Source: https://www.legislation.gov.uk/ukpga/1992/12/contents
Timestamp: 2020-02-18 08:24:51
Document Index: 11229879

Matched Legal Cases: ['art 1', 'art 7', 'art 8', 'art 7', 'ART 1', 'ART 2', 'ART 2', 'ART 3', 'art 1', 'ART 2', 'ART 3', 'ART 4', 'ART 5', 'ART 2', 'ART 3', 'art 2', 'ART 2', 'ART 3', 'ART 4', 'ART 1', 'ART 2', 'ART 3', 'art 12', 'ART 5', 'ART 1', 'art 5', 'ART 2', 'ART 3', 'art 2', 'art 3', 'art 5', 'art 1', 'art 4', 'art 2', 'art 3']

Taxation of Chargeable Gains Act 1992 is up to date with all changes known to be in force on or before 18 February 2020. There are changes that may be brought into force at a future date.
Part 1 Capital gains tax and corporation tax on chargeable gains
Chapter 1 Capital gains tax
1.Capital gains tax
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
1E.Losses deductible only when within scope of tax etc
1F.Allowable losses to be used in most beneficial way etc
1G.Gains accruing to UK resident individuals in split years
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
1K.Annual exempt amount
1L.Increasing annual exempt amount to reflect increases in CPI
1M.Temporary non-residents
1N.Section 1M(1): assets acquired in temporary period of non-residence
1O.Definitions used in Chapter
Chapter 2 Corporation tax on chargeable gains
2.Corporation tax on chargeable gains
2A.Company's total profits to include chargeable gains
2B.Territorial scope of charge to corporation tax on chargeable gains
2C.Non-UK resident company with UK permanent establishment
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
2G.Assets of a company vested in a liquidator
Chapter 3 Attribution of gains of non-UK resident close companies
3.Gains attributed to UK resident individuals etc
3A.Gains connected to avoidance or foreign activities etc
3B.Participators and their interests
3C.Prevention of double UK taxation
3D.Non-UK domiciled individuals
3E.Temporary non-residents
3F.Non-resident groups of companies
3G.Supplementary provisions
Part II General Provisions relating to computation of gains and acquisitions and disposals of assets
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
Chapter II Assets and disposals of assets
24A.Structures and buildings contributions allowances: destruction of asset
25ZA.Postponing gain or loss under section 25(3): interests in UK land
25A.Long funding leases of plant or machinery: deemed disposals
26A.Transfer of dormant bank or building society account
31.Disposal of shares or securities by a company
Chapter III Computation of gains: General provisions
35A.Disposal of asset acquired on no gain/no loss disposal
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
37A.Consideration on disposal of certain leases
37B.Consideration on certain disposals: structures and buildings allowances
39A.Exclusion of certain expenditure: structures and buildings allowances
41A.Restriction of losses: long funding leases of plant or machinery
44. Meaning of “wasting asset".
47A.Exemption for certain disposals under, or after leaving, cash basis
47B.Disposals made by persons after leaving cash basis
48A.Unascertainable consideration
Chapter IV Computation of gains: the indexation allowance
52A.Chapter to apply only for corporation tax purposes
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.
59A. Limited liability partnerships.
59B.Alternative investment fund managers (1)
59C.Alternative investment managers (2)
63A.Death: application of law in Northern Ireland
66. Insolvents’ assets.
Chapter II Settlements
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
69A.Sub-fund settlements
76A. Disposal of interest in settled property: deemed disposal of underlying assets.
76B. Transfers of value by trustees linked with trustee borrowing.
79A. Restriction on set-off of trust losses.
79B. Attribution to trustees of gains of non-resident companies.
80A.Postponing gain or loss under section 80(2): interests in UK land
83A.Trustees both resident and non-resident in a year of assessment
85A.Transfers of value: attribution of gains to beneficiaries and treatment of losses
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
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”
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
90.Sections 87 and 89(2): transfers between settlements
90A.Section 90: transfers made for consideration in money or money's worth
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
98A. Settlements with foreign element: information.
Chapter III Collective investment schemes and investment trusts etc
99A.Treatment of umbrella schemes
99B.Calculation of the disposal cost of accumulation units
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.
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
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
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
103KG.Meaning of “arise” in Chapter 5
103KH.Interpretation of Chapter 5
Part IV Shares, securities, options etc.
105A. Shares acquired on same day: election for alternative treatment
105B. Provision supplementary to section 105A
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.
112. Parallel pooling regulations: corporation tax.
113. Calls on shares: corporation tax.
114. Consideration for options: corporation tax.
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.
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
125A.Effect of share loss relief
Chapter II Reorganisation of share capital, conversion of securities etc.
Company reconstructions ...
135.Exchange of securities for those in another company
136.Scheme of reconstruction involving issue of securities
138A. Use of earn-out rights for exchange of securities.
139. Reconstruction ... involving transfer of business.
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
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.
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
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
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
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
151H.Introduction
151I. Meaning of “financial institution”
151J.Purchase and resale arrangements
151K. Diminishing shared ownership arrangements
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
151P.Purchase and resale arrangements
151Q. Purchase and resale arrangements where return in foreign currency
151R. Diminishing shared ownership arrangements
151S. Other 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
151X.Exclusion of some alternative finance return from sale consideration
151Y. Diminishing shared ownership arrangements not partnerships
Part V Transfer of business assets, entrepreneurs' relief and investors' relief
Chapter I Transfer of business assets: General provisions
153A. Provisional application of sections 152 and 153.
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.
159A.Disposals of interests in UK land by non-residents: roll-over relief
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
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
165A.Meaning of “holding company”, “trading company” and “trading group”
167A.Gifts of direct or indirect interests in UK land to non-residents
168A.Postponing held-over gain: interests in UK land
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 Entrepreneurs’ 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 Entrepreneurs' 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 Entrepreneurs' relief where held-over gains become chargeable
169T.Overview of Chapter
169U.Eligibility conditions for deferred entrepreneurs' relief
169V.Operation of deferred entrepreneurs' relief
Chapter 5 Investors' relief
169VA.Overview of Chapter
169VB.Qualifying shares, potentially qualifying shares and excluded shares
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
169VH.Disposals by trustees: further conditions for relief
169VI.Disposals by trustees: relief reduced in certain cases
169VJ.Disposals of interests in shares: joint holdings etc
169VK.Cap on relief for disposal by an individual
169VL.Cap on relief for disposal by trustees of a settlement
169VM.Claims for relief
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
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
170. Interpretation of sections 171 to 181.
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
177A.Restriction on set-off of pre-entry losses.
