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Taxation of Chargeable Gains Act 1992

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Taxation of Chargeable Gains Act 1992

1992 c. 12

An Act to consolidate certain enactments relating to the taxation of chargeable gains.

Enacted[6th March 1992]
I1C1Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and consent of the Lords Spiritual and Temporal, and Commons, in this present Parliament assembled, and by the authority of the same, as follows:—C456C354C206C189C445C287C422C274C102C410C210C70C284C280C123C53C389C310C417C356C443C161C272C122C154C462C458C241C400C341C96C447C194C159C37C152C368C302C411C450C108C69C453C424C428C451C162C459C335C82C369C457C391C292C86C205C153C216C63C184C44C140C358C127C48C75C225C263C111

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

1 Capital gains tax is charged for a tax year on chargeable gains accruing in the year to a person on the disposal of assets.
2 As a result of section 4 of CTA 2009, capital gains tax is not charged on gains accruing to a company, but corporation tax is chargeable instead in accordance with—
a section 2 of CTA 2009,
b Chapter 2 of this Part, and
c other relevant provisions of the Corporation Tax Acts.
3 Capital gains tax is charged on the total amount of chargeable gains accruing to a person in a tax year after deducting—
a any allowable losses accruing to the person in the tax year, and
b so far as not previously deducted under this subsection, any allowable losses accruing to the person in any previous tax year.

Territorial scope of charge

1A Territorial scope

1 A person who is UK resident for a tax year is chargeable to capital gains tax on chargeable gains accruing to the person in the tax year on the disposal of assets wherever situated.
2 In the case of individuals who are UK resident for a tax year, see also—
za Schedule D1 (relief for new residents on foreign gains),
a Schedule 1 (foreign gains accruing to individuals to whom the remittance basis applied),
b section 1G (cases where the tax year is a split year),
c sections 1M and 1N (temporary periods of non-residence),
d Chapter 3 (gains of non-UK resident close companies attributed to individuals), and
e sections 86, 87, F2790... and 89(2) (gains of non-UK resident trustees attributed to individuals).
3 A person who is not UK resident for a tax year is chargeable to capital gains tax on chargeable gains accruing to the person in the tax year on the disposal of—
a assets situated in the United Kingdom that have a relevant connection to the person's UK branch or agency and are disposed of at a time when the person has that branch or agency (see section 1B),
b assets not within paragraph (a) that are interests in UK land (see section 1C), and
c assets (wherever situated) not within paragraph (a) or (b) that derive at least 75% of their value from UK land where the person has a substantial indirect interest in that land (see section 1D and Schedule 1A).
4 For the purposes of this Chapter a person is “UK resident” for a tax year if the person is resident in the United Kingdom during any part of the tax year.
5 For the relevant residence rules—
a in the case of individuals, see Schedule 45 to the Finance Act 2013 (which provides that individuals meeting the applicable tests for a tax year are taken to be resident for the whole of the year),
b in the case of the personal representatives of deceased individuals, see section 62(3), and
c in the case of trustees of settlements, see section 69.

1B Non-UK residents: UK branch or agency

1 For the purposes of section 1A(3)(a) a person has a UK branch or agency at any time if, at that time, the person carries on a trade, profession or vocation in the United Kingdom through a branch or agency there.
2 For the purposes of section 1A(3)(a) an asset has a relevant connection to a person's UK branch or agency if—
a it is, or was, used in or for the purposes of the trade, profession or vocation at or before the time of the disposal,
b it is, or was, used or held for the purposes of the branch or agency at or before that time, or
c it is acquired for use by or for the purposes of the branch or agency.
3 Section 1A(3)(a) does not apply to a person who, as a result of Part 2 of TIOPA 2010 (double taxation arrangements), is exempt from income tax for the tax year in respect of the profits or gains of the branch or agency.
4 In the case of a profession or vocation carried on by a person, an asset does not have a relevant connection to the person's UK branch or agency if—
a the asset was only used in or for the purposes of the profession or vocation before 14 March 1989, or
b the asset was only used or held for the purposes of the branch or agency before that date.
5 In this Act, unless the context otherwise requires, “branch or agency”—
a means any factorship, agency, receivership, branch or management, but
b does not include any person within any of the exemptions under sections 835G to 835K of ITA 2007 (persons who are not UK representatives).

1C Non-UK residents: disposing of an “interest in UK land”

1 For the purposes of section 1A(3)(b) an “interest in UK land” means—
a an estate, interest, right or power in or over land in the United Kingdom, or
b the benefit of an obligation, restriction or condition affecting the value of an estate, interest, right or power in or over land in the United Kingdom,
other than an excluded interest.
2 The following interests are “excluded interests”—
a any interest or right held for securing the payment of money or the performance of any other obligation,
b a licence to use or occupy land,
c in England and Wales or Northern Ireland, a tenancy at will or an advowson, franchise or manor, and
d such other descriptions of interest or right in relation to land in the United Kingdom as may be specified in regulations made by the Treasury.
3 An interest or right is not within subsection (2)(a) if it is—
a a rentcharge, or
b in Scotland, a feu duty or a payment mentioned in section 56(1) of the Abolition of Feudal Tenure etc (Scotland) Act 2000.
4 The grant of an option by a person binding the person to dispose of an interest in UK land is (so far as it would not otherwise be the case) regarded as a disposal of an interest in UK land by the person for the purposes of section 1A(3)(b).
5 This does not affect the operation of section 144 in relation to the grant of the option (or otherwise).
6 In this section—
  • “franchise” means a grant from the Crown such as the right to hold a market or fair, or the right to take tolls, and
  • “land” includes—
    1. buildings and structures, and
    2. land under the sea or otherwise covered by water.

1D Non-UK residents: assets deriving 75% of value from UK land etc

1 For the purposes of section 1A(3)(c) the following questions are determined in accordance with the provision made by Schedule 1A—
a whether the asset being disposed of derives at least 75% of its value from UK land, and
b whether the person making the disposal has a substantial indirect interest in the UK land at the time of the disposal.
2 The provision made by Schedule 1A is not to be taken as affecting the meaning of “substantial” in other contexts.

Deduction of allowable losses

1E Losses deductible only when within scope of tax etc

1 A loss is not an allowable loss if it accrues in a tax year at a time when, had a gain accrued instead, the gain would not have been chargeable to capital gains tax under this Act for the tax year (and see also sections 16(2) and 16A).
2 In addition, the only allowable losses that qualify for deduction from chargeable gains under section 1A(3) (non-UK residents) are those accruing to the person on disposals of assets within that subsection.
3 An allowable loss counts for the purposes of subsection (2) even if it accrues in a tax year in which the person was UK resident.
F27924 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 If—
a amounts (or elements of amounts) treated as accruing to an individual as a result of section 86 relate to different settlements, and
b the deduction of allowable losses does not reduce the amounts or elements to nil,
the deduction applicable to each amount is the proportion that the amount concerned bears to the total of the amounts.
6 The deduction of allowable losses also has effect subject to paragraph 5 of Schedule D1 (relief for new residents on foreign gains).
7 For the only case in which an allowable loss accruing in a tax year may be carried back to an earlier tax year, see section 62 (death).

1F Allowable losses to be used in most beneficial way etc

1 Allowable losses may (subject to express provision to the contrary) be deducted from gains in whichever way is most beneficial to a person chargeable to capital gains tax.
2 Accordingly, an allowable loss may be deducted from a chargeable gain irrespective of the rate of tax at which the gain would otherwise have been charged.
3 Allowable losses that are deducted from gains may not be deducted any further than is necessary to eliminate the gains.
4 No part of an allowable loss may be relieved under this Act more than once.
5 So far as an amount has been relieved under the Income Tax Acts, it may not be further relieved under this Act.

UK resident individuals with split tax years

1G Gains accruing to UK resident individuals in split years

1 If, as respects any individual, a tax year is a split year, sections 1A(1) and 1E have effect subject to the modifications made by this section.
2 Gains accruing to the individual in the overseas part of the tax year are chargeable to capital gains tax only if they accrue on the disposal of assets within section 1A(3).
3 Losses are deductible from gains accruing to the individual in the overseas part of the tax year on the disposal of assets within section 1A(3)(b) or (c) only if the losses accrue to the individual on the disposal of—
a assets that are within section 1A(3)(b) or (c), or
b assets that would be within section 1A(3)(b) or (c) if they did not have a relevant connection to the individual's UK branch or agency.
4 But losses accruing in the overseas part of the tax year on disposals of assets within section 1A(3)(b) or (c) are (so far as not deducted as mentioned in subsection (3)) deductible from gains accruing in the UK part of the tax year.

Rates of CGT

1H The main rates of CGT

1 This section makes provision about the rates at which capital gains tax is charged but has effect subject to—
a section 169N (business asset disposal relief: rate of 18%), and
b section 169VC (investors' relief: rate of 18%).
F27781A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F27792 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Chargeable gains F2920... accruing in a tax year to an individual are charged to capital gains tax at a rate of 18% or 24%.
4 The question as to which of the rates applies to the gains concerned is determined by section 1I (income taxed at higher rates or gains exceeding unused basic rate band).
F27804A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F29224B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F29195 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 F2921... Chargeable gains accruing in a tax year to the personal representatives of a deceased individual are charged to capital gains tax at a rate of 24%.
F27817 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 F2786... Chargeable gains accruing in a tax year to the trustees of a settlement are charged to capital gains tax at a rate of 24%.
F29239 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F292310 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F292311 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1I Income taxed at higher rates or gains exceeding unused basic rate band

F2924A1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1 If any of an individual's income for a tax year is chargeable to income tax at a higher income tax rate, gains accruing to the individual in the tax year are charged at the rate of 24%.
2 If—
a none of an individual's income for a tax year is chargeable to income tax at a higher income tax rate, but
b the individual is chargeable to capital gains tax for the tax year on an amount that exceeds the unused part of the individual's basic rate band,
the excess (“the higher rate excess”) is charged at the rate of 24%.
3 The remainder of this section sets out special rules which apply depending on the nature of the gains within subsection (2)(b).
4 If—
a the gains consist of or include gains (“entrepreneur or investor gains”) chargeable at the rate of 18% under section 169N(3) or 169VC(2), and
b the total amount of the entrepreneur or investor gains exceeds the unused part of the individual's basic rate band,
that unused part is used fully against those gains.
5 The effect of so doing is that other gains comprised in the higher rate excess are then charged at the rate of 24%.
6 If the total amount of the entrepreneur or investor gains does not exceed the unused part of the individual's basic rate band—
a so much of that unused part as is equal to that total amount is used against those gains, and
b accordingly, the higher rate excess consists only of gains other than entrepreneur or investor gains.
7 The individual may allocate so much of the unused part of the individual’s basic rate band as then remains to gains other than entrepreneur or investor gains.
8 The effect of the allocation is that the gains to which the allocation is made are charged at the rate of 18%.
9 Any gains to which no allocation is made are charged at the rate of 24%.

1J Section 1I: definitions and other supplementary provision

1 For the purposes of section 1I—
  • a “higher income tax rate” means—
    1. the higher rate or the default higher rate,
    2. the property higher rate,
    3. the savings higher rate, or
    4. the dividend upper rate, and
  • “the unused part of the individual's basic rate band” means the amount by which the basic rate limit exceeds the individual's Step 3 income.
2 If an individual is entitled to relief for a tax year under section 539 of ITTOIA 2005 (contracts for life insurance) by reference to the amount of a deficiency, the individual's Step 3 income for the tax year is treated for the purposes of this section as reduced by the amount of the deficiency.
3 If, as a result of section 669(1) and (2) of ITTOIA 2005 (inheritance tax on accrued income), there is a reduction in the residuary income of an estate for a tax year that reduces an individual's income by any amount, the individual's Step 3 income for the tax year is treated for the purposes of this section as reduced by the amount of that reduction in the individual's income.
4 If an individual has life insurance gains for a tax year, the individual's Step 3 income for the tax year is treated for the purposes of this section as if the amount of those gains were limited to—
a the annual equivalent within the meaning of section 536(1) of ITTOIA 2005, or
b the total annual equivalent within the meaning of section 537 of that Act,
as the case may be.
5 If—
a an individual has life insurance gains for a tax year,
b relief is given under section 535 of ITTOIA 2005 for the tax year, and
c the calculation under section 536(1) or 537 of that Act for the tax year does not involve the higher rate,
the individual is treated for the purposes of section 1I as if none of the individual's income were chargeable to income tax at the higher rate, the default higher rate , the property higher rate, the savings higher rate or the dividend upper rate.
6 In the application of section 1I in the case of any individual it is to be assumed that the individual is not a Scottish or Welsh taxpayer.
7 In this section—
  • “the individual's Step 3 income” means so much of the individual's total income for the tax year as is left after taking Step 3 under section 23 of ITA 2007 (income tax liability calculation), and
  • “life insurance gains”, in relation to an individual, means the amount or amounts treated as the individual's income as a result of section 465 of ITTOIA 2005 (gains from contracts for life insurance).
8 Expressions used in this section which have a meaning when used in the Income Tax Acts have the same meaning in this section.

Annual exempt amount

1K Annual exempt amount

1 If an individual is (or, apart from this section, would be) chargeable to capital gains tax for a tax year on chargeable gains, the annual exempt amount for the year is to be deducted from those gains (but no further than necessary to eliminate them).
2 The annual exempt amount for a tax year is £3,000.
F27943 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 The deduction of the annual exempt amount—
a is made after the deduction of allowable losses accruing in the tax year, but
b is made before the deduction of allowable losses accruing in a previous tax year or, if section 62 applies, in a subsequent tax year.
5 The annual exempt amount may be deducted from gains in whatever way is most beneficial to a person chargeable to capital gains tax (irrespective of the rate of tax at which the gains would otherwise have been charged).
6 An individual is not entitled to an annual exempt amount for a tax year if
F2927a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b the individual makes a foreign gain claim, a foreign income claim or a foreign employment election for that tax year.
7 For the tax year in which an individual dies and for the next two tax years, this section applies to the individual's personal representatives as if references to the individual were to those personal representatives.
8 This section applies in relation to trustees in accordance with the provision made by Schedule 1C.

F2247C3801L Increasing annual exempt amount to reflect increases in CPI

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Temporary periods of non-residence

1M Temporary non-residents

1 If, in the case of the disposal of an asset by an individual who is temporarily non-resident—
a a gain or loss accrues to the individual in the temporary period of non-residence, and
b the asset is not excluded from this subsection by section 1N (certain assets acquired in that period),
the gain or loss is treated instead as accruing to the individual in the period of return.
1A Subsection (1) does not apply to a gain that accrues to an individual who was temporarily non-resident in tax year 2025-26 or an earlier tax year under section 103KA(2) or (3) of TCGA 1992 (as it then had effect).But see section 23M of ITTOIA 2005 which charges the amount of the gain to income tax in the period of return.
2 If—
a a gain is, as a result of subsection (1), treated as accruing to an individual in a tax year for which the remittance basis applies to the individual,
b the tax year consists of or includes the period of return, and
c the gain was remitted to the United Kingdom in the temporary period of non-residence,
the gain is treated instead as remitted to the United Kingdom in the period of return.
3 If—
a an individual is temporarily non-resident, and
b a gain would, as a result of section 86, have accrued to the individual in a tax year falling wholly or partly in the temporary period of non-residence if the individual had been resident in the United Kingdom for that year,
the gain is treated instead as accruing to the individual in the period of return (but see also section 86A).
4 Nothing in any double taxation arrangements prevents a charge to capital gains tax arising as a result of this section.
5 Nothing in this section is to affect a gain or loss which, apart from this section, would be chargeable to capital gains tax or would be an allowable loss.
6 For the purposes of this section each of the following expressions has the meaning given by Part 4 of Schedule 45 to the Finance Act 2013 (statutory residence test: anti-avoidance)—
  • “the period of return”
  • “temporarily non-resident”
  • “the temporary period of non-residence”.
7 In this section the reference to “the remittance basis” applying to an individual for a tax year is to section 809B, 809D or 809E of ITA 2007 applying to the individual for the year.

1N Section 1M(1): assets acquired in temporary period of non-residence

1 An asset is excluded from section 1M(1) if—
a it was acquired by the individual in the temporary period of non-residence,
b the acquisition was otherwise than by means of a disqualifying no gain/no loss disposal,
c there is no reduction in the consideration for the acquisition under section 23(4)(b) or (5)(b), 152(1)(b), 153(1)(b), 162(3)(b) or 247(2)(b) or (3)(b) by reference to a UK resident disposal, and
d the asset is not an interest created by or arising under a settlement.
2 This exclusion does not apply in the case of an asset (“the new asset”) if—
a on a disposal of the new asset a gain or loss is treated as a result of 116(10) or (11), 134 or 154(2) or (4) as accruing (ignoring section 1M),
b the gain or loss is calculated by reference to another asset (“the old asset”), and
c the new asset is one that meets the conditions for exclusion but the old asset does not.
3 For the purposes of this section “a UK resident disposal” means a disposal by a person (“P”) of an asset which was acquired by P at a time when—
a P was resident in the United Kingdom, and
b P was not Treaty non-resident.
4 For the purposes of this section “a disqualifying no gain/no loss disposal” means a UK resident disposal to which section 58, 73 or 258(4) applies.

Interpretation

1O Definitions used in Chapter

In this Chapter any reference to a person who is, or is not, “UK resident” is to be read in accordance with section 1A(4).

Chapter 2 Corporation tax on chargeable gains

Corporation tax on chargeable gains: the general scheme

2 Corporation tax on chargeable gains

1 As a result of section 2(1) and (2) of CTA 2009, corporation tax is charged on chargeable gains accruing to a company on the disposal of assets.
2 The charge to corporation tax on chargeable gains has effect in accordance with this Act and all other relevant provisions of the Corporation Tax Acts.

C3792A Company's total profits to include chargeable gains

1 The amount of chargeable gains to be included in a company's total profits for an accounting period is the total amount of chargeable gains accruing to the company in the period after deducting—
C293a any allowable losses accruing to the company in the period, and
C446b so far as not previously deducted under this subsection, any allowable losses previously accruing to the company while it was within the charge to corporation tax.
2 For the purposes of corporation tax on gains “allowable loss” does not include a loss accruing to a company if, had a gain accrued, the company would not have been chargeable to corporation tax on the gain.
3 Subsection (4) applies if—
a a company has two or more accounting periods that fall wholly within the same financial year,
b the company is chargeable to corporation tax for each of those accounting periods only because of a chargeable gain accruing to the company on the disposal of asset, and
c in the period (if any) between each of those accounting periods, the company is not within the charge to corporation tax.
4 For the purposes of determining the amount of chargeable gains to be included in the company’s total profits for each of the accounting periods by reference to which this subsection applies, subsection (1) has effect as if after paragraph (a) (before the “and”) there were inserted—
.

Territorial scope

2B Territorial scope of charge to corporation tax on chargeable gains

1 A company which is resident in the United Kingdom in an accounting period is chargeable to corporation tax on chargeable gains accruing to the company in the period on the disposal of assets wherever situated.
2 This is subject to Chapter 3A of Part 2 of CTA 2009 (exemption from charge in respect of profits of foreign permanent establishments).
3 A company which is not resident in the United Kingdom is chargeable to corporation tax on chargeable gains that—
a accrue to the company on the disposal of assets situated in the United Kingdom F2929...,
b accrue at a time when it has a UK permanent establishment (see section 2C), and
c are, in accordance with sections 20 and 24 of CTA 2009, attributable to that permanent establishment.
4 In addition, a company which is not resident in the United Kingdom is chargeable to corporation tax on chargeable gains accruing to the company on the disposal of assets not within subsection (3) that are—
a interests in UK land, or
b assets (wherever situated) not within paragraph (a) that derive at least 75% of their value from UK land where the company has a substantial indirect interest in that land.
5 Section 1C applies for the purposes of subsection (4)(a) as it applies for the purposes of section 1A(3)(b) (disposing of interests in UK land).
6 The reference in subsection (4)(b) to assets deriving at least 75% of their value from UK land where the company has a substantial indirect interest in that land is to be read in accordance with Schedule 1A.

2C Non-UK resident company with UK permanent establishment

1 For the purposes of section 2B(3) a company has a UK permanent establishment at any time if, at that time, the company carries on a trade in the United Kingdom through a permanent establishment there.
F29322 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Section 2B(3) does not apply to a company which, as a result of Part 2 of TIOPA 2010 (double taxation arrangements), is exempt from corporation tax for the accounting period in respect of the profits of the permanent establishment.
4 In the case of the long-term business of an overseas life insurance company, subsection (2) has effect as if for paragraph (b) there were substituted—
.
5 In this section references to a trade include an office and references to carrying on a trade include holding an office.

Application of CGT principles etc

2D Application of CGT principles in calculating gains and losses

1 The total amount of chargeable gains to be included in a company's total profits for an accounting period is calculated for corporation tax purposes in accordance with capital gains tax principles.
2 All of the following questions are determined in accordance with the enactments relating to capital gains tax as if accounting periods were tax years—
a any question as to the amounts to be, or not to be, taken into account as chargeable gains or allowable losses,
b any question as to the amounts to be, or not to be, taken into account in calculating gains or losses,
c any question as to the amounts charged to tax as a company's gains, and
d any question as to the time when any amount is treated as accruing.
3 This section is subject to any provision made elsewhere by the Corporation Tax Acts.

2E References to income tax or Income Tax Acts in case of companies

1 If the CGT enactments contain any reference to—
a income tax, or
b the Income Tax Acts,
the reference is, in relation to a company, to be read as a reference to corporation tax or the Corporation Tax Acts.
2 But—
a this does not affect references to income tax in section 39(2), and
b so far as the CGT enactments operate by reference to matters of any specified description, account is to be taken for corporation tax purposes of matters of that description confined to companies but not of any confined to individuals.
3 In this section “the CGT enactments” means the enactments relating to capital gains tax.

2F Interaction of capital gains tax and corporation tax

1 This Act as it has effect in accordance with this Chapter is not to be affected in its operation by the fact that capital gains tax and corporation tax are distinct taxes.
2 But this Act is, so far as it is consistent with the Corporation Tax Acts, to apply in relation to capital gains tax and corporation tax on gains as if they were one tax.
3 Accordingly, a matter which in a case involving two individuals is relevant to both of them in relation to capital gains tax is in a similar case involving an individual and a company—
a relevant to the individual in relation to capital gains tax, and
b relevant to the company in relation to corporation tax.

Supplementary

2G Assets of a company vested in a liquidator

1 If assets of a company are vested in a liquidator—
a this Chapter, and
b the enactments applied by this Chapter,
apply as if the assets were vested in the company and as if the acts of the liquidator in relation to the assets were the company's acts.
2 Accordingly, acquisitions from or disposals to the liquidator by the company are ignored.
3 The assets may be vested in the liquidator under section 145 of the Insolvency Act 1986 or Article 123 of the Insolvency (Northern Ireland) Order 1989 or otherwise.

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

1 This section applies if—
a a chargeable gain accrues at any time to a non-UK resident close company,
b the gain is connected to avoidance (see section 3A),
c the gain is not connected to a foreign trade or other economically significant foreign activities (see section 3A), and
d apart from this section, some or all of the gain would not be chargeable to corporation tax on the company.
2 So much of the gain as would not otherwise be so chargeable is apportioned among participators, or indirect participators, in the company—
a who are resident in the United Kingdom at that time, or
b who are trustees of a settlement and are not resident in the United Kingdom at that time.
3 The proportion of the amount of the gain to be apportioned to each person corresponds to the extent of the person's interest in the company as a participator or indirect participator.
4 The amount apportioned to each person is treated as a chargeable gain accruing to the person.
5 No apportionment of any part of a gain is made to an individual if—
a the gain accrues in a tax year which, as respects the individual, is a split year, and
b the gain accrues in the overseas part of the year.
6 No apportionment of any part of a gain is made to a person if the total amount that would, apart from this subsection, be apportioned to—
a the person, and
b persons connected to the person,
is 25% or less of the amount of the gain falling to be apportioned.
7 A person (“P”) is an “indirect participator” in a company (“A”) if—
a another company (“B”) which is a non-UK resident close company is a participator in A, and
b P is a participator in B or P is a participator in a third non-UK resident close company which is participator in B,
and so on through any number of non-UK resident close companies that are participators in other non-UK resident close companies.
8 P's interest as an indirect participator in A in the case of any gain is determined by—
a apportioning the gain among the participators in A according to the extent of their respective interests as participators, and
b then further apportioning the gain apportioned to B among the participators in B according to the extent of their respective interests as participators, and so on through other companies.
9 So far as it would go to reduce or extinguish chargeable gains accruing, as a result of this section, to a person in a chargeable period, this section applies to a loss accruing to the company on the disposal of an asset in that period as it would apply if there had been a gain.
10 But—
a this only applies in relation to that person, and
b this section does not otherwise apply in relation to losses accruing to the company.
11 In this section “a non-UK resident close company” means a company—
a which is not resident in the United Kingdom, and
b which would be a close company if it were resident in the United Kingdom.

3A Gains connected to avoidance or foreign activities etc

1 A gain accruing to a company on the disposal of an asset is taken to be “connected to avoidance” unless it is shown that neither—
a the disposal of the asset by the company, nor
b the acquisition or holding of the asset by the company,
formed part of a scheme or arrangements of which the main purpose, or one of the main purposes, was avoidance of liability to capital gains tax or corporation tax.
2 A gain is “connected to a foreign trade” if it accrues on the disposal of an asset used only—
a for the purposes of a trade carried on by the company wholly outside the United Kingdom, or
b for the purposes of the foreign part of a trade carried on by the company partly within, and partly outside, the United Kingdom,
and the reference here to the foreign part of a trade is to the part of the trade carried on outside the United Kingdom.
F27953 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F27954 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F27955 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 A gain accruing on the disposal of an asset is “connected to other economically significant foreign activities” if—
a the asset is used only for the purposes of activities carried on by the company wholly or mainly outside the United Kingdom,
b the activities consist of the provision of goods or services on a commercial basis, and
c the activities also satisfy the staff, premises and economic value test.
7 Activities satisfy the staff, premises and economic value test if they involve—
a the use of employees, agents or contractors of the company in numbers, and with competence and authority, commensurate with the size and nature of the activities,
b the use of premises and equipment commensurate with the size and nature of the activities, and
c the addition of economic value by the company to the persons to whom the goods or services are provided commensurate with the size and nature of the activities.
8 This section applies for the purposes of section 3(1)(b) and (c).

3B Participators and their interests

1 “Participator” has the meaning given by section 454 of CTA 2010.
2 Any reference to a person's interest as a participator in a company is to the interest in it represented by all the factors by reference to which the person is a participator.
3 Any reference to the extent of a person's interest as a participator in a company is to such proportion of the interests as participators of all of the company's participators as, on a just and reasonable basis, is represented by that interest.
4 If—
a the interest of a person in a company is wholly or partly represented by an interest under a settlement (“the beneficial interest”), and
b the beneficial interest is the factor (or one of them) by reference to which the person would, apart from this subsection, have an interest as a participator in the company,
that interest as a participator is, so far as represented by the beneficial interest, to be treated instead as the interest of the trustees of the settlement.
5 If—
a exempt assets of a pension scheme are taken into account in ascertaining a person's interest as a participator in a company, and
b if those assets were ignored, an amount in respect of a gain accruing to the company would not be apportioned to the person as a result of section 3,
no amount in the respect of the gain is to be apportioned to the person as a result of that section.
6 For this purpose—
a “assets of a pension scheme” means assets held for the purposes of a fund or scheme to which section 271(1)(c) or (1A) applies, and
b those assets are “exempt” if, at the time when the gain accrues, a disposal of those assets would be exempt from tax as a result of either of those provisions.
7 This section applies for the purposes of section 3.

Prevention of multiple charges

3C Prevention of double UK taxation

1 If—
a an amount of tax is paid by a person as a result of section 3 in respect of a gain, and
b there is a distribution of an amount in respect of the gain before the end of the relevant period,
the amount of tax is applied so as to reduce or extinguish any liability of the person to tax in respect of the distribution.
2 For the purposes of subsection (1)—
a the distribution is one made by way of dividend or distribution of capital or on the dissolution of the company,
b the tax in respect of the distribution is income tax, corporation tax or capital gains tax, and
c in determining the liability to tax of any individual in respect of any distribution for a tax year it is to be assumed that the distribution is the highest part of the individual's income for the year.
3 For the purposes of subsection (1) “the relevant period” means the period of 3 years from the end of whichever of the following periods is earlier—
a the period of account of the company in which the gain accrued, and
b the period of 12 months beginning with the date on which the gain accrued.
4 The amount of tax paid by a person as a result of section 3 is allowable as a deduction in calculating a chargeable gain accruing on the disposal by the person of any asset representing the person's interest as a participator in the company.
5 An amount of tax—
a is not to be used more than once under this section (whether to reduce or extinguish a liability or as a deduction or a combination of those things), and
b is not to be applied if it is reimbursed by the company.

Individuals who were non-UK domiciled and temporary non-residents

3D Individuals who were non-UK domiciled

1 This section applies if, as a result of section 3, an amount in respect of a gain accruing to a company in tax year 2024-25 or an earlier tax year was apportioned to an individual who was not domiciled in the United Kingdom in that year.
2 The apportioned amount is regarded for the purposes of paragraph 1 of Schedule 1 as accruing on a disposal of a foreign asset if the asset disposed of by the company is a foreign asset (but not otherwise).
3 For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis)—
a treat any consideration obtained by the company on the disposal of the asset as deriving from the apportioned amount, and
b if that consideration is less than the market value of the asset, treat the asset as deriving from the apportioned amount.
4 The apportioned amount may not be reduced or extinguished by a loss under section 3 if—
a the apportioned amount is regarded for the purposes of paragraph 1 of Schedule 1 as accruing on a disposal of a foreign asset,
b the remittance basis applies to the individual for the tax year in question, and
c any of the apportioned amount is remitted to the United Kingdom in a subsequent tax year.
5 Paragraph 5 of Schedule 1 applies for the purposes of this section as it applies for the purposes of that Schedule.

3E Temporary non-residents

1 This section applies if—
a an individual is temporarily non-resident, and
b a gain or loss accrues to a company in a tax year falling wholly or partly in the temporary period of non-residence.
2 So much of the gain as would, as a result of section 3, have been treated as accruing to the individual in the tax year if the residence assumption were made is to be treated as accruing to the individual in the period of return.
3 But if—
a the remittance basis applies to the individual for the tax year that comprises or includes the period of return, and
b any part of the gain has not been remitted to the United Kingdom before the period of the return,
subsection (2) has effect subject to the further application of Schedule 1 (as read with section 3D) in relation to that part of the gain.
4 Paragraph 5 of Schedule 1 applies for the purposes of subsection (3) as it applies for the purposes of that Schedule.
5 So much of the loss accruing in the tax year as would, in accordance with section 3(9), have reduced or extinguished a gain treated as accruing to the individual in that year as a result of section 3 if the residence assumption were made is to be treated as accruing to the individual in the period of return.
6 For the purposes of this section the “residence assumption” is—
a that the individual was resident in the United Kingdom for the tax year in which the gain or loss accrued to the company, and
b that the tax year was not a split year as respects the individual.
7 Nothing in any double taxation arrangements prevents a charge to capital gains tax arising as a result of this section.
8 For the purposes of this section each of the following expressions has the meaning given by Part 4 of Schedule 45 to the Finance Act 2013 (statutory residence test: anti-avoidance)—
  • “the period of return”
  • “temporarily non-resident”
  • “the temporary period of non-residence”.

Application to groups

3F Non-resident groups of companies

1 This section applies, for the purposes of section 3, certain provisions of this Act (modified as mentioned below) in relation to non-resident companies which are members of a non-resident group of companies.
2 The applied provisions are—
a section 41(8),
b section 171 but as if subsections (1)(b) and (1A) were omitted,
c section 173 but as if “to which this section applies” in subsections (1)(a) and (2)(a) were omitted, as if “such” in subsections (1)(c) and (2)(c) were omitted and as if subsection (3) were omitted,
d section 174(4) but as if “at a time when both were members of the group” were substituted for “ in a transfer to which section 171(1) applied ”,
e section 175(1) but as if “to which this section applies” were omitted, and
f section 179 but as if subsections (1)(b) and (1A) were omitted, as if for any reference to a group of companies there were substituted a reference to a non-resident group of companies and as if for any reference to a company there were substituted a reference to a non-resident company.
3 In this section—
  • “non-resident company” means a company which is not resident in the United Kingdom,
  • “non-resident group of companies”—
    1. in the case of a group none of whose members are resident in the United Kingdom, means that group, and
    2. in the case of a group some of whose members are not resident in the United Kingdom, means the members which are not resident in the United Kingdom, and
  • “group” is to be read in accordance with section 170.

Supplementary

3G Supplementary provisions

1 If tax payable by a person (“P”) as a result of section 3 is paid by—
a the company (“C”) to which the gain accrues, or
b a company by reference to which P is regarded as an indirect participator in C,
the amount paid is not a payment to P for tax purposes.
2 The reference here to tax purposes is to the purposes of income tax, capital gains tax or corporation tax.
3 For the purposes of section 3 the amount of a gain or loss accruing to a company is calculated as if the company were a company resident in the United Kingdom chargeable to corporation tax on the gain.

F1527Capital gains tax

F15274 Rates of capital gains tax

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F15274A Section 4: special cases

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F15274B Deduction of losses etc in most beneficial way

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F15274BA Rates, and use of unused basic rate band, in certain cases

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F15274BB Residential property gain or loss

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F15275  Accumulation and discretionary settlements.

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F15276  Other special cases.

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F15277  Time for payment of tax.

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Corporation tax

F15278  Company’s total profits to include chargeable gains.

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F1527Residence etc.

F15279  Residence, including temporary residence.

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F152710  Non-resident with United Kingdom branch or agency.

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F152710A Temporary non-residents.

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F152710AA Section 10A: supplementary

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F152710B Non-resident company with United Kingdom permanent establishment

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F152711 Visiting forces and official agents

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F152712 Non-UK domiciled individuals to whom remittance basis applies

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F152713  Attribution of gains to members of non-resident companies.

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F152713A Section 13(5): interpretation

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F152714  Non-resident groups of companies.

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F152714A Section 13: non-UK domiciled individuals

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F1527CommentaryRef Ref="key-8f1b51e533ff9b07068f2c9150edcf5f"/>UK residential property: non-resident CGT

F152714B Meaning of “non-resident CGT disposal”

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F152714C Meaning of “disposal of a UK residential property interest”

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F152714D Persons chargeable to capital gains tax on NRCGT gains

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F152714E Further provision about use of NRCGT losses

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F152714F Persons not chargeable under section 14D if a claim is made

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F152714G Section 14F: divided companies

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F152714H Section 14F: arrangements for avoiding tax

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Part II  General Provisions relating to computation of gains and acquisitions and disposals of assets

Chapter I  Introductory

15  Computation of gains.

1 The amount of the gains accruing on the disposal of assets shall be computed in accordance with this Part, subject to the other provisions of this Act.
2 Every gain shall, except as otherwise expressly provided, be a chargeable gain.

C104C30916  Computation of losses.

1 Subject to sections 261B, 261D and 263ZA and except as otherwise expressly provided, the amount of a loss accruing on a disposal of an asset shall be computed in the same way as the amount of a gain accruing on a disposal is computed.
2 Except as otherwise expressly provided, all the provisions of this Act which distinguish gains which are chargeable gains from those which are not, or which make part of a gain a chargeable gain, and part not, shall apply also to distinguish losses which are allowable losses from those which are not, and to make part of a loss an allowable loss, and part not; and references in this Act to an allowable loss shall be construed accordingly.
2A A loss accruing to a person in a year of assessment shall not be an allowable loss for the purposes of this Act unless, in relation to that year, he gives a notice to an officer of the Board quantifying the amount of that loss; and sections 42 and 43 of the Management Act shall apply in relation to such a notice as if it were a claim for relief.
F2113 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3A If the person is an individual and the year is a split year as respects that individual, subsection (3) also applies to a loss accruing to the individual in the overseas part of that year.
F23704 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 A qualifying foreign loss accruing to an individual in a tax year is not an allowable loss if a foreign gain claim, a foreign income claim or a foreign employment election has effect in relation to the individual for that tax year.
5 In subsection (4), “qualifying foreign loss” has the same meaning as in Schedule D1 (see paragraph 6 of that Schedule).

F279916ZA Losses: non-UK domiciled individuals

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F208016ZB Individual who has made election under section 16ZA: foreign chargeable gains remitted in tax year after tax year in which accrue

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F208016ZC Individual who has made election under section 16ZA and to whom remittance basis applies

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F208016ZD Section 16ZC: supplementary

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16A Restrictions on allowable losses

1 For the purposes of this Act, “allowable loss” does not include a loss accruing to a person if—
a it accrues to the person directly or indirectly in consequence of, or otherwise in connection with, any arrangements, and
b the main purpose, or one of the main purposes, of the arrangements is to secure a tax advantage.
2 For the purposes of subsection (1)—
  • “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and
  • “tax advantage” means—
    1. relief or increased relief from tax,
    2. repayment or increased repayment of tax,
    3. the avoidance or reduction of a charge to tax or an assessment to tax, or
    4. the avoidance of a possible assessment to tax,
    and for the purposes of this definition “tax” means capital gains tax, corporation tax or income tax.
3 For the purposes of subsection (1) it does not matter—
a whether the loss accrues at a time when there are no chargeable gains from which it could otherwise have been deducted, or
b whether the tax advantage is secured for the person to whom the loss accrues or for any other person.

C334C201C409C317C67C112C264C4017  Disposals and acquisitions treated as made at market value.

C110C2081 Subject to the provisions of this Act, a person’s acquisition or disposal of an asset shall for the purposes of this Act be deemed to be for a consideration equal to the market value of the asset—
a where he acquires or, as the case may be, disposes of the asset otherwise than by way of a bargain made at arm’s length, and in particular where he acquires or disposes of it by way of gift or on a transfer into settlement by a settlor or by way of distribution from a company in respect of shares in the company, or
b where he acquires or, as the case may be, disposes of the asset wholly or partly for a consideration that cannot be valued, or in connection with his own or another’s loss of office or employment or diminution of emoluments, or otherwise in consideration for or recognition of his or another’s services or past services in any office or employment or of any other service rendered or to be rendered by him or another.
2 Subsection (1) shall not apply to the acquisition of an asset if—
a there is no corresponding disposal of it, and
b there is no consideration in money or money’s worth or the consideration is of an amount or value lower than the market value of the asset.

