etc
- Part 4 Interpretation
- Meaning of “company", “group" and related expressions
- Meaning of “trade"
- Meaning of “twelve-month period"
- Meaning of “interest in shares"
- Meaning of “asset related to shares"
- Meaning of “qualifying institutional investor”
- Index of defined expressions
- Part 5 Consequential provisions
- Meaning of “chargeable shares" or “chargeable asset"
- Negligible value claims
- Reorganisations etc: deemed accrual of chargeable gain or allowable loss held over on earlier transaction
- Recovery of charge postponed on transfer of assets to non-resident company
- Appropriation of asset to trading stock
- Recovery of held-over gain on claim for gifts relief
- Degrouping: time when deemed sale and reacquisition treated as taking place
- Effect of FOREX matching regulations
- SCHEDULE 7AD Gains of insurance company from venture capital investment partnership
- Introduction
- Meaning of “venture capital investment partnership”
- Interest in relevant assets of partnership treated as single asset
- The cost of the single asset
- Deemed disposal of single asset in case of distribution
- Apportionment in case of part disposal
- Disposal of partnership asset giving rise to offshore income gain
- Exclusion of negligible value claim
- Investment in other venture capital investment partnerships
- Interpretation
- General commencement and transitional provisions
- Election to remain outside Schedule
- How and when election to be made
- SCHEDULE 7B Modification of Act in relation to overseas life insurance companies
- SCHEDULE 7C Relief for transfers to Schedule 2 share plans
- Introductory
- Conditions relating to the disposal
- Reinvestment of disposal proceeds
- Provision supplementary to paragraphs 2 and 3
- The relief
- Dwelling-houses: special provision
- Shares: special provision
- Meaning of “chargeable asset”
- SCHEDULE 7D ... Share schemes and share incentives
- Part 1 Schedule 2 share incentive plans
- Introductory
- Gains accruing to trustees
- Participant absolutely entitled as against trustees
- Different classes of shares
- No chargeable gain on shares ceasing to be subject to the plan
- Deemed disposal by trustees on disposal of beneficial interest
- Treatment of forfeited shares
- Disposal of rights under rights issue
- Part 2 Schedule 3SAYE option schemes
- Introductory
- Market value rule not to apply
- Part 3 Schedule 4CSOP schemes
- Introductory
- Relief where income tax charged in respect of grant of option
- Market value rule not to apply
- Part 4 Enterprise management incentives
- . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
- SCHEDULE 8 Leases
- Leases of land as wasting assets: curved line restriction of allowable expenditure
- Premiums for leases
- Subleases out of short leases
- Exclusion of premiums taxed as receipts of a property businessetc.
- Duration of leases
- Leases of property other than land
- Interpretation
- SCHEDULE 8B Hold-over relief for gains re-invested in social enterprises
- When does the Schedule apply?
- Interpretation of Schedule
- Claim to hold gain over while invested in a social enterprise
- Held-over gain treated as accruing on disposal etc of the qualifying investment
- Chargeable events
- Person to whom held-over gain is treated as accruing
- Claims: procedure
- SCHEDULE 9 Gilt-edged securities
- Part I General
- Part II Existing gilt-edged securities
- SCHEDULE 10 Consequential amendments
- Post Office Act 1969 c. 48
- Taxes Management Act 1970 c. 9
- Finance Act 1973 c. 51
- British Aerospace Act 1980 c. 26
- British Telecommunications Act 1981 c. 38
- Value Added Tax Act 1983 c. 55
- Telecommunications Act 1984 c. 12
- Inheritance Tax Act 1984 c. 51
- Finance Act 1985 c. 54
- Trustee Savings Bank Act 1985 c. 58
- Transport Act 1985 c. 67
- Airports Act 1986 c. 31
- Gas Act 1986 c. 44
- Income and Corporation Taxes Act 1988 c. 1
- British Steel Act 1988 c. 35
- Finance Act 1988 c. 39
- Health and Medicines Act 1988 c. 49
- Water Act 1989 c. 15
- Finance Act 1989 c. 26
- Electricity Act 1989 c. 29
- Capital Allowances Act 1990 c. 1
- Finance Act 1990 c. 29
- Finance Act 1991 c. 31.
- Ports Act 1991 c. 52
- British Technology Group Act 1991 c. 66
- SCHEDULE 11 Transitional provisions and savings
- Part I Valuation
- Preliminary
- Gifts and transactions between connected persons before 20th March 1985
- Valuation of assets before 6th July 1973
- Valuation of assets on 6th April 1965
- References to the London Stock Exchange before 25th March 1973and Exchange Control restrictions before 13th December 1979
- Depreciated valuations referable to deaths before 31st March 1973
- Estate duty
- Part II Other transitory provisions
- Value-shifting
- Assets acquired on disposal chargeable under Case VII of Schedule D
- Unrelieved Case VII losses
- Devaluation of sterling: securities acquired with borrowed foreign currency
- Devaluation of sterling: foreign insurance funds
- Gilt-edged securities past redemption date
- Qualifying corporate bonds, company reorganisations, share conversions etc.
- Land: allowance for betterment levy
- Non-resident trusts
- Private residences
- Works of art etc.
- Disposal before acquisition
- Estate duty
- Validity of subordinate legislation
- Amendments in other Acts
- Saving for Part III of this Schedule
- Part III Assets acquired before commencement
- Part IV Other general savings
- SCHEDULE 12 Repeals