177B. Restrictions on setting losses against pre-entry gains.
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
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
187A.Deemed disposal under section 185: ATED-related gains and losses
187B.Postponing gain or loss under section 185(2): interests in UK land
Pooling of NRCGT gains and losses
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
190. Tax recoverable from another group company or controlling director.
Disposals by companies with substantial shareholding
192A. Exemptions for gains or losses on disposal of shares etc
Chapter II Oil and mining industries
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 .
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
203. Provisions supplementary to section 202 .
Chapter III Insurance
204.Policies of insurance and non-deferred annuities
207. Disposal of assets in premiums trust fund
209. Interpretation, regulations about underwriters
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
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
213A.Power to modify ss. 212 and 213 etc in case of CFCs that are offshore funds
214A.Further transitional provisions.
214B.Modification of Act in relation to overseas life insurance companies.
214BA.Interpretation
Chapter IV Miscellaneous cases
214C. Gains not eligible for taper relief.
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.
Part VII Other property, businesses, investments etc.
222A.Determination of main residence: non-resident CGT disposals
222B.Non-qualifying tax years
222C.Day count test
223A.Amount of relief: non-resident CGT disposals
225A.Private residence held by personal representatives
225B.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
226A.Private residence relief: cases where relief obtained under section 260
226B.Exception to section 226A
236A.Relief for transfers to share incentive plans
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
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
236M.Controlling interest requirement
236N.Limited participation requirement
236O.No section 236H relief if disqualifying event in next tax year
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 tax year
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
237A. Share option schemes: release and replacement of options.
238A.... Share schemes and share incentives
239.Disposals to trustees of employee trusts
239ZA.Relief for disposals by trustees of employee trusts
239A.De-registration of registered pension schemes
241. UK furnished holiday lettings.
241A. EEA furnished holiday lettings
247A. Provisional application of 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
252A.Foreign currency bank accounts and the remittance basis
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
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
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
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
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.
268A.Victims of National-Socialist persecution
268B.Compensation for deprivation of foreign assets
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
271A.Overview of Chapter
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”
275A.Location of certain intangible assets
275B.Section 275A: supplementary provisions
275C.Location of assets: interests of co-owners
276A.No gain/no loss: foreign permanent establishment exemption
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
284A. Concessions that defer a charge.
284B. Provisions supplementary to section 284A.
285A.European Economic Interest Groupings
286A.Residence of companies
Conditions for other assets to qualify as business assets
Periods of share ownership not to count if company is not active
Special rules for assets transferred between spouses or civil partners
Special rules for assets acquired in the reconstruction of mutual businesses et ceteralaetc.
22A.. . . . . . . . . ....
22B.. . . . . . . . . ....
Disposals of UK residential property interests
Meaning of “disposal of a UK residential property interest”
1.(1) For the purposes of this Act, the disposal by...
“Interest in UK land”
2.(1) In this Schedule, “ interest in UK land ”...
3.(1) Sub-paragraph (2) applies where— (a) a person (“P”) grants...
4.(1) For the purposes of this Schedule, a building counts...
Power to modify meaning of “use as a dwelling”
5.(1) The Treasury may by regulations amend paragraph 4 for...
Damage to a dwelling
6.(1) Sub-paragraph (2) applies where a person disposes of an...
7.A building is regarded as ceasing to exist from the...
Disposal of a building that has undergone works
8.(1) This paragraph applies where a person disposes of an...
Retrospective planning permission or development consent
9.(1) The condition in paragraph 8(4)(b) is taken to have...
10.(1) For the purposes of this Schedule, the “completion” of...
SCHEDULE BA1
2.(1) In this Schedule “ interest in non-UK land ”...
4.(1) Paragraph 4 of Schedule B1 (meaning of “dwelling”), read...
5.In this Schedule “ land ” includes a building.
Section 14F: meaning of “closely-held company” and “widely-marketed scheme”
PART 1 Meaning of “closely-held company”
1.This Part of this Schedule sets out the rules for...
2.(1) “ Closely-held company ” means a company in relation...
3.(1) This paragraph applies for the purposes of paragraph 2(3)....
4.(1) This paragraph applies for the purpose of determining whether,...
5.(1) A company is not to be treated as a...
6.(1) Sub-paragraph (2) applies where a participator in a company...
7.(1) For the purposes of this Schedule, a person (“P”)...
9.In this Part of this Schedule— “ diversely-held company ”...
PART 2 Unit trust schemes and OEICs: widely-marketed schemes
10.(1) This Part of this Schedule sets out the rules...
Widely-marketed schemes
11.(1) A scheme is a widely-marketed scheme at any time...
12.In this Part of this Schedule— “ open-ended investment company...
UK resident individuals not domiciled in UK
Foreign gains treated as accruing when remitted to UK
1.(1) This paragraph applies in the case of an individual...
Use of allowable losses against foreign gains remitted in later year
2.(1) This paragraph applies if— (a) gains are treated as...
Matching rules for relieving allowable losses
3.(1) This paragraph applies in the case of an individual...
Rules for matching losses to chargeable gains
4.(1) This paragraph explains how, for the purposes of paragraph...
5.(1) For the purposes of this Schedule “ foreign asset...
Assets deriving 75% of value from UK land etc
1.This Schedule makes provision, for the purposes of section 1A(3)(c)...
2.The provision made by this Schedule needs to be read...
PART 2 Whether asset derives at least 75% of its value from UK land
3.(1) An asset derives at least 75% of its value...
Meaning of “qualifying assets”
4.(1) Subject as follows, all of the assets of the...
Exception in relation to interests in UK land used for trading purposes
5.(1) A disposal of a right or interest in a...
Exception for certain disposals of rights or interests under same arrangements etc
6.(1) This paragraph applies if— (a) there are two or...
Meaning of “interest in UK land”
7.For the purposes of this Part of this Schedule “...
PART 3 Whether person has substantial indirect interest in UK land
8.(1) If— (a) a person disposes of an asset consisting...
Meaning of “25% investment”
9.(1) A person (“P”) has a 25% investment in a...
10.(1) In determining for the purposes of paragraph 9 the...
11.(1) This paragraph applies if a person has entered into...
Meaning of “residential property gain”
1.(1) For the purposes of Chapter 1 of Part 1...
Attribution of gain to residential property
2.(1) The proportion of a chargeable gain attributable to residential...
Disposing of residential property
3.(1) For the purposes of this Schedule a person “disposes...
4.(1) For the purposes of this Schedule an “ interest...