18  Transactions between connected persons.

1 This section shall apply where a person acquires an asset and the person making the disposal is connected with him.
2 Without prejudice to the generality of section 17(1) the person acquiring the asset and the person making the disposal shall be treated as parties to a transaction otherwise than by way of a bargain made at arm’s length.
3 Subject to subsection (4) below, if on the disposal a loss accrues to the person making the disposal, it shall not be deductible except from a chargeable gain accruing to him on some other disposal of an asset to the person acquiring the asset mentioned in subsection (1) above, being a disposal made at a time when they are connected persons.
4 Subsection (3) above shall not apply to a disposal by way of gift in settlement if the gift and the income from it is wholly or primarily applicable for educational, cultural or recreational purposes, and the persons benefiting from the application for those purposes are confined to members of an association of persons for whose benefit the gift was made, not being persons all or most of whom are connected persons.
5 Where the asset mentioned in subsection (1) above is an option to enter into a sale or other transaction given by the person making the disposal a loss accruing to the person acquiring the asset shall not be an allowable loss unless it accrues on a disposal of the option at arm’s length to a person who is not connected with him.
6 Subject to subsection (7) below, in a case where the asset mentioned in subsection (1) above is subject to any right or restriction enforceable by the person making the disposal, or by a person connected with him, then (where the amount of the consideration for the acquisition is, in accordance with subsection (2) above, deemed to be equal to the market value of the asset) that market value shall be—
a what its market value would be if not subject to the right or restriction, minus—
b the market value of the right or restriction or the amount by which its extinction would enhance the value of the asset to its owner, whichever is the less.
7 If the right or restriction is of such a nature that its enforcement would or might effectively destroy or substantially impair the value of the asset without bringing any countervailing advantage either to the person making the disposal or a person connected with him or is an option or other right to acquire the asset or, in the case of incorporeal property, is a right to extinguish the asset in the hands of the person giving the consideration by forfeiture or merger or otherwise, the market value of the asset shall be determined, and the amount of the gain accruing on the disposal shall be computed, as if the right or restriction did not exist.
8 Subsections (6) and (7) above shall not apply to a right of forfeiture or other right exercisable on breach of a covenant contained in a lease of land or other property, and shall not apply to any right or restriction under a mortgage or other charge.
9 If deductible clogged losses have accrued to a company, the company may make a claim in respect of an accounting period for—
a an amount of the deductible clogged losses to be treated, for the purposes of section 2A(1)(a), as allowable losses accruing in the accounting period, and
b the same amount of allowable losses accruing to the company in the period to be treated, for the purposes of section 2A(1)(b), as allowable losses previously accruing to the company while it was within the charge to corporation tax.
10 The amount in respect of which the claim is made may not exceed the total amount of any allowable losses accruing to the company in the accounting period for which the claim is made.
11 In subsection (9), “deductible clogged losses” means losses which would, apart from Part 7ZA of CTA 2010, be deductible under subsection (3) from chargeable gains accruing to the company in an accounting period.
12 A claim under subsection (9) must be made by being included in the company’s tax return for the accounting period for which the claim is made.

19  Deemed consideration in certain cases where assets disposed of in a series of transactions.

1 For the purposes of this Act, in any case where—
a by way of 2 or more material transactions which are linked (a series of linked transactions), one person disposes of assets to another person with whom he is connected or to 2 or more other persons with each of whom he is connected, and
b the original market value of the assets disposed of by any of the transactions in the series, as determined under section 20, is less than the appropriate portion of the aggregate market value of the assets disposed of by all the transactions in the series, as so determined,
then, subject to subsection (2) below, the disposal effected by any linked transaction in the series in respect of which the condition in paragraph (b) above is fulfilled shall be deemed to be for a consideration equal to the appropriate portion referred to in that paragraph.
2 Where the disposal effected by a material transaction is one to which section 58 applies, nothing in subsection (1) above shall affect the amount which, for the purposes of this Act, is the consideration for that disposal.
3 Subject to subsection (5) below, any reference in this section to a material transaction is a reference to a transaction by way of gift or otherwise; and, for the purposes of this section, 2 or more material transactions are linked if they occur within the period of 6 years ending on the date of the last of them.
4 This section shall apply or, as the case may be, shall again apply—
a when a second material transaction causes a series of linked transactions to come into being; and
b whenever, on the occurrence of a further material transaction, an existing series is extended by the inclusion of that transaction (whether or not an earlier transaction ceases to form part of the series);
and all such assessments and adjustments of assessments shall be made as may be necessary to give effect to this section on each such occasion.
5 Where a member of a group of companies disposes of an asset to another member of the group in circumstances such that, by virtue of section 171, both companies are treated, so far as relates to corporation tax on chargeable gains, as if the consideration for the disposal were of such an amount as would secure that neither a gain nor a loss would accrue, the transaction by which that disposal is effected is not a material transaction; and a disposal in these circumstances is in this section referred to as an “inter-group transfer”.
6 In any case where—
a a company (“company A”) disposes of an asset by way of a material transaction, and
b company A acquired the asset after 19th March 1985 by way of an inter-group transfer, and
c the disposal by company A is to a person who is connected with another company (“company B”) which at some time after 19th March 1985 disposed of the asset by way of an inter-group transfer, and
d either the disposal by way of inter-group transfer which is referred to in paragraph (c) above was the occasion of the acquisition referred to in paragraph (b) above or, between that disposal and that acquisition, there has been no disposal of the asset which was not an inter-group transfer,
then, for the purpose of determining whether subsection (1) above applies in relation to a series of linked transactions, the disposal by company A shall be treated as having been made by company B; but any increase in the consideration for that disposal resulting from the application of subsection (1) above shall have effect with respect to company A.

20  Original market value and aggregate market value for purposes of section 19.

1 This section has effect for determining the original market value of assets and the aggregate market value of assets as mentioned in subsection (1)(b) of section 19.
2 Expressions used in this section have the same meaning as in that section.
3 Where there is a series of linked transactions, the original market value of the assets disposed of by each transaction in the series shall be determined as follows—
a if at the time in question the transaction is the most recent in the series, the original market value of the assets disposed of by that transaction is the market value which, apart from section 19, would be deemed to be the consideration for that transaction for the purposes of this Act; and
b in the case of any other transaction in the series, the original market value of the assets disposed of by that transaction is the value which, prior to the occurrence of the most recent transaction in the series, was or would have been deemed for the purposes of this Act to be the consideration for the transaction concerned (whether by virtue of the previous operation of section 19, or by virtue of any other provision of this Act).
4 Subject to subsections (6) to (9) below, in relation to any transaction in a series of linked transactions—
a any reference in this section or section 19 to the aggregate market value of the assets disposed of by all the transactions in the series is a reference to what would have been the market value of all those assets for the purposes of this Act if, considering all the assets together, they had been disposed of by one disposal occurring at the time of the transaction concerned; and
b any reference in section 19 to the appropriate portion of the aggregate market value of the assets disposed of by all the transactions in the series is a reference to that portion of the market value determined in accordance with paragraph (a) above which it is reasonable to apportion to those of the assets which were actually disposed of by the transaction concerned.
5 The reference in subsection (4)(a) above to considering all the assets together includes a reference not only to considering them as a group or holding or collection of assets retaining their separate identities but also (if it gives a higher market value) to considering them as brought together, physically or in law, so as to constitute either a single asset or a number of assets which are distinct from those which were comprised in each of the transactions concerned.
6 If any of the assets disposed of by all the transactions in a series of linked transactions were acquired after the time of the first of those transactions, then, in the application of subsections (4) and (5) above in relation to each of the transactions in the series—
a no account shall be taken of any assets which were acquired after the time of that transaction unless they were acquired by way of an inter-group transfer; and
b subject to subsection (7) below, the number of assets of which account is to be taken shall be limited to the maximum number which were held by the person making the disposal at any time in the period beginning immediately before the first of the transactions in the series and ending immediately before the last.
7 If, before the first of the transactions referred to in paragraph (b) of subsection (6) above, the person concerned (being a company) disposed of any assets by way of an inter-group transfer, the maximum number of assets referred to in that paragraph shall be determined as if the inter-group transfer had occurred after that first transaction.
8 In the application of subsection (6) above in a case where the assets disposed of are securities, the assets disposed of by any of the transactions in a series of linked transactions shall be identified with assets acquired on an earlier date rather than with assets acquired on a later date.
9 In subsection (8) above “securities” includes any assets which are of a nature to be dealt in without identifying the particular assets disposed of or acquired.

Chapter II  Assets and disposals of assets

General provisions

21  Assets and disposals.

1 All forms of property shall be assets for the purposes of this Act, whether situated in the United Kingdom or not, including—
a options, debts and incorporeal property generally, and
C461b currency, with the exception (subject to express provision to the contrary) of sterling,
c any form of property created by the person disposing of it, or otherwise coming to be owned without being acquired.
C438C1052 For the purposes of this Act—
a references to a disposal of an asset include, except where the context otherwise requires, references to a part disposal of an asset, and
b there is a part disposal of an asset where an interest or right in or over the asset is created by the disposal, as well as where it subsists before the disposal, and generally, there is a part disposal of an asset where, on a person making a disposal, any description of property derived from the asset remains undisposed of.

C222  Disposal where capital sums derived from assets.

1 Subject to sections 23 and 26(1), and to any other exceptions in this Act, there is for the purposes of this Act a disposal of assets by their owner where any capital sum is derived from assets notwithstanding that no asset is acquired by the person paying the capital sum, and this subsection applies in particular to—
a capital sums received by way of compensation for any kind of damage or injury to assets or for the loss, destruction or dissipation of assets or for any depreciation or risk of depreciation of an asset,
b capital sums received under a policy of insurance of the risk of any kind of damage or injury to, or the loss or depreciation of, assets,
c capital sums received in return for forfeiture or surrender of rights, or for refraining from exercising rights, and
d capital sums received as consideration for use or exploitation of assets.
2 In the case of a disposal within paragraph (a), (b), (c) or (d) of subsection (1) above, the time of the disposal shall be the time when the capital sum is received as described in that subsection.
3 In this section “capital sum” means any money or money’s worth which is not excluded from the consideration taken into account in the computation of the gain.
4 Subsection (1) does not apply where a company receives, or becomes entitled to receive—
a a capital distribution within the meaning of section 122 (see instead subsection (1) of that section), or
b a distribution to which the charge to corporation tax on income under Part 9A of CTA 2009 (company distributions) applies or would apply were the distribution not exempt for the purposes of that Part.

23  Receipt of compensation and insurance money not treated as a disposal.

1 If the recipient so claims, receipt of a capital sum within paragraph (a), (b), (c) or (d) of section 22(1) derived from an asset which is not lost or destroyed shall not be treated for the purposes of this Act as a disposal of the asset if—
a the capital sum is wholly applied in restoring the asset, or
b (subject to subsection (2) below), the capital sum is applied in restoring the asset except for a part of the capital sum which is not reasonably required for the purpose and which is small as compared with the whole capital sum, or
c (subject to subsection (2) below), the amount of the capital sum is small, as compared with the value of the asset,
but, if the receipt is not treated as a disposal, all sums which would, if the receipt had been so treated, have been brought into account as consideration for that disposal in the computation of the gain shall be deducted from any expenditure allowable under Chapter III of this Part as a deduction in computing a gain on the subsequent disposal of the asset.
2 If the allowable expenditure is less than the consideration for the disposal constituted by the receipt of the capital sum (or is nil)—
a paragraphs (b) and (c) of subsection (1) above shall not apply, and
b if the recipient so elects (and there is any allowable expenditure)—
i the amount of the consideration for the disposal shall be reduced by the amount of the allowable expenditure, and
ii none of that expenditure shall be allowable as a deduction in computing a gain accruing on the occasion of the disposal or any subsequent occasion.
In this subsection “allowable expenditure” means expenditure which, immediately before the disposal, was attributable to the asset under paragraphs (a) and (b) of section 38(1).
3 If, in a case not falling within subsection (1)(b) above, a part of a capital sum within paragraph (a) or paragraph (b) of section 22(1) derived from an asset which is not lost or destroyed is applied in restoring the asset, then if the recipient so claims, that part of the capital sum shall not be treated as consideration for the disposal deemed to be effected on receipt of the capital sum but shall be deducted from any expenditure allowable under Chapter III of this Part as a deduction in computing a gain on the subsequent disposal of the asset.
C325C381C2974 If an asset is lost or destroyed and a capital sum received by way of compensation for the loss or destruction, or under a policy of insurance of the risk of the loss or destruction, is within one year of receipt, or such longer period as the inspector may allow, applied in acquiring an asset in replacement of the asset lost or destroyed the owner shall if he so claims be treated for the purposes of this Act—
a as if the consideration for the disposal of the old asset were (if otherwise of a greater amount) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him, and
b as if the amount of the consideration for the acquisition of the new asset were reduced by the excess of the amount of the capital sum received by way of compensation or under the policy of insurance, together with any residual or scrap value, over the amount of the consideration which he is treated as receiving under paragraph (a) above.
C175C433C2975 A claim shall not be made under subsection (4) above if part only of the capital sum is applied in acquiring the new asset but if all of that capital sum except for a part which is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal of the old asset is so applied, then the owner shall if he so claims be treated for the purposes of this Act—
a as if the amount of the gain so accruing were reduced to the amount of the said part (and, if not all chargeable gain, with a proportionate reduction in the amount of the chargeable gain), and
b as if the amount of the consideration for the acquisition of the new asset were reduced by the amount by which the gain is reduced under paragraph (a) of this subsection.
6 If a building (“the old building”) is destroyed or irreparably damaged, and all or part of a capital sum received by way of compensation for the destruction or damage, or under a policy of insurance of the risk of the destruction or damage, is applied by the recipient in constructing or otherwise acquiring a replacement building situated on other land (“the new building”), then for the purposes of subsections (4) and (5) above each of the old building and the new building shall be regarded as an asset separate from the land on which it is or was situated and the old building shall be treated as lost or destroyed.
7 For the purposes of subsection (6) above:
a references to a building include references to any permanent or semi-permanent structure in the nature of a building; and
b the reference to a sum applied in acquiring the new building does not include a reference to a sum applied in acquiring the land on which the new building is situated; and
c all necessary apportionments shall be made of any expenditure, compensation or consideration, and the method of apportionment shall be such as is just and reasonable.
8 This section shall apply in relation to a wasting asset with the following modifications:
a paragraphs (b) and (c) of subsection (1) above, and subsection (2) above, shall not apply; and
b in subsections (1) and (3) above, the amount of the expenditure from which the deduction is to be made shall be the amount which would have been allowable under Chapter III of this Part if the asset had been disposed of immediately after the application of the capital sum.

C420C324C198C262C289C44224  Disposals where assets lost or destroyed, or become of negligible value.

1 Subject to the provisions of this Act and, in particular to sections 140A(1D), 140E(7) and 144, the occasion of the entire loss, destruction, dissipation or extinction of an asset shall, for the purposes of this Act, constitute a disposal of the asset whether or not any capital sum by way of compensation or otherwise is received in respect of the destruction, dissipation or extinction of the asset.
1A A negligible value claim may be made by the owner of an asset (“P”) if condition A or B is met.
1B Condition A is that the asset has become of negligible value while owned by P.
1C Condition B is that—
a the disposal by which P acquired the asset was a no gain/no loss disposal,
b at the time of that disposal the asset was of negligible value, and
c between the time when the asset became of negligible value and the disposal by which P acquired it, each other disposal (if any) of the asset was a no gain/no loss disposal.
2 Where a negligible value claim is made:
a this Act shall apply as if the claimant had sold, and immediately reacquired, the asset at the time of the claim or (subject to paragraphs (b) and (c) below) at any earlier time specified in the claim, for a consideration of an amount equal to the value specified in the claim.
b An earlier time may be specified in the claim if:
i the claimant owned the asset at the earlier time; and
ii the asset had become of negligible value at the earlier time; and either
iii for capital gains tax purposes the earlier time is not more than two years before the beginning of the year of assessment in which the claim is made; or
iv for corporation tax purposes the earlier time is on or after the first day of the earliest accounting period ending not more than two years before the time of the claim.
c Section 93 of and Schedule 12 to the Finance Act 1994 (indexation losses and transitional relief) shall have effect in relation to an asset to which this section applies as if the sale and reacquisition occurred at the time of the claim and not at any earlier time.
3 For the purposes of this section, a building and any permanent or semi-permanent structure in the nature of a building may be regarded as an asset separate from the land on which it is situated, but where a building or structure is so regarded, the person deemed to make the disposal of the building or structure shall be treated as if he had also sold, and immediately reacquired, the site of the building or structure (including in the site any land occupied for purposes ancillary to the use of the building or structure) for a consideration equal to its market value at that time.
3A Subsection (3C) applies, for the purposes of this section, in relation to an asset which is a leasehold interest in a building or structure by reference to which a person is entitled to an allowance under Part 2A of CAA 2001 (structures and buildings allowances).
3B For the purposes of subsection (3A), “leasehold interest” is to be construed in accordance with section 270IH of CAA 2001.
3C Where this subsection applies—
a the building or structure is to be regarded, for the purposes of this section, as an asset separate from the land on which it is situated, and
b subsection (3) does not apply.
3D But subsection (3C) does not apply if the person deemed to make the disposal of the building or structure makes an election under this subsection.
3E An election under subsection (3D), in respect of a deemed disposal, must be made by a notice given to an officer of Revenue and Customs—
a in the case of an election by a person within the charge to corporation tax, within the period of two years from the end of the accounting period in which the disposal is deemed to be made; and
b in any other case, on or before the first anniversary of the 31 January following the year of assessment in which the disposal is deemed to be made.
3F An election under subsection (3D) is irrevocable.
4 For the purposes of subsection (1C), a no gain/no loss disposal is one which, by virtue of any of the no gain/no loss provisions, neither a gain nor a loss accrues to the person making the disposal.

24A Structures and buildings contributions allowances: destruction of asset

1 This section applies if—
a there is a deemed disposal of an asset by a person (“P”) under section 24(1),
b the asset is an interest in a building or structure which is “an interest in UK land” (as defined in section 1C) or an equivalent interest in land outside the United Kingdom,
c a contribution allowance under Part 2A of CAA 2001 (see section 538A of that Act) has been made to another person (“C”) by reference to C’s contribution to expenditure in relation to the building or structure, and
d C does not have an interest in the building or structure which is “an interest in UK land” for the purposes of section 1C.
2 C may make a claim for this Act to have effect as if an allowable loss equal to the unclaimed allowance amount had accrued to C on the deemed disposal of the asset by P.
3 For the purposes of this section, the “unclaimed allowance amount” in relation to a contribution allowance under Part 2A of CAA 2001, is the amount of the difference between—
a the qualifying contribution amount, and
b the amount of the contribution allowance to which an entitlement arose (or would have arisen if the conditions in section 270AA(2) of that Act had been met at all times since an entitlement to the contribution allowance first arose) before the deemed disposal under section 24(1).
4 For the purposes of subsection (3), the “qualifying contribution amount” is the amount of C’s contribution to expenditure in respect of which the contribution allowance is available (see sections 270AA and 538A of that Act), if and to the extent that the expenditure is not allowable under section 38 as a deduction in computing the gain accruing to P on the deemed disposal.
5 A claim under this section must—
a include information identifying the building or structure by reference to which the contribution allowance was made, and
b specify the unclaimed allowance amount.

25  Non-residents: deemed disposals.

1 Where an asset ceases by virtue of becoming situated outside the United Kingdom to be a chargeable asset in relation to a person, he shall be deemed for all purposes of this Act—
a to have disposed of the asset immediately before the time when it became situated outside the United Kingdom, and
b immediately to have reacquired it,
at its market value at that time.
C2862 Subsection (1) above does not apply—
a where the asset becomes situated outside the United Kingdom contemporaneously with the person there mentioned ceasing to carry on a trade in the United Kingdom through a branch or agency, or
b where the asset is an exploration or exploitation asset.
C2863 Where an asset ceases to be a chargeable asset in relation to a person by virtue of his ceasing to carry on a trade in the United Kingdom through a branch or agency, he shall be deemed for all purposes of this Act—
a to have disposed of the asset immediately before the time when he ceased to carry on the trade in the United Kingdom through a branch or agency, and
b immediately to have reacquired it,
at its market value at that time.
3A Subsection (3) above shall not apply if—
a the person ceasing to carry on the trade is a company, and
b on ceasing to carry on the trade the asset is disposed of in circumstances in which section 139 or 171 applies.
F11894 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C2865 Subsection (3) above does not apply to an asset which is a chargeable asset in relation to the person there mentioned at any time after he ceases to carry on the trade in the United Kingdom through a branch or agency and before the end of the chargeable period in which he does so.
6 In this section—
  • “exploration or exploitation asset” means an asset used in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area, and
  • “designated area” and “exploration or exploitation activities” have the same meanings as in section 276.
7 For the purposes of this section an asset is at any time a chargeable asset in relation to a person if, were it to be disposed of at that time, any chargeable gains accruing to him on the disposal would be chargeable to capital gains tax under section 1A(3)(a) or to corporation tax under section 2B(3).
8 This section shall apply as if references to a trade included references to a profession or vocation.

25ZA Postponing gain or loss under section 25(3): interests in UK land

1 This section applies if an interest in UK land is deemed to have been disposed of under section 25(3) by a person at any time.
2 The gain or loss that, but for this subsection, would have accrued to the person at that time is not to accrue at that time.
3 But, on a subsequent disposal by the person of the whole or part of the interest in UK land, the whole or a corresponding part of the gain or loss is treated as accruing on the subsequent disposal.
4 This gain or loss is in addition to any gain or loss that actually accrues on the subsequent disposal.
5 A disposal to which section 171 (transfers within a group) applies does not count as a subsequent disposal for the purposes of this section.
6 A person may elect for a disposal deemed to have been made under section 25(3) to be excluded from the operation of this section.
7 An election made by a company must be made within 2 years after the day on which the deemed disposal occurs.
8 In this section “interest in UK land” has the meaning given by section 1C.

25A Long funding leases of plant or machinery: deemed disposals

1 This section applies where plant or machinery is used for the purpose of leasing under a long funding lease.
2 The lessor shall be deemed for all purposes of this Act—
a to have disposed of the plant or machinery at the commencement of the term of the lease at the relevant disposal value, and
b to have immediately reacquired it at the same value.
3 The lessor shall also be deemed for all purposes of this Act—
a to have disposed of the plant or machinery on the termination of the lease for a consideration equal to the termination amount, and
b to have immediately reacquired it for the same consideration.
4 “Relevant disposal value” means—
a in relation to a long funding finance lease, the disposal value described in item 5A of the table in section 61(2) of the Capital Allowances Act (disposal values), and
b in relation to a long funding operating lease, the disposal value described in item 5B of that table.
5 For the purposes of this section, the following expressions have the meaning given in Chapter 6A of Part 2 of the Capital Allowances Act (interpretation of provisions about long funding leases)—
  • “commencement”, in relation to the term of a lease,
  • “lessor”,
  • “long funding lease”,
  • “long funding finance lease”,
  • “long funding operating lease”,
  • F919. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “the term”, in relation to a lease,
  • “termination”,
  • “termination amount”.

26  Mortgages and charges not to be treated as disposals.

1 The conveyance or transfer by way of security of an asset or of an interest or right in or over it, or transfer of a subsisting interest or right by way of security in or over an asset (including a retransfer on redemption of the security), shall not be treated for the purposes of this Act as involving any acquisition or disposal of the asset.
2 Where a person entitled to an asset by way of security or to the benefit of a charge or incumbrance on an asset deals with the asset for the purpose of enforcing or giving effect to the security, charge or incumbrance, his dealings with it shall be treated for the purposes of this Act as if they were done through him as nominee by the person entitled to it subject to the security, charge or incumbrance; and this subsection shall apply to the dealings of any person appointed to enforce or give effect to the security, charge or incumbrance as receiver and manager or judicial factor as it applies to the dealings of the person entitled as aforesaid.
3 An asset shall be treated as having been acquired free of any interest or right by way of security subsisting at the time of any acquisition of it, and as being disposed of free of any such interest or right subsisting at the time of the disposal; and where an asset is acquired subject to any such interest or right the full amount of the liability thereby assumed by the person acquiring the asset shall form part of the consideration for the acquisition and disposal in addition to any other consideration.

26A Transfers in respect of dormant assets

1 This section applies where there is a transfer in respect of a dormant asset.
2 There is a transfer in respect of a dormant asset where an amount is transferred by an institution in respect of an asset—
a to an authorised reclaim fund, with the result that section 1 of the 2008 Act or section 2, 5, 8, 12 or 14 of the 2022 Act applies in relation to the asset, or
b to an authorised reclaim fund and one or more charities, with the result that section 2 of the 2008 Act applies in relation to the asset.
3 For the purposes of this Act—
a the transfer is not to be treated as involving any acquisition or disposal of the asset, and
b rights which a person (“P”) acquires under Part 1 of the 2008 Act or Part 1 or sections 22 to 25 of the 2022 Act (as the case may be) after the transfer are to be treated as the same asset as the original rights, acquired as the original rights were acquired and having the same characteristics as those rights.
4 In this section—
  • “the 2008 Act” means the Dormant Bank and Building Society Accounts Act 2008;
  • “the 2022 Act” means the Dormant Assets Act 2022;
  • “asset” means an asset within the scope of the dormant assets scheme (see section 1(6) of the 2022 Act);
  • “authorised reclaim fund” has the same meaning as in the Dormant Assets Acts 2008 to 2022;
  • “the original rights” are P’s rights against the institution immediately before the transfer.

27  Disposals in cases of hire-purchase and similar transactions.

A hire-purchase or other transaction under which the use and enjoyment of an asset is obtained by a person for a period at the end of which the property in the asset will or may pass to that person shall be treated for the purposes of this Act, both in relation to that person and in relation to the person from whom he obtains the use and enjoyment of the asset, as if it amounted to an entire disposal of the asset to that person at the beginning of the period for which he obtains the use and enjoyment of the asset, but subject to such adjustments of tax, whether by way of repayment or discharge of tax or otherwise, as may be required where the period for which that person has the use and enjoyment of the asset terminates without the property in the asset passing to him.

C434C25728  Time of disposal and acquisition where asset disposed of under contract.

C2451 Subject to section 22(2), and subsection (2) below, where an asset is disposed of and acquired under a contract the time at which the disposal and acquisition is made is the time the contract is made (and not, if different, the time at which the asset is conveyed or transferred).
2 If the contract is conditional (and in particular if it is conditional on the exercise of an option) the time at which the disposal and acquisition is made is the time when the condition is satisfied.

28A Contracts completed after ordinary notification period

1 This section applies in relation to chargeable gains or allowable losses accruing on the disposal and acquisition of an asset under a contract where the asset is conveyed or transferred after the ordinary notification period relating to the chargeable period in which the asset was disposed of and acquired in accordance with section 28.
2 The following references are to be read as references to the chargeable period in which the conveyance or transfer takes place—
a the references in section 7(1C) of the Management Act (income tax and capital gains tax: period for giving notice of chargeability) to the year of assessment;
b the references in sections 34(1) and 36(1) and (1A) of the Management Act (income tax and capital gains tax: time limits for assessments) to the year of assessment to which an assessment relates;
c the reference in section 43(1) of the Management Act (income tax and capital gains tax: time limit for making claims) to the year of assessment to which a claim relates;
d the reference in paragraph 2(2) of Schedule 18 to the Finance Act 1998 (corporation tax: period for giving notice of chargeability) to the accounting period;
e the references in paragraph 46(1), (2) and (2A) of Schedule 18 to the Finance Act 1998 (corporation tax: time limits for assessments) to the accounting period to which an assessment relates;
f the reference in paragraph 55 of Schedule 18 to the Finance Act 1998 (general time limit for making claims) to the accounting period to which a claim for relief relates.
3 For the purposes of subsection (1), the “ordinary notification period” relating to a chargeable period is—
a in the case of capital gains tax, the period of 6 months from the end of the chargeable period, and
b in the case of corporation tax, the period of 12 months from the end of the chargeable period.
4 Where a claim, election, application or notice is made, given, revoked or varied by virtue of this section, all such adjustments shall be made, whether by way of discharge or repayment of tax or the making of amendments, assessments or otherwise, as are required to take account of the effect of the taking of that action on any person’s liability to tax for any chargeable period.

Value shifting

29  General provisions.

1 Without prejudice to the generality of the provisions of this Act as to the transactions which are disposals of assets, any transaction which under the following subsections is to be treated as a disposal of an asset—
a shall be so treated (with a corresponding acquisition of an interest in the asset) notwithstanding that there is no consideration, and
b so far as, on the assumption that the parties to the transaction were at arm’s length, the party making the disposal could have obtained consideration, or additional consideration, for the disposal, shall be treated as not being at arm’s length and the consideration so obtainable, or the additional consideration so obtainable added to the consideration actually passing, shall be treated as the market value of what is acquired.
2 If a person having control of a company exercises his control so that value passes out of shares in the company owned by him or a person with whom he is connected, or out of rights over the company exercisable by him or by a person with whom he is connected, and passes into other shares in or rights over the company, that shall be a disposal of the shares or rights out of which the value passes by the person by whom they were owned or exercisable.
3 A loss on the disposal of an asset shall not be an allowable loss to the extent to which it is attributable to value having passed out of other assets, being shares in or rights over a company which by virtue of the passing of value are treated as disposed of under subsection (2) above.
4 If, after a transaction which results in the owner of land or of any other description of property becoming the lessee of the property there is any adjustment of the rights and liabilities under the lease, whether or not involving the grant of a new lease, which is as a whole favourable to the lessor, that shall be a disposal by the lessee of an interest in the property.
5 If an asset is subject to any description of right or restriction the extinction or abrogation, in whole or in part, of the right or restriction by the person entitled to enforce it shall be a disposal by him of the right or restriction.

C27C30C252C385C240C157C364C24430  Tax-free benefits.

1 This section has effect as respects the disposal of an asset if a scheme has been effected or arrangements have been made (whether before or after the disposal) whereby—
a the value of the asset F1592... has been materially reduced, and
b a tax-free benefit has been or will be conferred—
i on the person making the disposal or a person with whom he is connected, or
ii subject to subsection (4) below, on any other person.
2 But, for the purposes of corporation tax, this section does not have effect if the disposal of the asset is a disposal by a company of shares in, or securities of, another company (as to which see section 31).
3 For the purposes of subsection (1)(b) above a benefit is conferred on a person if he becomes entitled to any money or money’s worth or the value of any asset in which he has an interest is increased or he is wholly or partly relieved from any liability to which he is subject; and a benefit is tax-free unless it is required, on the occasion on which it is conferred on the person in question, to be brought into account in computing his income, profits or gains for the purposes of income tax, capital gains tax or corporation tax.
4 This section shall not apply by virtue of subsection (1)(b)(ii) above in a case where avoidance of tax was not the main purpose or one of the main purposes of the scheme or arrangements in question.
C407C565 Where this section has effect in relation to any disposal, any allowable loss or chargeable gain accruing on the disposal shall be calculated as if the consideration for the disposal were increased by such amount as is just and reasonable having regard to the scheme or arrangements and the tax-free benefit in question.
6 Where—
a by virtue of subsection (5) above the consideration for the disposal of an asset has been treated as increased, and
b the benefit taken into account under subsection (1)(b) above was an increase in the value of another asset,
any allowable loss or chargeable gain accruing on the first disposal of the other asset after the increase in its value shall be calculated as if the consideration for that disposal were reduced by such amount as is just and reasonable having regard to the scheme or arrangements in question and the increase made in relation to the disposal mentioned in paragraph (a) above.
7 References in this section to a disposal do not include references to any disposal falling within section 58(1), 62(4) or 171(1).
F15708 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 In relation to a case in which the disposal of an asset precedes its acquisition the references in subsections (1)(a) and (2) above to a reduction shall be read as including a reference to an increase.

31 Disposal of shares or securities by a company

1 For the purposes of corporation tax, subsection (2) has effect as respects the disposal by a company (“the disposing company”) of shares in, or securities of, another company if—
a arrangements have been made whereby the value of those shares or securities, or any relevant asset, is materially reduced,
b the main purpose, or one of the main purposes, of the arrangements is to obtain a tax advantage, and
c the arrangements do not consist solely of the making of an exempt distribution.
2 Any allowable loss or chargeable gain accruing on the disposal is to be calculated as if the consideration for the disposal were increased by such amount as is just and reasonable having regard to—
a the arrangements, and
b any charge to, or relief from, corporation tax that, in the absence of this section, would arise in consequence of the disposal or the arrangements.
3 For the purposes of subsection (1)—
a an asset is a relevant asset if, at the time of the disposal, it is owned by a company which is a member of the same group as the disposing company, and
b it does not matter whether the tax advantage is obtained for the disposing company or any other person.
4 In relation to a case in which the disposal of the shares or securities precedes their acquisition, the reference in subsection (1)(a) to a reduction is to be read as including a reference to an increase.
5 Where, but for arrangements to which subsection (6) applies, a transaction would, by virtue of section 29(2), be treated as a disposal of shares by a company, that transaction is to be treated as if it were, by virtue of section 29(2), a disposal of those shares.
6 The arrangements to which this subsection applies are arrangements—
a whereby the value of the shares or securities is materially reduced, and
b the main purpose, or one of the main purposes, of which is to obtain a tax advantage (whether for the company or any other person).
7 In this section—
  • “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
  • “exempt distribution” means a distribution which—
    1. for the purposes of section 931D of CTA 2009 (exemption from charge to tax: distributions received by companies that are not small), falls within an exempt class by virtue of section 931H of that Act (dividends derived from transactions not designed to reduce tax), or
    2. would be within paragraph (a) but for the recipient being a small company (within the meaning of section 931S of that Act) in the accounting period of the recipient in which the distribution was received;
  • “group” is to be construed in accordance with section 170;
  • “securities” has the same meaning as in section 132;
  • “tax advantage” means the avoidance of a liability to corporation tax in respect of chargeable gains.

F248931A  Asset-holding company leaving the group.

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F248932  Disposals within a group followed by a disposal of shares.

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F248933  Provisions supplementary to sections 30 to 32.

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F248933A  Modification of sections 30 to 33 in relation to chargeable intangible asset

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F248934  Transactions treated as a reorganisation of share capital.

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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).

1 This section applies to a disposal of an asset which was held on 31st March 1982 by the person making the disposal.
2 In computing for the purpose of this Act the gain or loss accruing on the disposal it shall be assumed that the asset was on 31st March 1982 sold by the person making the disposal, and immediately reacquired by that person, at its market value on that date.
2A For the purposes of corporation tax, subsection (2) above has effect subject to subsections (3) to (8) below (and see also subsections (9) and (10)).
3 Subject to subsection (5) below, subsection (2) above shall not apply to a disposal—
a where a gain would accrue on the disposal to the person making the disposal if that subsection did apply, and either a smaller gain or a loss would so accrue if it did not,
b where a loss would so accrue if that subsection did apply, and either a smaller loss or a gain would accrue if it did not,
c where, either on the facts of the case or by virtue of Schedule 2, neither a gain nor a loss would accrue if that subsection did not apply, F2031...
ca where, by virtue of section 195B, 195C or 195E, neither a gain nor a loss accrues to the person making the disposal, or
d where neither a gain nor a loss would accrue by virtue of any of the no gain/no loss provisions.
4 Where in the case of a disposal of an asset—
a the effect of subsection (2) above would be to substitute a loss for a gain or a gain for a loss, but
b the application of subsection (2) is excluded by subsection (3),
it shall be assumed in relation to the disposal that the asset was acquired by the person making the disposal for a consideration such that, on the disposal, neither a gain nor a loss accrues to that person.
5 If a person so elects, disposals made by that person (including any made by that person before the election) shall fall outside subsection (3) above (so that subsection (2) above is not excluded by that subsection).
6 An election by a person under subsection (5) above shall be irrevocable and shall be made by notice to an officer of the Board at any time before 6th April 1990 or at any time during the period beginning with the day of the first relevant disposal and ending—
a F172. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
aa F484... 2 years after the end of the accounting period in which the disposal is made; or
b F2515... at such later time as the Board may allow;
and “the first relevant disposal” means the first disposal to which this section applies which is made by the person making the election.
7 An election made by a person under subsection (5) above in one capacity does not cover disposals made by that person in another capacity.
8 All such adjustments shall be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election under subsection (5) above.
9 Schedule 2 shall have effect for the purposes of corporation tax in relation to disposals of assets owned on 6th April 1965 in cases where neither subsection (2) nor subsection (4) above applies.
10 Schedule 3, which contains provisions supplementary to subsections (1) to (8) above, shall have effect for the purposes of capital gains tax and corporation tax.

35A Disposal of asset acquired on no gain/no loss disposal

1 This section applies for the purposes of capital gains tax in relation to a disposal of an asset if—
a the person making the disposal acquired the asset after 31 March 1982 and before 6 April 2008,
b the disposal by which the person acquired the asset (“the relevant disposal”), and any previous disposal of the asset after 31 March 1982, was a disposal on which, by virtue of any enactment, neither a gain nor a loss accrued to the person making the disposal, and
c section 35(2) did not apply to the relevant disposal.
2 It is to be assumed that section 35(2) did apply to the relevant disposal (and that section 56(2) applied to the relevant disposal accordingly).

36  Deferred charges on gains before 31st March 1982.

Schedule 4, which provides for the reduction of a deferred charge to corporation tax in respect of chargeable gains where the charge is wholly or partly attributable to an increase in the value of an asset before 31st March 1982, shall have effect.

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

Schedule 4AA makes provision for the re-basing of assets where—
a the assets are held on 5 April 2019,
b there is a disposal after that date, and
c the disposal is a direct or indirect disposal of UK land (within the meaning of that Schedule).

Allowable deductions

C3C307C288C15137  Consideration chargeable to tax on income.

C4C43C3311 There shall be excluded from the consideration for a disposal of assets taken into account in the computation of the gain any money or money’s worth charged to income tax as income of, or taken into account as a receipt in computing income or profits or gains or losses of, the person making the disposal for the purposes of the Income Tax Acts.
1A There is to be excluded from the consideration for a disposal of an asset taken into account in the computation of the gain a sum equal to any amount that is taken into account by the person making the disposal as a receipt under section 96A or 307E of ITTOIA 2005 (capital receipts under, or after leaving, cash basis) as a result of the operation of any deemed disposal provision in relation to the asset.
1B But subsection (1A) applies only to the extent that the sum has not been excluded from the consideration for an earlier disposal of the asset.
1C The following are “deemed disposal provisions”—
a in relation to trades, professions and vocations, subsections (4) and (5) of section 96A of ITTOIA 2005 (which provide for circumstances in which a person is to be regarded as disposing of an asset for the purposes of that section), and
b in relation to property businesses, section 307F of ITTOIA 2005 (which provides for circumstances in which a person is to be regarded as disposing of an asset for the purposes of section 307E of that Act).
2 Subsection (1) above shall not be taken as excluding from the consideration so taken into account any money or money’s worth which is—
a taken into account in the making of a balancing charge under the Capital Allowances Act but excluding Part 10 of that Act,
b brought into account as the disposal value of plant or machinery under Part 2 of that Act, or
c brought into account as the disposal value of an asset representing qualifying expenditure under Part 6 of that Act.
See also section 37A(4) and (5) (consideration on disposal of certain leases).
2A Subsection (1) is not to be taken as excluding from the consideration so taken into account any money or money's worth which is, or is taken into account in computing, a return on which income tax is charged under Chapter 2A of Part 4 of ITTOIA 2005 (disguised interest) (but see section 381D of that Act).
3 This section shall not preclude the taking into account in a computation of the gain, as consideration for the disposal of an asset, of the capitalised value of a rentcharge (as in a case where a rentcharge is exchanged for some other asset) or of the capitalised value of a ground annual or feu duty, or of a right of any other description to income or to payments in the nature of income over a period, or to a series of payments in the nature of income.
F5064 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 If—
a because section 517G(4) or (6) of ITA 2007 (transactions in land: the chargeable person) applies, an amount is charged to income tax as income of a person other than the person (“A”) by whom the gain was realised, and
b the income tax has been paid,
for the purposes of this section the amount charged to that tax is regarded as having been charged as the income of A.
5A If—
a because section 356OG(4) or (6) of CTA 2010 (transactions in land: the chargeable company) applies, an amount is charged to corporation tax as profits of a person other than the person (“C”) by whom the gain was realised, and
b the corporation tax has been paid,
for the purposes of this section the amount charged to that tax is regarded as having been charged as the income of C.
6 If—
a because section 777(5) of that Act applies, the person charged to tax under Chapter 4 of Part 13 of that Act (sales of occupation income) is a person other than the person (“B”)—
i for whom the capital amount was obtained, or
ii in the case of income treated as arising under section 779 of that Act, by whom the property or right was sold or realised, and
b the income tax has been paid,
for the purposes of this section the amount charged to that tax is regarded as having been charged as the income of B.
7 In subsection (6) “capital amount” has the same meaning as in Chapter 4 of Part 13 of that Act (sales of occupation income) (see section 777(7) of that Act).

