Source: http://www.legislation.gov.uk/ukpga/1997/16/schedule/12/part/I/crossheading/chargeable-gains?timeline=true
Timestamp: 2013-05-23 10:25:56
Document Index: 240858352

Matched Legal Cases: ['art. 3', 'art. 3', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 2', 'art. 3', 'art. 2', 'art. 4', 'art. 2', 'art. 3']

Skip to main contentSkip to navigationlegislation.gov.ukThe National ArchivesHelpSite MapAccessibilityContact UsHomeAbout UsBrowse LegislationNew LegislationChanges to LegislationSearch LegislationSearch LegislationTitle: (or keywords in the title)Year:Number:Type:All Legislation (excluding draft)All Primary Legislation UK Public General Acts UK Local Acts Acts of the Scottish Parliament Acts of the National Assembly for Wales Measures of the National Assembly for Wales Church Measures Acts of the Northern Ireland Assembly Acts of the Old Scottish Parliament Acts of the English Parliament Acts of the Old Irish Parliament Acts of the Parliament of Great Britain Northern Ireland Orders in Council Measures of the Northern Ireland Assembly Acts of the Northern Ireland ParliamentAll Secondary Legislation UK Statutory Instruments Wales Statutory Instruments Scottish Statutory Instruments Northern Ireland Statutory Rules Church Instruments UK Ministerial Orders UK Statutory Rules and OrdersAll Draft Legislation UK Draft Statutory Instruments Scottish Draft Statutory Instruments Northern Ireland Draft Statutory RulesAll Impact Assessments UK Impact AssessmentsSearchAdvanced SearchFinance Act 1997You are here:1997 c. 16SCHEDULE 12Part I Chargeable gainsTable of ContentsContentMore ResourcesPrevious: CrossheadingNext: CrossheadingPlain ViewPrint Options
Changes over time for: Cross Heading: Chargeable gainsAlternative versions:19/03/1997 - AmendmentChanges to legislation:There are outstanding changes not yet made by the legislation.gov.uk editorial team to Finance Act 1997. Any changes that have already been made by the team appear in the content and are referenced with annotations.Changes to LegislationRevised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.Changes and effects yet to be applied to the whole Act, associated Parts and Chapters:Changes and effectsThis section lists the changes and effects yet to be applied to the whole Act, associated Parts and Chapters where applicable. This includes any insertions of whole new Parts, Chapters or provisions yet to be inserted into this Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing.Blanket amendment words substituted by S.I. 2011/1043 art. 3 4Blanket amendment words substituted by S.I. 2011/1043 art. 3 6Commencement Orders yet to be applied to the Finance Act 1997:Commencement OrdersThis section lists the commencement orders yet to be applied to the whole Act. These effects are included in this view as they may be (but won’t necessarily be) relevant to the specific provision that you are viewing. Where applicable the commencement orders are listed under two headings, firstly those that bring some part of the Act you are viewing into force and secondly, those that bring into force legislation that affects some part of the legislation you are viewing. If you are viewing a prospective version or there is a prospective version available there may be commencement orders listed here that are relevant to the provision you are viewing.Commencement Orders bringing legislation that affects this Act into force:S.I. 2003/392 art. 2 commences (2002 c. 21)S.I. 2003/766 art. 2 Sch. commences (2002 c. 40)S.I. 2003/938 art. 2 Sch. commences (2002 c. 21)S.I. 2003/962 art. 2(3) (4) Sch. 1 2 commences (2002 c. 21)S.I. 2003/1397 art. 2(1) Sch. commences (2002 c. 40)S.I. 2003/2093 art. 2(1) Sch. 1 art. 2(2) Sch. 2 commences (2002 c. 40)S.I. 2007/2532 art. 2 commences (2007 c. 11)S.I. 2009/403 art. 2 commences (2008 c. 9)S.I. 2009/511 art. 2 commences (2008 c. 9)S.I. 2009/3024 art. 3 commences (2008 c. 9)S.I. 2010/128 art. 2 commences (2006 c. 18)S.I. 2010/495 art. 4(d) commences (2006 c. 18)S.I. 2010/867 art. 2 commences (2009 c. 10)S.S.I. 2009/369 art. 3 Sch. 1 commences (2007 asp 3) Chargeable gainsE+W+S+N.I.12(1)If, in the case of the lease,—E+W+S+N.I.(a)the current lessor or a person connected with him disposes of—(i)the lessor’s interest under the lease, or(ii)the leased asset, or(iii)an asset representing the leased asset, and(b)there is, for the period of account of the current lessor in which the disposal takes place, any cumulative accountancy rental excess,then, in determining for the purposes of the M1Taxation of Chargeable Gains Act 1992 the amount of any gain accruing to the person making the disposal, the consideration for the disposal shall be treated as reduced (but not below nil) by setting against it the cumulative accountancy rental excess.