Dwelling: basic meaning
5.(1) For the purposes of this Schedule a building is...
Building temporarily unsuitable for use as a dwelling
6.(1) A building is treated for the purposes of paragraph...
7.(1) If— (a) a person disposes of an interest in...
8.(1) For the purposes of this Schedule a building is...
9.(1) The Treasury may by regulations amend this Schedule for...
10.Regulations under any provision of this Schedule may make incidental,...
Annual exempt amount in cases involving settled property
1.(1) This Schedule provides for the application of section 1K...
Settlements for the benefit of disabled persons
2.(1) In the case of a settlement for the benefit...
3.(1) A settlement is a “settlement for the benefit of...
4.(1) The Treasury may by order— (a) specify circumstances in...
5.(1) This paragraph applies if settlement is not a settlement...
Special rules for qualifying UK settlements comprised in groups
6.(1) This paragraph reduces the annual exempt amount for trustees...
7.(1) In this Schedule “ qualifying UK settlement ”, in...
Special rules for principal settlements and sub-funds
8.(1) This paragraph— (a) applies if the trustees of a...
2.(1) Subject to paragraph 4 below and section 109(4), paragraph...
3.(1) Where— (a) a disposal was made out of quoted...
4.(1) This paragraph applies in relation to quoted securities as...
9.(1) Subject to paragraph 17(2) of Schedule 11, this Part...
10.(1) For the purposes of this Part of this Schedule,...
11.(1) The current use value of an interest in land...
12.In computing any gain accruing to a person on a...
13.(1) In this Part of this Schedule, “material development”, in...
14.(1) For the purposes of this Part, material development shall...
15.In this Part of this Schedule, unless the context otherwise...
16.(1) This paragraph applies subject to Parts I and II...
17.(1) If the person making a disposal so elects, paragraph...
18.(1) This paragraph has effect as respects shares held by...
19.(1) For the purposes of this Act, it shall be...
20.If under any provision in this Schedule it is to...
21.(1) This paragraph has effect where— (a) at any time,...
22.Where section 58 is applied in relation to a disposal...
23.Where section 23(4)(a) applies to exclude a gain which, in...
Previous no gain/no loss disposals
1.(1) For the purposes of corporation tax, where—
1A.(1) This paragraph applies where— (a) paragraph 1(1) applies to...
2.(1) Sub-paragraph (2) below applies where a person makes a...
3.If under section 35 it is to be assumed that...
4.(1) Where, in relation to a disposal to which section...
5.Section 35 shall have effect with the necessary modifications in...
Apportionment of pre-1965 gains and losses
6.In a case where because of paragraph 16 of Schedule...
Elections under section section 35(5): excluded disposals
7.(1) An election under section 35(5) shall not cover disposals...
Elections under section 35(5): groups of companies
8.(1) A company may not make an election under section...
9.(1) In paragraph 8 above “the relevant time”, in relation...
A1.This Schedule applies only for the purposes of corporation tax....
1.Where this Schedule applies— (a) in a case within paragraph...
2.(1) Subject to sub-paragraphs (2) to (4) below, this Schedule...
3.(1) This paragraph applies where this Schedule would have applied...
4.(1) Subject to sub-paragraphs (3) to (5) below, this Schedule...
5.Where— (a) a person makes a disposal of an asset...
6.(1) Sub-paragraph (2) below applies where— (a) a person makes...
7.For the purposes of this Schedule a no gain/no loss...
8.The references in paragraphs 2(1)(c) and 4(1)(b) above to the...
9.(1) No relief shall be given under this Schedule unless...
SCHEDULE 4ZZA
1.(1) This Schedule applies for the purposes of determining in...
Assets held on 5 April 2013, 5 April 2015 or 5 April 2016: no paragraph 5 election
2.(1) In Cases 1 to 3 below—
3.(1) An amount equal to the relevant fraction of the...
4.(1) The gain or loss accruing on the relevant high...
Election for paragraph 2 to 4 not to apply to a chargeable interest
5.(1) A person may make an election under this paragraph...
Cases where election made or or none of Cases 1 to 3 apply
6.(1) This paragraph applies if— (a) an election is made...
Special rule for certain disposals to which both this Schedule and Schedule 4ZZB relate
6A.(1) This paragraph applies where conditions A and B are...
Adjustments of ATED chargeable days
7.(1) This paragraph applies where, as a result of a...
8.(1) Sub-paragraph (2) applies where it is necessary, in computing...
9.(1) Sub-paragraph (2) applies where it is to be assumed...
SCHEDULE 4ZZB
Non-resident CGT disposals: gains and losses
1.(1) This Schedule applies for the purpose of determining, in...
PART 2 Elections for alternative methods of computation
2.(1) A person (“P”) making a non-resident CGT disposal of...
3.(1) An election under paragraph 2(1) is irrevocable (and where...
PART 3 Main computation rules
Disposals to which this Part applies
4.(1) This Part of this Schedule applies where a person...
Introduction to paragraphs 6 to 8
5.(1) Paragraphs 6 to 8 apply where—
Assets held at 5 April 2015: default method
6.(1) The NRCGT gain or loss accruing on the disposal...
7.The gain or loss accruing on the disposal which is...
Modified application of paragraphs 5 to 7 where election made for straight-line time apportionment
8.(1) Where the non-resident CGT disposal is of (or of...
Cases where asset acquired after 5 April 2015 or election made under paragraph 2(1)(b)
9.(1) This paragraph applies if— (a) the disposed of interest...
10.(1) Sub-paragraph (2) applies where the non-resident CGT disposal referred...
PART 4 Cases involving relevant high value disposals
11.(1) This Part is about non-resident CGT disposals which are,...
Disposal involving one or more relevant high value disposals
12.(1) This Part of this Schedule applies where—
Assets held at 5 April 2015 (where no election made and no rebasing in 2016 required)
13.(1) This paragraph applies where— (a) the disposed of interest...
Asset acquired after 5 April 2015 or election made under paragraph 2(1)(b) (but no rebasing in 2016 required)
14.(1) This paragraph applies where— (a) P makes, or has...
Certain disposals after 5 April 2016 (computation involving additional rebasing in 2016)
15.(1) This paragraph applies where— (a) the disposed of interest...
Amount of gain or loss that is neither ATED-related nor an NRCGT gain or loss
16.(1) The gain or loss on the disposal of land...
17.(1) This paragraph applies in relation to a relevant high...
18.(1) In the case of a relevant high value disposal...
19.(1) The amount of the balancing gain or loss on...