37A Consideration on disposal of certain leases

1 This section applies if—
a a disposal occurs that is within section 614BP of ITA 2007 (including that section as it has effect as a result of section 614CD of that Act), and
b for the purposes of Chapter 2 or 3 of Part 11A of that Act there is any cumulative accountancy rental excess in relation to the lease for the period of account of the current lessor in which the disposal takes place.
2 This section also applies if—
a a disposal occurs that is within section 915 of CTA 2010 (including that section as it has effect as a result of section 929 of that Act), and
b for the purposes of Chapter 2 or 3 of Part 21 of that Act there is any cumulative accountancy rental excess in relation to the lease for the period of account of the current lessor in which the disposal takes place.
3 In determining for the purposes of this Act the amount of any gain accruing to the person making the disposal, the consideration for the disposal is treated as reduced by setting against it that excess (but not so as to reduce the amount of that consideration below nil).
4 Subsection (3) only affects section 37 so far as subsection (5) provides.
5 Section 37 does not exclude any money or money's worth from the consideration for a disposal so far as it is represented by any such cumulative accountancy rental excess that, in accordance with subsection (3)—
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 that person.
6 Subsections (7) to (9) apply if the disposal mentioned in subsection (1) or (2) is a part disposal of the asset in question.
7 The cumulative accountancy rental excess mentioned in subsection (3) must be apportioned between—
a the property disposed of, and
b the property that remains undisposed of.
8 That apportionment must be made in the same proportions as those in which the sums that under section 38(1)(a) or (b) are attributable to the asset fall to be apportioned under section 42.
9 Only so much of the cumulative accountancy rental excess as is so apportioned to the property disposed of is set against the consideration for the part disposal in accordance with subsection (3).
10 If subsection (3) applies in a case where two or more disposals within subsection (1) or (2) are made at the same time, the cumulative accountancy rental excess mentioned in subsection (3) must be apportioned, subject to subsections (7) to (9), between the disposals in such proportions as are just and reasonable.
11 Section 614DC of ITA 2007 (connected persons) applies for the purposes of this section in its application as a result of any leasing arrangements (within the meaning of that section) as it applies for the purposes mentioned in that section.

37B Consideration on certain disposals: structures and buildings allowances

1 This section applies on the disposal of an asset by a person if—
a the asset is an interest in a building or structure which is “an interest in UK land” (as defined in section 1C) or an equivalent interest in land outside the United Kingdom,
b the person is, or has been, entitled to an allowance under Part 2A of CAA 2001 (“the structures and buildings allowance”) by reference to the building or structure, and
c the expenditure by reference to which the structures and buildings allowance has been made is allowable under section 38 as a deduction from the consideration in the computation of the gain on the disposal.
2 In determining the amount of any gain accruing to the person making the disposal (the “transferor”) the consideration for the disposal is treated as being increased by an amount equal to the amount of the structures and buildings allowance that has been made to the transferor.
3 If the disposal is—
a a disposal on which, by virtue of any of the no gain/no loss provisions, neither a gain nor a loss accrues to the person making the disposal,
b a disposal in respect of which section 162 (roll-over relief on transfer of business) applies for the purposes of computing the gain on the disposal, or
c a deemed disposal under section 579(4) of CTA 2010 (real estate investment trusts: cessation),
the person who acquires the asset (the “transferee”) is treated, for the purposes of determining the amount of the gain accruing on any subsequent disposal of the asset by the transferee, as if the amount of structures and buildings allowance made to the transferor (see subsection (2)) had been made to the transferee.
4 Subsection (2)—
a is to be applied after the other provisions of this Act which apply for the purposes of determining the amount of the consideration deemed to be given for the disposal of assets, and
b is subject to subsections (5) to (7).
5 If section 45(3) or 47(2) applies in relation to the disposal, subsection (2) applies in relation to the part of the consideration apportioned in the same proportion as the expenditure qualifying for capital allowances.
6 Subsection (7) applies in relation to the disposal if the asset mentioned in subsection (1) is—
a a leasehold interest by reference to which section 270DD of CAA 2001 (leases granted for 35 years or more) applies, and
b a wasting asset for the purposes of this Act.
7 For the purposes of subsection (2), the amount of the structures and buildings allowance is to be treated as if it were an amount of expenditure attributable to the asset under section 38(1) and, accordingly, as if it had been reduced at the same rate at which that expenditure is written off in accordance with paragraph 1(3) and (4) of Schedule 8 (leases of land as wasting assets).
8 The reference in subsection (1)(b) to an allowance under Part 2A of CAA 2001 includes a reference to a contribution allowance made by reason of the application of sections 537 and 538A of that Act (contribution allowances: structures and buildings allowances).

C14838  Acquisition and disposal costs etc.

1 Except as otherwise expressly provided, the sums allowable as a deduction from the consideration in the computation of the gain accruing to a person on the disposal of an asset shall be restricted to—
C267a the amount or value of the consideration, in money or money’s worth, given by him or on his behalf wholly and exclusively for the acquisition of the asset, together with the incidental costs to him of the acquisition or, if the asset was not acquired by him, any expenditure wholly and exclusively incurred by him in providing the asset,
C267b the amount of any expenditure wholly and exclusively incurred on the asset by him or on his behalf for the purpose of enhancing the value of the asset, being expenditure reflected in the state or nature of the asset at the time of the disposal, and any expenditure wholly and exclusively incurred by him in establishing, preserving or defending his title to, or to a right over, the asset,
C425c the incidental costs to him of making the disposal.
2 For the purposes of this section and for the purposes of all other provisions of this Act, the incidental costs to the person making the disposal of the acquisition of the asset or of its disposal shall consist of expenditure wholly and exclusively incurred by him for the purposes of the acquisition or, as the case may be, the disposal, being fees, commission or remuneration paid for the professional services of any surveyor or valuer, or auctioneer, or accountant, or agent or legal adviser and costs of transfer or conveyance (including stamp duty or stamp duty land tax) together—
a in the case of the acquisition of an asset, with costs of advertising to find a seller, and
b in the case of a disposal, with costs of advertising to find a buyer and costs reasonably incurred in making any valuation or apportionment required for the purposes of the computation of the gain, including in particular expenses reasonably incurred in ascertaining market value where required by this Act.
3 Except as provided by section 40, no payment of interest shall be allowable under this section.
4 Any provision in this Act introducing the assumption that assets are sold and immediately reacquired shall not imply that any expenditure is incurred as incidental to the sale or reacquisition.

C5C279C168C41439  Exclusion of expenditure by reference to tax on income.

C3471 There shall be excluded from the sums allowable under section 38 as a deduction in the computation of the gain any expenditure allowable as a deduction in computing the profits or losses of a trade, profession or vocation for the purposes of income tax or allowable as a deduction in computing any other income or profits or gains or losses for the purposes of the Income Tax Acts and any expenditure which, although not so allowable as a deduction in computing any losses, would be so allowable but for an insufficiency of income or profits or gains; and this subsection applies irrespective of whether effect is or would be given to the deduction in computing the amount of tax chargeable or by discharge or repayment of tax or in any other way.
2 Without prejudice to the provisions of subsection (1) above, there shall be excluded from the sums allowable under section 38 as a deduction in the computation of the gain any expenditure which, if the assets, or all the assets to which the computation relates, were, and had at all times been, held or used as part of the fixed capital of a trade the profits of which were (irrespective of whether the person making the disposal is a company or not) chargeable to income tax would be allowable as a deduction in computing the profits or losses of the trade for the purposes of income tax.
3 No account shall be taken of any relief under Chapter II of Part IV of the M1Finance Act 1981 or under Schedule 5 to the M2Finance Act 1983, in so far as it is not withdrawn and relates to shares issued before 19th March 1986, in determining whether any sums are excluded by virtue of subsection (1) or (2) above from the sums allowable as a deduction in the computation of gains or losses for the purposes of this Act.
3A This section is not to be taken as excluding, from the sums allowable under section 38 as a deduction in the computation of the gain, expenditure allowable as a deduction in computing a return on which income tax is charged under Chapter 2A of Part 4 of ITTOIA 2005 (disguised interest) (but see section 381D of that Act).
3B This section is not to be taken as excluding, from the sums allowable under section 38 as a deduction in the computation of the gain, any expenditure in respect of which an allowance under Part 2A of CAA 2001 (structures and buildings allowances) is made.
4 If—
a because section 517G(4) or (6) of ITA 2007 (transactions in land: the chargeable person) applies, an amount is charged to income tax as income of a person other than the person (“A”) by whom the gain was realised, and
b the income tax has been paid,
for the purposes of this section the amount charged to that tax is regarded as having been charged as the income of A.
5 If—
a because section 356OG(4) or (6) of CTA 2010 (transactions in land: the chargeable company) applies, an amount is charged to corporation tax as profits of a person other than the person (“B”) by whom the gain was realised, and
b the corporation tax has been paid,
for the purposes of this section the amount charged to that tax is regarded as having been charged as the income of B.

39A Exclusion of certain expenditure: structures and buildings allowances

1 This section applies if—
a a person disposes of an asset to a connected person,
b the asset is, or is an interest in, a building or structure by reference to which an allowance under Part 2A of CAA 2001 (a “structures and buildings allowance”) has been made, and
c the person making the disposal is, or has been, a lessor in relation to a lease of the building or structure by reference to which section 270DD of CAA 2001 (leases granted for 35 years or more) applies.
2 Any expenditure by reference to which a structures and buildings allowance has been made to a lessee in relation to the lease mentioned in subsection (1)(c) is to be excluded from the sums allowable under section 38 as a deduction in the computation of the gain.

40  Interest charged to capital.

1 Where—
a a company incurs expenditure on the construction of any building, structure or works, being expenditure allowable as a deduction under section 38 in computing a gain accruing to the company on the disposal of the building, structure or work, or of any asset comprising it, and
b that expenditure was defrayed out of borrowed money,
the sums so allowable under section 38 shall, subject to subsection (2) below, include the amount of any interest on that borrowed money which is referable to a period or part of a period ending on or before the disposal.
2 Subsection (1) above has effect subject to section 39 and does not apply to interest which is a charge on income.
3 In relation to interest paid in any accounting period ending before 1st April 1981 subsection (1) above shall have effect with the substitution for all following paragraph (b) of—
;
and subsection (2) above shall not apply.
4 In consequence of Chapter 2 of Part 4 of the Finance Act 1996 (c. 8) (loan relationships) and CTA 2009 (Part 5 of which re-enacts that Chapter) this section does not have effect in relation to interest referable to an accounting period ending on or after 1st April 1996.

C6C32241  Restriction of losses by reference to capital allowances and renewals allowances.

1 Section 39 shall not require the exclusion from the sums allowable as a deduction in the computation of the gain of any expenditure as being expenditure in respect of which a capital allowance or renewals allowance is made, but the amount of any losses accruing on the disposal of an asset shall be restricted by reference to capital allowances and renewals allowances as follows.
2 In the computation of the amount of a loss accruing to the person making the disposal, there shall be excluded from the sums allowable as a deduction any expenditure to the extent to which any capital allowance or renewals allowance has been or may be made in respect of it.
3 If the person making the disposal acquired the asset—
a by a transfer by way of sale in relation to which an election under section 569 of the Capital Allowances Act was made, or
b by a transfer to which section 268 of that Act applies,
(being enactments under which a transfer is treated for the purposes of capital allowances as being made at written down value), the preceding provisions of this section shall apply as if any capital allowance made to the transferor in respect of the asset had (except so far as any loss to the transferor was restricted under those provisions) been made to the person making the disposal (that is the transferee); and where the transferor acquired the asset by such a transfer, capital allowances which by virtue of this subsection can be taken into account in relation to the transferor shall also be taken into account in relation to the transferee (that is the person making the disposal), and so on for any series of transfers before the disposal.
4 In this section “capital allowance” means—
a any allowance under the Capital Allowances Act,
zaa any deduction allowable in respect of capital expenditure in calculating profits on the cash basis (see sections 33A and 307B of ITTOIA 2005),
aa any deduction under section 311A of ITTOIA 2005 or section 250A of CTA 2009 (replacement domestic items relief),
b F1468... any deduction under section 315 of ITTOIA 2005 or section 254 of CTA 2009 (expenditure on sea walls), and
c any deduction in computing profits allowable under F705... section 170 of ITTOIA 2005 or section 147 of CTA 2009 (cemeteries).
4A But references in this section to a capital allowance do not include references to an allowance under Part 2A of CAA 2001 (structures and buildings allowances).
5 In this section “renewals allowance” means a deduction allowable in computing the profits of a trade, profession or vocation for the purpose of income tax by reference to the cost of acquiring an asset for the purposes of the trade, profession or vocation in replacement of another asset, and for the purposes of this Chapter a renewals allowance shall be regarded as a deduction allowable in respect of the expenditure incurred on the asset which is being replaced.
6 The amount of capital allowances to be taken into account under this section in relation to a disposal include any allowances falling to be made by reference to the event which is the disposal, and there shall be deducted from the amount of the allowances the amount of any balancing charge to which effect has been or is to be given by reference to the event which is the disposal, or any earlier event.
6A Where—
a capital allowances have been made or may be made in respect of expenditure, and
b the capital allowances include a deduction mentioned in subsection (4)(zaa),
the capital allowances to be taken into account under this section are to be regarded as equal to the total amount of expenditure which has qualified for capital allowances less any balancing charge to which the person making the disposal is liable under the Capital Allowances Act.
7 Where the disposal is of plant or machinery in relation to expenditure on which allowances or charges have been made under Part 2 of the Capital Allowances Act, and subsection (6A) does not apply, and neither Chapter 15 (assets provided or used only partly for qualifying activity) nor Chapter 16 (partial depreciation subsidies) of that Part applies, the capital allowances to be taken into account under this section are to be regarded as equal to the difference between the qualifying expenditure incurred, or treated as incurred, under that Part on the provision of the plant or machinery by the person making the disposal and the disposal value required to be brought into account in respect of the plant or machinery.
C3598 Where there is a disposal of an asset acquired in circumstances in which—
a section 140A applies, or
b section 171 applies or would apply but for subsection (2) of that section,
this section has effect in relation to capital allowances made to the person from which it was acquired (so far as not taken into account in relation to a disposal of the asset by that person), and so on as respects previous transfers of the asset in such circumstances.This does not affect the consideration for which an asset is deemed under section 140A or 171 to be acquired.
9 In this section—
a in relation to a trade, profession or vocation, references to calculating profits on the cash basis are to be construed in accordance with Part 2 of ITTOIA 2005 (see section 24A of that Act), and
b in relation to a property business, references to calculating profits on the cash basis are to be construed in accordance with section 271D of that Act (calculation of profits of property businesses on the cash basis).
10 In this section—
  • “capital expenditure” means expenditure of a capital nature incurred on, or in connection with, the creation, construction, acquisition, alteration or disposal of an asset, and
  • “property business” means a UK property business or an overseas property business within the meaning of Part 3 of ITTOIA 2005 (see sections 264 and 265 of that Act).

41A Restriction of losses: long funding leases of plant or machinery

1 This section applies where a person disposes of an asset—
a which includes plant or machinery which is a fixture for the purposes of Chapter 6A of Part 2 of the Capital Allowances Act, and
b which he has used for the purpose of leasing under one or more long funding leases.
2 In the computation of the amount of a loss accruing to the person on the disposal there shall be excluded from the sums allowable as a deduction by virtue of section 38(1)(a) and (b) (acquisition and enhancement costs) an amount determined in accordance with subsection (3) or (4).
3 Where the person has used the plant or machinery for the purpose of leasing under one long funding lease, the amount is equal to the fall in value of the plant or machinery during the period of the lease.
4 Where the person has used the plant or machinery for the purpose of leasing under more than one long funding lease, the amount is equal to the sum of the fall in value of the plant or machinery during the period of each lease.
5 In this section, references to the fall in value of plant or machinery during the period of a lease are references to the amount (if any) by which—
a the market value of the plant or machinery at the commencement of the term of the lease,
exceeds
b its market value at the termination of the lease.
6 For the purposes of this section, the following expressions have the meaning given in Chapter 6A of Part 2 of the Capital Allowances Act (interpretation of provisions about long funding leases)—
  • “commencement”, in relation to the term of a lease,
  • “long funding lease”,
  • “market value”,
  • “the term”, in relation to a lease,
  • “termination”.

42  Part disposals.

1 Where a person disposes of an interest or right in or over an asset, and generally wherever on the disposal of an asset any description of property derived from that asset remains undisposed of, the sums which under paragraphs (a) and (b) of section 38(1) are attributable to the asset shall, both for the purposes of the computation of the gain accruing on the disposal and for the purpose of applying this Part in relation to the property which remains undisposed of, be apportioned.
C238C185C1242 The apportionment shall be made by reference—
a to the amount or value of the consideration for the disposal on the one hand (call that amount or value A), and
b to the market value of the property which remains undisposed of on the other hand (call that market value B),
and accordingly the fraction of the said sums allowable as a deduction in the computation of the gain accruing on the disposal shall be—
AA+B
and the remainder shall be attributed to the property which remains undisposed of.
3 Any apportionment to be made in pursuance of this section shall be made before operating the provisions of section 41 and if, after a part disposal, there is a subsequent disposal of an asset the capital allowances or renewals allowances to be taken into account in pursuance of that section in relation to the subsequent disposal shall, subject to subsection (4) below, be those referable to the sums which under paragraphs (a) and (b) of section 38(1) are attributable to the asset whether before or after the part disposal, but those allowances shall be reduced by the amount (if any) by which the loss on the earlier disposal was restricted under the provisions of section 41.
4 This section shall not be taken as requiring the apportionment of any expenditure which, on the facts, is wholly attributable to what is disposed of, or wholly attributable to what remains undisposed of.
5 It is hereby declared that this section, and all other provisions for apportioning on a part disposal expenditure which is deductible in computing a gain, are to be operated before the operation of, and without regard to, section 58(1), sections 152 to 158 (but without prejudice to section 152(10)), section 171(1) or any other enactment making an adjustment to secure that neither a gain nor a loss occurs on a disposal.

43  Assets derived from other assets.

If and so far as, in a case where assets have been merged or divided or have changed their nature or rights or interests in or over assets have been created or extinguished, the value of an asset is derived from any other asset in the same ownership, an appropriate proportion of the sums allowable as a deduction in the computation of a gain in respect of the other asset under paragraphs (a) and (b) of section 38(1) shall, both for the purpose of the computation of a gain accruing on the disposal of the first-mentioned asset and, if the other asset remains in existence, on a disposal of that other asset, be attributed to the first-mentioned asset.

Wasting assets

44  Meaning of “wasting asset".

1 In this Chapter “wasting asset” means an asset with a predictable life not exceeding 50 years but so that—
a freehold land shall not be a wasting asset whatever its nature, and whatever the nature of the buildings or works on it;
b “life”, in relation to any tangible movable property, means useful life, having regard to the purpose for which the tangible assets were acquired or provided by the person making the disposal;
c plant and machinery shall in every case be regarded as having a predictable life of less than 50 years, and in estimating that life it shall be assumed that its life will end when it is finally put out of use as being unfit for further use, and that it is going to be used in the normal manner and to the normal extent and is going to be so used throughout its life as so estimated;
d a life interest in settled property shall not be a wasting asset until the predictable expectation of life of the life tenant is 50 years or less, and the predictable life of life interests in settled property and of annuities shall be ascertained from actuarial tables approved by the Board.
2 In this Chapter “the residual or scrap value”, in relation to a wasting asset, means the predictable value, if any, which the wasting asset will have at the end of its predictable life as estimated in accordance with this section.
3 The question what is the predictable life of an asset, and the question what is its predictable residual or scrap value at the end of that life, if any, shall, so far as those questions are not immediately answered by the nature of the asset, be taken, in relation to any disposal of the asset, as they were known or ascertainable at the time when the asset was acquired or provided by the person making the disposal.

45  Exemption for certain wasting assets.

1 Subject to the provisions of this section, no chargeable gain shall accrue on the disposal of, or of an interest in, an asset which is tangible movable property and which is a wasting asset.
2 Subsection (1) above shall not apply to a disposal of, or of an interest in, an asset—
a if, from the beginning of the period of ownership of the person making the disposal to the time when the disposal is made, the asset has been used and used solely for the purposes of a trade, profession or vocation and if that person has claimed or could have claimed any capital allowance in respect of any expenditure attributable to the asset or interest under paragraph (a) or paragraph (b) of section 38(1); or
b if the person making the disposal has incurred any expenditure on the asset or interest which has otherwise qualified in full for any capital allowance.
3 In the case of the disposal of, or of an interest in, an asset which, in the period of ownership of the person making the disposal, has been used partly for the purposes of a trade, profession or vocation and partly for other purposes, or has been used for the purposes of a trade, profession or vocation for part of that period, or which has otherwise qualified in part only for capital allowances—
a the consideration for the disposal, and any expenditure attributable to the asset or interest by virtue of section 38(1)(a) and (b), shall be apportioned by reference to the extent to which that expenditure qualified for capital allowances, and
b the computation of the gain shall be made separately in relation to the apportioned parts of the expenditure and consideration, and
c subsection (1) above shall not apply to any gain accruing by reference to the computation in relation to the part of the consideration apportioned to use for the purposes of the trade, profession or vocation, or to the expenditure qualifying for capital allowances.
3A But subsection (3) does not apply in the case of a disposal in relation to which subsection (3B) disapplies subsection (1).
3B Subsection (1) does not apply to a disposal of, or of an interest in, an asset if—
a at any time in the period of ownership of the person making the disposal, the asset is used for the purposes of a trade, profession or vocation carried on by another person,
b as a result of that use, the asset becomes plant,
c but for the asset therefore being regarded under section 44(1)(c) as having a predictable life of less than 50 years, the disposal would not be of, or of an interest in, a wasting asset, and
d the disposal is not within subsection (3C).
3C A disposal of, or of an interest in, an asset is within this subsection if the asset is plant used for the purpose of leasing under a long funding lease and—
a the disposal takes place after the commencement of the term of the lease but before the termination of the lease, or
b the disposal is the deemed disposal of the asset under section 25A(3)(a) on the termination of the lease.
3D Section 25A(5) applies for the purposes of subsection (3C).
4 Subsection (1) above shall not apply to a disposal of commodities of any description by a person dealing on a terminal market or dealing with or through a person ordinarily engaged in dealing on a terminal market.

46  Straightline restriction of allowable expenditure.

1 In the computation of the gain accruing on the disposal of a wasting asset it shall be assumed—
a that any expenditure attributable to the asset under section 38(1)(a) after deducting the residual or scrap value, if any, of the asset, is written off at a uniform rate from its full amount at the time when the asset is acquired or provided to nothing at the end of its life, and
b that any expenditure attributable to the asset under section 38(1)(b) is written off from the full amount of that expenditure at the time when that expenditure is first reflected in the state or nature of the asset to nothing at the end of its life,
so that an equal daily amount is written off day by day.
2 Thus, calling the predictable life of a wasting asset at the time when it was acquired or provided by the person making the disposal L, the period from that time to the time of disposal T(1), and, in relation to any expenditure attributable to the asset under section 38(1)(b), the period from the time when that expenditure is first reflected in the state or nature of the asset to the said time of disposal T(2), there shall be excluded from the computation of the gain—
a out of the expenditure attributable to the asset under section 38(1)(a) a fraction—
T(1)L
of an amount equal to the amount of that expenditure minus the residual or scrap value, if any, of the asset, and
b out of the expenditure attributable to the asset under section 38(1)(b) a fraction—
T(2)L—(T(1)-T(2))
of the amount of the expenditure.
3 If any expenditure attributable to the asset under section 38(1)(b) creates or increases a residual or scrap value of the asset, the provisions of subsection (1)(a) above shall be applied so as to take that into account.

47  Wasting assets qualifying for capital allowances.

1 Section 46 shall not apply in relation to a disposal of an asset—
a which, from the beginning of the period of ownership of the person making the disposal to the time when the disposal is made, is used and used solely for the purposes of a trade, profession or vocation and in respect of which that person has claimed or could have claimed any capital allowance in respect of any expenditure attributable to the asset under paragraph (a) or paragraph (b) of section 38(1), or
b on which the person making the disposal has incurred any expenditure which has otherwise qualified in full for any capital allowance.
2 In the case of the disposal of an asset which, in the period of ownership of the person making the disposal, has been used partly for the purposes of a trade, profession or vocation and partly for other purposes, or has been used for the purposes of a trade, profession or vocation for part of that period, or which has otherwise qualified in part only for capital allowances—
a the consideration for the disposal, and any expenditure attributable to the asset by paragraph (a) or paragraph (b) of section 38(1) shall be apportioned by reference to the extent to which that expenditure qualified for capital allowances, and
b the computation of the gain shall be made separately in relation to the apportioned parts of the expenditure and consideration, and
c section 46 shall not apply for the purposes of the computation in relation to the part of the consideration apportioned to use for the purposes of the trade, profession or vocation, or to the expenditure qualifying for capital allowances, and
d if an apportionment of the consideration for the disposal has been made for the purposes of making any capital allowance to the person making the disposal or for the purpose of making any balancing charge on him, that apportionment shall be employed for the purposes of this section, and
e subject to paragraph (d) above, the consideration for the disposal shall be apportioned for the purposes of this section in the same proportions as the expenditure attributable to the asset is apportioned under paragraph (a) above.

Cash basis accounting

47A Exemption for certain disposals under, or after leaving, cash basis

1 No chargeable gain shall accrue on the disposal of, or of an interest in, an asset if conditions A, B and D are met in relation to the asset.
2 Condition A is that the asset is not land.
3 Condition B is that, at any time during the period of ownership of the person making the disposal, the asset has been used for the purposes of a trade, profession, vocation or property business carried on by the person.
F25514 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Condition D is that relevant disposal proceeds—
a are brought into account as a receipt (whether or not on the cash basis) under section 96A(3I) of ITTOIA 2005 in calculating the profits of a trade, profession or vocation (capital receipts under, or after leaving, cash basis: trades, professions and vocations), or
b are brought into account as a receipt (whether or not on the cash basis) under section 307E(12) of that Act in calculating the profits of a property business (capital receipts under, or after leaving, cash basis: property businesses).
5A “Relevant disposal proceeds” means disposal proceeds as mentioned in section 96A(3F) of ITTOIA 2005 or (as the case may be) section 307E(9) of that Act which arise from the disposal mentioned in subsection (1).
6 Subsection (7) applies in the case of the disposal of, or of an interest in, an asset—
a which, in the period of ownership of the person making the disposal—
i has been used partly for the purposes of the trade, profession or vocation and partly for other purposes, or
ii has been used for the purposes of the trade, profession or vocation for part of that period, or
b expenditure on which by the person has qualified in part only for capital allowances.
7 In such a case—
a the consideration for the disposal, and any expenditure attributable to the asset or interest by virtue of section 38(1)(a) and (b), shall be apportioned by reference to the extent to which that expenditure qualified for capital allowances,
b the computation of the gain shall be made separately in relation to the apportioned parts of the expenditure and consideration, and
c subsection (1) above shall apply to any gain accruing by reference to the computation in relation to the part of the consideration apportioned to use for the purposes of the trade, profession or vocation, or to the expenditure qualifying for capital allowances.
8 In this section “property business” means a UK property business or an overseas property business within the meaning of Part 3 of ITTOIA 2005 (see sections 264 and 265 of that Act).

F12247B Disposals made by persons after leaving cash basis

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Miscellaneous provisions

C17348  Consideration due after time of disposal.

1 In the computation of the gain consideration for the disposal shall be brought into account without any discount for postponement of the right to receive any part of it and, in the first instance, without regard to a risk of any part of the consideration being irrecoverable or to the right to receive any part of the consideration being contingent; and if any part of the consideration so brought into account subsequently proves to be irrecoverable, there shall be made, on a claim being made to that effect, such adjustment, whether by way of discharge or repayment of tax or otherwise, as is required in consequence.
2 Subsection (1) above does not apply in relation to so much of any consideration as consists of rights under a creditor relationship to which a company becomes a party as a result of the disposal.
3 In the computation of the gain in a case where subsection (2) above has effect in relation to any consideration, the amount to be brought into account in respect of that consideration is the fair value of the creditor relationship.
4 In this section—
a “creditor relationship”, and
b “fair value”, in relation to a creditor relationship,
each have the same meaning as in Part 5 of CTA 2009 (see sections 302(5) and 313(6)).

48A Unascertainable consideration

1 This section applies where—
a a person (“P”) has made a disposal (“the original disposal”) on which a relevant non-resident gain or relevant non-resident loss accrued,
b P acquired a right as the whole or part of the consideration for that disposal,
c on P's acquisition of the right, there was no corresponding disposal of it, and
d the right is a right to unascertainable consideration (see subsections (4) to (6)).
2 If P subsequently receives consideration (“the ascertained consideration”) representing the whole or part of the consideration referred to in subsection (1)(d) and P is not UK resident for the tax year in which the ascertained consideration is received (as determined for the purposes of Chapter 1 of Part 1)—
a the ascertained consideration is treated as not accruing on the disposal of the right,
b the costs of P's acquisition of the right (or, in the case of a part disposal of the right, those costs so far as referable to the part disposed of) are taken to be nil, and
c the following steps are taken.
  • Step 1 Any amount by which the ascertained consideration exceeds the relevant original consideration is treated as consideration (or further consideration) accruing on the original disposal. If the relevant original consideration exceeds the ascertained consideration, the consideration accruing on the original disposal is treated as reduced by the amount of the excess.
  • Step 2 Compute the difference that the adjustment under step 1 makes to what (if any) relevant non-resident gain or relevant non-resident loss or other gain or loss accrues on the original disposal (computing this separately for each type of gain or loss). The difference is “positive” if a loss is decreased (to nil or otherwise) or a gain created or increased. The difference is “negative” if a gain is reduced (to nil or otherwise) or a loss created or increased.
  • Step 3 Any positive amount computed under step 2 is treated for the purposes of this Act and the Management Act as a gain (of the type appropriate to the computation) accruing to P at the time of the receipt of the ascertained consideration. Any negative amount computed under step 2 is treated for the purposes of this Act and the Management Act as a loss (of the type appropriate to the computation) accruing to P at the time of the receipt of the ascertained consideration.
3 In step 1 in subsection (2), “the relevant original consideration” means the consideration accruing on the original disposal, so far as referable to the right mentioned in subsection (1)(b) (or, in the case of a part disposal of the right, referable to the part disposed of).
4 A right is a right to unascertainable consideration if, and only if—
a it is a right to consideration the amount or value of which is unascertainable at the time when the right is conferred, and
b that amount or value is unascertainable at that time on account of its being referable, in whole or in part, to matters which are uncertain at that time because they have not yet occurred.
This subsection is subject to subsections (5) and (6).
5 The amount or value of any consideration is not to be regarded as being unascertainable by reason only—
a that the right to receive the whole or any part of the consideration is postponed or contingent, if the consideration or, as the case may be, that part of it is, in accordance with section 48, brought into account in the computation of the gain accruing to a person on the disposal of an asset, or
b in a case where the right to receive the whole or any part of the consideration is postponed and is to be, or may be, to any extent satisfied by the receipt of property of one description or property of some other description, that some person has a right to select the property, or the description of property, that is to be received.
6 A right is not to be taken to be a right to unascertainable consideration by reason only that either the amount or the value of the consideration has not been fixed, if—
a the amount will be fixed by reference to the value, and the value is ascertainable, or
b the value will be fixed by reference to the amount, and the amount is ascertainable.
7 In this section—
  • “relevant non-resident gain” means—
    1. a gain that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or
    2. a gain that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c), and
  • “relevant non-resident loss” means an allowable loss accruing on a disposal which, had a gain accrued instead, would have been a relevant non-resident gain.

49  Contingent liabilities.

1 In the first instance no allowance shall be made in the computation of the gain—
a in the case of a disposal by way of assigning a lease of land or other property, for any liability remaining with, or assumed by, the person making the disposal by way of assigning the lease which is contingent on a default in respect of liabilities thereby or subsequently assumed by the assignee under the terms and conditions of the lease,
b for any contingent liability of the person making the disposal in respect of any covenant for quiet enjoyment or other obligation assumed as vendor of land, or of any estate or interest in land, or as a lessor,
c for any contingent liability in respect of a warranty or representation made on a disposal by way of sale or lease of any property other than land.
2 If any such contingent liability subsequently becomes enforceable and is being or has been enforced, there shall be made, on a claim being made to that effect, such adjustment, whether by way of discharge or repayment of tax or otherwise, as is required in consequence.
3 Subsection (2) above also applies where the disposal in question was before the commencement of this section.

50  Expenditure reimbursed out of public money.

There shall be excluded from the computation of a gain any expenditure which has been or is to be met directly or indirectly by the Crown or by any Government, public or local authority whether in the United Kingdom or elsewhere.

51  Exemption for winnings and damages etc.

1 It is hereby declared that winnings from betting, including pool betting, or lotteries or games with prizes are not chargeable gains, and no chargeable gain or allowable loss shall accrue on the disposal of rights to winnings obtained by participating in any pool betting or lottery or game with prizes.
2 It is hereby declared that sums obtained by way of compensation or damages for any wrong or injury suffered by an individual in his person or in his profession or vocation are not chargeable gains.

52  Supplemental.

1 No deduction shall be allowable in a computation of the gain more than once from any sum or from more than one sum.
2 References in this Chapter to sums taken into account as receipts or as expenditure in computing profits or gains or losses for the purposes of income tax shall include references to sums which would be so taken into account but for the fact that any profits or gains of a trade, profession, employment or vocation are not chargeable to income tax or that losses are not allowable for those purposes.
3 In this Chapter references to income or profits charged or chargeable to tax include references to income or profits taxed or as the case may be taxable by deduction at source.
4 For the purposes of any computation of the gain any necessary apportionments shall be made of any consideration or of any expenditure and the method of apportionment adopted shall, subject to the express provisions of this Chapter, be F1682... just and reasonable.
5 In this Chapter “capital allowance” and “renewals allowance” have the meanings given by subsections (4) and (5) of section 41 (and, except in section 41, references in this Chapter to a capital allowance include references to an allowance under Part 2A of CAA 2001 (structures and buildings allowances)).

Chapter IV  Computation of gains: the indexation allowance

General

52A Chapter to apply only for corporation tax purposes

This Chapter applies only for the purposes of corporation tax.

53  The indexation allowance and interpretative provisions.

1 Subject to any provision to the contrary, if on the disposal of an asset there is an unindexed gain, an allowance (“the indexation allowance”) shall be allowed against the unindexed gain—
a so as to give the gain for the purposes of this Act, or
b if the indexation allowance equals or exceeds the unindexed gain, so as to extinguish it (in which case the disposal shall be one on which, after taking account of the indexation allowance, neither a gain nor a loss accrues);
and any reference in this Act to an indexation allowance or to the making of an indexation allowance shall be construed accordingly.
F6771A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B Indexation allowance is not allowed in respect of changes shown by the retail prices indices for months after December 2017.
2 For the purposes of this Chapter, in relation to any disposal of an asset—
a “unindexed gain” means the amount of the gain on the disposal computed in accordance with this Part; and
b “relevant allowable expenditure” means, subject to subsection (3) below, any sum which, in the computation of the unindexed gain was taken into account by virtue of paragraph (a) or paragraph (b) of section 38(1).
2A Notwithstanding anything in section 16 of this Act, this section shall not apply to a disposal on which a loss accrues.
3 In determining what sum (if any) was taken into account as mentioned in subsection (2)(b) above, account shall be taken of any provision of any enactment which, for the purpose of the computation of the gain, increases, excludes or reduces the whole or any part of any item of expenditure falling within section 38 or provides for it to be written-down.
4 Sections 54 and 108 and this section have effect subject to sections 56, 57, 109, 110 F41... , 113, 131 and 145.

54  Calculation of indexation allowance.

1 Subject to any provision to the contrary, the indexation allowance is the aggregate of the indexed rise in each item of relevant allowable expenditure; and, in relation to any such item of expenditure, the indexed rise is a sum produced by multiplying the amount of that item by a figure expressed as a decimal and determined, subject to subsections (2) and (3) below, by the formula—
(RD-RI)RI
where—
  • RD is the retail prices index for December 2017; and
  • RI is the retail prices index for March 1982 or the month in which the expenditure was incurred, whichever is the later.
F20341A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B The references in subsection (1) to an item of allowable expenditure do not include any item of expenditure incurred on or after 1 January 2018.
2 If, in relation to any item of expenditure—
a the expenditure is attributable to the acquisition of relevant securities, within the meaning of section 108, which are disposed of within the period of 10 days beginning on the day on which the expenditure was incurred, or
b RD, as defined in subsection (1) above, is equal to or less than RI, as so defined,
the indexed rise in that item is nil.
3 If, in relation to any item of expenditure, the figure determined in accordance with the formula in subsection (1) above would, apart from this subsection, be a figure having more than 3 decimal places, it shall be rounded to the nearest third decimal place.
4 For the purposes of this section—
a relevant allowable expenditure falling within paragraph (a) of subsection (1) of section 38 shall be assumed to have been incurred at the time when the asset in question was acquired or provided; and
b relevant allowable expenditure falling within paragraph (b) of that subsection shall be assumed to have been incurred at the time when that expenditure became due and payable.

55  Assets owned on 31st March 1982 or acquired on a no gain/no loss disposal.

1 For the purpose of computing the indexation allowance on a disposal of an asset where, on 31st March 1982, the asset was held by the person making the disposal, it shall be assumed that on that date the asset was sold by the person making the disposal and immediately reacquired by him at its market value on that date.
2 Except where an election under section 35(5) has effect, neither subsection (1) above nor section 35(2) shall apply for the purpose of computing the indexation allowance in a case where that allowance would be greater if they did not apply.
3 If under subsection (1) above it is to be assumed that any asset was on 31st March 1982 sold by the person making the disposal and immediately reacquired by him, sections 41 and 47 shall apply in relation to any capital allowance or renewals allowance made in respect of the expenditure actually incurred by him in providing the asset as if it were made in respect of expenditure which, on that assumption, was incurred by him in reacquiring the asset on 31st March 1982.
4 Where, after 31st March 1982, an asset which was held on that date has been merged or divided or has changed its nature or rights in or over the asset have been created, then, subject to subsection (2) above, subsection (1) above shall have effect to determine for the purposes of section 43 the amount of the consideration for the acquisition of the asset which was so held.
5 Subsection (6) below applies to a disposal of an asset which is not a no gain/no loss disposal if—
a the person making the disposal acquired the asset after 31st March 1982; and
b the disposal by which he acquired the asset and any previous disposal of the asset after 31st March 1982 was a no gain/no loss disposal;
and for the purposes of this subsection a no gain/no loss disposal is one on which, by virtue of section 257(2) or 259(2) or any of the no gain/no loss provisions, neither a gain nor a loss accrues (or accrued) to the person making the disposal.
5A For the purposes of subsection (5), a disposal is also a no gain/no loss disposal if it is one on which, by virtue of section 195B, 195C or 195E, neither a gain nor a loss accrues to the person making the disposal; but, in such a case, subsection (6)(b) below does not apply.
6 Where this subsection applies to a disposal of an asset—
a the person making the disposal shall be treated for the purpose of computing the indexation allowance on the disposal as having held the asset on 31st March 1982; F2607...
aa in the case of a disposal to which paragraph 1A of Schedule 3 applies (certain holdings of shares or securities), the market value of the asset on that date is to be determined in accordance with that paragraph; and
b for the purpose of determining any gain or loss on the disposal, the consideration which, apart from this subsection, that person would be treated as having given for the asset shall be taken to be reduced by deducting therefrom any indexation allowance brought into account by virtue of section 56(2) on any disposal falling within subsection (5)(b) above.
7 The rules in subsection (8) below apply (after the application of section 53 but before the application of section 35(3) or (4)) to give the gain or loss for the purposes of this Act where—
a subsection (6) above applies to the disposal (the “disposal in question”) of an asset by any person (the “transferor”), and
b but for paragraph (b) of that subsection, the consideration the transferor would be treated as having given for the asset would include an amount or amounts of indexation allowance brought into account by virtue of section 56(2) on any disposal made before 30th November 1993.
8 The rules are as follows—
a where (apart from this subsection) there would be a loss, an amount equal to the rolled-up indexation shall be added to it so as to increase it,
b where (apart from this subsection) the unindexed gain or loss would be nil, there shall be a loss of an amount equal to the rolled-up indexation, and
c where (apart from this subsection)—
i there would be an unindexed gain, and
ii the gain or loss would be nil but the amount of the indexation allowance used to extinguish the gain would be less than the rolled-up indexation,
the difference shall constitute a loss.
9 In this section the “rolled-up indexation” means, subject to subsections (10) and (11) below, the amount or, as the case may be, the aggregate of the amounts referred to in subsection (7)(b) above; and subsections (10) and (11) below shall, as well as applying on the disposal in question, be treated as having applied on any previous part disposal by the transferor.
10 Where, for the purposes of any disposal of the asset by the transferor, any amount falling within any, or any combination of, paragraphs (a) to (c) of section 38(1) is required by any enactment to be excluded, reduced or written down, the amount or aggregate referred to in subsection (9) above (or so much of it as remains after the application of this subsection and subsection (11) below on a previous part disposal) shall be reduced in proportion to any reduction made in the amount falling within the paragraph, or the combination of paragraphs, in question.
11 Where the transferor makes a part disposal of the asset at any time, then, for the purposes of that and any subsequent disposal, the amount or aggregate referred to in subsection (9) above (or so much of it as remains after the application of this subsection and subsection (10) above on a previous part disposal by him or after the application of subsection (10) above on the part disposal) shall be apportioned between the property disposed of and the property which remains in the same proportions as the sums falling within section 38(1)(a) and (b).