(2)If the disposal mentioned in sub-paragraph (1) above is, for the purposes of the M2Taxation of Chargeable Gains Act 1992, a part-disposal of an asset—(a)the cumulative accountancy rental excess mentioned in sub-paragraph (1) above shall be apportioned between—(i)the property disposed of, and(ii)the property which remains undisposed of,in the proportions in which the sums which under paragraph (a) or (b) of section 38(1) of that Act are attributable to the asset fall to be apportioned under section 42 of that Act; and
(b)only that portion of the cumulative accountancy rental excess which is so apportioned to the property disposed of shall be set against the consideration for the part-disposal in accordance with sub-paragraph (1) above.(3)Sub-paragraph (1) above is without prejudice to section 37 of the Taxation of Chargeable Gains Act 1992 (deduction for money or money’s worth charged to income tax etc) except as provided in sub-paragraph (4) below.(4)Section 37 of that Act shall not apply if or to the extent that any money or money’s worth which, apart from this sub-paragraph, would be excluded by virtue of that section from the consideration for a disposal is represented by any cumulative accountancy rental excess which in accordance with sub-paragraph (1) above—(a)falls to be set against the consideration for the disposal; or(b)has fallen to be set against the consideration for a previous disposal made by the person making the disposal in question or a person connected with him.(5)Where the current lessor or a person connected with him disposes of—(a)the lessor’s interest under the lease, or(b)the leased asset, or(c)an asset representing the leased asset,this Schedule shall have effect as if a period of account of the current lessor ended, and another period of account of his began, immediately before the disposal.
(6)If two or more disposals falling within sub-paragraph (1) above are made at the same time—(a)the cumulative accountancy rental excess mentioned in sub-paragraph (1) above shall, subject to sub-paragraph (2) above, be apportioned between them in such proportions as are just and reasonable; and(b)sub-paragraph (5) above shall have effect in relation to those disposals as if they together constituted a single disposal.(7)In this paragraph “dispose” and “disposal” shall be construed in accordance with the M3Taxation of Chargeable Gains Act 1992.Annotations:Annotations are used to give authority for changes and other effects on the legislation you are viewing and to convey editorial information. They appear at the foot of the relevant provision or under the associated heading. Annotations are categorised by annotation type, such as F-notes for textual amendments and I-notes for commencement information (a full list can be found in the Editorial Practice Guide). Each annotation is identified by a sequential reference number. For F-notes, M-notes and X-notes, the number also appears in bold superscript at the relevant location in the text. All annotations contain links to the affecting legislation.Marginal CitationsM11992 c. 12. M21992 c. 12. M31992 c. 12. Previous: CrossheadingNext: CrossheadingBack to topOptions/HelpPrint OptionsPrint The Whole ActPDF The Whole ActWeb page The Whole ActPrint The Whole SchedulePDF The Whole ScheduleWeb page The Whole SchedulePrint The Whole PartPDF The Whole PartWeb page The Whole PartPrint This Cross Heading onlyPDF This Cross Heading onlyWeb page This Cross Heading onlyYou have chosen to open The Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open The Whole Act as a PDFThe Whole Act you have selected contains over 200 provisions and might take some time to download.Would you like to continue?Continue to openYou have chosen to open the Whole ActThe Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openYou have chosen to open Schedules only The Schedules only you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.Would you like to continue?Continue to openLegislation is available in different versions:Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.Original (As Enacted or Made):The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.See additional information alongside the contentGeographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.Opening OptionsDifferent options to open legislation in order to view more content on screen at onceMore ResourcesAccess essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:the original print PDF of the as enacted version that was used for the print copylists of changes made by and/or affecting this legislation itemconfers power and blanket amendment detailsall formats of all associated documentscorrection slipslinks to related legislation and further information resourcesTimeline of Changes