Where relevant high value disposal and “other” disposal are comprised in the disposal of land
20.(1) This paragraph applies where the disposals comprised in the...
21.(1) Sub-paragraph (2) applies where the non-resident CGT disposal made...
PART 5 Special rules for companies
22.This Part of this Schedule applies where the person making...
23.The following amounts are computed as if the computation were...
24.(1) Sub-paragraph (2) applies where it is necessary, for the...
25.(1) Sub-paragraph (2) applies where it is to be assumed...
26.In this Schedule— “ chargeable interest ” has the same...
SCHEDULE 4ZZC
1.(1) In this Schedule “ RPI disposal ” means a...
2.(1) For the purposes of this Schedule, a relevant high...
PART 2 RPI disposals not involving relevant high value disposals
3.(1) This Part of this Schedule applies where a person...
4.(1) The residential property gain or loss accruing on the...
5.The gain or loss accruing on the disposal which is...
6.(1) This paragraph applies where the disposal referred to in...
PART 3 RPI disposals involving relevant high value disposals
7.(1) This Part of this Schedule applies where—
8.(1) This paragraph applies for the interpretation of this Part...
9.(1) The residential property gain or loss accruing on the...
10.(1) This paragraph applies to a relevant high value disposal...
11.(1) This paragraph applies to a relevant high value disposal...
12.(1) Take the following steps— Step 1 Determine the amount...
13.(1) This paragraph applies for the purposes of Step 1...
14.(1) This paragraph applies for the purposes of Step 2...
15.(1) This paragraph applies for the purposes of computing the...
17.(1) In the case of a relevant high value disposal...
18.(1) The amount of the balancing gain or loss on...
19.(1) This paragraph applies where the disposals comprised in the...
20.(1) This paragraph applies where the RPI disposal made by...
1.The trustees of a settlement (the “principal settlement”) may elect...
2.(1) An election under paragraph 1 (a “sub-fund election”) must...
3.Trustees may make a sub-fund election only if—
4.Condition 1 is that the principal settlement is not itself...
5.Condition 2 is that the sub-fund is not the whole...
6.Condition 3 is that, if the sub-fund election had taken...
7.For the purpose of Condition 3— (a) section 104(1) shall...
8.Condition 4 is that, if the sub-fund election had taken...
9.(1) For the purpose of Condition 4 a person is...
10.A sub-fund election must be made— (a) by notice to...
11.A sub-fund election may not be made after the second...
12.A sub-fund election must contain— (a) a declaration by each...
13.A sub-fund election may not be revoked.
14.Where a sub-fund election has been made, an officer of...
15.The notice shall specify a period of not less than...
16.(1) The persons mentioned in paragraph 14 are—
17.The sub-fund settlement shall be treated, for the purposes of...
18.(1) Each trustee of the trusts on which the property...
19.The trustees of the sub-fund settlement shall be treated for...
20.(1) A deemed disposal by the trustees of the principal...
21.If the trustees of the sub-fund settlement are treated by...
22.(1) If the trustees of the principal settlement are deemed...
1.This Schedule applies where there is a disposal of an...
Meaning of “interest in settled property”
2.(1) For the purposes of this Schedule an “interest in...
Meaning of “for consideration”
3.(1) For the purposes of this Schedule a disposal is...
4.(1) Where this Schedule applies and the following conditions are...
5.(1) The condition as to UK residence of the trustees...
6.(1) The condition as to UK residence of the settlor...
7.(1) The condition as to settlor interest in the settlement...
8.(1) Where the interest disposed of is a right in...
9.(1) The deemed disposal shall be taken—
10.(1) The provisions of this paragraph have effect to prevent...
11.(1) This paragraph applies where chargeable gains accrue to the...
Meaning of “settlor”
12.The provisions of paragraphs 7 and 8(1), (3), (6) and...
13.(1) This paragraph applies in a case where there is...
14.If the trustees of a settlement have elected that 508...
Re-basing for non-residents in respect of UK land etc held on 5 April 2019
1.(1) Part 2, 3 or 4 of this Schedule applies...
PART 2 Indirect disposals and direct disposals not chargeable before 6 April 2019
2.(1) This Part of this Schedule applies to—
3.(1) In calculating the gain or loss accruing on the...
4.(1) The person may make an election under this paragraph...
5.(1) This paragraph applies if— (a) a person makes an...
PART 3 Direct disposals of Pre-April 2015 assets fully chargeable before 6 April 2019
6.(1) This Part of this Schedule applies to any direct...
7.(1) In calculating the gain or loss accruing on the...
8.The person may make an election under this paragraph for...
9.(1) The person may make an election under this paragraph—...
10.(1) This paragraph applies if— (a) a person makes an...
11.(1) This paragraph applies if— (a) a person makes an...
PART 4 Direct disposals of assets partly chargeable before 6 April 2019
12.(1) This Part of this Schedule applies to any direct...
13.(1) In calculating the gain or loss accruing on the...
14.The person may make an election under this paragraph for...
15.(1) This paragraph applies if— (a) a person makes an...
16.(1) This paragraph applies in any case where—
17.(1) This paragraph applies in any case where—
18.(1) This paragraph applies in any case where—
19.(1) This paragraph applies if, in calculating a gain or...
20.(1) This paragraph applies if, in calculating a gain or...
21.(1) An election under any provision of this Schedule must...
22.(1) In this Schedule— (a) any reference to an interest...
1.(1) This Schedule applies where trustees of a settlement—
2.(1) For the purposes of this Schedule trustees of a...
Settlements within section ... 86 or 87
3.(1) This paragraph explains what is meant in this Schedule...
4.(1) For the purposes of this Schedule trustees of a...
5.(1) For the purposes of this Schedule a transfer of...
6.(1) For the purposes of this Schedule the proceeds of...
7.(1) The following are “ordinary trust assets” for the purposes...
8.(1) The alternative condition referred to in paragraph 6(2)(b) in...
10.(1) Where in accordance with this Schedule a transfer of...
11.(1) This paragraph provides for determining whether the deemed disposal...
12.(1) For the purposes of this Schedule the value of...
13.(1) In this Schedule any reference to an asset includes...
1.(1) This Schedule applies where the trustees of a settlement...
Outstanding section 2(2) amounts
1A.(1) The following steps are to be taken for the...
3.(1) This paragraph explains what is meant for the purposes...
4.(1) If the transfer of value is made in a...
5.(1) If the transfer of value is made in a...
6.(1) For the purposes of this Schedule the chargeable amount...
7.(1) An allowable loss arising under Schedule 4B in relation...