56  Part disposals and disposals on a no-gain/no-loss basis.

1 For the purpose of determining the indexation allowance (if any) on the occasion of a part disposal of an asset, the apportionment under section 42 of the sums which make up the relevant allowable expenditure shall be effected before the application of section 54 and, accordingly, in relation to a part disposal—
a references in section 54 to an item of expenditure shall be construed as references to that part of that item which is so apportioned for the purposes of the computation of the unindexed gain F700... on the part disposal; and
b no indexation allowance shall be determined by reference to the part of each item of relevant allowable expenditure which is apportioned to the property which remains undisposed of.
2 On a no gain/no loss disposal by any person (“the transferor”)—
a the amount of the consideration shall be calculated for the purposes of this Act on the assumption that, on the disposal, an unindexed gain accrues to the transferor which is equal to the indexation allowance on the disposal, and
b the disposal shall accordingly be one on which, after taking account of the indexation allowance, neither a gain nor a loss accrues;
and for the purposes of the application of sections 53 and 54 there shall be disregarded so much of any enactment as provides that, on the subsequent disposal of the asset by the person acquiring the asset on the disposal (“the transferee”), the transferor’s acquisition of the asset is to be treated as the transferee’s acquisition of it.
3 Where apart from this subsection—
a a loss would accrue on the disposal of an asset, and
b the sums allowable as a deduction in computing that loss would include an amount attributable to the application of the assumption in subsection (2) above on any no gain/no loss disposal made on or after 30th November 1993,
those sums shall be determined as if that subsection had not applied on any such disposal made on or after that date and the loss shall be reduced accordingly or, if those sums are then equal to or less than the consideration for the disposal, the disposal shall be one on which neither a gain nor a loss accrues.
4 For the purposes of this section a no gain/no loss disposal is one which, by virtue of any enactment other than section 35(4), 53(1) or this section, is treated as a disposal on which neither a gain nor a loss accrues to the person making the disposal.

57  Receipts etc. which are not treated as disposals but affect relevant allowable expenditure.

1 This section applies where, in determining the relevant allowable expenditure in relation to a disposal of an asset, account is required to be taken, as mentioned in section 53(3), of any provision of any enactment which, by reference to a relevant event, reduces the whole or any part of an item of expenditure as mentioned in that subsection.
2 For the purpose of determining, in a case where this section applies, the indexation allowance (if any) to which the person making the disposal is entitled, no account shall in the first instance be taken of the provision referred to in subsection (1) above in calculating the indexed rise in the item of expenditure to which that provision applies but, from that indexed rise as so calculated, there shall be deducted a sum equal to the indexed rise (determined as for the purposes of the actual disposal) in a notional item of expenditure which—
a is equal to the amount of the reduction effected by the provision concerned; and
b was incurred on the date of the relevant event referred to in subsection (1) above.
3 In this section “relevant event” means any event which does not fall to be treated as a disposal for the purposes of this Act.

F569Chapter 5 Computation of gains and losses: relevant high value disposals

F56957A Gains and losses on relevant high value disposals

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F1699Chapter 6 Computation of gains and losses: non-resident CGT disposals

F169957B Gains and losses on non-resident CGT disposals

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F233Chapter 7 Computation of gains and losses: disposals of residential property interests

F23357C Gains and losses on disposals of residential property interests

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Part III  Individuals, partnerships, trusts and collective investment schemes etc

Chapter I  Miscellaneous provisions

58  Spouses and civil partners.

C4781A If an individual (“A”) disposes of an asset to another individual (“B”) in circumstances where any of subsections (1B) to (1D) applies, A and B are to be treated as if B acquired the asset from A for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to A.
1B This subsection applies where the disposal is made while A and B—
a are married to, or are civil partners of, each other, and
b are living together.
1C This subsection applies where the disposal is made—
a while A and B are married to, or are civil partners of, each other,
b at a time when A and B have ceased to live together, and
c on or before the earlier of—
i the last day of the third tax year after the tax year in which A and B ceased to live together, or
ii the day on which a court grants an order or decree for A and B’s divorce, the annulment of their marriage, the dissolution or annulment of their civil partnership, their judicial separation or, as the case may be, their separation in accordance with a separation order.
1D This subsection applies where—
a A and B have ceased to be, or are in the process of ceasing to be, married to, or civil partners of, each other, and
b the disposal of the asset is in accordance with an agreement or order within subsection (2)(a) or (b) of section 225B (disposals in connection with divorce etc), but as if, in subsection (2)(a), after “partner” there were inserted “, or former spouse or civil partner,”.
2 This section shall not apply—
a if until the disposal the asset formed part of trading stock of a trade carried on by the one making the disposal, or if the asset is acquired as trading stock for the purposes of a trade carried on by the one acquiring the asset, F1670... or
b if the disposal is by way of donatio mortis causa, F294...
F294c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
but this section shall have effect notwithstanding the provisions of section 18 or 161, or of any other provisions of this Act fixing the amount of the consideration deemed to be given on a disposal or acquisition.
F22793 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F22794 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F22795 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

59  Partnerships.

1 Where 2 or more persons carry on a trade or business in partnership—
a tax in respect of chargeable gains accruing to them on the disposal of any partnership assets shall, in Scotland as well as elsewhere in the United Kingdom, be assessed and charged on them separately, and
b any partnership dealings shall be treated as dealings by the partners and not by the firm as such, F2542...
F2542c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Subsection (3) applies if—
a a person resident in the United Kingdom (“the resident partner”) is a member of a partnership which resides outside the United Kingdom or which carries on any trade, profession or business the control and management of which is situated outside the United Kingdom, and
b by virtue of any arrangements that have effect under section 2(1) of TIOPA 2010 (“the arrangements”) any of the chargeable gains of the partnership are relieved from capital gains tax or corporation tax in the United Kingdom.
3 The arrangements (so far as providing for that relief) do not affect any liability to capital gains tax or corporation tax in respect of the resident partner's share of any chargeable gains of the partnership.
4 For the purposes of subsections (2) and (3) the members of a partnership include any person entitled to a share of chargeable gains of the partnership.

59A  Limited liability partnerships.

1 Where a limited liability partnership carries on a trade or business with a view to profit—
a assets held by the limited liability partnership are treated for the purposes of tax in respect of chargeable gains as held by its members as partners, and
b any dealings by the limited liability partnership are treated for those purposes as dealings by its members in partnership (and not by the limited liability partnership as such);
and tax in respect of chargeable gains accruing to the members of the limited liability partnership on the disposal of any of its assets shall be assessed and charged on them separately.
2 For all purposes, except as otherwise provided, in the enactments relating to tax in respect of chargeable gains—
a references to a partnership include a limited liability partnership in relation to which subsection (1) above applies,
b references to members of a partnership include members of such a limited liability partnership,
c references to a company do not include such a limited liability partnership, and
d references to members of a company do not include members of such a limited liability partnership.
3 Subsection (1) above continues to apply in relation to a limited liability partnership which no longer carries on any trade or business with a view to profit—
a if the cessation is only temporary, or
b during a period of winding up following a permanent cessation, provided—
i the winding up is not for reasons connected in whole or in part with the avoidance of tax, and
ii the period of winding up is not unreasonably prolonged,
but subject to subsection (4) below.
4 Subsection (1) above ceases to apply in relation to a limited liability partnership—
a on the appointment of a liquidator or (if earlier) the making of a winding-up order by the court, or
b on the occurrence of any event under the law of a country or territory outside the United Kingdom corresponding to an event specified in paragraph (a) above.
5 Where subsection (1) above ceases to apply in relation to a limited liability partnership with the effect that tax is assessed and charged—
a on the limited liability partnership (as a company) in respect of chargeable gains accruing on the disposal of any of its assets, and
b on the members in respect of chargeable gains accruing on the disposal of any of their capital interests in the limited liability partnership,
it shall be assessed and charged on the limited liability partnership as if subsection (1) above had never applied in relation to it.
6 Neither the commencement of the application of subsection (1) above nor the cessation of its application in relation to a limited liability partnership shall be taken as giving rise to the disposal of any assets by it or any of its members.

59AA Limited liability partnerships: deemed disposal

1 This section applies where—
a a member of a limited liability partnership (the “LLP”) contributed an asset to the LLP in circumstances where section 59A(1) applied in relation to the LLP, and
b the LLP disposes of the asset, or part of the asset, to the member, or a person connected with the member, in circumstances where section 59A(1) has ceased to apply in relation to the LLP.
2 The asset is deemed to have been disposed of and reacquired by the member—
a immediately before it was contributed to the LLP, and
b for a consideration equal to its market value at that time.
3 But—
a any chargeable gain or allowable loss accruing under subsection (2) is to be treated as accruing at the time the asset, or part of the asset, is disposed of by the LLP (as described in subsection (1)(b)), and
b for the purposes of Schedule 2 to the Finance Act 2019 (returns for disposals of UK land), the disposal under subsection (2) is to be treated as completed at that time.
4 Any chargeable gain accruing on the deemed disposal is to be reduced by an amount that is just and reasonable, having regard to any chargeable gain that has otherwise accrued to the member by reference to the asset or part of the asset.

59B Alternative investment fund managers (1)

1 Subsection (2) applies if—
a under section 863I of ITTOIA 2005, a partner (“P”) in a partnership allocates to the partnership an amount of profit (“the allocated profit”) representing variable remuneration which, if it vests in P, will vest in the form of instruments,
b there is a disposal to P of instruments which are partnership assets of the partnership for the purposes of section 59, and
c by virtue of that disposal the variable remuneration vests in P.
2 Both the persons making the disposal and P are to be treated as if the instruments were acquired by P from those persons for a consideration of an amount equal to the allocated profit net of the income tax for which the partnership is liable by virtue of section 863I of ITTOIA 2005 in respect of the allocated profit.
3 Terms used in this section which are also used in section 863I or 863J of ITTOIA 2005 have the same meaning as in that section.

59C Alternative investment managers (2)

1 Subsection (2) applies if—
a under section 863I of ITTOIA 2005, a partner (“P”) in a partnership allocates to the partnership an amount of profit (“the allocated profit”) representing variable remuneration which, if it vests in P, will vest in the form of instruments,
b there is a disposal to P of instruments by a company which is a partner in the partnership,
c by virtue of that disposal the variable remuneration vests in P, and
d the company would, as a partner in the partnership, have been charged to tax on the allocated profit but for adjustments made in the case of the company under section 1264A(2) of CTA 2009 or section 850C(5) of ITTOIA 2005.
2 Both the company and P are to be treated as if the instruments were acquired by P from the company for a consideration of an amount equal to the allocated profit net of the income tax for which the partnership is liable by virtue of section 863I of ITTOIA 2005 in respect of the allocated profit.
3 Terms used in this section which are also used in section 863I or 863J of ITTOIA 2005 have the same meaning as in that section.

C43260  Nominees and bare trustees.

C71 In relation to property held by a person as nominee for another person, or as trustee for another person absolutely entitled as against the trustee, or for any person who would be so entitled but for being an infant or other person under disability (or for 2 or more persons who are or would be jointly so entitled), this Act shall apply as if the property were vested in, and the acts of the nominee or trustee in relation to the property were the acts of, the person or persons for whom he is the nominee or trustee (acquisitions from or disposals to him by that person or persons being disregarded accordingly).
2 It is hereby declared that references in this Act to any property held by a person as trustee for another person absolutely entitled as against the trustee are references to a case where that other person has the exclusive right, subject only to satisfying any outstanding charge, lien or other right of the trustees to resort to the property for payment of duty, taxes, costs or other outgoings, to direct how that property shall be dealt with.

61  Funds in court.

1 For the purposes of section 60, funds in court held by the Accountant General shall be regarded as held by him as nominee for the persons entitled to or interested in the funds, or as the case may be for their trustees.
2 Where funds in court standing to an account are invested or, after investment, are realised, the method by which the Accountant General effects the investment or the realisation of investments shall not affect the question whether there is for the purposes of this Act an acquisition, or as the case may be a disposal, of an asset representing funds in court standing to the account, and in particular there shall for those purposes be an acquisition or disposal of shares in a court investment fund notwithstanding that the investment in such shares of funds in court standing to an account, or the realisation of funds which have been so invested, is effected by setting off, in the Accountant General’s accounts, investment in one account against realisation of investments in another.
3 In this section “funds in court” means—
a money in the Senior Courts, money in the county court, money in the family court and statutory deposits described in section 40 of the M3Administration of Justice Act 1982, and
b money in the Court of Judicature and money in a county court in Northern Ireland,
and investments representing such money; and references in this section to the Accountant General are references to the Accountant General of the Senior Courts and, in relation to money within paragraph (b) above and investments representing such money, include references to the Accountant General of the Court of Judicature or any other person by whom such funds are held.

C318C42162  Death: general provisions.

1 For the purposes of this Act the assets of which a deceased person was competent to dispose—
a shall be deemed to be acquired on his death by the personal representatives or other person on whom they devolve for a consideration equal to their market value at the date of the death, but
b shall not be deemed to be disposed of by him on his death (whether or not they were the subject of a testamentary disposition).
2 Allowable losses sustained by an individual in the year of assessment in which he dies may, so far as they cannot be deducted from chargeable gains accruing in that year, be deducted from chargeable gains accruing to the deceased in the 3 years of assessment preceding the year of assessment in which the death occurs, taking chargeable gains accruing in a later year before those accruing in an earlier year.
2A Amounts deductible from chargeable gains for any year in accordance with subsection (2) above shall not be so deductible from any such gains so far as they are—
F2801a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b relevant non-resident gains (see subsection (11)).
2AA Where relevant non-resident losses (see subsection (11)) are sustained by an individual in the year of assessment in which the individual dies, the losses may, so far as they cannot be deducted from chargeable gains accruing to the individual in that year, be deducted from any gains such as are mentioned in subsection (2A)(b) that accrued to the deceased in the 3 years of assessment preceding the year of assessment in which the death occurs, taking chargeable gains accruing in a later year before those accruing in an earlier year.
F8912B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 In relation to property forming part of the estate of a deceased person the personal representatives shall for the purposes of this Act be treated as being a single and continuing body of persons (distinct from the persons who may from time to time be the personal representatives), and that body shall be treated as UK resident if the deceased was UK resident F2910... at the date of death.
4 On a person acquiring any asset as legatee (as defined in section 64)—
a no chargeable gain shall accrue to the personal representatives, and
b the legatee shall be treated as if the personal representatives’ acquisition of the asset had been his acquisition of it.
4A The Treasury may by regulations make provision having effect in place of subsection (4)(b) above in a case where there has been a time when the personal representatives—
a held the asset acquired by the legatee, and
b would, if they had disposed of the asset at that time—
i by way of a bargain at arm's length, and
ii otherwise than to a legatee,
have been entitled as a result of regulations under section 151 (investments under plans) to relief from capital gains tax in respect of any chargeable gain accruing on the disposal.
4B Provision made by regulations under subsection (4A) above may (in particular) treat a person who acquires an asset as legatee as doing so at a time or for a consideration, or at a time and for a consideration, ascertained as specified by the regulations.
5 Notwithstanding section 17(1) no chargeable gain shall accrue to any person on his making a disposal by way of donatio mortis causa.
6 Subject to subsections (7) and (8) below, where within the period of 2 years after a person’s death any of the dispositions (whether effected by will, under the law relating to intestacy or otherwise) of the property of which he was competent to dispose are varied, or the benefit conferred by any of those dispositions is disclaimed, by an instrument in writing made by the persons or any of the persons who benefit or would benefit under the dispositions—
a the variation or disclaimer shall not constitute a disposal for the purposes of this Act, and
b this section shall apply as if the variation had been effected by the deceased or, as the case may be, the disclaimed benefit had never been conferred.
7 Subsection (6) above does not apply to a variation unless the instrument contains a statement by the persons making the instrument to the effect that they intend the subsection to apply to the variation.
8 Subsection (6) above does not apply to a variation or disclaimer made for any consideration in money or money’s worth other than consideration consisting of the making of a variation or disclaimer in respect of another of the dispositions.
9 Subsection (6) above applies whether or not the administration of the estate is complete or the property has been distributed in accordance with the original dispositions.
10 In this section references to assets of which a deceased person was competent to dispose are references to assets of the deceased which (otherwise than in right of a power of appointment or of the testamentary power conferred by statute to dispose of entailed interests) he could, if of full age and capacity, have disposed of by his will, assuming that all the assets were situated in England and, if he was not domiciled in the United Kingdom, that he was domiciled in England, and include references to his severable share in any assets to which, immediately before his death, he was beneficially entitled as a joint tenant.
11 In this section—
  • “relevant non-resident gain” means—
    1. a gain that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or
    2. a gain that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c), and
  • “relevant non-resident loss” means an allowable loss accruing on a disposal which, had a gain accrued instead, would have been a relevant non-resident gain.

63  Death: application of law in Scotland.

1 The provisions of this Act, so far as relating to the consequences of the death of F195... a proper liferenter of any property, shall have effect subject to the provisions of this section.
2 F835... on the death of any such F2516... liferenter F206... the person (if any) who, on the death of the liferenter, becomes entitled to possession of the property as fiar shall be deemed to have acquired all the assets forming part of the property at the date of the deceased’s death for a consideration equal to their market value at that date.

63A Death: application of law in Northern Ireland

1 The provisions of this Act, so far as relating to the consequences of the death of a person to whom property in Northern Ireland stands limited for life (“the deceased”), shall have effect subject to the provisions of this section.
2 A person who acquires property in fee simple absolute or fee tail in possession as a consequence of the deceased's death shall be deemed to have acquired all the assets forming part of the property at the date of the deceased's death for a consideration equal to their market value at that date.

64  Expenses in administration of estates and trusts.

1 In the case of a gain accruing to a person on the disposal of, or of a right or interest in or over, an asset held by another person as trustee, or as a personal representative of a deceased person, to which he became absolutely entitled as legatee or as against the trustee—
a any expenditure within section 38(2) incurred by him in relation to the transfer of the asset to him by the personal representative or trustee, and
b any such expenditure incurred in relation to the transfer of the asset by the personal representative or trustee,
shall be allowable as a deduction in the computation of the gain accruing to that person on the disposal.
2 In this Act, unless the context otherwise requires, “legatee” includes any person taking under a testamentary disposition or on an intestacy or partial intestacy, whether he takes beneficially or as trustee, and a person taking under a donatio mortis causa shall be treated (except for the purposes of section 62) as a legatee and his acquisition as made at the time of the donor’s death.
3 For the purposes of the definition of “legatee” above, and of any reference in this Act to a person acquiring an asset “as legatee”, property taken under a testamentary disposition or on an intestacy or partial intestacy includes any asset appropriated by the personal representatives in or towards satisfaction of a pecuniary legacy or any other interest or share in the property devolving under the disposition or intestacy.

65  Liability for tax of trustees or personal representatives.

1 Subject to subsection (3) below, capital gains tax chargeable in respect of chargeable gains accruing to the trustees of a settlement or capital gains tax due from the personal representatives of a deceased person may be assessed and charged on and in the name of any one or more of the relevant trustees or the relevant personal representatives.
2 Subject to section 60 and any other express provision to the contrary, chargeable gains accruing to the trustees of a settlement or to the personal representatives of a deceased person, and capital gains tax chargeable on or in the name of such trustees or personal representatives, shall not be regarded for the purposes of this Act as accruing to, or chargeable on, any other person, nor shall any trustee or personal representative be regarded for the purposes of this Act as an individual.
3 Where section 80 applies as regards the trustees of a settlement (“the migrating trustees”), nothing in subsection (1) above shall enable any person—
a who ceased to be a trustee of the settlement before the end of the relevant period, and
b who shows that, when he ceased to be a trustee of the settlement, there was no proposal that the trustees might cease to be resident in the United Kingdom,
to be assessed and charged to any capital gains tax which is payable by the migrating trustees by virtue of section 80(2).
4 In this section—
  • “the relevant period” has the same meaning as in section 82;
  • “the relevant trustees”, in relation to any chargeable gains, means the trustees in the year of assessment in which the chargeable gains accrue and any subsequent trustees of the settlement, and “the relevant personal representatives” has a corresponding meaning.

66  Insolvents’ assets.

1 In relation to assets held by a person as trustee or assignee in bankruptcy or under a deed of arrangement this Act shall apply as if the assets were vested in, and the acts of the trustee or assignee in relation to the assets were the acts of, the bankrupt or debtor (acquisitions from or disposals to him by the bankrupt or debtor being disregarded accordingly), and tax in respect of any chargeable gains which accrue to any such trustee or assignee shall be assessable on and recoverable from him.
2 Assets held by a trustee or assignee in bankruptcy or under a deed of arrangement at the death of the bankrupt or debtor shall for the purposes of this Act be regarded as held by a personal representative of the deceased and—
a subsection (1) above shall not apply after the death, and
b section 62(1) shall apply as if any assets held by a trustee or assignee in bankruptcy or under a deed of arrangement at the death of the bankrupt or debtor were assets of which the deceased was competent to dispose and which then devolved on the trustee or assignee as if he were a personal representative.
3 Assets vesting in a trustee in bankruptcy after the death of the bankrupt or debtor shall for the purposes of this Act be regarded as held by a personal representative of the deceased, and subsection (1) above shall not apply.
4 The definition of “settled property” in section 68 shall not include any property as being property held by a trustee or assignee in bankruptcy or under a deed of arrangement.
5 In this section—
  • “deed of arrangement” means a deed of arrangement to which an enactment forming part of the law of Scotland or Northern Ireland which corresponds to the Deeds of Arrangement Act 1914 applies, and
  • “trustee in bankruptcy” includes a trustee in a sequestration under the Bankruptcy (Scotland) Act 2016.

67  Provisions applicable where section 79 of the Finance Act 1980 has applied.

1 In this section “a claim” means a claim under section 79 of the Finance Act 1980 (“section 79”) and “relief” means relief under that section (which provided general relief for gifts).
2 Where a disposal in respect of which a claim is or has been made is or proves to be a chargeable transfer for inheritance tax purposes, there shall be allowed as a deduction in computing (for capital gains tax purposes) the chargeable gain accruing to the transferee on the disposal of the asset in question an amount equal to whichever is the lesser of—
a the inheritance tax attributable to the value of the asset; and
b the amount of the chargeable gain as computed apart from this subsection;
and in the case of a disposal which, being a potentially exempt transfer, proves to be a chargeable transfer, all necessary adjustments shall be made, whether by the discharge or repayment of capital gains tax or otherwise.
3 Where an amount of inheritance tax—
a falls to be redetermined in consequence of the transferor’s death within 7 years of making the chargeable transfer in question; or
b is otherwise varied,
after it has been taken into account under subsection (2) above (or under section 79(5)), all necessary adjustments shall be made, whether by the making of an assessment to capital gains tax or by the discharge or repayment of such tax.
4 Where—
a a claim for relief has been made in respect of the disposal of an asset to a trustee, and
b the trustee is deemed to have disposed of the asset, or part of it, by virtue of section 71(1) or 72(1)(a),
sections 72(1)(b) and 73(1)(a) shall not apply to the disposal of the asset, or part by the trustee, but any chargeable gain accruing to the trustee on the disposal shall be restricted to the amount of the held-over gain (or a corresponding part of it) on the disposal of the asset to him.
5 Subsection (4) above shall not have effect in a case within section 73(2) but in such a case the reduction provided for by section 73(2) shall be diminished by an amount equal to the proportion there mentioned of the held-over gain.
6 Section 168 shall apply where relief has been given—
a with the substitution for subsection (1) of the following—
; and
b with the substitution in subsections (2), (6) and (10) for the references to section 165(4)(b) of references to section 79(1)(b).
7 In this section “held-over gain”, in relation to a disposal, means the chargeable gain which would have accrued on that disposal apart from section 79, reduced where applicable in accordance with subsection (3) of that section, and references to inheritance tax include references to capital transfer tax.

Chapter II  Settlements

General provisions

68  Meaning of “settled property".

In this Act, unless the context otherwise requires, “settled property” means any property held in trust other than property to which section 60 applies (and references, however expressed, to property comprised in a settlement are references to settled property).

68A Meaning of “settlor”

1 In this Act, unless the context otherwise requires—
a “settlor” in relation to a settlement means the person, or any of the persons, who has made, or is treated for the purposes of this Act as having made, the settlement, and
b a person is a settlor of property which—
i is settled property by reason of his having made the settlement (or by reason of an event which causes him to be treated under this Act as having made the settlement), or
ii derives from property to which sub-paragraph (i) applies.
2 A person is treated for the purposes of this Act as having made a settlement if—
a he has made or entered into the settlement, directly or indirectly, or
b the settled property, or property from which the settled property is derived, is or includes property of which he was competent to dispose immediately before his death, and the settlement arose on his death, whether by will, on his intestacy, or otherwise.
3 A person is, in particular, treated for the purposes of this Act as having made a settlement if—
a he has provided property directly or indirectly for the purposes of the settlement, or
b he has undertaken to provide property directly or indirectly for the purposes of the settlement.
4 Where one person (A) makes or enters into a settlement in accordance with reciprocal arrangements with another person (B), for the purposes of this Act—
a B shall be treated as having made the settlement, and
b A shall not be treated as having made the settlement by reason only of the reciprocal arrangements.
5 In subsection (2)(b) “property of which he was competent to dispose immediately before his death” shall be construed in accordance with section 62(10) (reading each reference to “assets” as a reference to “property”).
6 A person who has been a settlor in relation to a settlement shall be treated for the purposes of this Act as having ceased to be a settlor in relation to the settlement if—
a no property of which he is a settlor is comprised in the settlement,
b he has not undertaken to provide property directly or indirectly for the purposes of the settlement in the future, and
c he has not made reciprocal arrangements with another person for that other person to enter into the settlement in the future.
7 For the purpose of this section and sections 68B and 68C property is derived from other property—
a if it derives (directly or indirectly and wholly or partly) from that property or any part of it, and
b in particular, if it derives (directly or indirectly and wholly or partly) from income from that property or any part of it.
8 In this section “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.

68B Transfer between settlements: identification of settlor

1 This section applies in relation to a transfer of property from the trustees of one settlement (“Settlement 1”) to the trustees of another (“Settlement 2”) otherwise than—
a for full consideration, or
b by way of a bargain made at arm's length.
2 In this section “transfer of property” means—
a a disposal of property by the trustees of Settlement 1, and
b the acquisition by the trustees of Settlement 2 of—
i property disposed of by the trustees of Settlement 1, or
ii property created by the disposal;
and a reference to transferred property is a reference to property acquired by the trustees of Settlement 2 on the disposal.
3 For the purposes of this Act, except where the context otherwise requires—
a the settlor (or each settlor) of the property disposed of by the trustees of Settlement 1 shall be treated from the time of the disposal as having made Settlement 2, and
b if there is more than one settlor of the property disposed of by the trustees of Settlement 1, each settlor shall be treated in relation to Settlement 2 as the settlor of a proportionate part of the transferred property.
4 For the purposes of this Act, except where the context otherwise requires, if and to the extent that the property disposed of by the trustees of Settlement 1 was provided for the purposes of Settlement 1, or is derived from property provided for the purposes of Settlement 1, the transferred property shall be treated from the time of the disposal as having been provided for the purposes of Settlement 2.
5 If transferred property is treated by virtue of subsection (4) as having been provided for the purposes of Settlement 2 —
a the person who provided the property disposed of by the trustees of Settlement 1, or property from which it was derived, for the purposes of Settlement 1 shall be treated as having provided the transferred property, and
b if more than one person provided the property disposed of by the trustees of Settlement 1, or property from which it was derived, for the purposes of Settlement 1, each of them shall be treated as having provided a proportionate part of the transferred property.
6 But subsections (3) and (4) do not apply in relation to a transfer of property—
a which occurs by reason only of the assignment or assignation by a beneficiary under Settlement 1 of an interest in that settlement to the trustees of Settlement 2,
b which occurs by reason only of the exercise of a general power of appointment, or
c to which section 68C(6) applies.
7 In determining whether this section applies in relation to a transfer of property between settlements, section 18(2) shall be disregarded.

68C Variation of will or intestacy, etc: identification of settlor

1 This section applies where—
a a disposition of property following a person's death is varied, and
b section 62(6) applies in respect of the variation.
2 Where property becomes settled property in consequence of the variation (and would not, but for the variation, have become settled property), a person mentioned in subsection (3) shall be treated for the purposes of this Act, except where the context otherwise requires—
a as having made the settlement, and
b as having provided the property for the purposes of the settlement.
3 Those persons are—
a a person who immediately before the variation was entitled to the property, or to property from which it derives, absolutely as legatee,
b a person who would have become entitled to the property, or to property from which it derives, absolutely as legatee but for the variation,
c a person who immediately before the variation would have been entitled to the property, or to property from which it derives, absolutely as legatee but for being an infant or other person under a disability, and
d a person who would, but for the variation, have become entitled to the property, or to property from which it derives, absolutely as legatee if he had not been an infant or other person under a disability.
4 In subsection (3) references to a person being entitled to property absolutely as legatee shall be construed in accordance with section 64(3) (reading the references to “an asset” and “any asset” as references to “property”).
5 Where—
a property would have become comprised in a settlement—
i which arose on the deceased person's death (whether in accordance with his will, on his intestacy or otherwise), or
ii which was already in existence on the deceased person's death (whether or not the deceased person was a settlor in relation to that settlement), but
b in consequence of the variation the property, or property derived from it, becomes comprised in another settlement,
the deceased person shall be treated for the purposes of this Act, except where the context otherwise requires, as having made the other settlement.
6 Where—
a immediately before the variation property is comprised in a settlement and is property of which the deceased person is a settlor, and
b immediately after the variation the property, or property derived from it, becomes comprised in another settlement,
the deceased person shall be treated for the purposes of this Act, except where the context otherwise requires, as having made the other settlement.
7 If a person is treated as having made a settlement under subsection (5) or (6), for the purposes of this Act he shall be treated as having made the settlement immediately before his death.
8 But subsection (7) does not apply in relation to a settlement which arose on the person's death.

69  Trustees of settlements.

1 For the purposes of this Act the trustees of a settlement shall, unless the context otherwise requires, together be treated as if they were a single person (distinct from the persons who are trustees of the settlement from time to time).
2 The deemed person referred to in subsection (1) shall be treated for the purposes of this Act as resident F1755... in the United Kingdom at any time when a condition in subsection (2A) or (2B) is satisfied.
2A Condition 1 is that all the trustees are resident in the United Kingdom.
2B Condition 2 is that—
a at least one trustee is resident in the United Kingdom,
b at least one is not resident in the United Kingdom, and
c a settlor in relation to the settlement was resident F71... F2803... in the United Kingdom at a time which is a relevant time in relation to him.
2C In subsection (2B)(c) “relevant time” in relation to a settlor—
a means, where the settlement arose on the settlor's death (whether by will, intestacy or otherwise), the time immediately before his death, and
b in any other case, means a time when the settlor made the settlement (or was treated for the purposes of this Act as making the settlement);
and, in the case of a transfer of property from Settlement 1 to Settlement 2 in relation to which section 68B applies, “relevant time” in relation to a settlor of the transferred property in respect of Settlement 2 includes any time which, immediately before the time of the disposal by the trustees of Settlement 1, was a relevant time in relation to that settlor in respect of Settlement 1.
2CA In relation to a settlement—
a that arose before 6 April 2025 on the settlor’s death, or
b that the settlor made (or was treated for the purposes of this Act as making) before 6 April 2025,
subsection (2B)(c) has effect as if after “resident” there were inserted “or domiciled”.
2D A trustee who is not resident in the United Kingdom shall be treated for the purposes of subsections (2A) and (2B) as if he were resident in the United Kingdom at any time when he acts as trustee in the course of a business which he carries on in the United Kingdom through a branch, agency or permanent establishment there.
2DA A trustee who is resident in the United Kingdom for a tax year is to be treated for the purposes of subsections (2A) and (2B) as if he or she were not resident in the United Kingdom for that year if—
a the trustee is an individual,
b the individual becomes or ceases to be a trustee of the settlement during the tax year,
c that year is a split year as respects the individual, and
d in that year, the only period when the individual is a trustee of the settlement falls wholly within the overseas part of the year.
2DB Subsection (2DA) is subject to subsection (2D) and, accordingly, an individual who is treated under subsection (2DA) as not resident is, in spite of that, to be regarded as resident whenever the individual acts as mentioned in subsection (2D).
2E If the deemed person referred to in subsection (1) is not treated for the purposes of this Act as resident in the United Kingdom, then for the purposes of this Act it is treated as being not resident in the United Kingdom.
2F Section 835BA of ITA 2007 (deemed domicile) applies for the purposes of subsection (2CA).
3 For the purposes of this section, and of sections 71(1) and 72(1), where part of the property comprised in a settlement is vested in one trustee or set of trustees and part in another (and in particular where settled land within the meaning of the M4Settled Land Act 1925 is vested in the tenant for life and investments representing capital money are vested in the trustees of the settlement), they shall be treated as together constituting and, in so far as they act separately, as acting on behalf of a single body of trustees.
4 If tax assessed on the trustees, or any one trustee, of a settlement in respect of a chargeable gain accruing to the trustees is not paid within 6 months from the date when it becomes payable by the trustees or trustee, and before or after the expiration of that period of 6 months the asset in respect of which the chargeable gain accrued, or any part of the proceeds of sale of that asset, is transferred by the trustees to a person who as against the trustees is absolutely entitled to it, that person may at any time within 2 years from the time when the tax became payable be assessed and charged (in the name of the trustees) to an amount of capital gains tax not exceeding tax chargeable on an amount equal to the amount of the chargeable gain and, where part only of the asset or of the proceeds was transferred, not exceeding a proportionate part of that amount.

69A Sub-fund settlements

Schedule 4ZA (which makes provision about sub-fund settlements) shall have effect.

70  Transfers into settlement.

A transfer into settlement, whether revocable or irrevocable, is a disposal of the entire property thereby becoming settled property notwithstanding that the transferor has some interest as a beneficiary under the settlement and notwithstanding that he is a trustee, or the sole trustee, of the settlement.

C871  Person becoming absolutely entitled to settled property.

1 On the occasion when a person becomes absolutely entitled to any settled property as against the trustee all the assets forming part of the settled property to which he becomes so entitled shall be deemed to have been disposed of by the trustee, and immediately reacquired by him in his capacity as a trustee within section 60(1), for a consideration equal to their market value.
2 Where, in any case in which a person (“the beneficiary”) becomes absolutely entitled to any settled property as against the trustee, an allowable loss would (apart from this subsection) have accrued to the trustee on the deemed disposal under subsection (1) above of an asset comprised in that property—
a that loss shall be treated, to the extent only that it cannot be deducted from pre-entitlement gains of the trustee, as an allowable loss accruing to the beneficiary (instead of to the trustee); but
b any allowable loss treated as accruing to the beneficiary under this subsection shall be deductible under this Act from chargeable gains accruing to the beneficiary to the extent only that it can be deducted from gains accruing to the beneficiary on the disposal by him of—
i the asset on the deemed disposal of which the loss accrued; or
ii where that asset is an estate, interest or right in or over land, that asset or any asset deriving from that asset.
2A In subsection (2) above “pre-entitlement gain”, in relation to an allowable loss accruing to a trustee on the deemed disposal of any asset comprised in any settled property, means a chargeable gain accruing to that trustee on—
a a disposal which, on the occasion on which the beneficiary becomes absolutely entitled as against the trustee to that property, is deemed under subsection (1) above to have taken place; or
b any other disposal taking place before that occasion but in the same year of assessment.
2B For the purposes of subsection (2)(b)(ii) above an asset (“the relevant asset”) derives from another if, in a case where—
a assets have merged,
b an asset has divided or otherwise changed its nature, or
c different rights or interests in or over any asset have been created or extinguished at different times,
the value of the relevant asset is wholly or partly derived (through one or more successive events falling within paragraphs (a) to (c) above but not otherwise) from the other asset.
2C The rules set out in subsection (2D) below shall apply (notwithstanding any other rules contained in this Act or in section 113(2) of the Finance Act 1995 (order of deduction))—
a for determining for the purposes of this section whether an allowable loss accruing to the trustee, or treated as accruing to the beneficiary, can be deducted from particular chargeable gains for any year of assessment; and
b for the making of deductions of allowable losses from chargeable gains in cases where it has been determined that such an allowable loss can be deducted from particular chargeable gains.
2D Those rules are as follows—
a allowable losses accruing to the trustee on a deemed disposal under subsection (1) above shall be deducted before any deduction is made in respect of any other allowable losses accruing to the trustee in that year;
b allowable losses treated as accruing to the beneficiary under this section, so far as they cannot be deducted in a year of assessment as mentioned in subsection (2)(b) above, may be carried forward from year to year until they can be so deducted; and
c allowable losses treated as accruing to the beneficiary for any year of assessment under this section, and allowable losses carried forward to any year of assessment under paragraph (b) above—
i shall be deducted before any deduction is made in respect of any allowable losses accruing to the beneficiary in that year otherwise than by virtue of this section; and
ii in the case of losses carried forward to any year, shall be deductible as if they were losses actually accruing in that year.
3 References in this section to the case where a person becomes absolutely entitled to settled property as against the trustee shall be taken to include references to the case where a person would become so entitled but for being an infant or other person under disability.