Gains to be brought into pool on subsequent transfer of value
7B.(1) This paragraph applies if the trustees of the transferor...
Attribution of Schedule 4C gains to beneficiaries
8.(1) Chargeable gains are treated as accruing in a tax...
8A.(1) This paragraph specifies what settlements are relevant settlements in...
Attribution of gains: remittance basis
8AA.Section 87B (remittance basis) applies in relation to chargeable gains...
Attribution of gains in Schedule 4C pool
8B.(1) The following rules apply as regards the attribution of...
Attribution of gains: Schedule 4C pool gains and other gains
8C.(1) Where in a year of assessment—
Attribution of gains: disregard of certain capital payments
9.(1) For the purposes of paragraph 8 (and section 87A...
10.(1) Subject to paragraph 9(3) , it is immaterial for...
11.Without prejudice to so much of this Schedule as requires...
Attribution of gains to settlor in section 1M cases
12.(1) This paragraph applies if— (a) by virtue of section...
Attribution of gains to beneficiaries in section 1M cases
12A.(1) This paragraph applies where by virtue of section 1M...
13.(1) This paragraph applies if— (a) chargeable gains are treated...
Effect of settlement ceasing to exist after transfer of value
13A.Where a settlement ceases to exist after the trustees have...
14.(1) In this Schedule— (a) “transfer of value” has the...
Attribution of gains to settlors with interest in non-resident or dual resident settlement
Construction of section 86(1)(e)
1.(1) In construing section 86(1)(e) as regards a particular year...
2.(1) For the purposes of section 86(1)(d) a settlor has...
Settlements created before 17th March 1998
2A.(1) In determining for the purposes of section 86(1)(d) whether...
Exceptions from section 86
3.Section 86 does not apply if the settlor dies in...
4.(1) This paragraph applies where for the purposes of section...
5.(1) This paragraph applies where for the purposes of section...
5A.(1) Section 86 does not apply in relation to a...
5B.(1) This paragraph applies for the purposes of Condition D...
6.(1) This paragraph applies where any tax becomes chargeable on,...
Meaning of “settlor"
7.For the purposes of section 86 and this Schedule, a...
Meaning of “originating"
8.(1) References in section 86 and this Schedule to property...
9.(1) A settlement created on or after 19th March 1991...
10.An inspector may by notice require any person who is...
11.(1) This paragraph applies if— (a) a settlement has been...
12.(1) This paragraph applies if a settlement is created on...
13.(1) This paragraph applies if— (a) the trustees of a...
14.(1) Nothing in paragraph 11, 12 or 13 above shall...
Settlements with foreign element: information
1.In this Schedule “ the commencement day ” means the...
2.(1) This paragraph applies if— (a) a settlement was created...
3.(1) This paragraph applies if a settlement is created on...
4.(1) This paragraph applies if a settlement is created on...
5.(1) This paragraph applies if— (a) the trustees of a...
6.(1) Nothing in paragraph 2, 3, 4 or 5 above...
SCHEDULE 5AZA
1.In sections 103H and 103I, “scheme of reconstruction” means a...
2.(1) A scheme (“the relevant scheme”) is within this paragraph...
First condition: issue of units
3.(1) The first condition is that the relevant scheme involves...
Second condition: equal entitlement to new units
4.(1) The second condition is that under the relevant scheme...
Preliminary reorganisation of units to be disregarded
5.Where a reorganisation of the units in an original collective...
Subsequent issue of units to be disregarded
6.An issue of units in any successor collective investment scheme...
1.In section 136 “ scheme of reconstruction ” means a...
2.The first condition is that the scheme involves the issue...
3.(1) The second condition is that under the scheme the...
4.(1) The third condition is that the effect of the...
5.The fourth condition is that— (a) the scheme is carried...
6.Where a reorganisation of the share capital of the original...
7.An issue of shares in or debentures of the successor...
8.(1) In this Schedule “ ordinary share capital ” has...
SCHEDULE 5AAA
UK property rich collective investment vehicles etc
PART 1 Introduction: key expressions
Meaning of “collective investment vehicle”, “participant” and “unit”
1.(1) In this Schedule “ collective investment vehicle ” means—...
Meaning of “offshore collective investment vehicle”
2.(1) In this Schedule “ offshore collective investment vehicle ”...
Meaning of a collective investment vehicle being “UK property rich” etc
3.(1) For the purposes of this Schedule the question whether...
PART 2 Basic rules
Application of Act to offshore CIV
4.(1) This paragraph applies to an offshore collective investment vehicle—...
Units in a CoACS treated as shares in a company
5.(1) This paragraph applies to a unit in an authorised...
Disposals by non-UK residents
6.(1) This paragraph applies if— (a) a person disposes of...
7.(1) This paragraph applies to a disposal which would otherwise...
PART 3 Election for transparency
Election for collective investment vehicle to be treated as partnership
8.(1) This paragraph applies to an offshore collective investment vehicle—...
Further provision about election
9.(1) An election under paragraph 8 in relation to an...
Units in CIVs held by life insurance companies
10.(1) This paragraph applies if an election under paragraph 8...
Relationship to re-basing rules under Schedule 4AA for non-UK residents
Exemption for qualifying offshore CIV that is UK property rich etc
12.(1) An election may be made for a collective investment...
Qualifying conditions and information provided to HMRC
13.(1) For the purposes of paragraph 12(2), a collective investment...
14.(1) An election under paragraph 12 has effect only if...
15.(1) An election under paragraph 12 has effect subject to...
Exemption for direct or indirect disposals of UK land by persons in which fund invests
16.(1) This paragraph applies if— (a) an election under paragraph...
Making of election and period for which it has effect
17.(1) An election under paragraph 12— (a) must be made...
18.(1) In addition to the case set out in paragraph...
19.(1) A notice of revocation given by a designated HMRC...
Qualifying fund or company ceasing to meet applicable exemption conditions
20.(1) This paragraph applies if— (a) an election under paragraph...
Deemed disposal: payments not otherwise taxable where value derived from direct or indirect disposals of UK land
21.(1) This paragraph applies if— (a) an election under paragraph...
Deemed disposal if election ceases to have effect
22.(1) This paragraph applies if at any time an election...
Gains accruing on disposals under paragraph 21 or 22
23.(1) This paragraph applies if a disposal of an asset...
Relief for expenses in the case of deemed disposals under paragraph 21 or 22
24.(1) This paragraph applies if a disposal is deemed to...
Notification to participants in relation to deemed disposals under paragraph 21 or 22
25.(1) This paragraph applies if— (a) a disposal is deemed...