72  Termination of life interest on death of person entitled.

1 On the termination, on the death of the person entitled to it, of an interest in possession in all or any part of settled property—
a the whole or a corresponding part of each of the assets forming part of the settled property and not ceasing at that time to be settled property shall be deemed for the purposes of this Act at that time to be disposed of and immediately reacquired by the trustee for a consideration equal to the whole or a corresponding part of the market value of the asset; but
b no chargeable gain shall accrue on that disposal.
For the purposes of this subsection an interest which is a right to part of the income of settled property shall be treated as an interest in a corresponding part of the settled property.
1A Where the interest in possession mentioned in subsection (1) above is one to which the person becomes entitled on or after 22nd March 2006, the first sentence of that subsection applies in relation to that interest only if—
a immediately before the person's death, the interest falls within subsection (1B) below, or
b the person dies under the age of 18 years and, immediately before the person's death, section 71D of the Inheritance Tax Act 1984 (age 18-to-25 trusts) applies to the property in which the interest subsists.
1B An interest falls within this subsection if—
a the interest is—
i an immediate post-death interest, within the meaning given by section 49A of the Inheritance Tax Act 1984,
ii a transitional serial interest, within the meaning given by section 49B of that Act, or
iii a disabled person's interest, within the meaning given by section 89B of that Act, or
b section 71A of that Act (trusts for bereaved minors) applies to the property in which the interest subsists.
1C Subsection (1A) above does not have effect in relation to the operation of subsection (1) above as applied by subsection (2) below (but see subsection (2A) below).
2 Subsection (1) above shall apply where the person entitled to an interest in possession in all or any part of settled property dies (although the interest does not then terminate) as it applies on the termination of such an interest.
2A Where the interest in possession mentioned in subsection (2) above is one to which the person becomes entitled on or after 22nd March 2006—
a subsection (2) above, and
b the first sentence of subsection (1) above as applied by subsection (2) above,
apply in relation to that interest only if, immediately before the person's death, the interest falls within subsection (1B)(a) above.
3 This section shall apply on the death of the person entitled to any annuity payable out of, or charged on, settled property or the income of settled property as it applies on the death of a person whose interest in possession in the whole or any part of settled property terminates on his death.
4 Where, in the case of any entitlement to an annuity created by a settlement some of the settled property is appropriated by the trustees as a fund out of which the annuity is payable, and there is no right of recourse to, or to the income of, settled property not so appropriated, then without prejudice to subsection (5) below, the settled property so appropriated shall, while the annuity is payable, and on the occasion of the death of the person entitled to the annuity, be treated for the purposes of this section as being settled property under a separate settlement.
5 If there is an interest in a part of the settled property and, where that is an interest in income, there is no right of recourse to, or to the income of, the remainder of the settled property, the part of the settled property in which the F1873... interest subsists shall while it subsists be treated for the purposes of this section as being settled property under a separate settlement.
6 An interest which is a disabled person's interest by virtue of section 89B(1)(a) or (b) of the Inheritance Tax Act 1984 is to be treated as an interest in possession for the purposes of this section.

73  Death of life tenant: exclusion of chargeable gain.

1 Where, by virtue of section 71(1), the assets forming part of any settled property are deemed to be disposed of and reacquired by the trustee on the occasion when a person becomes (or would but for a disability become) absolutely entitled thereto as against the trustee, then, if that occasion is the death of a person entitled to an interest in possession in the settled property—
a no chargeable gain shall accrue on the disposal, and
b if on the death the property reverts to the disponer, the disposal and reacquisition under that subsection shall be deemed to be for such consideration as to secure that neither a gain nor a loss accrues to the trustee, and shall, if the trustee had first acquired the property at a date earlier than 31 March 1982, be deemed to be at that earlier date.
1A Subsection (1)(b) above shall be treated as having effect in relation to a sub-fund settlement if the property does not revert to the trustees of the principal settlement in relation to that sub-fund settlement by reason only that—
a a sub-fund election is or has been made in respect of another sub-fund of the principal settlement, and
b the property becomes comprised in that other sub-fund settlement on the death of the person entitled to the interest in possession.
2 Where the F2534... interest referred to in subsection (1) above is an interest in part only of the settled property to which section 71 applies, subsection (1)(a) above shall not apply but any chargeable gain accruing on the disposal shall be reduced by a proportion corresponding to that represented by the part.
2A Where the interest in possession referred to in subsection (1) above is one to which the person becomes entitled on or after 22nd March 2006, subsections (1) and (2) above apply in relation to that interest only if—
a immediately before the person's death, the interest falls within section 72(1B), or
b the person dies under the age of 18 years and, immediately before the person's death, section 71D of the Inheritance Tax Act 1984 (age 18-to-25 trusts) applies to the property in which the interest subsists.
3 The last sentence of subsection (1) of section 72 and subsections (3) to (6) of that section shall apply for the purposes of this section as they apply for the purposes of section 72(1).

74  Effect on sections 72 and 73 of relief under section 165 or 260.

1 This section applies where—
a a claim for relief was made under section 165 or 260 in respect of the disposal of an asset to a trustee, and
b the trustee is deemed to have disposed of the asset, or part of it, by virtue of section 71(1) or 72(1)(a).
2 Sections 72(1)(b) and 73(1)(a) shall not apply to the disposal of the asset or part by the trustee, but any chargeable gain accruing to the trustee on the disposal shall be restricted to the amount of the held-over gain (or a corresponding part of it) on the disposal of the asset to him.
3 Subsection (2) above shall not have effect in a case within section 73(2) but in such a case the reduction provided for by section 73(2) shall be diminished by an amount equal to the proportion there mentioned of the held-over gain.
4 In this section “held-over gain” has the same meaning as in section 165 or, as the case may be, 260.

75  Death of annuitant.

F130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

76  Disposal of interests in settled property.

C91 Subject to subsection (1A) below No chargeable gain shall accrue on the disposal of an interest created by or arising under a settlement (including, in particular, an annuity or life interest, and the reversion to an annuity or life interest) by the person for whose benefit the interest was created by the terms of the settlement or by any other person except one who acquired, or derives his title from one who acquired, the interest for a consideration in money or money’s worth, other than consideration consisting of another interest under the settlement.
1A Subject to subsection (3) below, subsection (1) above does not apply if—
a the settlement falls within subsection (1B) below; or
b the property comprised in the settlement is or includes property deriving directly or indirectly from a settlement falling within that subsection.
1B A settlement falls within this subsection if there has been a time when the trustees of that settlement—
a were not resident in the United Kingdom; or
b fell to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
2 Subject to subsection (1) above, where a person who has acquired an interest in settled property (including in particular the reversion to an annuity or life interest) becomes, as the holder of that interest, absolutely entitled as against the trustee to any settled property, he shall be treated as disposing of the interest in consideration of obtaining that settled property (but without prejudice to any gain accruing to the trustee on the disposal of that property deemed to be effected by him under section 71(1)).
3 Subsection (1A) above shall not prevent subsection (1) above from applying where the disposal in question is a disposal in consideration of obtaining settled property that is treated as made under subsection (2) above.

76A  Disposal of interest in settled property: deemed disposal of underlying assets.

Schedule 4A to this Act has effect with respect to disposals for consideration of an interest in settled property.

76B  Transfers of value by trustees linked with trustee borrowing.

Schedule 4B to this Act has effect with respect to transfers of value by trustees that are, in accordance with the Schedule, treated as linked with trustee borrowing.

F157477  Charge on settlor with interest in settlement.

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F157478  Right of recovery.

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F157479  Provisions supplemental to sections 77 and 78.

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79A  Restriction on set-off of trust losses.

1 This section applies to a chargeable gain accruing to the trustees of a settlement where—
a in computing the gain, the allowable expenditure is reduced in consequence, directly or indirectly, of a claim to gifts relief in relation to an earlier disposal to the trustees;
b the transferor on that earlier disposal, or any person connected with the transferor, has at any time—
i acquired an interest in the settled property, or
ii entered into an arrangement to acquire such an interest; and
c in connection with that acquisition or arrangement any person has at any time received, or become entitled to receive, any consideration.
2 Where this section applies to a chargeable gain, no allowable losses accruing to the trustees (in the year in which the gain accrues or any earlier year) may be set against the gain.This applies to the whole of the chargeable gain (and not just the element deferred as a result of the claim to gifts relief).
3 In this section—
a “gifts relief” means relief under section 165 or 260; and
b references to losses not being allowed to be set against a chargeable gain are to the losses not being allowed as a deduction against chargeable gains to the extent that they include that gain.
4 The references in subsection (1)(b) above to an interest in settled property have the same meaning as in Schedule 4A.

79B  Attribution to trustees of gains of non-resident companies.

1 This section applies where the trustees of a settlement are participators—
a in a close company, or
b in a company that is not resident in the United Kingdom but would be a close company if it were resident in the United Kingdom.
For this purpose “participator” has the same meaning as in section 3 (see section 3B).
2 Where this section applies, nothing in any double taxation relief arrangements shall be read as preventing a charge to tax arising by virtue of the attribution to the trustees under section 3, by reason of their participation in the company mentioned in subsection (1) above, of any part of a chargeable gain accruing to a company that is not resident in the United Kingdom.
3 Where this section applies and—
a a chargeable gain accrues to a company that is not resident in the United Kingdom but would be a close company if it were resident in the United Kingdom, and
b all or part of the chargeable gain is treated under section 3 as accruing to a close company which is not chargeable to corporation tax in respect of the gain by reason of double taxation relief arrangements, and
c had the company mentioned in paragraph (b) (and any other relevant company) not been resident in the United Kingdom, all or part of the chargeable gain would have been attributed to the trustees by reason of their participation in the company mentioned in subsection (1) above,
section 3(7) shall apply as if the company mentioned in paragraph (b) above (and any other relevant company) were not resident in the United Kingdom.
4 The references in subsection (3) above to “any other relevant company" are to any other company which if it were not resident in the United Kingdom would be a company in relation to which section 3(7) applied with the result that all or part of the chargeable gain was attributed to the trustees as mentioned in that subsection.

Migration of settlements, non-resident settlements and dual resident settlements

80  Trustees ceasing to be resident in U.K.

1 This section applies if the trustees of a settlement become at any time (“the relevant time”) not resident in the United Kingdom.
2 The trustees shall be deemed for all purposes of this Act—
a to have disposed of the defined assets immediately before the relevant time, and
b immediately to have reacquired them,
at their market value at that time.
3 Subject to subsections (4) and (5) below, the defined assets are all assets constituting settled property of the settlement immediately before the relevant time.
4 If immediately after the relevant time—
C230a the trustees carry on a trade in the United Kingdom through a branch or agency, and
C230b any assets are situated in the United Kingdom and either used in or for the purposes of the trade or used or held for the purposes of the branch or agency,
the assets falling within paragraph (b) above shall not be defined assets.
5 Assets shall not be defined assets if—
a they are of a description specified in any double taxation relief arrangements, and
b were the trustees to dispose of them immediately before the relevant time, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
6 Section 152 shall not apply where the trustees—
a have disposed of the old assets, or their interest in them, before the relevant time, and
b acquire the new assets, or their interest in them, after that time,
unless the new assets are excepted from this subsection by subsection (7) below.
7 If at the time when the new assets are acquired—
a the trustees carry on a trade in the United Kingdom through a branch or agency, and
C138b any new assets are situated in the United Kingdom and either used in or for the purposes of the trade or used or held for the purposes of the branch or agency,
the assets falling within paragraph (b) above shall be excepted from subsection (6) above.
8 In this section “the old assets” and “the new assets” have the same meanings as in section 152.

80A Postponing gain or loss under section 80(2): interests in UK land

1 This section applies if—
a an interest in UK land is deemed to have been disposed of under section 80(2) by trustees of a settlement at any time, and
b the trustees make an election under this subsection.
2 The gain or loss that, but for this subsection, would have accrued to the trustees at that time is not to accrue at that time.
3 But, on a subsequent disposal by the trustees of the whole or part of the interest in UK land, the whole or a corresponding part of the gain or loss is treated as accruing on the subsequent disposal.
4 This gain or loss is in addition to any gain or loss that actually accrues on the subsequent disposal.
5 In this section “interest in UK land” has the meaning given by section 1C.

81  Death of trustee: special rules.

1 Subsection (2) below applies where—
a section 80 applies as a result of the death of a trustee of the settlement, and
b within the period of 6 months beginning with the death, the trustees of the settlement become resident F504... in the United Kingdom.
2 That section shall apply as if the defined assets were restricted to such assets (if any) as—
a would be defined assets apart from this section, and
b fall within subsection (3) or (4) below.
3 Assets fall within this subsection if they were disposed of by the trustees in the period which—
a begins with the death, and
b ends when the trustees become resident F1444... in the United Kingdom.
4 Assets fall within this subsection if—
a they are of a description specified in any double taxation relief arrangements,
b they constitute settled property of the settlement at the time immediately after the trustees become resident F758... in the United Kingdom, and
c were the trustees to dispose of them at that time, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
5 Subsection (6) below applies where—
a at any time the trustees of a settlement become resident F2463... in the United Kingdom as a result of the death of a trustee of the settlement, and
b section 80 applies as regards the trustees of the settlement in circumstances where the relevant time (within the meaning of that section) falls within the period of 6 months beginning with the death.
6 That section shall apply as if the defined assets were restricted to such assets (if any) as—
a would be defined assets apart from this section, and
b fall within subsection (7) below.
7 Assets fall within this subsection if—
a the trustees acquired them in the period beginning with the death and ending with the relevant time, and
b they acquired them as a result of a disposal in respect of which relief is given under section 165 or in relation to which section 260(3) applies.

82  Past trustees: liability for tax.

1 This section applies where—
a section 80 applies as regards the trustees of a settlement (“the migrating trustees”), and
b any capital gains tax which is payable by the migrating trustees by virtue of section 80(2) is not paid within 6 months from the time when it became payable.
2 The Board may, at any time before the end of the period of 3 years beginning with the time when the amount of the tax is finally determined, serve on any person to whom subsection (3) below applies a notice—
a stating particulars of the tax payable, the amount remaining unpaid and the date when it became payable;
b stating particulars of any interest payable on the tax, any amount remaining unpaid and the date when it became payable;
c requiring that person to pay the amount of the unpaid tax, or the aggregate amount of the unpaid tax and the unpaid interest, within 30 days of the service of the notice.
3 This subsection applies to any person who, at any time within the relevant period, was a trustee of the settlement, except that it does not apply to any such person if—
a he ceased to be a trustee of the settlement before the end of the relevant period, and
b he shows that, when he ceased to be a trustee of the settlement, there was no proposal that the trustees might cease to be resident in the United Kingdom.
4 Any amount which a person is required to pay by a notice under this section may be recovered from him as if it were tax due and duly demanded of him; and he may recover any such amount paid by him from the migrating trustees.
5 A payment in pursuance of a notice under this section shall not be allowed as a deduction in computing any income, profits or losses for any tax purposes.
6 For the purposes of this section—
a where the relevant time (within the meaning of section 80) falls within the period of 12 months beginning with 19th March 1991, the relevant period is the period beginning with that date and ending with that time;
b in any other case, the relevant period is the period of 12 months ending with the relevant time.

83  Trustees ceasing to be liable to U.K. tax.

1 This section applies if the trustees of a settlement, while continuing to be resident F633... in the United Kingdom, become at any time (“the time concerned”) trustees who fall to be regarded for the purposes of any double taxation relief arrangements—
a as resident in a territory outside the United Kingdom, and
b as not liable in the United Kingdom to tax on gains accruing on disposals of assets (“relevant assets”) which constitute settled property of the settlement and fall within descriptions specified in the arrangements.
2 The trustees shall be deemed for all purposes of this Act—
a to have disposed of their relevant assets immediately before the time concerned, and
b immediately to have reacquired them,
at their market value at that time.

83A Trustees both resident and non-resident in a year of assessment

1 This section applies if a chargeable gain accrues to the trustees of a settlement on the disposal by them of an asset in a year of assessment and the trustees—
a are within the charge to capital gains tax in that year of assessment, but
b are non-UK resident at the time of the disposal.
2 Where this section applies, nothing in any double taxation relief arrangements shall be read as preventing the trustees from being chargeable to capital gains tax (or as preventing a charge to tax arising, whether or not on the trustees) by virtue of the accrual of that gain.
3 For the purposes of this section the trustees of a settlement are within the charge to capital gains tax in a year of assessment—
a if, during any part of that year of assessment, they are resident F1874... in the United Kingdom and not Treaty non-resident, F2466...
F1453b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 For the purposes of this section the trustees of a settlement are non-UK resident at a particular time if, at that time,—
a they are not resident in the United Kingdom, or
b they are resident F1031... in the United Kingdom but are Treaty non-resident.
F16355 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

84  Acquisition by dual resident trustees.

1 Section 152 shall not apply where—
a the new assets are, or the interest in them is, acquired by the trustees of a settlement,
b at the time of the acquisition the trustees are resident F244... in the United Kingdom and fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom,
c the assets are of a description specified in the arrangements, and
d were the trustees to dispose of the assets immediately after the acquisition, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
2 In this section “the new assets” has the same meaning as in section 152.

85  Disposal of interests in non-resident settlements.

1 Subsection (1) of section 76 shall not apply to the disposal of an interest in settled property, other than one treated under subsection (2) of that section as made in consideration of obtaining the settled property, if at the time of the disposal the trustees are not resident in the United Kingdom.
2 Subject to subsections (4), (9) and (10) below, subsection (3) below applies where—
a section 80 applies as regards the trustees of a settlement,
b after the relevant time (within the meaning of that section) a person disposes of an interest created by or arising under the settlement and the circumstances are such that subsection (1) above prevents section 76(1) applying, and
c the interest was created for his benefit, or he otherwise acquired it, before the relevant time.
3 For the purpose of calculating any chargeable gain accruing on the disposal of the interest, the person disposing of it shall be treated as having—
a disposed of it immediately before the relevant time, and
b immediately reacquired it,
at its market value at that time.
4 Subsection (3) above shall not apply if section 83 applied as regards the trustees in circumstances where the time concerned (within the meaning of that section) fell before the time when the interest was created for the benefit of the person disposing of it or when he otherwise acquired it.
5 Subject to subsection (10) below, Subsection (7) below applies where—
a section 80 applies as regards the trustees of a settlement,
b after the relevant time (within the meaning of that section) a person disposes of an interest created by or arising under the settlement and the circumstances are such that subsection (1) above prevents section 76(1) applying,
c the interest was created for his benefit, or he otherwise acquired it, before the relevant time, and
d section 83 applied as regards the trustees in circumstances where the time concerned (within the meaning of that section) fell in the relevant period.
6 The relevant period is the period which—
a begins when the interest was created for the benefit of the person disposing of it or when he otherwise acquired it, and
b ends with the relevant time.
7 For the purpose of calculating any chargeable gain accruing on the disposal of the interest, the person disposing of it shall be treated as having—
a disposed of it immediately before the time found under subsection (8) below, and
b immediately reacquired it,
at its market value at that time.
8 The time is—
a the time concerned (where there is only one such time), or
b the earliest time concerned (where there is more than one because section 83 applied more than once).
9 Subsection (3) above shall not apply where subsection (7) above applies.
10 Subsection (3) or (7) above does not apply to the disposal of an interest created by or arising under a settlement which has relevant offshore gains at the material time.The material time is—
a in relation to subsection (3) above, the relevant time within the meaning of section 80;
b in relation to subsection (7) above, the time found under subsection (8) above.
11 For the purposes of subsection (10) above, a settlement has relevant offshore gains at any time if, were the year of assessment to end at that time, chargeable gains would be treated under section 89(2) or paragraph 8 of Schedule 4C as accruing in the following year of assessment to a beneficiary who received a capital payment from the trustees of the settlement in that year.

85A Transfers of value: attribution of gains to beneficiaries and treatment of losses

1 Schedule 4C to this Act has effect with respect to the attribution of gains to beneficiaries where there has been a transfer of value to which Schedule 4B applies.
2 Sections 86A to 95 have effect subject to the provisions of Schedule 4C.
2A For the purposes of sections 87 to 89, no account is to be taken of any section 1(3) amount in a Schedule 4C pool (see paragraph 1 of Schedule 4C).
3 When calculating the section 1(3) amount for a settlement for a tax year (within the meaning of section 87), no account is to be taken of any chargeable gains or allowable losses accruing by virtue of Schedule 4B.Nothing in this subsection affects any increase in a section 1(3) amount by virtue of paragraph 1(3A) or 7B(2)(b) of Schedule 4C.
4 No account shall be taken of any chargeable gains or allowable losses to which sections 87 to 89 apply in computing the gains or losses accruing by virtue of Schedule 4B.

C45286  Attribution of gains to settlors with interest in non-resident or dual resident settlements.

1 This section applies where the following conditions are fulfilled as regards a settlement in a particular year of assessment—
a the settlement is a qualifying settlement in the year;
b the trustees of the settlement fulfil the condition as to residence specified in subsection (2) below;
c a person who is a settlor in relation to the settlement (“the settlor”) F2806... is resident in the United Kingdom for the year;
d at any time during the year the settlor has an interest in the settlement;
C349C398e by virtue of disposals of any of the settled property originating from the settlor, there is an amount on which the trustees would be chargeable to tax for the year under section 1(3) if the assumption as to residence specified in subsection (3) below were made;
f paragraph 3, 4 or 5 of Schedule 5 does not prevent this section applying.
2 The condition as to residence is that—
a there is no time in the year when the trustees are resident in the United Kingdom, or
b there is such a time but, whenever the trustees are resident in the United Kingdom during the year, they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
3 Where subsection (2)(a) above applies, the assumption as to residence is that the trustees are resident F2490... in the United Kingdom throughout the year; and where subsection (2)(b) above applies, the assumption as to residence is that the double taxation relief arrangements do not apply.
F28073A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Where this section applies—
a chargeable gains of an amount equal to that referred to in subsection (1)(e) above shall be treated as accruing to the settlor in the year or if, as respects the settlor, the year is a split year, in the UK part of that year, F2808...
F2808b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4ZA Where (apart from this subsection) the amount mentioned in subsection (1)(e) would include a chargeable gain or allowable loss to which section 1A(3)(b) or (c) applies (disposals by non-UK residents within the charge to capital gains tax), so much of the gain or loss as would be so included is to be disregarded for the purposes of subsection (1)(e).
4ZB Where (apart from this subsection) the amount mentioned in subsection (1)(e) would include an amount of chargeable gains accruing by virtue of the trustee’s entitlement to a sum of carried interest, the amount of the gains is to be disregarded for the purposes of subsection (1)(e).
4ZC In subsection (4ZB)—
a “carried interest” has the same meaning as in section 23I of ITTOIA 2005 (see Part 1 of Schedule A1 to that Act), and
b that definition has effect as if references to a sum arising to an individual included a reference to a sum arising to the trustees.
F14704A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 Schedule 5 (which contains provisions supplementary to this section) shall have effect.
6 See also paragraph 3 of Schedule D1 (foreign gain claims: foreign gains and losses of the trustees ignored for the purposes of subsection (1)(e)).

86A Attribution of gains to settlor where temporarily non-resident

1 Subsection (3) applies if—
a chargeable gains of an amount equal to the amount referred to in section 86(1)(e) for a tax year (“year A”) are treated under section 1M(3) as accruing to a settlor under section 86 in the period of return,
b there are amounts on which , in the case of the settlement, individuals are charged to tax under section 87 F2809... or 89(2) for one or more tax years, each of which is earlier than the year of return, and
c those amounts are in respect of matched capital payments received F1754... .
2 A “matched” capital payment is a capital payment, all or part of which is matched under section 87A with the section 1(3) amount for year A.
3 The amount of the chargeable gains mentioned in subsection (1)(a) for year A that are treated under section 1M(3) as accruing to the settlor under section 86 in the period of return is to be reduced by the appropriate amount.
4 The appropriate amount is—
a the sum of the amounts mentioned in subsection (1)(c) to the extent that the matched capital payments are matched under section 87A with the section 1(3) amount for year A, or
b if the property comprised in the settlement has at any time included property not originating from the settlor, so much (if any) of that sum as, on a just and reasonable apportionment, is properly referable to the settlor.
5 If a reduction falls to be made under subsection (3) for the year of return, the deduction to be made in accordance with section 87(4)(b) for the settlement for that year must not be made until—
a all the reductions to be made under subsection (3) for that year for each settlor have been made, and
b those reductions are to be made starting with the year immediately preceding the year of return and working backwards.
6 Subsection (7) applies if, with respect to year A, an amount remains to be treated under section 1M(3) as accruing to any of the settlors in the period of return after having made the reductions under subsection (3) with respect to year A.
7 The aggregate of the amounts remaining to be so treated (for all of the settlors) is to be applied in reducing so much of the section 1(3) amount for year A as has not already been matched with a capital payment under section 87A for any year prior to the year of return (but not so as to reduce the section 1(3) amount below zero).
8 In this section—
a “the settlement” means the settlement in relation to which the settlor mentioned in subsection (1)(a) is a settlor,
b a reference to “the settlors” or “each settlor” is to the settlors or each settlor in relation to the settlement,
c “period of return” and “year of return” have the same meanings as in section 1M(3), and
d paragraph 8 of Schedule 5 applies in construing the reference to property originating from the settlor.

C223C192C26087 Non-UK resident settlements: attribution of gains to beneficiaries

1 This section applies to a settlement for a tax year (“the relevant tax year”) if there is no time in that year when the trustees are resident in the United Kingdom.
2 Chargeable gains are treated as accruing in the relevant tax year to a beneficiary of the settlement who has received a capital payment from the trustees in the relevant tax year or any earlier tax year if all or part of the capital payment is matched (under section 87A as it applies for the relevant tax year) with the section 1(3) amount for the relevant tax year or any earlier tax year.
2A If the relevant tax year is a split year as respects the beneficiary, the gains are treated as accruing in the UK part of that year.
3 The amount of chargeable gains treated as accruing is equal to—
a the amount of the capital payment, or
b if only part of the capital payment is matched, the amount of that part.
4 The section 1(3) amount for a settlement for a tax year for which this section applies to the settlement is—
a the amount upon which the trustees of the settlement would be chargeable to tax under section 1(3) for that year if they were resident F880... in the United Kingdom in that year, or
b if section 86 applies to the settlement for that year, the amount mentioned in paragraph (a) minus the total amount of chargeable gains treated under that section as accruing in that year.
5 The section 1(3) amount for a settlement for a tax year for which this section does not apply to the settlement is nil.
5A Where (apart from this subsection) the amount mentioned in subsection (4)(a) would include a chargeable gain or allowable loss to which section 1A(3)(b) or (c) applies (disposals by non-UK residents within the charge to capital gains tax), so much of the gain or loss as would be so included is to be disregarded for the purposes of determining the section 1(3) amount.
5B Where (apart from this subsection)—
a the amount mentioned in subsection (4)(a) would include an amount of chargeable gains accruing by virtue of the trustee’s entitlement to a sum of carried interest, and
b at the time when those chargeable gains accrue, income tax is chargeable by virtue of section 23I of ITTOIA 2005 in respect of the sum of carried interest,
the amount of the gains is to be disregarded for the purposes of determining the section 1(3) amount.
5C In subsection (5B) and section 87BA—
a “carried interest” has the same meaning as in section 23I of ITTOIA 2005 (see Part 1 of Schedule A1 to that Act), and
b that definition has effect as if references to a sum arising to an individual included a reference to a sum arising to the trustees.
6 For the purposes of this section a settlement arising under a will or intestacy is treated as made by the testator or intestate at the time of death.
F9437 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 See also paragraph 4 of Schedule D1 (foreign gain claims: capital payments ignored for the purposes of this section and Schedule 4C).

C223C192C260C47487A Section 87: matching

1 This section supplements section 87.
2 The following steps are to be taken for the purposes of matching capital payments with section 1(3) amounts.
  • Step 1
    Find the section 1(3) amount for the relevant tax year.
  • Step 2
    Find the total amount of capital payments received by the beneficiaries from the trustees in the relevant tax year.
  • Step 3
    The section 1(3) amount for the relevant tax year is matched with—
    1. if the total amount of capital payments received in the relevant tax year does not exceed the section 1(3) amount for the relevant tax year, each capital payment so received, and
    2. otherwise, the relevant proportion of each of those capital payments.
    “The relevant proportion” is the section 1(3) amount for the relevant tax year divided by the total amount of capital payments received in the relevant tax year.
  • Step 4
    If paragraph (a) of Step 3 applies—
    1. reduce the section 1(3) amount for the relevant tax year by the total amount of capital payments referred to there, and
    2. reduce the amount of those capital payments to nil.
    If paragraph (b) of that Step applies—
    1. reduce the section 1(3) amount for the relevant tax year to nil, and
    2. reduce the amount of each of the capital payments referred to there by the relevant proportion of that capital payment.
  • Step 5
    Start again at Step 1 (unless subsection (3) applies).
    If the section 1(3) amount for the relevant tax year (as reduced under Step 4) is not nil, read references to capital payments received in the relevant tax year as references to capital payments received in the latest tax year which—
    1. is before the last tax year for which Steps 1 to 4 have been undertaken, and
    2. is a tax year in which capital payments (the amounts of which have not been reduced to nil) were received by beneficiaries.
    If the section 1(3) amount for the relevant tax year (as so reduced) is nil, read references to the section 1(3) amount for the relevant tax year as the section 1(3) amount for the latest tax year—
    1. which is before the last tax year for which Steps 1 to 4 have been undertaken, and
    2. for which the section 1(3) amount is not nil.
3 This subsection applies if—
a all of the capital payments received by beneficiaries from the trustees in the relevant tax year or any earlier tax year have been reduced to nil, or
b the section 1(3) amounts for the relevant tax year and all earlier tax years have been reduced to nil.
4 The effect of any reduction under Step 4 of subsection (2) is to be taken into account in any subsequent application of this section.

C192C26087B Section 87: remittance basis

1 This section applies if—
a chargeable gains were treated under section 87 , 87K or 87L as accruing to an individual in the tax year 2024-25 or an earlier tax year, and
b section 809B, 809D or 809E of ITA 2007 (remittance basis) applied to the individual for that year, F217...
F903c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 The chargeable gains are treated as having accrued on the disposal of an asset situated outside the United Kingdom.
3 For the purposes of Chapter A1 of Part 14 of ITA 2007 (remittance basis) treat relevant property or benefits as deriving from the chargeable gains.
4 For the purposes of subsection (3) property or a benefit is “relevant” if the capital payment , or onward payment (see section 87I(1)(c)), by reason of which the chargeable gains were treated as accruing consisted of—
a the payment or transfer of the property or its becoming property to which section 60 applies, or
b the conferring of the benefit.
5 The references in this section to sections 87I(1)(c), 87K and 87L (which were repealed by Part 3 of Schedule 12 to the Finance Act 2025) are to those provisions as they had effect for the tax year in which the chargeable gains were treated as accruing to the individual.

87BA Sections 87 and 87A: disregard of capital payments made from carried interest gains

1 This section applies to a settlement where—
a a chargeable gain accruing by virtue of the trustee’s entitlement to a sum of carried interest in respect of which income tax is chargeable by virtue of section 23I of ITTOIA 2005 (“a carried interest gain”) is or has been disregarded for the purposes of determining the section 1(3) amount for the settlement for a tax year as a result of section 87(5B), and
b the unused disregarded amount in relation to the carried interest gain is not nil.
2 For the purposes of sections 87 and 87A as they apply in relation to the settlement, no account is to be taken of a capital payment (or part of a capital payment) received by a beneficiary from the trustees at or after the time when the carried interest gain accrued if (or to the extent that) the amount of the capital payment does not exceed the unused disregarded amount.
3 But if subsection (2) applies in a case where—
a two or more capital payments are received by beneficiaries at the same time, and
b the total of those capital payments exceeds the unused disregarded amount,
no account is to be taken of the amount of each capital payment that is the relevant proportion of the unused disregarded amount.
4 In subsection (3), the “relevant proportion” means the proportion that the amount of the capital payment concerned bears to the total amount of all of the capital payments received by beneficiaries at the same time.
5 In this section the “unused disregarded amount”, in relation to a carried interest gain, means—
a the sum of—
i the amount of the carried interest gain, and
ii the amount of any other carried interest gains that accrued to the trustees prior to the carried interest gain accruing that are or have been disregarded for the purposes of determining the section 1(3) amount for the settlement for a tax year as a result of section 87(5B), minus
b the amount of any capital payments (or part of capital payments) received by beneficiaries from the trustees of which no account has been taken as a result of the application of this section.

C223C192C26087C Sections 87 and 87A: disregard of certain capital payments

1 For the purposes of sections 87 and 87A as they apply in relation to a settlement, no account is to be taken of a capital payment (or a part of a capital payment) within subsection (2).
2 A capital payment is within this subsection if (and to the extent that) it is received (or treated as received) in a tax year from the trustees of the settlement by a company that—
a is not resident in the United Kingdom in that year, and
b would be a close company if it were resident in the United Kingdom,
(and is not treated under any of subsections (3) to (5) of section 96 as received by another person).

87D Sections 87 and 87A: disregard of capital payments to non-residents

1 For the purposes of sections 87 and 87A as they apply in relation to a settlement, no account is to be taken of a capital payment (or a part of a capital payment) within subsection (2), but this—
a is subject to subsection (3) and section 87E, F2817...
F2817b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 A capital payment is within this subsection if (and to the extent that) it is in a tax year received from the trustees of the settlement by a beneficiary who at all times in that year is not resident in the United Kingdom, but this is subject to section 87F.
3 Subsection (1) does not apply in relation to a capital payment (or a part of a capital payment) if—
a the recipient beneficiary is a close member of the settlor's family (see section 87H) when the beneficiary receives (or is treated as receiving) the payment (or part),
b the payment (or part) is received on or after 6 April 2018, and
c the settlor is resident in the United Kingdom in the tax year in which the payment (or part) is received.

87E Sections 87 and 87A: disregarded payments to temporary non-resident

1 If—
a as a result of section 87D, no account is taken of a capital payment (or a part of a capital payment) for the purposes of sections 87 and 87A,
b the recipient beneficiary is an individual who is temporarily non-resident, and
c the payment (or part) is received in the beneficiary's temporary period of non-residence,
the payment (or part) is treated for the purposes of sections 87 and 87A as received (by the beneficiary) in the beneficiary's period of return, and account is to be taken of it accordingly for those purposes.
2 Part 4 of Schedule 45 to FA 2013 explains—
a when an individual is to be regarded as “temporarily non-resident”, and
b what “the temporary period of residence” and “the period of return” mean.

87F Sections 87 and 87A: disregarded payments in year settlement ends

1 This section applies in relation to a settlement if—
a in a particular tax year, the settlement ceases to exist,
b two or more beneficiaries (“the recipients”) in the year receive capital payments from the trustees, and
c at least one of the recipients is, and at least one is not, a non-resident beneficiary.
2 Those capital payments, so far as received by such of the recipients as are non-resident beneficiaries, are not within section 87D(2).
3 In this section “non-resident beneficiary” means a beneficiary who at all times in the year is not resident in the United Kingdom.

87G Settlor liable if capital payment received by close family member

1 Subsection (2) applies if in the case of a settlement—
a a beneficiary of the settlement receives a capital payment from the trustees in a tax year,
b the settlor is resident in the United Kingdom for that tax year, and
c the beneficiary (“the original recipient”) is a close member of the settlor's family (see section 87H) at the time of receipt.
2 Sections 87 and 87A have effect as if the capital payment—
a was received from the trustees by the settlor—
i as a beneficiary of the settlement (whether or not the settlor is otherwise a beneficiary of the settlement), and
ii at the time it was received by the original recipient, and
b was not received by the original recipient.
2A But subsection (2) does not apply if—
a the original recipient is resident in the United Kingdom for the tax year in which they receive the capital payment, and
b the settlor is a qualifying new resident for that tax year.
3 Where any tax is chargeable on the settlor as a result of subsection (2) and is paid, the settlor is entitled to recover the full amount of the tax from the original recipient.
4 For the purpose of recovering that amount, the settlor is entitled to require an officer of Revenue and Customs to give the settlor a certificate specifying—
a the amount of tax paid, F2820...
b the amount of the gains on which the tax is paid, and
c the tax year in which those gains were treated as arising,
and any such certificate is conclusive evidence of the facts stated in it.

87H Meaning of “close member of the settlor's family”

1 For the purposes of sections 87D and 87G as they apply in relation to a settlement, a person is a close member of the settlor's family at any time if the settlor is living at that time and—
a the person is the settlor's spouse or civil partner at that time, or
b the person—
i is a child of the settlor, or of a person who at that time is the settlor's spouse or civil partner, and
ii at that time has not reached the age of 18.
2 For the purposes of subsection (1), two people living together as if they were a married couple or civil partners are treated as if they were spouses or civil partners of each other.

87HA Onward gifts from non-residents or qualifying new residents

1 Subsection (2) applies if—
a a person (“the original recipient”) receives a capital payment (“the original benefit”) from the trustees of a settlement,
b the original recipient is not resident in the United Kingdom, or is a qualifying new resident, for the tax year in which they receive the original benefit,
c section 87G(2) (close family member’s benefits attributed to settlor) does not apply to the provision of the original benefit to the original recipient,
d at the time when the person receives the original benefit—
i there are arrangements, or an intention, as regards the (direct or indirect) passing on of the whole or part of the original benefit to another person, and
ii it is reasonable to expect that, if the whole or part of the original benefit is passed on to another person in accordance with the arrangements or intention, that other person will be resident in the United Kingdom when they receive at least part of what is passed on to them,
e the original recipient provides a benefit (“the onward gift”) to a person (“the subsequent recipient”)—
i at the time when the original benefit is provided to the original recipient or at any later time in the 3 years beginning with the day containing that time, or
ii at any time before the original benefit is made to the original recipient and, it is reasonable to assume, in anticipation of the original benefit’s being made,
f the onward gift is of or includes—
i the whole or part of the original benefit
ii anything that (wholly or in part, and directly or indirectly) derives from, or represents, the whole or part of the original benefit, or
iii any other property, but only if the original benefit is provided with a view to enabling or facilitating, or otherwise in connection with, the providing of the onward gift to the subsequent recipient, and
g the subsequent recipient is resident in the United Kingdom for the tax year in which they receive the onward gift.
2 So much of the onward gift as falls within subsection (1)(f) is treated for the purposes of sections 87, 87A , 87D(2) and 87G(2) as a F2911... payment received from the trustees by the subsequent recipient at the time when the onward gift is provided.
3 Where subsection (2) applies, the subsequent recipient is treated as having received the F2912... payment as a beneficiary of the settlement (whether or not they are otherwise a beneficiary of it).
4 For the purposes of subsection (1)(e), the circumstances in which the original recipient provides a benefit to the subsequent recipient include circumstances where there is a series of two or more benefits starting with a benefit provided by the original recipient and ending with a benefit provided to the subsequent recipient; and in such a case—
a the onward gift is treated for the purposes of subsection (1)(e) as provided when the final benefit in the series is provided, and
b the reference to the onward gift in subsection (1)(f) is to be read as a reference to each benefit in the series.
5 Where the onward gift is made as mentioned in subsection (1)(e)(ii), the onward gift is treated for the purposes of subsection (2) as made in the tax year in which the original benefit is made to the original recipient.
6 Where the conditions in subsection (1)(e) to (g) are met, it is to be presumed (unless the contrary is shown) that the condition in subsection (1)(d) is also met.
7 In this section, “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

F282387I Non-UK resident settlements: recipients of onward gifts

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F282387J Relevant parts of payment from which onward gift derived

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F282387K Attribution of gains or payments to recipient of onward gift

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F282387L Cases where settlor liable following onward gift

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F282387M Cases where recipient of onward gift is user of remittance basis

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87N Sections 87 and 87A: disregard of payments to migrating beneficiary

1 For the purposes of sections 87 and 87A as they apply in relation to a settlement for a particular tax year, no account is to be taken of a capital payment (or part of a capital payment) within subsection (2), but this is subject to section 87P.
2 A capital payment is within this subsection—
a if it is received by a beneficiary of the settlement before the particular tax year,
b if the relevant person is resident in the United Kingdom in the tax year in which it is received,
c if the relevant person is not resident in the United Kingdom in the particular tax year, and
d so far as it has not been matched (under section 87A as it applies for tax years before the particular tax year) with—
i the section 1(3) amount for any tax year before the particular tax year, but not earlier than the tax year 2018-19, in which the relevant person is resident in the United Kingdom, or
ii the section 1(3) amount for any tax year earlier than the tax year 2018-19.
3 For the purposes of subsection (2), the beneficiary is “the relevant person” unless section 87G(2) applies in relation to the capital payment in which event the settlor is “the relevant person”.