26.(1) A person who fails to comply with paragraph 25...
Temporary period during which applicable exemption conditions not met
27.(1) This paragraph applies if— (a) an election under paragraph...
28.(1) This paragraph applies if— (a) an election under paragraph...
29.(1) This paragraph applies if paragraph 28 has applied in...
Steps taken by relevant fund manager to wind up relevant fund
30.(1) This paragraph applies if— (a) an election under paragraph...
Deemed disposals of UK land by companies previously owned by fund
31.(1) This paragraph applies if— (a) an election under paragraph...
Deemed disposals of UK land by company or fund ceasing to be qualifying etc
32.(1) This paragraph applies if— (a) an election under paragraph...
Exemption for disposals by companies wholly owned by certain investors
33.(1) This paragraph applies if an election under paragraph 12...
Disapplication of paragraph 3A of Schedule 7AC: qualifying institutional investors
34.(1) This paragraph applies if— (a) a gain or loss...
Relationship between rules in this Part and REIT rules in Part 12 of CTA 2010
35.(1) Nothing in this Part of this Schedule is to...
36.(1) This paragraph applies if— (a) a gain accrues on...
Separate application of exemptions under this Schedule and elsewhere
37.(1) If— (a) a person disposes of a right or...
Meaning of meeting “the applicable exemption conditions”
38.(1) For the purposes of Part of this Schedule a...
Meaning of “the relevant fund” and “the relevant fund manager”
39.(1) In this Part of this Schedule “the relevant fund”—...
Meaning of “wholly owned” or “wholly (or almost wholly) owned”
40.(1) For the purposes of this Part of this Schedule...
42.In this Part of this Schedule “ designated HMRC officer...
PART 5 Reporting and payment
Reporting by collective investment vehicles
43.(1) The Treasury may by regulations make provision for managers...
Withholding of amounts on account of capital gains tax
44.(1) The Treasury may by regulations make provision for managers...
45.(1) Regulations under this Part of this Schedule—
Meaning of “close company”, “qualifying investor” and “direct or indirect participator”
46.(1) This paragraph has effect for the purposes of the...
47.(1) In this Schedule— “ double taxation arrangements ” means...
Power to make provision in relation to UK property rich collective investment vehicles etc
48.(1) The Treasury may by regulations make provision for the...
Elections for transparency under paragraph 8
49.(1) This paragraph applies in the case of an offshore...
Elections under paragraph 12 and information about disposals by participants
50.Nothing in paragraph 14 requires information about disposals made before...
Enterprise investment scheme: re-investment
1A.(1) If the condition in sub-paragraph (2)(b) or (2)(da) of...
Person to whom gain accrues
5.(1) The chargeable gain which accrues, in accordance with paragraph...
6.(1) Subject to sub-paragraph (2) below, section 306 of the...
7.(1) Where an individual holds shares which form part of...
8.(1) This paragraph applies where— (a) a company (“the new...
Other reconstructions and amalgamations
9.(1) This paragraph applies if section 135 or 136 (company...
Re-investment in same company etc.
10.(1) An individual to whom any eligible shares in a...
11.(1) Where an individual subscribes for eligible shares (“the shares")...
11A.(1) Where an individual subscribes for eligible shares (“the shares”)...
12.(1) Sub-paragraph (2) below applies where an individual subscribes for...
13.(1) Where an individual who subscribes for eligible shares (“the...
Provision supplemental to paragraph 13
13A.(1) For the purposes of paragraph 13 above, the value...
13B.(1) Where— (a) by reason of a receipt of value...
13C.(1) The receipt of the replacement value by the original...
14.(1) Sub-paragraph (2) below applies where an individual subscribes for...
Insignificant repayments disregarded for purposes of paragraph 14
14AA.(1) Any repayment shall be disregarded for the purposes of...
Certain receipts to be disregarded for purposes of paragraph 14
14A.(1) Sub-paragraph (4) below applies where, by reason of a...
15.(1) Where at any time in the relevant period an...
16.(1) Where, in relation to any of the relevant shares...
17.(1) Subject to the following provisions of this paragraph, this...
18.(1) Paragraphs 13 to 13C and 15 above shall have...
19.(1) For the purposes of this Schedule— “ 51 per...
SCHEDULE 5BA
Enterprise investment scheme: application of taper relief
Taper relief on revived gains
Periods that do not count
Gains on disposal of business or non-business assets
Relevant re-investment shares
Derivation of gains
SCHEDULE 5BB
Seed enterprise investment scheme: re-investment
1.(1) Sub-paragraph (5) applies where conditions A to C are...
2.(1) Sub-paragraph (2) applies if the investor's tax reduction under...
3.(1) Section 257EA of ITA 2007 (time for making claims...
4.(1) References in this Schedule to the SEIS re-investment relief...
5.(1) This paragraph applies where in respect of shares issued...
6.(1) This paragraph applies if— (a) shares to which an...
7.(1) All such adjustments of capital gains tax are to...
8.(1) In this Schedule— “ bonus shares ” means shares...
Part II The operation of the relief
Disposals on which relief may be given
The amount available for relief: the basic rule
Aggregation of earlier business periods
Relief given on earlier disposal
3.(1) This paragraph applies where— (a) there is a disposal...
PART 1 Meaning of “trading company” and “trading group”
1.(1) This paragraph gives the meaning of “trading company” and...
2.In provisions of Chapter 3 of Part 5 not mentioned...
PART 2 Joint venture companies
3.In relation to a disposal of assets consisting of (or...
4.(1) For the purposes of this Part, a company is...
5.P passes the shareholding test in relation to a joint...
6.P's “indirect shareholding percentage” is found by—
7.The percentage of the ordinary share capital of a joint...
8.(1) The fraction of the joint venture company's ordinary share...
9.P passes the voting rights test in relation to a...
10.P's “indirect voting rights percentage” is found by—
11.The percentage of the voting rights in a joint venture...
12.(1) The fraction of the voting rights in the joint...
PART 3 Partnerships
13.(1) In relation to a disposal of assets consisting of...
14.(1) This paragraph applies for the purposes of this Part....
15.P passes the profits and assets test in relation to...
16.P's “share of the partnership through direct interest companies that...
17.The percentage which is P's indirect share of the partnership...
18.P's “share of the partnership through direct interest companies and...
19.The percentage which is P's indirect share of the partnership...
20.(1) The fraction of a company's ordinary share capital that...
21.(1) P passes the voting rights test in relation to...
22.The percentage which is P's indirect holding of voting rights...