87P Sections 87 and 87A: temporary migration after payment disregarded

1 If—
a as a result of section 87N, no account is taken of a capital payment (or a part of a capital payment) for the purposes of sections 87 and 87A as they apply in relation to a settlement for a particular tax year,
b the recipient beneficiary (where section 87G(2) does not apply in relation to the capital payment), or the settlor (where section 87G(2) does apply in relation to the capital payment), is an individual who is temporarily non-resident,
c the whole or part of the particular tax year constitutes, or forms part of, that individual's temporary period of non-residence,
d either—
i that individual's temporary period of non-residence begins with the start of a tax year and the payment (or part) is received before that tax year, or
ii that individual's temporary period of non-residence begins otherwise than at the start of a tax year and the payment (or part) is received before, or at any time in, the tax year in which that individual's temporary period of non-residence begins, and
e the payment (or part) has not been matched (under section 87A as it applies for tax years before the particular tax year) with—
i the section 1(3) amount for any tax year before the particular tax year, but not earlier than the tax year 2018-19, in which that individual is resident in the United Kingdom, or
ii the section 1(3) amount for any tax year earlier than the tax year 2018-19,
the payment (or part) is treated for the purposes of sections 87 and 87A as received (by that individual) in that individual's period of return, and account is to be taken of it accordingly for those purposes.
2 Part 4 of Schedule 45 to FA 2013 explains—
a when an individual is to be regarded as “temporarily non-resident”, and
b what “the temporary period of residence” and “the period of return” mean.

C223C192C26088  Gains of dual resident settlements.

1 Section 87 also applies to a settlement for any year of assessment beginning on or after 6th April 1991 if—
a the trustees are resident F1224... in the United Kingdom during any part of the year, and
b at any time of such residence F2280... they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, F729...
F729c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 The section 1(3) amount for a tax year for which section 87 applies by virtue of this section is what it would be if the amount mentioned in section 87(4)(a) were the assumed chargeable amount.
3 For the purposes of subsection (2) above the assumed chargeable amount in respect of a year of assessment is the lesser of the following 2 amounts—
a the amount on which the trustees would be chargeable to tax for the year under section 1(3) on the assumption that the double taxation relief arrangements did not apply;
b the amount on which, by virtue of disposals of protected assets, the trustees would be chargeable to tax for the year under section 1(3) on the assumption that those arrangements did not apply.
4 For the purposes of subsection (3)(b) above assets are protected assets if—
a they are of a description specified in the double taxation relief arrangements, and
b were the trustees to dispose of them at any relevant time, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
5 For the purposes of subsection (4) above—
a the assumption specified in subsection (3)(b) above shall be ignored;
b a relevant time is any time, in the year of assessment concerned, when the trustees fall to be regarded for the purposes of the arrangements as resident in a territory outside the United Kingdom;
c if different assets are identified by reference to different relevant times, all of them are protected assets.
F13056 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16327 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C223C192C26089  Migrant settlements etc.

1 Where a period of one or more years of assessment for which section 87 applies to a settlement (“a non-resident period”) succeeds a period of one or more years of assessment for each of which section 87 does not apply to the settlement (“a resident period”), a capital payment received by a beneficiary in the resident period shall be disregarded for the purposes of sections 87 and 87A if it was not made in anticipation of a disposal made by the trustees in the non-resident period.
1A Subsection (2) applies to a settlement if—
a a non-resident period is succeeded by a resident period, and
b in relation to the last tax year in the non-resident period (“the last non-resident tax year”), section 87A(3) applied by virtue of paragraph (a) of that provision (exhaustion of capital payments).
2 Chargeable gains are treated as accruing in a tax year (in the resident period) to a beneficiary of the settlement who receives a capital payment from the trustees in that year if all or part of the capital payment is matched (under section 87A as it applies for that year) with the section 1(3) amount for the last non-resident tax year or any earlier tax year.
3 Section 87(3) and (4) and sections 87A to 87P apply for the purposes of subsection (2) as if the relevant tax year were the tax year mentioned in subsection (2).
4 Section 87B (remittance basis) applies in relation to chargeable gains treated under subsection (2) as accruing as it applies in relation to chargeable gains treated under section 87 as accruing.

C223C26090 Sections 87 and 89(2): transfers between settlements

1 This section applies if the trustees of a settlement (“the transferor settlement”) transfer all or part of the settled property to the trustees of another settlement (“the transferee settlement”).
2 In this section “the year of transfer” means the tax year in which the transfer occurs.
3 Treat the section 1(3) amount for the transferee settlement for any tax year (not later than the year of transfer) as increased by—
a the section 1(3) amount for the transferor settlement for that year (as reduced under section 87A as it applies in relation to that settlement for the year of transfer and all earlier tax years), or
b if part only of the settled property is transferred, the relevant proportion of the amount mentioned in paragraph (a).
4 “The relevant proportion”is—
a the market value of the property transferred, divided by
b the market value of the property comprised in the transferor settlement immediately before the transfer.
5 Treat the section 1(3) amount for the transferor settlement for any tax year as reduced by the amount by which the section 1(3) amount for the transferee settlement for that year is increased under subsection (3).
6 If neither section 87 nor section 89(2) would otherwise apply to the transferee settlement for the year of transfer—
a section 89(2) to (4) apply to the settlement for that year (and subsequent tax years), and
b for this purpose, references there to the last non-resident tax year are to be read as the year of transfer.
7 The increase under subsection (3) has effect for the year of transfer and subsequent tax years.
8 The reduction under subsection (5) has effect for tax years after the year of transfer.
9 When calculating the market value of property for the purposes of this section or section 90A in a case where the property is subject to a debt, reduce the market value by the amount of the debt.
10 This section does not apply to—
a a transfer to which Schedule 4B applies, or
b any section 1(3) amount that is in a Schedule 4C pool (see paragraph 1 of Schedule 4C).

C26090A Section 90: transfers made for consideration in money or money's worth

1 Section 90 does not apply to a transfer of settled property made for consideration in money or money's worth if the amount (or value) of that consideration is equal to or exceeds the market value of the property transferred.
2 The following provisions apply if—
a section 90 applies to a transfer of settled property made for consideration in money or money's worth, and
b the amount (or value) of that consideration is less than the market value of the property transferred.
3 If the transfer is of all of the settled property, for the purposes of section 90 treat the transfer as being of part only of the settled property.
4 Deduct the amount (or value) of the consideration from the amount of the market value referred to in section 90(4)(a).

91  Increase in tax payable under section 87 or 89(2).

1 This section applies if—
a chargeable gains are treated under section 87 F2824... or 89(2) as accruing to an individual directly, or indirectly, by virtue of the matching (under section 87A) of all or part of a capital payment with the section 1(3) amount for a tax year (“the relevant tax year”),
b the individual is charged to tax by virtue of that matching, and
c the capital payment was made more than one year after the end of the relevant tax year.
1A Where part of a capital payment is matched, references in subsections (2) and (3) to the capital payment are to the part matched.
C4722 The tax payable by the individual in respect of the payment shall be increased by the amount found under subsection (3) below, except that it shall not be increased beyond the amount of the payment; and an assessment may charge tax accordingly.
3 The amount is one equal to the interest that would be yielded if an amount equal to the tax which would be payable by the individual in respect of the payment (apart from this section) carried interest for the chargeable period at the rate of 10 per cent. per annum.
4 The chargeable period is the period which—
a begins with the later of the 2 days specified in subsection (5) below, and
b ends with 30th November in the year of assessment following that in which the capital payment is made.
5 The 2 days are—
a 1st December in the tax year immediately after the relevant tax year, and
b 1st December falling 6 years before 1st December in the year of assessment following that in which the capital payment is made.
6 The Treasury may by order substitute for the percentage specified in subsection (3) above (whether as originally enacted or as amended at any time under this subsection) such other percentage as they think fit.
7 An order under subsection (6) above may provide that an alteration of the percentage is to have effect for periods beginning on or after a day specified in the order in relation to interest running for chargeable periods beginning before that day (as well as interest running for chargeable periods beginning on or after that day).
F21538 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F34692  Qualifying amounts and matching.

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F34693  Matching: special cases.

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F34694  Transfers of settled property where qualifying amounts not wholly matched.

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F34695  Matching after transfer.

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C144C9796  Payments by and to companies.

1 Where a capital payment is received from a qualifying company which is controlled by the trustees of a settlement at the time it is received, for the purposes of sections 87 to 90 and Schedule 4C it shall be treated as received from the trustees.
2 Where a capital payment is received from the trustees of a settlement (or treated as so received by virtue of subsection (1) above) and it is received by a non-resident qualifying company, the rules in subsections (3) to (6) below shall apply for the purposes of sections 87 to 90 and Schedule 4C.
3 If the company is controlled by one person alone at the time the payment is received, and that person is then resident F64... in the United Kingdom, it shall be treated as a capital payment received by that person.
4 If the company is controlled by 2 or more persons (taking each one separately) at the time the payment is received, then—
a if one of them is then resident F1354... in the United Kingdom, it shall be treated as a capital payment received by that person;
b if 2 or more of them are then resident F1354... in the United Kingdom (“the residents”) it shall be treated as being as many equal capital payments as there are residents and each of them shall be treated as receiving one of the payments.
5 If the company is controlled by 2 or more persons (taking them together) at the time the payment is received F1971... —
a it shall be treated as being as many capital payments as there are participators in the company at the time it is received, and
b each such participator (whatever his residence F214... ) shall be treated as receiving one of the payments, quantified on the basis of a just and reasonable apportionment,
but where (by virtue of the preceding provisions of this subsection and apart from this provision) a participator would be treated as receiving less than one-twentieth of the payment actually received by the company, he shall not be treated as receiving anything by virtue of this subsection.
6 For the purposes of subsection (1) above a qualifying company is a close company or a company which would be a close company if it were resident in the United Kingdom.
7 For the purposes of subsection (1) above a company is controlled by the trustees of a settlement if it is controlled by the trustees alone or by the trustees together with a person who (or persons each of whom) falls within subsection (8) below.
8 A person falls within this subsection if—
a he is a settlor in relation to the settlement, or
b he is connected with a person falling within paragraph (a) above.
9 For the purposes of subsection (2) above a non-resident qualifying company is a company which is not resident in the United Kingdom and would be a close company if it were so resident.
9A For the purposes of this section an individual shall be deemed to have been resident in the United Kingdom at any time in any year of assessment for which he or she was not so resident if—
a section 1M applies to him or her, and
b the year falls within the temporary period of non-residence.
9B If—
a it appears after the end of any year of assessment that any individual is to be treated by virtue of subsection (9A) above as having been resident in the United Kingdom at any time in that year, and
b as a consequence, any adjustments fall to be made to the amounts of tax taken to have been chargeable by virtue of this section on any person,
nothing in any enactment limiting the time for the making of any claim or assessment shall prevent the making of those adjustments (whether by means of an assessment, an amendment of an assessment, a repayment of tax or otherwise).
10 For the purposes of this section—
a the question whether a company is controlled by a person or persons shall be construed in accordance with sections 450 and 451 of CTA 2010, but in deciding that question for those purposes no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company;
aa a person is not to be regarded as a participator in a company controlled by the trustees of a settlement where the person has a share or interest in the capital or income of the company solely by virtue of an interest which the person has under the settlement;
b “participator” has the meaning given by section 454 of CTA 2010.
11 This section shall apply to payments received on or after 19th March 1991.

C144C9797  Supplementary provisions.

C4691 In sections 86A to 96 and Schedule 4C and this section “capital payment”—
a means any payment which is neither—
i chargeable to income tax on the recipient, nor
ii chargeable to income tax on another person under Chapter 5 of Part 5 of ITTOIA 2005 (settlements) or Chapter 2 of Part 13 of ITA 2007 (transfer of assets abroad),
or, in the case of a recipient who is not resident in the United Kingdom, any payment received otherwise than as income, but
b does not include a payment under a transaction entered into at arm’s length if it is received on or after 19th March 1991.
2 In subsection (1) above references to a payment include references to the transfer of an asset and the conferring of any other benefit, and to any occasion on which settled property becomes property to which section 60 applies.
3 The fact that the whole or part of a benefit is by virtue of Chapter 5 of Part 5 of ITTOIA 2005 (settlements) or Chapter 2 of Part 13 of ITA 2007 (transfer of assets abroad), treated as an individual's income for a year of assessment after that in which it is received—
a shall not prevent the benefit or that part of it being treated for the purposes of sections 86A to 96 and Schedule 4C as a capital payment in relation to any year of assessment earlier than that in which it is treated as his income; but
b shall preclude its being treated for those purposes as a capital payment in relation to that or any later year of assessment.
4 For the purposes of sections 86A to 96 and Schedule 4C the amount of a capital payment made by way of loan, and of any other capital payment which is not an outright payment of money, shall be taken to be equal to the value of the benefit conferred by it (see sections 97A to 97C for the value of benefits conferred by a capital payment made by way of loan or by way of making movable property or land available).
5 For the purposes of sections 86A to 90 and Schedule 4C a capital payment shall be regarded as received by a beneficiary from the trustees of a settlement if—
a he receives it from them directly or indirectly, or
b it is directly or indirectly applied by them in payment of any debt of his or is otherwise paid or applied for his benefit, or
c it is received by a third person at the beneficiary’s direction.
6 Section 16(3) shall not prevent losses accruing to trustees in a year of assessment for which section 87 of this Act or section 17 of the 1979 Act applied to the settlement from being allowed as a deduction from chargeable gains accruing in any later year (so far as they have not previously been set against gains for the purposes of a computation under either of those sections or otherwise).
7 In sections 86A to 96 and Schedule 4C and in F1439... this section—
  • “settlement” has the meaning given by section 620 of ITTOIA 2005, and
  • “settled property” and references (however expressed) to property comprised in a settlement shall be construed accordingly.
7A In this section, sections 86A to 96 and Schedule 4C “trustee”, in relation to a settlement in relation to which there would be no trustees apart from this subsection, means any person in whom the settled property or its management is for the time being vested (and a person who is treated as a trustee of the settlement by virtue of this subsection shall be treated as a trustee of the settlement for the purposes of section 69).
8 In a case where—
a at any time on or after 19th March 1991 a capital payment is received from the trustees of a settlement or is treated as so received by virtue of section 96(1),
b it is received by a person, or treated as received by a person by virtue of section 96(2) to (5),
c at the time it is received or treated as received, the person is not (apart from this subsection) a beneficiary of the settlement, and
d subsection (9) or (10) below does not prevent this subsection applying,
for the purposes of sections 86A to 90 and Schedule 4C the person shall be treated as a beneficiary of the settlement as regards events occurring at or after that time.
9 Subsection (8) above shall not apply where a payment mentioned in paragraph (a) is made in circumstances where it is treated (otherwise than by subsection (8) above) as received by a beneficiary.
10 Subsection (8) above shall not apply so as to treat—
a the trustees of the settlement referred to in that subsection, or
b the trustees of any other settlement,
as beneficiaries of the settlement referred to in that subsection.

97A Value of benefit conferred by capital payment made by way of loan

1 For the purposes of section 97(4), the value of the benefit conferred on a person (P) by a capital payment made by way of loan to P is, for each tax year in which the loan is outstanding, the amount (if any) by which—
a the amount of interest that would have been payable in that year on the loan if interest had been payable on the loan at the official rate, exceeds
b the amount of interest (if any) actually paid by P in that year on the loan.
2 In this section and section 97B the “official rate”, in relation to interest, means the rate applicable from time to time under section 178 of the Finance Act 1989 for the purposes of Chapter 7 of Part 3 of ITEPA 2003.

97B Value of benefit conferred by capital payment made by way of making movable property available

1 For the purposes of section 97(4), the value of the benefit conferred by a capital payment consisting of making movable property available, without any transfer of the property in it, to a person (P) is, for each tax year in which the benefit is conferred on P—
( CC × R × D Y ) − T
where—
CC is the capital cost of the movable property on the date when the property is first made available to P in the tax year,
D is the number of days in the tax year on which the property is made available to P (the relevant period),
R is the official rate of interest for the relevant period (but see subsection (3)),
T is the total of the amounts (if any) paid in the tax year by P—
  1. to the person conferring the benefit, in respect of the availability of the movable property, or
  2. so far as not within paragraph (a), in respect of the repair, insurance, maintenance or storage of the movable property, and
Y is the number of days in the tax year.
2 In subsection (1), in the meaning of CC, the “capital cost” of movable property means an amount equal to the total of—
a the amount which is the greater of—
i the amount or value of the consideration given for the acquisition of the movable property by, or on behalf of, the person (A) conferring the benefit, and
ii its market value at the time of that acquisition, and
b the amount of any expenditure wholly and exclusively incurred by, or on behalf of, A for the purpose of enhancing the value of the movable property.
3 If the official rate of interest changes during the relevant period, then in subsection (1) R is the average official rate of interest for the period calculated as follows.
  • Step 1 Multiply each official rate of interest in force during the relevant period by the number of days when it is in force.
  • Step 2 Add together the products found in Step 1.
  • Step 3 Divide the total found in Step 2 by the number of days in the relevant period.
4 In subsections (1) and (2), “movable property” means any tangible movable property other than money.

97C Value of benefit conferred by capital payment made by way of making land available

1 For the purposes of section 97(4), the value of the benefit conferred by a capital payment consisting of making land available for the use of a person (P) is, for each tax year in which the benefit is conferred on P, the amount by which—
a the rental value of the land for the period of the tax year during which the land is made available to P, exceeds
b the total of the amounts (if any) paid in the tax year by P—
i to the person conferring the benefit, in respect of the availability of the land, or
ii so far as not within sub-paragraph (i), in respect of costs of repair, insurance or maintenance relating to the land.
2 Subsection (1) does not apply in the case where the person conferring the benefit transfers the whole of the person's interest in the land to P.
3 In subsection (1) “the rental value” of the land for a period means the rent which would have been payable for the period if the land had been let to P at an annual rent equal to the annual value.
4 For the purposes of subsection (3) “the annual value” of land is the rent that might reasonably be expected to be obtained on a letting from year to year if—
a the tenant undertook to pay all taxes, rates and charges usually paid by a tenant, and
b the landlord undertook to bear the costs of the repairs and insurance and the other expenses (if any) necessary for maintaining the property in a state to command that rent.
5 For the purposes of subsection (4) that rent—
a is to be taken to be the amount that might reasonably be expected to be so obtained in respect of a letting of the land, and
b is to be calculated on the basis that the only amounts that may be deducted in respect of services provided by the landlord are amounts in respect of the costs to the landlord of providing any relevant services.
6 In subsection (5) “relevant service” means a service other than the repair, insurance or maintenance of the property.

C144C9798  Power to obtain information for purposes of sections 87 to 90.

1 The Board may by notice require any person to furnish them within such time as they may direct, not being less than 28 days, with such particulars as they think necessary for the purposes of sections 87 to 90.
2 Sections 748(3) to (5), 749 and 750 of ITA 2007 shall have effect in relation to subsection (1) above as they have effect in relation to section 748(1) and (2) of that Act, but in their application by virtue of this subsection—
a references to Chapter 2 of Part 13 of that Act shall be construed as references to sections 87 to 90; F257...
F1080b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 The provisions of subsections (1) and (2) above have effect as if the references to sections 87 to 90 included references to Schedule 4C.

98A  Settlements with foreign element: information.

Schedule 5A to this Act (which contains general provisions about information relating to settlements with a foreign element) shall have effect.

Chapter III  Collective investment schemes and investment trusts etc

C1099  Application of Act to unit trust schemes.

C188C2431 This Act shall apply in relation to any unit trust scheme as if—
a the scheme were a company,
b the rights of the unit holders were shares in the company, and
c in the case of an authorised unit trust, the company were resident F2517... in the United Kingdom,
except that nothing in this section shall be taken to bring a unit trust scheme within the charge to corporation tax on chargeable gains.
1A Subsection (1) does not apply to an offshore fund that is a transparent fund within the meaning given by regulation 11 of the Offshore Funds (Tax) Regulations 2009 (see instead section 103D).
2 Subject to subsection (3) and sections 99A and 151W(a) below, in this Act—
a “unit trust scheme” has the meaning given by section 237(1) of the Financial Services and Markets Act 2000,
aa “unit holder” means a person entitled to a share of the investments subject to the trusts of a unit trust scheme;
b “authorised unit trust” means, as respects an accounting period, a unit trust scheme in the case of which an order under section 243 of the Financial Services and Markets Act 2000 is in force during the whole or part of that period.
c “open-ended investment company” has the meaning given by subsection (10) of section 468 of the Taxes Act, read with subsections (11) to (18) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997; and accordingly references in subsections (11) to (16) of that section to “the Tax Acts” shall be construed as if they included references to this Act.
3 The Treasury may by regulations provide that any scheme of a description specified in the regulations shall be treated as not being a unit trust scheme for the purposes of this Act; and regulations under this section may contain such supplementary and transitional provisions as appear to the Treasury to be necessary or expedient.

99A Treatment of umbrella schemes

1 In this section an “umbrella scheme” means a relevant collective investment scheme—
a which provides arrangements for separate pooling of the contributions of the participants and the profits or income out of which payments are to be made to them, and
b under which the participants are entitled to exchange rights in one pool for rights in another,
and any reference to a part of an umbrella scheme is a reference to such of the arrangements as relate to a separate pool.
2 For the purposes of this Act (except subsection (1) and section 103C)—
a each of the parts of an umbrella scheme shall itself be regarded as a collective investment scheme of the same form as the umbrella scheme as a whole, and
b the umbrella scheme as a whole shall not be regarded as a collective investment scheme of that form or as any other form of collective investment scheme,
and the participants in the umbrella scheme are to be treated accordingly.
2A Subsection (2)—
a does not prevent gains or losses accruing to an umbrella scheme which is a unit trust scheme (other than an authorised unit trust) being regarded as gains or losses accruing to the umbrella scheme as a whole, and
b does not apply for the purposes of section 100(2).
F24833 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Nothing in subsection (2) shall prevent—
a gains accruing to an umbrella scheme being regarded as gains accruing to an authorised unit trust for the purposes of section 100(1) (exemption for authorised unit trusts etc);
b a transfer of business to an umbrella scheme being regarded as a transfer to a unit trust scheme for the purposes of section 139(4) (exclusion of transfers to authorised unit trusts etc);
F1286c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 For the purposes of subsection (1), “arrangements” includes arrangements provided in a company’s instrument of incorporation.
6 In this section, “relevant collective investment scheme” means a collective investment scheme which is—
a an authorised contractual scheme which is a co-ownership scheme,
aa a Reserved Investor Fund (Contractual Scheme),
b a unit trust scheme, or
c an offshore fund.

99B Calculation of the disposal cost of accumulation units

1 For the purposes of computing the gain accruing on a disposal by a unit holder of units in a unit trust scheme and for the purposes of all other provisions of this Act, an amount shall be treated as expenditure falling within section 38(1)(b) if—
a it represents income from the investments subject to the unit trust scheme,
b it has been reinvested in respect of the units on behalf of the unit holder (without an issue of new units), and
c it is either—
i charged to income tax as income of the unit holder (or would be charged to income tax as his income but for a relief which has effect in respect of it) for the purposes of the Income Tax Acts, or
ii taken into account as a receipt in calculating profits, gains or losses of the unit holder for the purposes of the Income Tax Acts.
2 Where an amount is treated as expenditure by virtue of subsection (1), the expenditure shall be treated for the purposes of this Act as having been incurred—
a in relation to an authorised unit trust, on the distribution date for the distribution period in respect of which the amount is reinvested, and
b in relation to any other unit trust scheme, on the date on which the amount is reinvested.
3 In subsection (2)(a) “distribution date” and “distribution period” shall have the meaning given by regulations made under section 17(3) of the Finance (No. 2) Act 2005 (as at 1st April 2006, see regulation 15 of the Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964)).
4 Subsection (1) does not apply to disposals in units of an offshore fund that is a transparent fund within the meaning given by regulation 11 of the Offshore Funds (Tax) Regulations 2009 (see instead section 103D).

C77C72100  Exemption for authorised unit trusts etc.

C3121 Gains accruing to an authorised unit trust, an investment trust a venture capital trust or a court investment fund shall not be chargeable gains.
F13492 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13492A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13492B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 In this Act “court investment fund” means a fund established under section 42 of the M5Administration of Justice Act 1982.

F2361100A Exemption for certain EEA UCITS

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101  Transfer of company’s assets to investment trust.

1 Where section 139 has applied on the transfer of a company’s business (in whole or in part) to a company which at the time of the transfer was not an investment trust, then if—
a at any time after the transfer the company becomes for an accounting period an investment trust, and
b at the beginning of that accounting period the company still owns any of the assets of the business transferred,
the company shall be treated for all the purposes of this Act as if immediately after the transfer it had sold, and immediately reacquired, the assets referred to in paragraph (b) above at their market value at that time.
1A Any chargeable gain or allowable loss which, apart from this subsection, would accrue to the company on the sale referred to in subsection (1) above shall be treated as accruing to the company immediately before the end of the last accounting period to end before the beginning of the accounting period mentioned in that subsection.
1B This section does not apply if at the time at which the company becomes an investment trust there has been an event by virtue of which it falls by virtue of section 101B(1) to be treated as having sold, and immediately reacquired, the assets immediately after the transfer referred to in subsection (1) above.
2 Notwithstanding any limitation on the time for making assessments, an assessment to corporation tax chargeable in consequence of subsection (1) above may be made at any time within 6 years after the end of the accounting period referred to in subsection (1) above, and where under this section a company is to be treated as having disposed of, and reacquired, an asset of a business, all such recomputations of liability in respect of other disposals and all such adjustments of tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the provisions of this section shall be carried out.

101A  Transfer within group to investment trust.

1 This section applies where—
a an asset has been disposed of to a company (the “acquiring company") and the disposal has been treated by virtue of section 171(1) as giving rise to neither a gain nor a loss,
b at the time of the disposal the acquiring company was not an investment trust, and
c the conditions set out in subsection (2) below are satisfied by the acquiring company.
2 Those conditions are satisfied by the acquiring company if—
a it becomes an investment trust for an accounting period beginning not more than 6 years after the time of the disposal,
b at the beginning of that accounting period, it owns, otherwise than as trading stock—
i the asset, or
ii property to which a chargeable gain has been carried forward from the asset on a replacement of business assets,
c it has not been an investment trust for any earlier accounting period beginning after the time of the disposal, and
d at the time at which it becomes an investment trust, there has not been an event by virtue of which it falls by virtue of section 179(3) or 101C(3) to be treated as having sold, and immediately reacquired, the asset at the time specified in subsection (3) below.
3 The acquiring company shall be treated for all the purposes of this Act as if immediately after the disposal it had sold, and immediately reacquired, the asset at its market value at that time.
4 Any chargeable gain or allowable loss which, apart from this subsection, would accrue to the acquiring company on the sale referred to in subsection (3) above shall be treated as accruing to it immediately before the end of the last accounting period to end before the beginning of the accounting period for which the acquiring company becomes an investment trust.
5 For the purposes of this section a chargeable gain is carried forward from an asset to other property on a replacement of business assets if—
a by one or more claims under sections 152 to 158, the chargeable gain accruing on a disposal of the asset is reduced, and
b as a result an amount falls to be deducted from the expenditure allowable in computing a gain accruing on the disposal of the other property.
6 For the purposes of this section an asset acquired by the acquiring company shall be treated as the same as an asset owned by it at a later time if the value of the second asset is derived in whole or in part from the first asset; and, in particular, assets shall be so treated where—
a the second asset is a freehold and the first asset was a leasehold; and
b the lessee has acquired the reversion.
7 Where under this section a company is to be treated as having disposed of and reacquired an asset—
a all such recomputations of liability in respect of other disposals, and
b all such adjustments of tax, whether by way of assessment or by way of discharge or repayment of tax,
as may be required in consequence of the provisions of this section shall be carried out.
8 Notwithstanding any limitation on the time for making assessments, any assessment to corporation tax chargeable in consequence of this section may be made at any time within 6 years after the end of the accounting period referred to in subsection (2)(a) above.

101B  Transfer of company’s assets to venture capital trust.

1 Where section 139 has applied on the transfer of a company’s business (in whole or in part) to a company which at the time of the transfer was not a venture capital trust, then if—
a at any time after the transfer the company becomes a venture capital trust by virtue of an approval for the purposes of Part 6 of ITA 2007; and
b at the time as from which the approval has effect the company still owns any of the assets of the business transferred,
the company shall be treated for all the purposes of this Act as if immediately after the transfer it had sold, and immediately reacquired, the assets referred to in paragraph (b) above at their market value at that time.
2 Any chargeable gain or allowable loss which, apart from this subsection, would accrue to the company on the sale referred to in subsection (1) above shall be treated as accruing to the company immediately before the time mentioned in subsection (1)(b) above.
3 This section does not apply if at the time mentioned in subsection (1)(b) above there has been an event by virtue of which the company falls by virtue of section 101(1) to be treated as having sold, and immediately reacquired, the assets immediately after the transfer referred to in subsection (1) above.
4 Notwithstanding any limitation on the time for making assessments, any assessment to corporation tax chargeable in consequence of this section may, in a case in which the approval mentioned in subsection (1)(a) above has effect as from the beginning of an accounting period, be made at any time within 6 years after the end of that accounting period.
5 Where under this section a company is to be treated as having disposed of, and reacquired, an asset of a business, all such recomputations of liability in respect of other disposals and all such adjustments of tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the provisions of this section shall be carried out.

101C  Transfer within group to venture capital trust.

1 This section applies where—
a an asset has been disposed of to a company (the “acquiring company") and the disposal has been treated by virtue of section 171(1) as giving rise to neither a gain nor a loss,
b at the time of the disposal the acquiring company was not a venture capital trust, and
c the conditions set out in subsection (2) below are satisfied by the acquiring company.
2 Those conditions are satisfied by the acquiring company if—
a it becomes a venture capital trust by virtue of an approval having effect as from a time (the “time of approval") not more than 6 years after the time of the disposal,
b at the time of approval the company owns, otherwise than as trading stock—
i the asset, or
ii property to which a chargeable gain has been carried forward from the asset on a replacement of business assets,
c it has not been a venture capital trust at any earlier time since the time of the disposal, and
d at the time of approval, there has not been an event by virtue of which it falls by virtue of section 179(3) or 101A(3) to be treated as having sold, and immediately reacquired, the asset at the time specified in subsection (3) below.
3 The acquiring company shall be treated for all the purposes of this Act as if immediately after the disposal it had sold, and immediately reacquired, the asset at its market value at that time.
4 Any chargeable gain or allowable loss which, apart from this subsection, would accrue to the acquiring company on the sale referred to in subsection (3) above shall be treated as accruing to it immediately before the time of approval.
5 Subsections (5) to (7) of section 101A apply for the purposes of this section as they apply for the purposes of that section.
6 Notwithstanding any limitation on the time for making assessments, any assessment to corporation tax chargeable in consequence of this section may, in a case in which the time of approval is the time at which an accounting period of the company begins, be made at any time within 6 years after the end of that accounting period.
7 Any reference in this section to an approval is a reference to an approval for the purposes of Part 6 of ITA 2007.

F2143102  Collective investment schemes with property divided into separate parts.

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F2032103  Restriction on availability of indexation allowance.

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F491103A Application of Act to certain offshore funds

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F491103B Application of section 99B to transparent funds

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103C Power to make regulations about collective investment schemes

1 The Treasury may by regulations make provision about the treatment of participants in collective investment schemes for the purposes of this Act.
2 The regulations may, in particular, specify descriptions of collective investment scheme in relation to which they are to apply.
3 Regulations under this section may make different provision for different cases or different purposes.
4 Regulations under this section—
a may modify this Act or any other enactment or instrument (whenever passed or made), and
b may include incidental, consequential, supplementary or transitional provision.
5 A statutory instrument containing regulations under this section must be laid before the House of Commons after being made.
6 The regulations cease to have effect at the end of the period of 40 days beginning with the day on which the instrument is made unless before the end of that period the instrument is approved by a resolution of the House of Commons.
7 After an instrument containing regulations under this section has been approved under subsection (6), subsections (5) and (6) do not apply to any subsequent such instrument (and accordingly section 287(3) applies to any such instrument).
8 If regulations cease to have effect as a result of subsection (6), that does not—
a affect anything previously done under the regulations, or
b prevent the making of new regulations to the same or similar effect.
9 In calculating the period of 40 days for the purposes of subsection (6), no account is to be taken of any time during which Parliament is dissolved or prorogued or during which the House of Commons is adjourned for more than 4 days.
10 In this section—
  • “modify” includes amend, repeal or revoke, and
  • “participant”, in relation to a collective investment scheme, is to be read in accordance with section 235 of the Financial Services and Markets Act 2000.

103D Application of Act to tax transparent funds

1 For the purposes of this section—
  • “tax transparent fund” means—
    1. an authorised contractual scheme which is a co-ownership scheme, F2742...
    2. a Reserved Investor Fund (Contractual Scheme), or
    3. an offshore fund that is a transparent fund within the meaning given by regulation 11 of the Offshore Funds (Tax) Regulations 2009, and
  • “fund property”, in relation to a tax transparent fund, means the property subject to the fund.
2 For the purposes of this Act—
  • “authorised contractual scheme” has the meaning given by section 237(3) of the Financial Services and Markets Act 2000, F2744...
  • “co-ownership scheme” has the meaning given by section 235A of that Act , and
  • “Reserved Investor Fund (Contractual Scheme)” has the meaning given by section 20 of the Finance (No.2) Act 2024.
3 A unit in a tax transparent fund is treated as an asset for the purposes of this Act, and, accordingly, a participant’s interest in the fund property is disregarded for those purposes.
3A But if a participant is entitled to an allowance under Part 2A of CAA 2001 (structures and buildings allowances) by reference to expenditure in relation to any fund property, the participant’s interest in the fund property is not to be disregarded under subsection (3) for the purposes of the application of section 37B (exclusion of certain expenditure: structures and buildings allowances) in relation to the disposal by the participant of units in the fund.
4 In computing the gain accruing on a disposal by a participant of units in a tax transparent fund, an amount which—
a represents income from the fund property, and
b is taken into account as a receipt or other credit of the participant in calculating an amount chargeable to income tax,
is treated as expenditure falling within section 38(1)(b).
5 In computing the gain accruing on a disposal by a participant of units in a tax transparent fund—
a the sums that would otherwise be allowable under section 38(1) as a deduction from the consideration in the computation of the gain are reduced (but not below nil) by the amounts within subsection (7), and
b if those amounts exceed the sums that would otherwise be so allowable, the consideration is treated as increased by the amount of the excess.
6 So far as an amount within subsection (7) is dealt with under subsection (5)(a), it is not also dealt with under section 39.
7 An amount is within this subsection if it is—
a any amount arising to the participant from the fund property which is taken into account as an expense or other debit of the participant in calculating an amount chargeable to income tax, or
b anything paid or transferred to the participant, or anything else of value received by the participant, which is referable to the holding of the units (whenever paid, transferred or received) unless section 22 applies to whatever is paid, transferred or received.
8 In the case of any asset transferred as mentioned in subsection (7)(b), the value of the asset on the date of the transfer is taken to be its market value on that date.
9 If a participant has incurred expenditure in relation to any fund property in respect of which a capital allowance or renewals allowance (as defined by section 41(4) or (5)) has been or may be made, that expenditure is excluded from the sums allowable as a deduction in computing the amount of a loss accruing to the participant on a disposal of the units in the fund.
10 In this section—
  • “participant”—
    1. in relation to a collective investment scheme, is to be read in accordance with section 235 of the Financial Services and Markets Act 2000, and
    2. in relation to an offshore fund (which is not a collective investment scheme), has the meaning given in section 362(1) of TIOPA 2010, and
  • “units”, in relation to a tax transparent fund, means the rights or interests (however described) of the participants in the fund.

103DA Tax transparent funds: share pooling etc

A unit in a transparent fund is to be regarded as a security for the purposes of sections 104, 105, 107, 110 and 114 (share pooling, identification of securities and indexation).

103DB UK property rich collective investment vehicles etc

Schedule 5AAA makes provision in relation to collective investment vehicles where the property which is the subject of or held by the vehicles consists of or includes direct or indirect interests in land in the United Kingdom.

103DC Co-ownership schemes which are to be treated as partnerships

1 The assets of a co-ownership scheme, which is not a tax transparent fund or an offshore collective investment vehicle, are treated for the purposes of tax in respect of chargeable gains as held by the participants in the scheme as partners.
2 Any dealings by the operator of a such a scheme are treated for those purposes as dealings by the participants in the scheme in partnership.
3 If a participant is entitled to an allowance under Part 2A of CAA 2001 (structures and buildings allowances) by reference to expenditure in relation to their interest in such a scheme, that allowance is not to be disregarded for the purposes of the application of section 37B (exclusion of certain expenditure: structures and buildings allowances) in relation to a disposal of their interest.
4 Where—
a expenditure has been made in respect of the assets of such a scheme, and
b a capital allowance or renewals allowance (within the meaning of section 41(4) or (5)) has been given to a participant in the scheme in relation to that expenditure,
the capital allowance or renewals allowance that was given to the investor is to be excluded from the sums allowable as a deduction in computing the amount of a loss accruing to the participant in relation to a disposal of their interest in the assets of the scheme.
5 Subsections (6) and (7) apply for the purposes of this Act at any time that a co-ownership scheme, which is not a tax transparent fund or an offshore collective investment vehicle, becomes an authorised contractual scheme or a Reserved Investor Fund (Contractual Scheme) (a “relevant scheme”).
6 Each participant in the co-ownership scheme is deemed to, immediately before the time that the scheme becomes a relevant scheme, have sold their interest in the assets held by the participants in the scheme as partners at its market value at that time.
7 Each participant is treated as having acquired their units in the relevant scheme—
a at the time the co-ownership scheme becomes a relevant scheme, and
b at their market value at that time.
8 For the purposes of this section, a participant’s interest in the assets held by the participants of a co-ownership scheme as partners is a just and reasonable proportion of the assets having regard to the participant’s units in the scheme.
9 In this section—
  • “offshore collective investment vehicle” has the meaning it has in Schedule 5AAA (see paragraph 2 of that Schedule);
  • “tax transparent fund” has the meaning it has in section 103D.
10 In subsection (1), the reference to the assets of a co-ownership scheme is a reference to assets which are subject to the scheme.

Chapter 4 Collective investment schemes: exchanges, mergers and schemes of reconstruction

103E Application of Chapter

1 In this Chapter (except this section) references to a collective investment scheme are to a collective investment scheme falling within any of the following paragraphs—
a an authorised contractual scheme which is a co-ownership scheme,
aa a Reserved Investor Fund (Contractual Scheme),
b a unit trust scheme, or
c an offshore fund.
2 Sections 126 to 138A (reorganisation of share capital, conversion of securities etc) do not apply for the purposes of the treatment of participants in collective investment schemes falling within subsection (1)(a) to (c) except as applied by this Chapter.
3 But sections 135 to 138A (company reconstructions) may apply for those purposes where either company A or company B is not a collective investment scheme falling within subsection (1)(a) to (c).
4 In subsection (3), “company A” and “company B” have the meaning given by section 135 or 136 as the case may be.
5 In this Chapter, “units” includes shares in a company.

103F Exchanges of units for units in the same scheme

1 This section applies in the following cases.
  • Case 1
    Where—
    1. a participant in a collective investment scheme exchanges units in the scheme for other units in the scheme (“new units”) of substantially the same value, and
    2. the property subject to the scheme and the rights of participants to share in the capital and income in relation to that property are the same immediately before and immediately after the event (ignoring any changes as a result of a variation in management charges).
  • Case 2
    Where there is a reorganisation of the units in a collective investment scheme in which all the participants holding units in the scheme or, where there are different classes of unit in the scheme, all the participants holding units in the same class, exchange all their units for other units (“new units”) in the scheme.
2 Where this section applies—
a sections 127 to 131 (share reorganisations etc) apply with the necessary adaptations as if the collective investment scheme were a company and the event mentioned in subsection (1) were a reorganisation of its share capital, and
b any distribution in relation to any new units is to be treated for the purposes of capital gains tax, corporation tax or income tax on the basis set out in section 127 (as adapted).
3 In subsection (1), “management charges” mean the costs charged to the property subject to the scheme in respect of remunerating the parties operating the scheme, administrating the scheme or investing or safeguarding the property subject to the scheme.

C251103G Exchange of units for those in another collective investment scheme

1 This section applies in the following cases where units in a collective investment scheme (“collective investment scheme B”) are issued to a person in exchange for units in another collective investment scheme (“collective investment scheme A”).
2 The cases are—
  • Case 1
    Where units in collective investment scheme B are issued in exchange for units as the result of a general offer—
    1. made to participants in collective investment scheme A or any class of them, and
    2. made in the first instance on a condition such that if it were satisfied the property subject to collective investment scheme B would include units in collective investment scheme A giving rights to more than 50% of the capital, and more than 50% of the income, of collective investment scheme A.
  • Case 2
    Where—
    1. under an arrangement, participants in collective investment scheme A exchange units in that scheme for units of substantially the same value in collective investment scheme B, and
    2. in consequence of the exchanges under the arrangement, 85% or more of the property subject to collective investment scheme B is constituted by units in collective investment scheme A.
3 Where this section applies, sections 127 to 131 (share reorganisations etc) apply with the necessary adaptations as if collective investment scheme A and collective investment scheme B were the same company and the exchange were a reorganisation of its share capital.
4 This section has effect subject to section 103K (anti-avoidance).

C403103H Scheme of reconstruction involving issue of units

1 This section applies where—
a for the purposes of, or in connection with, a scheme of reconstruction an arrangement is entered into by all the participants holding units in an original collective investment scheme (“scheme A”), or where there are different classes of units in the scheme, all the participants holding any class of those units, and
b under the arrangement—
i units in a successor collective investment scheme or feeder fund (“scheme B”) are issued to those participants in respect of and in proportion to (or as nearly as may be in proportion to) their relevant holdings in scheme A, and
ii the units in scheme A comprised in relevant holdings are retained by those participants or are cancelled or otherwise extinguished.
2 Where this section applies—
a those participants are treated as exchanging their relevant holdings in scheme A for the units held by them in consequence of the arrangement, and
b sections 127 to 131 (share reorganisations etc) apply with the necessary adaptations as if scheme A and scheme B were the same company and the exchange were a reorganisation of its share capital.
For this purpose units in scheme A comprised in relevant holdings that are retained are treated as if they had been cancelled and replaced by a new issue.
3 Where a reorganisation within case 2 of section 103F(1) of the units in scheme A is carried out for the purposes of the scheme of reconstruction, the provisions of subsections (1) and (2) apply in relation to the position after the reorganisation.
4 In this section, references to “relevant holdings” of units are—
a where there is only one class of units in scheme A, to holdings of units in the scheme, and
b where there are different classes of units in scheme A, to holdings of a class of units that is involved in the scheme of reconstruction (within the meaning of paragraph 3 of Schedule 5AZA).
5 This section has effect subject to section 103K (anti-avoidance).

103I Scheme of reconstruction involving conversion scheme

1 This section applies where—
a a scheme of reconstruction is entered into and given effect to, and
b for the purposes of, or in connection with, the scheme of reconstruction, units in a collective investment scheme (“the conversion scheme”) are issued to participants in another collective investment scheme (“scheme C”) in exchange for and in proportion to (or as nearly as may be in proportion to) their conversion holdings in accordance with regulation 12(1)(b) of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 (S.I. 2011/1613).
2 Where this section applies sections 127 to 131 apply with the necessary adaptations as if scheme C and the conversion scheme were the same company and the exchange were a reorganisation of its share capital.
3 In this section “conversion holdings” means the units in scheme C to be converted in accordance with regulation 12(1)(b) of the Undertakings for Collective Investment in Transferable Securities Regulations 2011 into units in the conversion scheme for the purposes of, or in connection with, the scheme of reconstruction.
4 This section has effect subject to section 103K (anti-avoidance).

103J Supplementary provisions

In sections 103H and 103I—
a “feeder fund” has the meaning given by paragraph 3(2) of Schedule 5AZA to this Act;
b “scheme of reconstruction” has the meaning given by paragraph 1 of Schedule 5AZA;
c “original collective investment scheme” and “successor collective investment scheme” must be construed in accordance with paragraph 2(2) of Schedule 5AZA; and
d references to units being retained include their being retained with altered rights or in an altered form, whether as the result of reduction, consolidation, division or otherwise .

103K Restriction on application of sections 103G, 103H and 103I : anti-avoidance

1 This section applies in respect of arrangements relating to an exchange or scheme of reconstruction as regards which section 103G, 103H or 103I applies if the main purpose, or one of the main purposes, of the arrangements is to reduce or avoid liability to capital gains tax, corporation tax or income tax.
1A Any such reduction or avoidance that would (in the absence of this section) arise from such arrangements is to be counteracted by the making of such adjustments as are just and reasonable (in light of the reduction or avoidance).
1B This includes, in an appropriate case, disapplying section 103G, 103H or 103I insofar as is required to counteract the reduction or avoidance.
1C Any adjustments required to be made under this section (whether or not by an officer of Revenue and Customs) may be made by way of—
a an assessment, or
b the modification of an assessment.
F29412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F29423 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 If any tax assessed on a participant (“the chargeable participant”) by virtue of this section is not paid within 6 months from the date determined under subsection (5) below, any other participant who—
a holds all or any part of the units that were issued to the chargeable participant as part of the exchange or scheme of reconstruction, and
b has acquired them without there having been, since their acquisition by the chargeable participant, any disposal of them not falling within section 58(1) or 171,
may, at any time within 2 years from that date, be assessed and charged (in the name of the chargeable participant) to all or, as the case may be, a corresponding part of the unpaid tax; and a participant paying any amount of tax under this subsection shall be entitled to recover from the chargeable participant a sum equal to that amount together with any interest paid by him under section 87A of the Management Act on that amount.
5 The date referred to in subsection (4) above is whichever is the later of—
a the date when the tax becomes due and payable by the chargeable participant; and
b the date when the assessment was made on the chargeable participant.
6 Section 138 (procedure for clearance in advance) applies to this section as it applies to section 137 (with any necessary modifications).
7 In this section, “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

Chapter 5 Carried interest

103KA Carried interest

1 This section applies where—
a an individual performs investment management services directly or indirectly in respect of an investment scheme under any arrangements, and
b the individual is entitled to carried interest under the arrangements.
2 Any gain or loss accruing to the individual by virtue of the individual’s entitlement to carried interest is treated as not accruing.
3 In this section “arrangements”, “carried interest”, “investment scheme” and “investment management services” have the same meaning as in section 23I of ITTOIA 2005 (see section 23R of and Part 1 of Schedule A1 to that Act).

F2916103KB Carried interest: consideration on disposal etc of right

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F2916103KC Carried interest: foreign chargeable gains

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F2916103KD Carried interest: anti-avoidance

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F2916103KE Carried interest: avoidance of double taxation

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103KF Relief for external investors on disposal of partnership asset

1 If—
a a chargeable gain accrues to an external investor in an investment scheme on the disposal of one or more partnership assets, and
b the external investor makes a claim for relief under this section,
then subsection (2) applies in relation to the disposal.
2 The amount of the chargeable gain is to be reduced by an amount equal to—
I − C
where—
  1. I is an amount equal to such part of the sum invested in the fund by the external investor which on a just and reasonable basis is referable to the asset or assets disposed of, and
  2. C is the amount deducted under section 38(1)(a) in respect of consideration given wholly and exclusively for the acquisition of the asset or assets.
3 In this section, “external investor” and “investment scheme” have the same meaning as in section 23I of ITTOIA 2005 (see section 23R of that Act).

F2917103KFA Election for carried interest gains to be chargeable as scheme profits arise

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F2917103KFB Election in relation to scheme to apply to associated schemes

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F2917103KFC Interaction with other charges

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F2917103KFD Deemed accrual of loss where carried interest never arises

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F2917103KFE Anti-avoidance

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F2917103KG Meaning of “arise” in Chapter 5

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F2917103KH Interpretation of Chapter 5

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C90Part IV  Shares, securities, options etc.

Chapter I  General

Share pooling, identification of securities, and indexation

C454C336C226C439C38104  Share pooling: general interpretative provisions.

C621 Any number of securities of the same class acquired by the same person in the same capacity shall for the purposes of this Act (subject to express provision to the contrary) be regarded as indistinguishable parts of a single asset growing or diminishing on the occasions on which additional securities of the same class are acquired or some of the securities of that class are disposed of.
2 For the purposes of corporation tax, subsection (1) does not apply to any securities acquired by a company before 1 April 1982.
2A See also sections 105 to 105B and—
a section 106A in the case of capital gains tax, or
b sections 107 to 114 in the case of corporation tax.
3 For the purposes of this section and sections 105, 107, 110 F639... and 114—
  • “a section 104 holding” is a holding of securities which, by virtue of subsection (1) above, is to be regarded as a single asset;
  • “securities” does not include relevant securities as defined in section 108 but, subject to that, means—
    1. shares or securities of a company; and
    2. any other assets where they are of a nature to be dealt in without identifying the particular assets disposed of or acquired; and
  • “relevant allowable expenditure” has the meaning assigned to it by section 53(2)(b) and (3);
but shares or securities of a company shall not be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.
3A For the purposes of capital gains tax section 35(2) applies in relation to a section 104 holding as if the reference to an asset were to any of the securities constituting or forming part of the section 104 holding which were held by the person making the disposal on 31 March 1982.
C4274 For the purposes of this Chapter securities of a company which are held—
a by a person who acquired them as an employee of the company or of any other person, and
b on terms which for the time being restrict his right to dispose of them,
shall (notwithstanding that they would otherwise fall to be treated as of the same class) be treated as of a different class from any securities acquired by him otherwise than as an employee of the company or of any other person and also from any shares that are not held subject to restrictions, or the same restrictions, on disposal or in the case of which the restrictions are no longer in force.
4A For the purposes of this Chapter, securities of a company which are held by the trustees of a settlement, having been last acquired or deemed to be acquired by them in circumstances where section 236H or 236Q applied, shall (notwithstanding that they would otherwise fall to be treated as of the same class) be treated as of a different class from any other securities of the company acquired by those trustees.
5 Nothing in this section or sections 110 F1176... and 114 shall be taken as affecting the manner in which the market value of any securities is to be ascertained.
6 Without prejudice to the generality of subsections (1) and (2) above, a disposal of securities in a section 104 holding, other than a disposal of the whole of it, is a disposal of part of an asset and the provisions of this Act relating to the computation of a gain accruing on a disposal of part of an asset shall apply accordingly.

C336C437C226C141C68105  Disposal on or before day of acquisition of shares and other unidentified assets.

1 Paragraphs (a) and (b) below shall apply where securities of the same class are acquired or disposed of by the same person on the same day and in the same capacity—
a all the securities so acquired shall be treated as acquired by a single transaction and all the securities so disposed of shall be treated as disposed of by a single transaction, and
b all the securities so acquired shall, so far as their quantity does not exceed that of the securities so disposed of, be identified with those securities.
2 Where the quantity of securities disposed of by any person exceeds the aggregate quantity of—
a the securities (if any) which are required by subsection (1) above to be identified with securities acquired on the day of the disposal,
b the securities (if any) which are required by section 106A(5) to be identified with securities acquired after the day of the disposal, and
c the securities (if any) which are required by any of the provisions of sections 104, F2495... 106A or 107, or of Schedule 2, to be identified with securities acquired before the day of the disposal,
the disposal shall be treated as diminishing a quantity of securities subsequently acquired, and as so diminishing any quantity so acquired at an earlier date, rather than one so acquired at a later date.
3 None of the securities which, by virtue of this section, are identified with other securities shall be regarded as forming part of an existing section 104 holding or as constituting a section 104 holding.
4 Subsection (5) applies if an individual—
a acquires shares (“the relevant shares”) of the same class, on the same day and in the same capacity, and
b some of the relevant shares are relevant EMI shares (as defined by section 169I(7C) to (7G)).
5 This section has effect as if—
a paragraph (a) of subsection (1) required the relevant EMI shares to be treated as acquired by the individual by a single transaction separate from the remainder of the relevant shares (which are also to be treated by virtue of that paragraph as acquired by the individual by a single transaction), and
b subsection (1) required the relevant EMI shares to be treated as disposed of after the remainder of the relevant shares.

C38105A  Shares acquired on same day: election for alternative treatment

1 Subsection (2) below applies where an individual—
a acquires shares (“the relevant shares”) of the same class, on the same day and in the same capacity, and
b some of the relevant shares (“the tax-advantaged-scheme shares”) are shares acquired by him as a result of—
i the exercise of a qualifying option within the meaning given by section 527(4) of ITEPA 2003 (enterprise management incentives) in circumstances where section 530 or 531 of that Act (exercise of option to acquire shares) applies, or
ii the exercise of an option to which Chapter 7 or 8 of Part 7 of that Act (F2273... share option schemes) applies in circumstances where section 519(1) or 524(1) of that Act applies.
2 Where the individual first makes a disposal of any of the relevant shares, he may elect for subsections (3) to (5) below to have effect in relation to that disposal and all subsequent disposals of any of those shares.
3 In circumstances where section 105 applies, that section shall have effect as if—
a paragraph (a) of subsection (1) of that section required the tax-advantaged-scheme shares to be treated as acquired by the individual by a single transaction separate from the remainder of the relevant shares (which shall also be treated by virtue of that paragraph as acquired by the individual by a single transaction), and
b subsection (1) of that section required the tax-advantaged-scheme shares to be treated as disposed of after the remainder of the relevant shares.
4 If the relevant shares include shares to which relief under Chapter 3 of Part 7 of the Taxes Act, relief under Part 5 of ITA 2007 or deferral relief (within the meaning of Schedule 5B to this Act) is attributable—
a paragraph 4(4) of that Schedule has effect as if it required the tax-advantaged-scheme shares falling within paragraph (a), (b), (c) or (d) of that provision to be treated as disposed of after the remainder of the relevant shares falling within the paragraph in question, and
b section 299 of the Taxes Act or section 246 of ITA 2007 has effect for the purposes of section 150A(4) below as if it required—
i the tax-advantaged-scheme shares falling within paragraph (a), (b), (c) or (d) of subsection (6A) of section 299 of the Taxes Act or subsection (3) of section 246 of ITA 2007 to be treated as disposed of after the remainder of the relevant shares falling within the paragraph in question, and
ii the tax-advantaged-scheme shares to which subsection (6B) of section 299 of the Taxes Act or subsection (4) of section 246 of ITA 2007 applies to be treated as disposed of after the remainder of the relevant shares to which that subsection applies.
5 Where section 127 applies in relation to any of the relevant shares (“the reorganisation shares”), that section shall apply separately to such of those shares as are tax-advantaged-scheme shares and to the remainder of the reorganisation shares (so that those tax-advantaged-scheme shares and the remainder of the reorganisation shares are treated as comprised in separate holdings of original shares and identified with separate new holdings).
6 In subsection (5)—
a the reference to section 127 includes a reference to that section as it is applied by virtue of any enactment relating to chargeable gains, and
b “original shares” and “new holding” have the same meaning as in section 127 or (as the case may be) that section as applied by virtue of the enactment in question.
7 For the purposes of subsection (1) above—
a any shares to which relief under Chapter 3 of Part 7 of the Taxes Act or relief under Part 5 of ITA 2007 is attributable and which were transferred to an individual as mentioned in section 304 of the Taxes Act or section 245 of ITA 2007, and
b any shares to which deferral relief (within the meaning of Schedule 5B to this Act), but not relief under that Chapter or relief under that Part, is attributable and which were acquired by an individual on a disposal to which section 58 above applies,
shall be treated as acquired by the individual on the day on which they were issued.
8 In this section the references to Chapter 3 of Part 7, section 299 and section 304 of the Taxes Act shall be read as references to those provisions as they apply to shares issued after 31st December 1993 (enterprise investment scheme).
9 In this section references to Part 5 of ITA 2007 or any provision of that Part are to a Part or provision that applies only in relation to shares issued after 5 April 2007.

C38105B  Provision supplementary to section 105A

1 The provisions of section 105A have effect in the case of any disposal notwithstanding that some or all of the securities disposed of are otherwise identified—
a by the disposal, or
b by a transfer or delivery giving effect to it.
2 An election must be made, by a notice given to an officer of the Board, on or before the first anniversary of the 31st January next following the year of assessment in which the individual first makes a disposal of any of the relevant shares.
3 Where—
a an election is made in respect of the relevant shares, and
b any shares (“the other shares”) acquired by the individual on the same day and in the same capacity as the relevant shares cease to be treated under section 104(4) as shares of a different class from the relevant shares,
the election shall have effect in respect of the other shares from the time they cease to be so treated.
4 In determining for the purposes of section 105A(2) and subsection (2) above whether the individual has made a disposal of any of the relevant shares, sections 122(1) and 128(3) shall be disregarded.
5 No election may be made in respect of ordinary shares in a venture capital trust.For this purpose “ordinary shares” has the meaning given in section 151A(7).
6 For the purposes of section 105A, shares in a company shall not be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange, or would be so treated if dealt with on that recognised stock exchange.
7 In section 105A(2) to (5) and subsections (2) to (4) above, any reference to the relevant shares or to the tax-advantaged-scheme shares includes a reference to the securities (if any) directly or indirectly derived from the shares in question by virtue of one or more applications of section 127 (including that section as applied by virtue of any enactment relating to chargeable gains).
8 In this section—
  • “the tax-advantaged-scheme shares” has the same meaning as in section 105A;
  • “election” means an election under that section;
  • “the relevant shares” has the same meaning as in that section; and
  • “securities” has the meaning given in section 104(3);
and in subsection (4) the reference to section 128(3) includes a reference to that provision as it is applied by virtue of any enactment relating to chargeable gains.

F2054106  Disposal of shares and securities by company within prescribed period of acquisition.

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C336C236C214C437106A  Identification of securities: F1173... capital gains tax.

1 This section has effect for the purposes of capital gains tax (but not corporation tax) where any securities are disposed of by any person.
2 The securities disposed of shall be identified in accordance with the following provisions of this section with securities of the same class that have been acquired by the person making the disposal.
3 The provisions of this section have effect in the case of any disposal notwithstanding that some or all of the securities disposed of are otherwise identified—
a by the disposal, or
b by a transfer or delivery giving effect to it;
but where a person disposes of securities in one capacity, they shall not be identified under those provisions with any securities which he holds, or can dispose of, only in some other capacity.
4 Securities disposed of on an earlier date shall be identified before securities disposed of on a later date; and, accordingly, securities disposed of by a later disposal shall not be identified with securities already identified as disposed of by an earlier disposal.
5 Subject to subsection (4) above, if within the period of thirty days after the disposal the person making it acquires securities of the same class, the securities disposed of shall be identified—
a with securities acquired by him within that period, rather than with other securities; F1381...
aa with securities acquired by him within that period which are not relevant EMI shares, rather than with securities acquired by him within that period which are relevant EMI shares; and
b subject to paragraph (aa), with securities acquired at an earlier time within that period, rather than with securities acquired at a later time within that period.
5ZA None of the securities which, by virtue of subsection (5) above, are identified with other securities shall be regarded as forming part of an existing section 104 holding or as constituting a section 104 holding.
5A Subsection (5) above shall not require securities to be identified with securities which the person making the disposal acquires at a time when—
a he is not resident in the United Kingdom, or
b he is resident F765... in the United Kingdom but is Treaty non-resident.
6 Subject to subsections (4) and (5) above, relevant securities disposed of shall be identified with relevant securities acquired at a later time, rather than with relevant securities acquired at an earlier time.
6A Subject to subsections (4) and (5) above, a company's shares which are disposed of shall be identified—
a with relevant EMI shares, rather than with other shares, and
b with relevant EMI shares acquired at an earlier time rather than with relevant EMI shares acquired at a later time.
6B No shares identified with relevant EMI shares by virtue of subsection (6A)(a) or (b) above shall be regarded as forming part of an existing section 104 holding or as constituting a section 104 holding.
F18787 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F15688 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 The identification rules set out in the preceding provisions of this section have effect subject to subsection (1) of section 105, and securities disposed of shall not be identified with securities acquired after the disposal except in accordance with that section or subsection (5) above.
10 In this section—
  • “relevant EMI shares” has the meaning given by section 169I(7C) to (7G),
  • “securities” means any securities within the meaning of section 104 or any relevant securities, and
  • “relevant securities” means—
    1. securities within the meaning of Chapter 2 of Part 12 of ITA 2007 (accrued income profits),
    2. qualifying corporate bonds, and
    3. securities which are interests in a non-reporting fund, within the meaning of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001) (see regulation 4(2)).
11 For the purposes of this section securities of a company shall not be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange, or would be so treated if dealt with on that recognised stock exchange.

C455C336C437C172C49107  Identification of securities etc: general rules for corporation tax.

1 This section has effect for the purposes of corporation tax where any securities are disposed of by a company.
1A The securities disposed of shall be identified in accordance with the following provisions of this section with securities of the same class that have been acquired by the company making the disposal and could be comprised in that disposal.
2 The provisions of this section have effect in the case of any disposal notwithstanding that some or all of the securities disposed of are otherwise identified—
a by the disposal, or
b by a transfer or delivery giving effect to it;
but where a company disposes of securities in one capacity, they shall not be identified with securities which it holds, or can dispose of, only in some other capacity.
3 Without prejudice to section 105 if, within a period of 10 days, a number of securities are acquired and subsequently a number of securities are disposed of and, apart from this subsection—
a the securities acquired would increase the size of, or constitute a section 104 holding, and
b the securities disposed of would decrease the size of, or extinguish, the same section 104 holding,
then, subject to subsections (4) and (5) below, the securities disposed of shall be identified with the securities acquired and none of them shall be regarded as forming part of an existing section 104 holding or constituting a section 104 holding.
4 If, in a case falling within subsection (3) above, the number of securities acquired exceeds the number disposed of—
a the excess shall be regarded as forming part of an existing section 104 holding or, as the case may be, as constituting a section 104 holding; and
b if the securities acquired were acquired at different times (within the 10 days referred to in subsection (3) above) the securities disposed of shall be identified with securities acquired at an earlier time rather than with securities acquired at a later time.
5 If, in a case falling within subsection (3) above, the number of securities disposed of exceeds the number acquired, the excess shall not be identified in accordance with that subsection.
6 Securities which, by virtue of subsection (3) above, do not form part of or constitute a section 104 holding shall be treated for the purposes of section 54(2) as relevant securities within the meaning of section 108.
7 The identification rules set out in subsections (8) and (9) below have effect subject to section 105 but, subject to that, have priority according to the order in which they are so set out.
8 Securities disposed of shall be identified with securities forming part of a section 104 holding rather than with other securities.
9 Securities disposed of shall be identified with securities forming part of a 1982 holding, within the meaning of section 109, rather than with other securities and, subject to that, shall be identified with securities acquired at a later time rather than with securities acquired at an earlier time.

C336C437108  Identification of relevant securities for corporation tax.

A1 This section has effect for the purposes of corporation tax where any relevant securities are disposed of by a company.
1 In this section “relevant securities” means—
a securities, within the meaning of Chapter 2 of Part 12 of ITA 2007 (accrued income profits);
aa qualifying corporate bonds;
F2364b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; and
c securities which are F2160... interests in a non-reporting fund, within the meaning of regulations under section 354(1) of TIOPA 2010 (see Part 2 of the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001));
and shares or securities of a company shall not be treated for the purposes of this section as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.
2 Where a company disposes of relevant securities, the securities disposed of shall be identified in accordance with the rules contained in this section with the securities of the same class acquired by the company which could be comprised in that disposal, and shall be so identified notwithstanding that they are otherwise identified by the disposal or by a transfer or delivery giving effect to it (but so that where a company disposes of securities in one capacity, they shall not be identified with securities which it holds or can dispose of only in some other capacity).
3 Relevant securities disposed of on an earlier date shall be identified before securities disposed of on a later date, and the identification of the securities first disposed of shall accordingly determine the securities which could be comprised in the later disposal.
4 Relevant securities disposed of for transfer or delivery on a particular date or in a particular period—
a shall not be identified with securities acquired for transfer or delivery on a later date or in a later period; and
b shall be identified with securities acquired for transfer or delivery on or before that date or in or before that period, but on or after the date of the disposal, rather than with securities not so acquired.
5 The relevant securities disposed of shall be identified—
a with securities acquired within the 12 months preceding the disposal rather than with securities not so acquired, and with securities so acquired on an earlier date rather than with securities so acquired on a later date, and
b subject to paragraph (a) above, with securities acquired on a later date rather than with securities acquired on an earlier date; and
c with securities acquired at different times on any one day in as nearly as may be equal proportions.
6 The rules contained in the preceding subsections shall have priority according to the order in which they are so contained.
7 Notwithstanding anything in subsections (3) to (5) above, where, under arrangements designed to postpone the transfer or delivery of relevant securities disposed of, a company by a single bargain acquires securities for transfer or delivery on a particular date or in a particular period and disposes of them for transfer or delivery on a later date or in a later period, then—
a the securities disposed of by that bargain shall be identified with the securities thereby acquired; and
b securities previously disposed of which, but for the operation of paragraph (a) above in relation to acquisitions for transfer or delivery on the earlier date or in the earlier period, would have been identified with the securities acquired by that bargain—
i shall, subject to subsection (3) above, be identified with any available securities acquired for such transfer or delivery (that is to say, any securities so acquired other than securities to which paragraph (a) above applies and other than securities with which securities disposed of for such transfer or delivery would be identified apart from this subsection); and
ii in so far as they cannot be so identified shall be treated as disposed of for transfer or delivery on the later date, or in the later period, mentioned above.
8 This section F1688... shall not apply—
a where the disposal is of quoted securities (within the meaning of paragraph 8 of Schedule 2), unless an election has been made with respect to the securities under paragraph 4 of that Schedule or under section 109(4), or
b where the disposal is of securities as respects which paragraph 17 or 18 of Schedule 2 has effect.

C336C437109  Corporation tax: pre-April 1982 share pools.

1 For the purposes of corporation tax, this section has effect in relation to any 1982 holding, and in this section “1982 holding” means a holding which, immediately before the coming into force of this section, was a 1982 holding for the purposes of Part II of Schedule 19 to the M6Finance Act 1985.
2 Subject to subsections (3) to (5) below—
a the holding shall continue to be regarded as a single asset for the purposes of this Act (subject to express provision to the contrary), but one which cannot grow by the acquisition of additional securities of the same class, and
b every sum, which on a disposal of the holding, would be an item of relevant allowable expenditure shall be regarded for the purposes of section 54 as having been incurred at such a time that the month which determines RI in the formula in subsection (1) of that section is March 1982.
Securities of a company shall not be treated for the purposes of this section as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.
3 Nothing in subsection (2) above affects the operation of section 127 in relation to the holding, but without prejudice to section 131.
4 If a person so elects, quoted securities, as defined in paragraph 8 of Schedule 2 which are covered by the election—
a shall be treated as an accretion to an existing 1982 holding or, as the case may be, as constituting a new 1982 holding; and
b shall be excluded from paragraph 2 of that Schedule;
and the relevant allowable expenditure which is attributable to that 1982 holding shall be adjusted or determined accordingly.
5 Paragraphs 4(8) to (13) and 5 to 8 of Schedule 2 shall apply in relation to an election under subsection (4) above as they apply in relation to an election under paragraph 4(2) of that Schedule, but with the substitution for any reference to 19th March 1968 of a reference to 31st March 1985 in the case of holdings or disposals by companies and 5th April 1985 in any other case.
6 For the purpose of computing the indexation allowance (if any) on a disposal of a 1982 holding, the relevant allowable expenditure attributable to the holding on the coming into force of this section shall be the amount which, if the holding had been disposed of immediately before the coming into force of this section, would have been the relevant allowable expenditure in relation to that holding on that disposal, and for the purposes of section 54(4) relevant allowable expenditure attributable to a 1982 holding shall be deemed to be expenditure falling within section 38(1)(a).

C336C38110  Indexation for section 104 holdings for corporation tax.

1 For the purposes of corporation tax this section and section 114—
a apply in place of section 54 in relation to a disposal of a section 104 holding for the purpose of computing the indexation allowance;
b have effect subject to section 105.
2 On any disposal of a section 104 holding, other than a disposal of the whole of it—
a the qualifying expenditure and the indexed pool of expenditure shall each be apportioned between the part disposed of and the remainder in the same proportions as, under this Act, the relevant allowable expenditure is apportioned; and
b the indexation allowance is the amount by which the portion of the indexed pool which is attributed to the part disposed of exceeds the portion of the qualifying expenditure which is attributed to that part.
3 On a disposal of the whole of a section 104 holding, the indexation allowance is the amount by which the indexed pool of expenditure at the time of the disposal exceeds the qualifying expenditure at that time.
4 In relation to a section 104 holding, the qualifying expenditure is at any time the amount which would be the aggregate of the relevant allowable expenditure in relation to a disposal of the whole of the holding occurring at that time.
5 Subject to subsection (6) below and section 114 the indexed pool of expenditure shall come into being at the time that the holding comes into being or, if it is earlier, when any of the qualifying expenditure is incurred and shall at the time it comes into being be the same as the qualifying expenditure at that time.
6 In relation to a section 104 holding which was in existence immediately before the coming into force of this section, the indexed pool of expenditure on the coming into force of this section shall be the same as it was for the purposes of Part III of Schedule 19 to the M7Finance Act 1985 immediately before then.
6A Where a disposal to a person acquiring or adding to a section 104 holding is treated by virtue of any enactment as one on which neither a gain nor a loss accrues to the person making the disposal—
a section 56(2) shall not apply to the disposal (and, accordingly, the amount of the consideration shall not be calculated on the assumption that a gain of an amount equal to the indexation allowance accrues to the person making the disposal), but
b an amount equal to the indexation allowance on the disposal shall be added to the indexed pool of expenditure for the holding acquired or, as the case may be, held by the person to whom the disposal is made (and, where it is added to the indexed pool of expenditure for a holding so held, it shall be added after any increase required by subsection (8)(a) below).
7 Any reference below to an operative event is a reference to any event (whether a disposal or otherwise) which has the effect of reducing or increasing the qualifying expenditure referable to the section 104 holding.
8 Whenever an operative event occurs—
a there shall be added to the indexed pool of expenditure the indexed rise, as calculated under subsection (10) or (11) below, in the value of the pool since the last operative event or, if there has been no previous operative event, since the pool came into being; and
b if the operative event results in an increase in the qualifying expenditure then, in addition to any increase under paragraph (a) above, the same increase shall be made to the indexed pool of expenditure; and
c if the operative event is a disposal resulting in a reduction in the qualifying expenditure, the indexed pool of expenditure shall be reduced in the same proportion as the qualifying expenditure is reduced; and
d if the operative event results in a reduction in the qualifying expenditure but is not a disposal, the same reduction shall be made to the indexed pool of expenditure.
9 Where the operative event is a disposal—
a any addition under subsection (8)(a) above shall be made before the calculation of the indexation allowance under subsection (2) above; and
b the reduction under subsection (8)(c) above shall be made after that calculation.
10 At the time of any operative event, the indexed rise in the indexed pool of expenditure is a sum produced by multiplying the value of the pool immediately before the event by a figure expressed as a decimal and determined, subject to subsection (11) below, by the formula—
RE-RLRL
where—
  • RE is the retail prices index for December 2017; and
  • RL is the retail prices index for the month in which occurred the immediately preceding operative event or, if there has been no such event, in which the indexed pool of expenditure came into being.
11 The indexed rise is nil if—
a RE, as defined in subsection (10), is equal to or less than RL, as so defined, or
b the month referred to in the definition of RL in subsection (10) is after December 2017.

F997110A  Indexation for section 104 holdings: capital gains tax.

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F1391111  Indexation: building society etc. shares.

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C336C437112  Parallel pooling regulations: corporation tax.

1 The M8Capital Gains Tax (Parallel Pooling) Regulations 1986 made by the Treasury under paragraph 21 of Schedule 19 to the M9Finance Act 1985 shall continue to have effect notwithstanding the repeal by this Act of that Schedule, and for the purposes of section 14 of the M10Interpretation Act 1978 that paragraph shall be deemed not to have been repealed.
2 An election under Schedule 6 to the M11Finance Act 1983 which has not been revoked before 6th April 1992 shall not have effect in relation to any disposal after 5th April 1992 and may, if the Board allow, be revoked by notice to the inspector.
3 All such adjustments shall be made, whether by way of discharge or repayment of tax, or the making of assessments or otherwise, as are required in consequence of a revocation under subsection (2) above.

C336C437113  Calls on shares: corporation tax.

A1 This section has effect for the purposes of corporation tax.
1 Subsection (2) below applies where—
a on a disposal to which section 53 applies, the relevant allowable expenditure is or includes the amount or value of the consideration given for the issue of shares or securities in, or debentures of, a company; and
b the whole or some part of that consideration was given after the expiry of the period of 12 months beginning on the date of the issue of the shares, securities or debentures.
2 For the purpose of computing the indexation allowance (if any) on the disposal referred to in subsection (1)(a) above—
a so much of the consideration as was given after the expiry of the period referred to in subsection (1)(b) above shall be regarded as an item of expenditure separate from any consideration given during that period; and
b section 54(4) shall not apply to that separate item of expenditure which, accordingly, shall be regarded as incurred at the time the consideration in question was actually given.

C336C38114  Consideration for options: corporation tax.

A1 This section has effect for the purposes of corporation tax.
1 If, in a case where section 110(8)(b) applies, the increase in the qualifying expenditure is, in whole or in part, attributable to the cost of acquiring an option binding the grantor to sell (“the option consideration”), then, in addition to any increase under section 110(8)(a) or (b), the indexed pool of expenditure shall be increased by an amount equal to the indexed rise in the option consideration, as determined under subsection (2) below.
2 The indexed rise in the option consideration is a sum produced by multiplying the consideration by a figure expressed as a decimal and determined, subject to subsection (3) below, by the formula—
RO-RARA
where—
  • RO is the retail prices index for December 2017; and
  • RA is the retail prices index for the month in which falls the date in which the option was acquired or, if it is later, March 1982.
3 The indexed rise is nil if—
a RO, as defined in subsection (2), is equal to or less than RA, as so defined, or
b the month referred to in the definition of RA in subsection (2) is after December 2017.

Gilt-edged securities and qualifying corporate bonds

115  Exemptions for gilt-edged securities and qualifying corporate bonds etc.

1 A gain which accrues on the disposal by any person of—
a gilt-edged securities or qualifying corporate bonds, or
b any option or contract to acquire or dispose of gilt-edged securities or qualifying corporate bonds,
shall not be a chargeable gain.
2 In subsection (1) above the reference to the disposal of a contract to acquire or dispose of gilt-edged securities or qualifying corporate bonds is a reference to the disposal of the outstanding obligations under such a contract.
3 Without prejudice to section 143(5), where a person who has entered into any such contract as is referred to in subsection (1)(b) above closes out that contract by entering into another contract with obligations which are reciprocal to those of the first-mentioned contract, that transaction shall for the purposes of this section constitute the disposal of an asset, namely, his outstanding obligations under the first-mentioned contract.

C294C78C367C283C46C319C441C199C479116  Reorganisations, conversions and reconstructions.

1 This section shall have effect in any case where a transaction occurs of such a description that, apart from the provisions of this section—
a sections 127 to 130 would apply by virtue of any provision of Chapter II of this Part; and
b either the original shares would consist of or include a qualifying corporate bond and the new holding would not, or the original shares would not and the new holding would consist of or include such a bond;
and in paragraph (b) above “the original shares” and “the new holding” have the same meaning as they have for the purposes of sections 127 to 130.
2 In this section references to a transaction include references to any conversion of securities (whether or not effected by a transaction) within the meaning of section 132 and “relevant transaction” means a reorganisation, conversion of securities or other transaction such as is mentioned in subsection (1) above, and, in addition to its application where the transaction takes place after the coming into force of this section, subsection (10) below applies where the relevant transaction took place before the coming into force of this section so far as may be necessary to enable any gain or loss deferred under paragraph 10 of Schedule 13 to the M12Finance Act 1984 to be taken into account on a subsequent disposal.
3 Where the qualifying corporate bond referred to in subsection (1)(b) above would constitute the original shares for the purposes of sections 127 to 130, it is in this section referred to as “the old asset” and the shares or securities which would constitute the new holding for those purposes are referred to as “the new asset”.
4 Where the qualifying corporate bond referred to in subsection (1)(b) above would constitute the new holding for the purposes of sections 127 to 130, it is in this section referred to as “the new asset” and the shares or securities which would constitute the original shares for those purposes are referred to as “the old asset”.
4A In determining for the purposes of subsections (1) to (4) above, as they apply for the purposes of corporation tax—
a whether sections 127 to 130 would apply in any case, and
b what, in a case where they would apply, would constitute the original shares and the new holding,
it shall be assumed that every asset representing a loan relationship of a company is a security within the meaning of section 132.
5 So far as the relevant transaction relates to the old asset and the new asset, sections 127 to 130 shall not apply in relation to it.
6 In accordance with subsection (5) above, the new asset shall not be treated as having been acquired on any date other than the date of the relevant transaction or, subject to subsections (7) and (8) below, for any consideration other than the market value of the old asset as determined immediately before that transaction.
7 If, on the relevant transaction, the person concerned receives, or becomes entitled to receive, any sum of money which, in addition to the new asset, is by way of consideration for the old asset, that sum shall be deducted from the consideration referred to in subsection (6) above.
8 If, on the relevant transaction, the person concerned gives any sum of money which, in addition to the old asset, is by way of consideration for the new asset, that sum shall be added to the consideration referred to in subsection (6) above.
F11748A Where subsection (6) above applies for the purposes of corporation tax in a case where the old asset consists of a qualifying corporate bond, Part 5 of CTA 2009 (loan relationships) shall have effect, subject to subsection (8B) below, so as to require such debits and credits to be brought into account for the purposes of that Part in relation to the relevant transaction as would have been brought into account if the transaction had been a disposal of the old asset at the market value mentioned in subsection (6) above. This subsection does not apply in relation to a relevant loan relationship transaction.
8AA In subsection (8A) “relevant loan relationship transaction” means a transaction to which any of the following provisions applies—
  • section 342 of CTA 2009 (continuity of treatment on transfers within groups or reorganisations: issues of new securities on reorganisations: disposal at notional carrying value),
  • section 343 of that Act (continuity of treatment on transfers within groups or reorganisations: receiving company using fair value accounting),
  • section 424 of that Act (European cross-border transfers of business: reorganisations involving loan relationships),
  • section 425 of that Act (European cross-border transfers of business: original holder using fair value accounting),
  • section 435 of that Act (European cross-border mergers: reorganisations involving loan relationships),
  • section 436 of that Act (European cross-border mergers: original holder using fair value accounting).
F11748B Subsection (8A) above does not apply where the relevant transaction is a conversion of securities occurring in consequence of the operation of the terms of any security or of any debenture which is not a security.Expressions used in this subsection have the same meaning as they have for the purposes of section 132.
9 In any case where the old asset consists of a qualifying corporate bond, then, so far as it relates to the old asset and the new asset, the relevant transaction shall be treated for the purposes of this Act as a disposal of the old asset and an acquisition of the new asset.
C384C17910 Except in a case falling within subsection (9) above, so far as it relates to the old asset and the new asset, the relevant transaction shall be treated for the purposes of this Act as not involving any disposal of the old asset but—
C401a there shall be calculated the chargeable gain or allowable loss that would have accrued if, at the time of the relevant transaction, the old asset had been disposed of for a consideration equal to its market value immediately before that transaction; and
b subject to subsections (12) to (14) below, the whole or a corresponding part of the chargeable gain or allowable loss mentioned in paragraph (a) above shall be deemed to accrue on a subsequent disposal of the whole or part of the new asset (in addition to any gain or loss that actually accrues on that disposal); and
c on that subsequent disposal, section 115 shall have effect only in relation to any gain or loss that actually accrues and not in relation to any gain or loss which is deemed to accrue by virtue of paragraph (b) above.
11 Subsection (10)(b) and (c) above shall not apply to any disposal falling within section 58(1), 62(4), 139, 140A, 140E, or 171(1), but a person who has acquired the new asset on a disposal falling within any of those sections (and without there having been a previous disposal not falling within any of those sections or a devolution on death) shall be treated for the purposes of subsection (10)(b) and (c) above as if the new asset had been acquired by him at the same time and for the same consideration as, having regard to subsections (5) to (8) above, it was acquired by the person making the disposal.
12 In any case where—
a on the calculation under subsection (10)(a) above, a chargeable gain would have accrued, and
b the consideration for the old asset includes such a sum of money as is referred to in subsection (7) above,
then, subject to subsection (13) below, the proportion of that chargeable gain which that sum of money bears to the market value of the old asset immediately before the relevant transaction shall be deemed to accrue at the time of that transaction.
13 If F124... the sum of money referred to in subsection (12)(b) above is small, as compared with the market value of the old asset immediately before the relevant transaction, F124... subsection (12) above shall not apply.
14 In a case where subsection (12) above applies, the chargeable gain which, apart from that subsection, would by virtue of subsection (10)(b) above be deemed to accrue on a subsequent disposal of the whole or part of the new asset shall be reduced or, as the case may be, extinguished by deducting therefrom the amount of the chargeable gain which, by virtue of subsection (12) above, is deemed to accrue at the time of the relevant transaction.
15 In any case where—
a the new asset mentioned in subsections (10) and (11) above is a qualifying corporate bond in respect of which an allowable loss is treated as accruing under section 254(2), and
b the loss is treated as accruing at a time falling after the relevant transaction but before any actual disposal of the new asset subsequent to the relevant transaction,
then for the purposes of subsections (10) and (11) above a subsequent disposal of the new asset shall be treated as occurring at (and only at) the time the loss is treated as accruing.
16 This section has effect for the purposes of corporation tax notwithstanding anything in section 464(1) of CTA 2009 (matters to be brought into account in the case of loan relationships only under Part 5 of that Act).