23.(1) The fraction of the voting rights in a company...
24.(1) In the case of a material disposal of business...
25.“ The relevant period ” means— (a) for the purposes...
26.(1) Terms used in this Schedule which are defined in...
SCHEDULE 7ZB
Investors' relief: disqualification of shares
1.(1) Sub-paragraph (2) applies where— (a) shares in a company...
2.(1) For the purposes of this Schedule the investor receives...
3.(1) For the purposes of paragraph 1, the value received...
4.(1) Where— (a) by reason of a receipt of value...
5.(1) The receipt of the replacement value by the original...
6.In this Schedule— “ arrangements ” includes any scheme, agreement,...
Application and construction of Schedule
1.(1) This Schedule shall have effect, in the case of...
Pre-entry proportion of losses on pre-entry assets
2.(1) Subject to paragraphs 3 to 5 below, the pre-entry...
Disposals of pooled assets
3.(1) This paragraph shall apply (subject to paragraphs 4 and...
Rule to prevent pre-entry losses on pooled assets being treated as post-entry losses
4.(1) This paragraph shall apply if— (a) there is a...
Alternative calculation by reference to market value
5.(1) Subject to paragraph 4(5) above and the following provisions...
Restrictions on the deduction of pre-entry losses
6.(1) In the calculation of the amount to be included...
Gains from which pre-entry losses are to be deductible
7.(1) A pre-entry loss that accrued to a company before...
Change of a company’s nature
8.(1) If— (a) within any period of three years, a...
Identification of “the relevant group" and application of Schedule to every connected group
9.(1) This paragraph shall apply where there is more than...
10.Where, but for an election under subsection (3) of section...
10A.Section 161(3ZB)(a) and (b) does not apply to a loss...
11.(1) This paragraph applies where provision has been made by...
Companies changing groups on certain transfers of shares etc.
12.For the purposes of this Schedule, and without prejudice to...
SCHEDULE 7AA
1.(1) This Schedule applies in the case of any company...
2.(1) Notwithstanding anything in section 8 or Schedule 7A, the...
3.(1) For the purposes of paragraph 2 above the adjusted...
Meaning of “qualifying losses"
4.(1) Any amount which, in the case of the relevant...
5.(1) This paragraph applies where— (a) any holding of securities...
6.(1) This paragraph applies in relation to any allowable loss...
7.Where— (a) a chargeable gain or allowable loss is treated...
SCHEDULE 7AB
Roll-over of degrouping charge: modification of enactments
1.(1) A gain accruing to a company (“ the investing...
2.(1) A gain accruing to a company (“ company A...
3.(1) A gain accruing to a company (“ company A...
Subsidiary exemption: qualifying institutional investors
3A.(1) This paragraph applies in relation to a gain or...
3B.(1) This paragraph applies for the purposes of paragraph 3A....
4.(1) For the purposes of determining whether an exemption conferred...
5.(1) Where in pursuance of arrangements to which this paragraph...
6.(1) The exemptions conferred by this Schedule do not apply—...
Part 2 The substantial shareholding requirement
7.The investing company must have held a substantial shareholding in...
Meaning of “substantial shareholding"
8.(1) For the purposes of this Schedule a company holds...
8A.(1) This paragraph applies in a case where at least...
9.(1) For the purposes of paragraphs 7 and 8A(2) (the...
10.(1) For the purposes of this Part the period for...
11.(1) For the purposes of this Part a company is...
12.(1) This paragraph applies where— (a) a company (“ the...
13.(1) This paragraph applies where— (a) a company that holds...
14.(1) This paragraph applies where shares in one company (“...
15.(1) This paragraph applies where shares in one company (“...
Effect of transfer of trading assets within a group
15A.(1) For the purposes of this Part, the period for...
16.Where assets of the investing company, or of a company...
Special rules for assets of insurance company held for the purposes of its long-term business
17.(1) In the following two cases paragraph 8(1) (meaning of...
Part 3 Requirements to be met in relation to investing company and company invested in
18.(1) The investing company must— (a) have been a sole...
19.(1) The company invested in must— (a) have been a...
Meaning of “trading company"
20.(1) In this Schedule “ trading company ” means a...
Meaning of “trading group"
21.(1) In this Schedule “ trading group ” means a...
Meaning of “trading subgroup"
22.(1) In this Schedule “ trading subgroup ” means a...
23.(1) This paragraph applies where a company (“ the company...
Meaning of “joint venture company" and “qualifying shareholding"
24.(1) For the purposes of this Schedule a company is...
25.The provisions of— (a) paragraph 14 (effect of earlier company...
Meaning of “company", “group" and related expressions
26.(1) In this Schedule— (a) “ company ” has the...
Meaning of “trade"
27.In this Schedule “ trade ” means anything that—
Meaning of “twelve-month period"
28.For the purposes of this Schedule a “ twelve-month period...
Meaning of “interest in shares"
29.(1) References in this Schedule to an interest in shares...
Meaning of “asset related to shares"
30.(1) This paragraph explains what is meant by an asset...
Meaning of “qualifying institutional investor”
30A.(1) In this Schedule “ qualifying institutional investor ” means...
31.In this Schedule the expressions listed below are defined or...
Part 5 Consequential provisions
Meaning of “chargeable shares" or “chargeable asset"
32.Any exemption conferred by this Schedule shall be disregarded in...
33.(1) This paragraph applies where— (a) a company makes a...
34.(1) The exemptions conferred by this Schedule do not apply...
35.(1) This paragraph applies where— (a) a company disposes of...
36.(1) Where— (a) an asset acquired by a company otherwise...
37.(1) This paragraph applies where— (a) a company disposes of...
38.(1) Where— (a) a company, as a result of ceasing...
39.(1) No gain or loss shall be treated as arising...
SCHEDULE 7AD
1.This Schedule applies where the assets held by an insurance...
2.(1) A “venture capital investment partnership” means a partnership in...
3.(1) Where this Schedule applies section 59 (partnerships) does not...
4.(1) The company is treated as having given, wholly and...
5.(1) There is a disposal of the single asset on...
6.(1) For the purposes of section 42 (apportionment of cost...
7.(1) Nothing in this Schedule shall be read as affecting...
8.No claim may be made in respect of the single...
9.(1) For the purposes of paragraph 2 (meaning of “venture...
10.(1) In this Schedule— “insurance company”, “long-term business” and “long-term...
11.(1) Subject to paragraph 12 (election to remain outside Schedule),...
12.If the company— (a) became a member of the partnership...
13.Any election under paragraph 11 or 12 must be made—...
Modification of Act in relation to overseas life insurance companies
6B.. . . . . . . . . ....
Relief for transfers to Schedule 2 share plans
1.(1) A person (“the claimant”) who makes a disposal of...
2.(1) The first condition is that, at the time of...
3.(1) This sub-paragraph applies if the claimant obtains consideration for...
4.(1) This paragraph applies for the purposes of paragraphs 2...
5.(1) Where the claimant is entitled to claim relief under...
6.(1) Sub-paragraph (2) applies where— (a) a claim is made...
7.(1) Sub-paragraph (2) applies where— (a) a claim is made...
Meaning of “chargeable asset”
8.For the purposes of this Schedule an asset is a...
... Share schemes and share incentives
Part 1 Schedule 2 share incentive plans
1.(1) The provisions of this Part of this Schedule apply...
2.(1) Any gain accruing to the trustees is not a...
3.(1) Sub-paragraph (2) applies to any shares awarded to a...
4.(1) For the purposes of Chapter 1 of Part 4...
5.(1) Shares which cease to be subject to the plan...
6.(1) If at any time the participant’s beneficial interest in...
7.(1) If any of the participant’s plan shares are forfeited,...
8.(1) Any gain accruing on the disposal of rights under...
Part 2 Schedule 3 SAYE option schemes
9.(1) This Part of this Schedule forms part of the...
10.(1) This paragraph applies where— (a) a share option (“the...
Part 3 Schedule 4 CSOP schemes
11.(1) This Part of this Schedule forms part of the...
12.(1) This paragraph applies where an amount (the “employment income...
13.(1) This paragraph applies where— (a) the individual exercises the...
4.(1) In the computation of the gain accruing on the...
Exclusion of premiums taxed as receipts of a property business etc.
5.(1) Where by reference to any premium any amount is...
6.(1) If under section 292 of ITTOIA 2005 or section...
7.If— (a) under section 277 of ITTOIA 2005 any amount...
7A.References in paragraphs 5 to 7 above to an amount...
10.(1) In this Act, unless the context otherwise requires “lease”...
1.(1) This Schedule applies where— (a) an individual makes a...
Section 37 operates to exclude the whole consideration
2.(1) This paragraph applies where the section 37 amount constitutes...
Section 37 operates to exclude part of the consideration
3.(1) This paragraph applies where the section 37 amount constitutes...
4.In this Schedule— “ debt costs ” means the sums...
Hold-over relief for gains re-invested in social enterprises
1.(1) This Schedule applies if— (a) a chargeable gain accrues...
2.(1) This Schedule also applies if— (a) a chargeable gain...
3.(1) In the following provisions of this Schedule— “ the...
4.(1) The investor may make a claim for the original...
5.(1) This paragraph applies if there has been a reduction...
6.(1) A chargeable event occurs in relation to an asset...
7.(1) This paragraph applies where a chargeable gain is treated...
8.(1) Sections 257P(1), 257PA(1) and 257PB to 257PD of ITA...
1A.(1) Any security which is a strip of a security...
1.In section 74 of the Post Office Act 1969 for...
2.(1) The Taxes Management Act 1970 shall have effect subject...
3.(1) In section 38(2) of the Finance Act 1973 for...
4.In section 12(2) of the British Aerospace Act 1980 for...
5.In section 82(1) for “Capital Gains Tax Act 1979” and...
6.In Group 11 of Schedule 6 to the Value Added...
7.In section 72(2) of the Telecommunications Act 1984 for “272(5)...
8.(1) The Inheritance Tax Act shall have effect subject to...
9.In section 81 for “Capital Gains Tax Act 1979” there...
10.(1) In paragraph 2 of Schedule 2 to the Trustee...
11.In section 130— (a) in subsection (3) for “Capital Gains...
12.In section 77(2) of the Airports Act 1986 for “272(5)...
13.In section 60(2) of the Gas Act 1986 for “272(5)...
14.(1) The Income and Corporation Taxes Act 1988 shall have...
15.In section 11(2) of the British Steel Act 1988 for...
16.(1) The Finance Act 1988 shall have effect subject to...
17.In section 6(2) of the Health and Medicines Act 1988...
18.In section 95 of the Water Act 1989—
19.(1) In section 69(9) of the Finance Act 1989 for...
20.(1) In paragraph 2 of Schedule 11 to the Electricity...
21.(1) The following section shall be inserted in the Capital...
22.(1) The Finance Act 1990 shall have effect subject to...
23.In section 72(4) of the Finance Act 1991 for “5(1)...
24.(1) In section 16 of the Ports Act 1991 for...
25.In section 12(2) of the British Technology Group Act 1991...
1.(1) This Part of this Schedule has effect in cases...
2.(1) Where sub-paragraph (1) above applies for the purpose of...
Valuation of assets before 6th July 1973
3.Section 273 shall apply for the purposes of determining the...
4.(1) This paragraph applies if, in a case where the...
5.(1) In any case where— (a) before 6th July 1973...
Valuation of assets on 6th April 1965
6.(1) For the purpose of ascertaining the market value of...
References to the London Stock Exchange before 25th March 1973and Exchange Control restrictions before 13th December 1979
7.(1) For the purposes of ascertaining the market value of...
Depreciated valuations referable to deaths before 31st March 1973
8.In any case where this Part applies, section 272(2) shall...
Part II Other transitory provisions
10.(1) Section 30 applies only where the reduction in value...
11.(1) In this paragraph references to a disposal chargeable under...
12.Where no relief from income tax (for a year earlier...
13.(1) This paragraph applies where, in pursuance of permission granted...
14.(1) The sums allowable as a deduction under section 38(1)(a)...
15.So far as material for the purposes of this or...
Qualifying corporate bonds, company reorganisations, share conversions etc.
16.(1) Part IV of this Act has effect subject to...
17.(1) Where betterment levy charged in the case of any...
18.Without prejudice to section 289 or Part III of this...
19.The reference in section 222(5)(a) to a notice given by...
21.The substitution of this Act for the corresponding enactments repealed...
22.Nothing in the repeals made by this Act shall affect...
23.So far as this Act re-enacts any provision contained in...
24.(1) The repeal by this Act of the Income and...
Saving for Part III of this Schedule
25.The provisions of this Part of this Schedule are without...
Part III Assets acquired before commencement
26.(1) The substitution of this Act for the enactments repealed...
27.Where the acquisition or provision of any asset by one...
Part IV Other general savings
28.Where under any Act passed before this Act and relating...
29.(1) The continuity of the law relating to the taxation...