116A Holding beginning or ceasing to fall within section 490 of CTA 2009

1 Section 116 applies in accordance with the following assumptions if—
a a holding that is a relevant holding for the purposes of section 490 of CTA 2009 (holdings in OEICs, unit trusts and offshore funds treated as creditor relationship rights) is held by a company both at the end of one accounting period and at the beginning of the next, and
b that section applies to the holding for one of those periods but not for the other.
2 The assumptions in subsections (3) and (4) apply for the purposes of this Act if the accounting period for which section 490 of CTA 2009 applies to the relevant holding is the first of those periods.
3 The relevant holding is assumed to have ceased to be a relevant holding for the second of those periods as a result of a transaction such as is mentioned in section 116(1) (“the reorganisation transaction”) occurring at the beginning of that period.
4 In relation to the reorganisation transaction within subsection (3), for the purposes of section 116—
a the relevant holding immediately before the beginning of the second of those periods is assumed to be the old asset, and
b the relevant holding immediately after the beginning of that period is assumed to be the new asset.
5 The assumptions in subsections (6) and (8) apply for the purposes of this Act if the accounting period for which section 490 of CTA 2009 applies to the relevant holding is the second of those periods.
6 The holding is assumed to have become a relevant holding for the second of those periods as a result of the occurrence at the end of first period of a transaction such as is mentioned in section 116(1).
7 But subsection (6) does not apply if the first of those periods is a period at the end of which a disposal of the relevant holding is treated as having occurred under section 212 (annual deemed disposal of holdings of unit trusts etc by insurance companies).
8 In relation to the reorganisation transaction within subsection (6), for the purposes of section 116—
a the relevant holding immediately before the beginning of the second of those periods is assumed to be the old asset, and
b the relevant holding immediately after the beginning of that period is assumed to be the new asset.

116B Shares beginning or ceasing to be shares to which section 521B of CTA 2009 applies

C1691 If at any time section 521B of CTA 2009 (application of Part 5 of that Act to certain shares as rights under a creditor relationship) begins or ceases to apply in the case of a share held by the investing company it is treated for the purposes of this Act—
a as having disposed of the share immediately before that time for consideration of an amount equal to the notional carrying value of the share at that time, and
b as having immediately reacquired it for consideration of the same amount.
2 In this section—
  • “notional carrying value” has the same meaning as in subsection (2) of section 521F of CTA 2009 (see subsection (3) of that section),
  • “investing company” has the same meaning as it has for the purposes of Chapter 6A of Part 6 of that Act (shares accounted for as liabilities) (see section 521A(3) of that Act).

C28C211117  Meaning of “qualifying corporate bond".

A1 For the purposes of corporation tax “qualifying corporate bond” means F1303... any asset representing a loan relationship of a company; and for purposes other than those of corporation tax references to a qualifying corporate bond shall be construed in accordance with the following provisions of this section.
1 For the purposes of this section, a “corporate bond” is a security, as defined in section 132(3)(b)—
C256a the debt on which represents and has at all times represented a normal commercial loan; and
b which is expressed in sterling and in respect of which no provision is made for conversion into, or redemption in, a currency other than sterling,
and in paragraph (a) above “normal commercial loan” has the meaning which would be given by section 162 of CTA 2010 if for paragraphs (a) to (c) of subsection (2) of that section there were substituted the words “corporate bonds (within the meaning of section 117 of TCGA 1992)”.
2 For the purposes of subsection (1)(b) above—
a a security shall not be regarded as expressed in sterling if the amount of sterling falls to be determined by reference to the value at any time of any other currency or asset; and
b a provision for redemption in a currency other than sterling but at the rate of exchange prevailing at redemption shall be disregarded.
C342AA For the purposes of this section “corporate bond” also includes any asset which is not included in the definition in subsection (1) above and which is a deeply discounted security for the purposes of Chapter 8 of Part 4 of ITTOIA 2005 (see section 430).
F9452A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13823 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 For the purposes of this section “corporate bond” also includes a share in a building society—
a which is a qualifying share,
b which is expressed in sterling, and
c in respect of which no provision is made for conversion into, or redemption in, a currency other than sterling.
5 For the purposes of subsection (4) above, a share in a building society is a qualifying share if—
a it is a permanent interest bearing share, or
b it is of a description specified in regulations made by the Treasury for the purposes of this paragraph.
6 Subsection (2) above applies for the purposes of subsection (4) above as it applies for the purposes of subsection (1)(b) above, treating the reference to a security as a reference to a share.
F26A For the purposes of this section “corporate bond” also includes, except in relation to a person who acquires it on or after a disposal in relation to which section 115 has or has had effect in accordance with section 116(10)(c), any debenture issued on or after 16th March 1993 which is not a security (as defined in section 132) but—
a is issued in circumstances such that it would fall by virtue of section 251(6) to be treated for the purposes of section 251 as such a security; and
b would be a corporate bond if it were a security as so defined.
6B An excluded indexed security issued on or after 6th April 1996 is not a corporate bond for the purposes of this section; and an excluded indexed security issued before that date shall be taken to be such a bond for the purposes of this section only if—
a it would be so taken apart from this subsection; and
b the question whether it should be so taken arises for the purposes of section 116(10).
6C In subsection (6B) above “excluded indexed security” has the same meaning as in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see section 433).
6D Section 151T provides for arrangements to which section 151N (alternative finance arrangements: investment bond arrangements) applies also to be a corporate bond for the purposes of this section.
7 Subject to subsections (9) and (10) below, for the purposes of this Act, a corporate bond—
a is a “qualifying” corporate bond if it is issued after 13th March 1984; and
b becomes a “qualifying” corporate bond if, having been issued on or before that date, it is acquired by any person after that date and that acquisition is not as a result of a disposal which is excluded for the purposes of this subsection, or which was excluded for the purposes of section 64(4) of the M13Finance Act 1984.
8 Where a person disposes of a corporate bond which was issued on or before 13th March 1984 and, before the disposal, the bond had not become a qualifying corporate bond, the disposal is excluded for the purposes of subsection (7) above if, by virtue of any enactment—
a the disposal is treated for the purposes of this Act as one on which neither a gain nor a loss accrues to the person making the disposal; or
b the consideration for the disposal is treated for the purposes of this Act as reduced by an amount equal to the held-over gain on that disposal, as defined for the purposes of section 165 or 260.
8A A corporate bond falling within subsection (2AA) above is a qualifying corporate bond whatever its date of issue.
F6309 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F63010 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11 For the purposes of this section—
a where a security is comprised in a letter of allotment or similar instrument and the right to the security thereby conferred remains provisional until accepted, the security shall not be treated as issued until there has been acceptance; and
b “permanent interest bearing share” means a share which is a permanent interest bearing share for the purposes of the PRA Handbook made by the Prudential Regulation Authority under the Financial Services and Markets Act 2000 as that Handbook applies in relation to shares issued on the date that the share is issued,
F930. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12 The Treasury may by regulations provide that for the definition of the expression “permanent interest bearing share” in subsection (11) above (as it has effect for the time being) there shall be substituted a different definition of that expression, and regulations under this subsection or subsection (5)(b) above may contain such supplementary, incidental, consequential or transitional provision as the Treasury thinks fit.
13 This section shall have effect for the purposes of section 254 with the omission of subsections (4) to (6), (11) and (12).

F352117A  Assets that are not qualifying corporate bonds for corporation tax purposes.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F352117B  Holdings in unit trusts and offshore funds excluded from treatment as qualifying corporate bonds.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Deep discount securities, the accrued income scheme etc.

F1106118  Amount to be treated as consideration on disposal of deep discount securities etc.

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119  Transfers of securities subject to the accrued income scheme.

1 Where there is a transfer of securities within the meaning of Chapter 2 of Part 12 of ITA 2007 (accrued income profits)—
a if a payment is treated as made to the transferor under section 632 of that Act or by the transferor under section 633 of that Act, section 37 shall be disregarded in computing the gain accruing on the disposal concerned;
b if a payment is treated as made by the transferee under section 632 of that Act or to the transferee under section 633 of that Act, section 39 shall be disregarded in computing the gain accruing to the transferee if he disposes of the securities;
but subsections (2) and (3) below shall apply.
2 Where the securities are transferred with accrued interest (within the meaning of that Chapter)—
a if a payment is treated as made to the transferor under section 632 of ITA 2007, an amount equal to the amount of that payment shall be excluded from the consideration mentioned in subsection (8) below;
b if a payment is treated as made by the transferee under that section, an amount equal to the amount of that payment shall be excluded from the sums mentioned in subsection (9) below.
3 Where the securities are transferred without accrued interest (within the meaning of that Chapter)—
a if a payment is treated as made by the transferor under section 633 of ITA 2007, an amount equal to the amount of that payment shall be added to the consideration mentioned in subsection (8) below;
b if a payment is treated as made to the transferee under that section, an amount equal to the amount of that payment shall be added to the sums mentioned in subsection (9) below.
3A Subsections (3B) and (3C) below apply where there is a transfer of variable rate securities (within the meaning of that Chapter) and—
a the transferor is treated as making accrued income profits under section 630(2) of ITA 2007, or
b a payment is treated as made to the transferor under section 635 of that Act.
3B Section 37 shall be disregarded in computing the gain accruing on the disposal concerned.
3C An amount equal to the amount of the profits or payment shall be excluded from the consideration mentioned in subsection (8) below.
4 Where there is a transfer of securities with unrealised interest (within the meaning of Chapter 2 of Part 12 of ITA 2007)—
a if section 630 of that Act applies or a payment is treated as made to the transferor under section 634 of that Act, section 37 shall be disregarded in computing the gain accruing on the disposal concerned, but the relevant amount shall be excluded from the consideration mentioned in subsection (8) below;
b if section 681 of that Act applies, section 39 shall be disregarded in computing the gain accruing on the disposal concerned, but the relevant amount shall be excluded from the sums mentioned in subsection (9) below.
5 In subsection (4) above “the relevant amount” means an amount equal to—
a if paragraph (b) below does not apply, the amount of the unrealised interest in question (within the meaning of Chapter 2 of Part 12 of ITA 2007);
b if section 660 of that Act applies—
i in a case falling within subsection (4)(a) above, the amount taken, by virtue of section 660 or 661 of that Act (as the case may be), to be the unrealised interest value for the purposes of section 660(2) or (3) of that Act;
ii in a case falling within subsection (4)(b) above, the amount of income that is exempt from liability to income tax under section 681 of that Act.
6 In relation to any securities which by virtue of subsection (7) below are treated for the purposes of this subsection as having been transferred, subsections (2) and (3) above shall have effect as if for “is treated as made”, in each place where it occurs, there were substituted “would, if the disposal were a transfer, be treated as made”.
7 Where there is a disposal of securities for the purposes of this Act which is not a transfer (within the meaning of Chapter 2 of Part 12 of ITA 2007) but, if it were such a transfer, a payment would be treated as made under section 632 or 633 of that Act, the securities shall be treated—
a for the purposes of subsection (6) above, as transferred on the day of the disposal, and
b for the purposes of subsections (2) and (3) above, as transferred with accrued interest if, had the disposal been a transfer within the meaning of that Chapter, it would have been a transfer with accrued interest and as transferred without accrued interest if, had the disposal been such a transfer, it would have been a transfer without accrued interest.
7A In relation to any securities which by virtue of subsection (7B) below are treated for the purposes of this subsection as having been transferred, subsection (3A) above shall have effect as if—
a for “is treated as making” there were substituted “ would, if the disposal were a transfer, be treated as making ”, and
b for “is treated as made” there were substituted “ would, if the disposal were a transfer, be treated as made ”.
7B Where there is a disposal of securities for the purposes of this Act which is not a transfer (within the meaning of Chapter 2 of Part 12 of ITA 2007) but, if it were such a transfer, the transferor would be treated as making accrued income profits under section 630(2) of that Act in respect of a transfer of variable rate securities or a payment would be treated as made under section 635 of that Act—
a the securities shall be treated, for the purposes of subsection (7A) above, as transferred on the day of the disposal, and
b the transfer shall be treated, for the purposes of subsection (3A) above, as a transfer of variable rate securities.
8 The consideration is the consideration for the disposal of the securities transferred which is taken into account in the computation of the gain accruing on the disposal.
9 The sums are the sums allowable to the transferee as a deduction from the consideration in the computation of the gain accruing to him if he disposes of the securities.
10 Where on a conversion or exchange of securities a payment is treated as made to a person under section 632 or 635 of ITA 2007, or a person is treated as making accrued income profits under section 630(2) of that Act in respect of a transfer of variable rate securities, an amount equal to the amount of the payment or profits shall, for the purposes of this Act, be treated as follows—
a to the extent that it does not exceed the amount of any consideration which the person receives (or is deemed to receive) or becomes entitled to receive on the conversion or exchange (other than his new holding), it shall be treated as reducing that consideration; and
b to the extent that it does exceed that amount, it shall be treated as consideration which the person gives on the conversion or exchange;
and where on a conversion or exchange of securities a payment is treated as made by a person under section 633 of that Act an amount equal to the amount of the payment shall, for the purposes of the computation of the gain, be treated as consideration which the person receives on the conversion or exchange.
11 In subsection (10) above “conversion” means conversion within the meaning of section 132 and “exchange” means an exchange which by virtue of Chapter II of this Part does not involve a disposal.

119A Increase in expenditure by reference to tax charged in relation to employment-related securities

1 This section applies to a disposal of an asset consisting of employment-related securities if the disposal—
a is an event giving rise to a relevant income tax charge, or
b is the first disposal after an event, other than a disposal, giving rise to a relevant income tax charge.
2 Section 38(1)(a) applies as if the relevant amount had formed part of the consideration given by the person making the disposal for his acquisition of the employment-related securities.
3 For the purposes of this section an event gives rise to a relevant income tax charge if it results in an amount counting as employment income in respect of the employment-related securities—
a under section 426 of ITEPA 2003 (restricted securities),
b under section 438 of ITEPA 2003 by virtue of section 439(3)(a) of that Act (conversion of convertible securities),
c under section 446U of ITEPA 2003 (securities acquired for less than market value: discharge of notional loan),
ca under section 447 of ITEPA 2003 (receipt of benefit) in a case where the benefit is an increase in the market value of the employment-related securities,
d under section 476 of ITEPA 2003 by virtue of section 477(3)(a) of that Act (acquisition of securities pursuant to employment-related securities option), or—
e under subsection (3) of section 21 of the Finance Act 2005 (transitional charge in relation to shares in spin-out companies) by virtue of subsection (4)(b) of that section (election by employee).
F875. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 For the purposes of this section “the relevant amount” is the aggregate of the amounts counting as employment income as mentioned in subsection (3) above by reason of events occurring—
a not later than the disposal, and
b where this section has applied to an earlier disposal of the employment-related securities, after the last disposal to which this section applied.
5 In determining for the purposes of subsection (4) the amount counting as employment income—
a in the case of an amount counting as employment income under section 476 of ITEPA 2003 any amounts deducted under section 480(5)(a), (b) or (d) of that Act shall be added back, and
b no account shall be taken of any relief under section 428A, 442A, 481 or 482 of that Act (relief for secondary Class 1 contributions or special contribution met by employee).
5A See also section 119B (unchargeable, and unremitted chargeable, foreign securities income) and section 119C (unremitted Part 7A income).
6 Where securities or interests in securities cease to be employment-related securities—
a by reason of subsection (6) of section 421B of ITEPA 2003 in circumstances in which, immediately before the employee’s death, the employment-related securities are held otherwise than by the employee, or
b by reason of subsection (7) of that section,
they are to be regarded for the purposes of this section as remaining employment-related securities until the next occasion on which they are disposed of.
7 In this section—
  • “employment-related securities”, and
  • “employee”, in relation to employment-related securities,
have the same meaning as in Chapters 1 to 4 of Part 7 of ITEPA 2003.
F17478 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

119B Section 119A: unchargeable, and unremitted chargeable, foreign securities income

1 For the purposes of section 119A reduce the amount that counts as employment income by so much of that amount (if any) as is—
a unchargeable foreign securities income, or
b unremitted chargeable foreign securities income.
1A In this section “unchargeable foreign securities income” means unchargeable foreign securities income for the purposes of section 41F of ITEPA 2003 (taxable specific income: internationally mobile employees etc) (see sections 41H to 41L of that Act).
2 In this section “unremitted chargeable foreign securities income” means income that—
a is chargeable foreign securities income for the purposes of section 41F of ITEPA 2003, and
b has not been remitted to the United Kingdom by the end of the tax year in which the disposal mentioned in section 119A(1) occurs.
3 The following provisions apply if any of the unremitted chargeable foreign securities income is remitted to the United Kingdom after the end of the tax year referred to in subsection (2)(b).
4 The person liable for the capital gains tax on any chargeable gains arising on the disposal may make a claim for section 119A(2) to have effect as if the remitted income had been remitted before the end of that tax year.
5 All adjustments (by way of repayment of tax, assessment or otherwise) are to be made which are necessary to give effect to a claim under subsection (4).
6 Those adjustments may be made at any time, despite anything to the contrary in any enactment relating to capital gains tax.

119C Section 119A: unremitted Part 7A income

1 This section applies for the purposes of section 119A if an amount deducted under section 480(5)(d) of ITEPA 2003, which (apart from this section) would by virtue of section 119A(5)(a) be added back to an amount counting as employment income, is or includes unremitted Part 7A income.
2 So much of the amount deducted as is unremitted Part 7A income is not to be added back.
3 In this section “unremitted Part 7A income” means an amount counting as employment income under Chapter 2 of Part 7A of ITEPA 2003—
a to which section 554Z9(2) or 554Z10(2) of that Act applies, and
b which has not been remitted to the United Kingdom by the end of the tax year in which the disposal mentioned in section 119A(1) occurs.
4 Section 119B(4) to (6) applies if any of the unremitted Part 7A income is remitted to the United Kingdom after the end of the tax year referred to in subsection (3)(b).

120  Increase in expenditure by reference to tax charged in relation to shares etc.

1 Subsection (1A) applies where—
a a person (“the employee”) has acquired shares or an interest in shares as mentioned in section 447(1) of ITEPA 2003, and
b an amount counts as employment income of the employee under Chapter 4 of Part 7 of that Act in respect of the shares.
1A On the first disposal of the shares after the acquisition occurs, the employment income amount shall be treated for the purposes of section 38(1)(a) as consideration given by the person making the disposal for the acquisition of the shares.
1B For the purposes of subsections (1) and (1A)—
a the “employment income amount” means the amount counting as employment income of the employee under that Chapter in respect of the shares, and
b it is immaterial whether the disposal of the shares mentioned in subsection (1A) is made by the employee or another person.
2 Section 38(1)(a) applies as if the relevant amount as defined in the following provisions of this section in the cases there specified had formed part of the consideration given by the person making the disposal for his acquisition of the assets in question.
3 Where an amount is treated as earnings under section 195(2) of ITEPA 2003 in respect of shares or an interest in shares, then—
a on a disposal of the shares or interest, where that is the event giving rise to the charge; or
b in any case, on the first disposal of the shares or interest after the event,
the relevant amount is a sum equal to the amount so treated as earnings.
4 If a gain counting as employment income under section 476 or 477 of ITEPA 2003 is realised by the exercise of a right to acquire shares, the relevant amount is a sum equal to the amount of the gain so counting as employment income.
5 Where an amount is chargeable to tax under section 138 of the Taxes Act on a person acquiring any shares or interest in shares, then on the first disposal (whether by him or another person) of the shares after his acquisition, the relevant amount is an amount equal to the amount so chargeable.
5A Where an amount counts as employment income under Chapter 2 of Part 7 of ITEPA 2003 in respect of—
a the acquisition or disposal of any interest in shares, or
b any interest in shares ceasing to be only conditional,
the relevant amount is a sum equal to the amount so counting as employment income.
5B Where an amount counts as employment income under Chapter 3 of Part 7 of ITEPA 2003 in respect of the conversion of shares, the relevant amount is a sum equal to the amount so counting as employment income.
F4496 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Each of the provisions of this section mentioned in the first column of the following table is to be construed as if it were contained in the Chapter of ITEPA 2003 specified in the corresponding entry in the second column—
Provision of this sectionChapter of ITEPA 2003
subsections (1), (1A) and (1B)Chapter 4 of Part 7
subsection (3)Chapter 8 of Part 3
subsection (4)Chapter 5 of Part 7
subsection (5A)Chapter 2 of Part 7
subsection (5B)Chapter 3 of Part 7;
and subsection (5) of this section is to be construed as one with section 138 of the Taxes Act.
7A In relation to events that gave rise to amounts chargeable to income tax before 6th April 2003, this section is to be read as if any reference to an amount mentioned in the first column of the following table included a reference to an amount mentioned in the corresponding entry in the second column—
Amount mentioned in this sectionAmount chargeable before 6th April 2003
an amount counting as employment income under Chapter 4 of Part 7 of ITEPA 2003an amount chargeable to tax under Chapter 2 of Part 3 of the Finance Act 1988
an amount treated as earnings under section 195(2) of ITEPA 2003an amount chargeable to tax under section 162(5) of the Taxes Act
an amount counting as employment income under section 476 or 477 of ITEPA 2003an amount chargeable to tax under section 135(1) or (6) of the Taxes Act
an amount which counts as employment income under Chapter 2 of Part 7 of ITEPA 2003an amount chargeable to tax under section 140A of the Taxes Act
an amount which counts as employment income under Chapter 3 of Part 7 of ITEPA 2003an amount chargeable to tax under section 140D of the Taxes Act.
8 For the purposes of subsection (5A) above this section shall have effect as if references in this section to shares included anything referred to as shares in Chapter 2 of Part 7 of ITEPA 2003.
9 References in this section to ITEPA 2003 are to that Act as originally enacted.

Savings certificates etc.

121  Exemption for government non-marketable securities.

1 Savings certificates and non-marketable securities issued under the M14National Loans Act 1968 or the M15National Loans Act 1939, or any corresponding enactment forming part of the law of Northern Ireland, shall not be chargeable assets, and accordingly no chargeable gain shall accrue on their disposal.
2 In this section—
a “savings certificates” means savings certificates issued under section 12 of the M16National Loans Act 1968, or section 7 of the M17National Debt Act 1958, or section 59 of the M18Finance Act 1920, and any war savings certificates as defined in section 9(3) of the M19National Debt Act 1972, together with any savings certificates issued under any enactment forming part of the law of Northern Ireland and corresponding to the said enactments, and
b “non-marketable securities” means securities which are not transferable, or which are transferable only with the consent of some Minister of the Crown, or the consent of a department of the Government of Northern Ireland, or only with the consent of the National Debt Commissioners.

Capital distribution in respect of shares etc.

C11C271C271C390C203C234C87122  Distribution which is not a new holding within Chapter II.

1 Where a person receives or becomes entitled to receive in respect of shares in a company any capital distribution from the company (other than a new holding as defined in section 126) he shall be treated as if he had in consideration of that capital distribution disposed of an interest in the shares.
1A Subsection (1) is subject to the provisions of section 140A(1D) and section 140E(7).
2 If F2710... the amount distributed is small, as compared with the value of the shares in respect of which it is distributed, F2710...—
a the occasion of the capital distribution shall not be treated for the purposes of this Act as a disposal of the asset, and
b the amount distributed shall be deducted from any expenditure allowable under this Act as a deduction in computing a gain or loss on the disposal of the shares by the person receiving or becoming entitled to receive the distribution of capital.
F26933 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Where the allowable expenditure is less than the amount distributed (or is nil)—
a subsection (2) above shall not apply, and
b if the recipient so elects (and there is any allowable expenditure)—
i the amount distributed shall be reduced by the amount of the allowable expenditure, and
ii none of that expenditure shall be allowable as a deduction in computing a gain accruing on the occasion of the capital distribution, or on any subsequent occasion.
In this subsection “allowable expenditure” means the expenditure which immediately before the occasion of the capital distribution was attributable to the shares under paragraphs (a) and (b) of section 38(1).
5 In this section—
a the “amount distributed” means the amount or value of the capital distribution,
b “capital distribution” means any distribution from a company, including a distribution in the course of dissolving or winding up the company, in money or money’s worth except a distribution which in the hands of the recipient constitutes income for the purposes of income tax.
5A The reference in subsection (5)(b) to a distribution in the course of dissolving a company includes a reference to a distribution to which section 1030A(3) of CTA 2010 (distributions prior to dissolution of company) applies.
6 The reference in subsection (5)(b) to a distribution which in the hands of the recipient constitutes income for the purposes of income tax includes, where the recipient is a company, a distribution to which the charge to corporation tax on income under Part 9A of CTA 2009 (company distributions) would apply were the distribution not exempt for the purposes of that Part.

123  Disposal of right to acquire shares or debentures.

1 Where a person receives or becomes entitled to receive in respect of any shares in a company a provisional allotment of shares in or debentures of the company and he disposes of his rights, section 122 shall apply as if the amount of the consideration for the disposal were a capital distribution received by him from the company in respect of the first-mentioned shares, and as if that person had, instead of disposing of the rights, disposed of an interest in those shares.
2 This section shall apply in relation to rights obtained in respect of debentures of a company as it applies in relation to rights obtained in respect of shares in a company.

Close companies

124  Disposal of shares: relief in respect of income tax consequent on shortfall in distributions.

1 If in pursuance of section 426 of the Taxes Act (consequences for income tax of apportionment of income etc. of close company) a person is assessed to income tax, then, in the computation of the gain accruing on a disposal by him of any shares forming part of his interest in the company to which the relevant apportionment relates, the amount of the income tax paid by him, so far as attributable to those shares, shall be allowable as a deduction.
2 Subsection (1) above shall not apply in relation to tax charged in respect of undistributed income which has, before the disposal, been subsequently distributed and is then exempt from tax by virtue of section 427(4) of the Taxes Act or in relation to tax treated as having been paid by virtue of section 426(2)(b) of that Act.
3 For the purposes of this section the income assessed to tax shall be the highest part of the individual’s income for the year of assessment in question, but so that if the highest part of the said income is taken into account under this section in relation to an assessment to tax the next highest part shall be taken into account in relation to any other relevant assessment, and so on.
4 For the purpose of identifying shares forming part of an interest in a company with shares subsequently disposed of which are of the same class, shares bought at an earlier time shall be deemed to have been disposed of before shares bought at a later time.

125  Shares in close company transferring assets at an undervalue.

1 If a company which is a close company transfers, or has after 31st March 1982 transferred, an asset to any person otherwise than by way of a bargain made at arm’s length and for a consideration of an amount or value less than the market value of the asset, an amount equal to the difference shall be apportioned among the issued shares of the company, and the holders of those shares shall be treated in accordance with the following provisions of this section.
2 For the purposes of the computation of the gain accruing on the disposal of any of those shares by the person owning them on the date of transfer, an amount equal to the amount so apportioned to that share shall be excluded from the expenditure allowable as a deduction under section 38(1)(a) from the consideration for the disposal.
3 If the person owning any of the shares at the date of transfer is itself a close company an amount equal to the amount apportioned to the shares so owned under subsection (1) above to that close company shall be apportioned among the issued shares of that close company, and the holders of those shares shall be treated in accordance with subsection (2) above, and so on through any number of close companies.
4 This section does not apply in the following cases.
  • Case 1
    Case 1 is where the transfer of the asset is a disposal to which section 171(1) applies (transfers within a group: general provisions).
  • Case 2
    Case 2 is where the transferee is a participator, or an associate of a participator, in the company and an amount equal to the undervalue amount is treated as—
    1. a distribution within section 209(2)(b) or (4) of the Taxes Act (meaning of “distribution”), or
    2. a capital distribution within section 122 of this Act (distribution which is not a new holding within Chapter 2).
  • Case 3
    Case 3 is where the transferee is an employee of the company and—
    1. an amount equal to the undervalue amount is treated as the employee’s employment income, and
    2. no part of that amount is treated as exempt income.
5 In relation to a disposal to which section 35(2) does not apply, subsection (1) above shall have effect with the substitution of “ 6th April 1965 ” for “31st March 1982".
6 In this section—
  • “associate” has the meaning given by section 448 of CTA 2010;
  • “employee” has the meaning given by section 4 of ITEPA 2003 (as read with section 5(2) of that Act);
  • “employment income” has the meaning given by section 7(2) of ITEPA 2003;
  • “exempt income” has the meaning given by section 8 of ITEPA 2003;
  • “participator” has the meaning given by section 454 of CTA 2010;
  • “undervalue amount” means the amount by which the amount or value of the consideration for the transfer is less than the market value of the asset transferred.

Share loss relief

125A Effect of share loss relief

1 If loss relief under F719... Chapter 6 of Part 4 of ITA 2007 or Chapter 5 of Part 4 of CTA 2010 (“share loss relief”) is obtained in respect of a loss or any part of a loss, no deduction is to be made in respect of the loss or (as the case may be) the part under this Act.
2 If a claim is made for share loss relief in respect of a loss accruing on the disposal of shares, section 30 has effect in relation to the disposal as if for the references in subsections (1)(b) and (5) to a tax-free benefit there were substituted references to any benefit whether tax-free or not.
3 All such adjustments of corporation tax on chargeable gains or capital gains tax are to be made, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of—
a share loss relief being obtained in respect of an allowable loss, or
b such relief not being obtained in respect of the whole or part of such a loss in respect of which a claim is made.

C463C106Chapter II  Reorganisation of share capital, conversion of securities etc.

Reorganisation or reduction of share capital

126  Application of sections 127 to 131.

1 For the purposes of this section and sections 127 to 131 “reorganisation” means a reorganisation or reduction of a company’s share capital, and in relation to the reorganisation—
a “original shares” means shares held before and concerned in the reorganisation,
b “new holding” means, in relation to any original shares, the shares in and debentures of the company which as a result of the reorganisation represent the original shares (including such, if any, of the original shares as remain).
2 The reference in subsection (1) above to the reorganisation of a company’s share capital includes—
a any case where persons are, whether for payment or not, allotted shares in or debentures of the company in respect of and in proportion to (or as nearly as may be in proportion to) their holdings of shares in the company or of any class of shares in the company, and
b any case where there are more than one class of share and the rights attached to shares of any class are altered.
3 The reference in subsection (1) above to a reduction of share capital does not include the paying off of redeemable share capital, and where shares in a company are redeemed by the company otherwise than by the issue of shares or debentures (with or without other consideration) and otherwise than in a liquidation, the shareholder shall be treated as disposing of the shares at the time of the redemption.

C429C440C248C352C41C300C150C373C345C213C156C47C412C253C269C158127  Equation of original shares and new holding.

Subject to sections 128 to 130, a reorganisation shall not be treated as involving any disposal of the original shares or any acquisition of the new holding or any part of it, but the original shares (taken as a single asset) and the new holding (taken as a single asset) shall be treated as the same asset acquired as the original shares were acquired.

C429C440C248C300C150C345C213C180C266C253C158128  Consideration given or received by holder.

1 Subject to subsection (2) below, where, on a reorganisation, a person gives or becomes liable to give any consideration for his new holding or any part of it, that consideration shall in relation to any disposal of the new holding or any part of it be treated as having been given for the original shares, and if the new holding or part of it is disposed of with a liability attaching to it in respect of that consideration, the consideration given for the disposal shall be adjusted accordingly.
2 There shall not be treated as consideration given for the new holding or any part of it—
a any surrender, cancellation or other alteration of the original shares or of the rights attached thereto, or
b any consideration consisting of any application, in paying up the new holding or any part of it, of assets of the company or of any dividend or other distribution declared out of those assets but not made,
and, in the case of a reorganisation on or after 10th March 1981, any consideration given for the new holding or any part of it otherwise than by way of a bargain made at arm’s length shall be disregarded to the extent that its amount or value exceeds the relevant increase in value; and for this purpose “the relevant increase in value” means the amount by which the market value of the new holding immediately after the reorganisation exceeds the market value of the original shares immediately before the reorganisation.
3 Where on a reorganisation a person receives (or is deemed to receive), or becomes entitled to receive, any consideration, other than the new holding, for the disposal of an interest in the original shares, and in particular—
a where under section 122 he is to be treated as if he had in consideration of a capital distribution disposed of an interest in the original shares, or
b where he receives (or is deemed to receive) consideration from other shareholders in respect of a surrender of rights derived from the original shares,
he shall be treated as if the new holding resulted from his having for that consideration disposed of an interest in the original shares (but without prejudice to the original shares and the new holding being treated in accordance with section 127 as the same asset).
4 Where for the purpose of subsection (3) above it is necessary in computing the gain or loss accruing on the disposal of the interest in the original shares mentioned in that subsection to apportion the cost of acquisition of the original shares between what is disposed of and what is retained, the apportionment shall be made in the like manner as under section 129.

C429C440C248C300C150C345C213C253C158129  Part disposal of new holding.

Subject to section 130(2), where for the purpose of computing the gain or loss accruing to a person from the acquisition and disposal of any part of the new holding it is necessary to apportion the cost of acquisition of any of the original shares between what is disposed of and what is retained, the apportionment shall be made by reference to market value at the date of the disposal (with such adjustment of the market value of any part of the new holding as may be required to offset any liability attaching thereto but forming part of the cost to be apportioned).

C429C440C248C300C150C345C213C253C158130  Composite new holdings.

1 This section shall apply to a new holding—
a if it consists of more than one class of shares in or debentures of the company and one or more of those classes is of shares or debentures which, at any time not later than the end of the period of 3 months beginning with the date on which the reorganisation took effect, or of such longer period as the Board may by notice allow, were listed on a recognised stock exchange F794... , or
b if it consists of more than one class of rights of unit holders and one or more of those classes is of rights the prices of which were published daily by the managers of the scheme at any time not later than the end of that period of 3 months (or longer if so allowed).
2 Where for the purpose of computing the gain or loss accruing to a person from the acquisition and disposal of the whole or any part of any class of shares or debentures or rights of unit holders forming part of a new holding to which this section applies it is necessary to apportion costs of acquisition between what is disposed of and what is retained, the cost of acquisition of the new holding shall first be apportioned between the entire classes of shares or debentures or rights of which it consists by reference to market value on the first day (whether that day fell before the reorganisation took effect or later) on which market values or prices were quoted or published for the shares, debentures or rights as mentioned in subsection (1)(a) or (1)(b) above (with such adjustment of the market value of any class as may be required to offset any liability attaching thereto but forming part of the cost to be apportioned).
3 For the purposes of this section the day on which a reorganisation involving the allotment of shares or debentures or unit holders’ rights takes effect is the day following the day on which the right to renounce any allotment expires.

C429C440C248C253C158131  Indexation allowance.

1 This section applies where—
a by virtue of section 127, on a reorganisation the original shares (taken as a single asset) and the new holding (taken as a single asset) fall to be treated as the same asset acquired as the original shares were acquired; and
b on the reorganisation, a person gives or becomes liable to give any consideration for his new holding or any part of it.
2 Where this section applies, so much of the consideration referred to in subsection (1)(b) above as, on a disposal to which section 53 applies of the new holding, will, by virtue of section 128(1), be treated as having been given for the original shares, shall be treated for the purposes of section 54 as an item of relevant allowable expenditure incurred not at the time the original shares were acquired but at the time the person concerned gave or became liable to give the consideration (and, accordingly, section 54(4) shall not apply in relation to that item of expenditure).

Conversion of securities

C337132  Equation of converted securities and new holding.

1 Sections 127 to 131 shall apply with any necessary adaptations in relation to the conversion of securities as they apply in relation to a reorganisation (that is to say, a reorganisation or reduction of a company’s share capital).
2 This section has effect subject to sections 133 and 134.
3 For the purposes of this section and section 133—
a “conversion of securities” includes any of the following, whether effected by a transaction or occurring in consequence of the operation of the terms of any security or of any debenture which is not a security, that is to say—
i a conversion of securities of a company into shares in the company, and
ia a conversion of a security which is not a qualifying corporate bond into a security of the same company which is such a bond, and
ib a conversion of a qualifying corporate bond into a security which is a security of the same company but is not such a bond, and
ii a conversion at the option of the holder of the securities converted as an alternative to the redemption of those securities for cash, and
iii any exchange of securities effected in pursuance of any enactment (including an enactment passed after this Act) which provides for the compulsory acquisition of any shares or securities and the issue of securities or other securities instead,
b “security” includes any loan stock or similar security whether of the Government of the United Kingdom or of any other government, or of any public or local authority in the United Kingdom or elsewhere, or of any company, and whether secured or unsecured.
4 In subsection (3)(a)(ia) above the reference to the conversion of a security of a company into a qualifying corporate bond includes a reference to—
a any such conversion of a debenture of that company that is deemed to be a security for the purposes of section 251 as produces a security of that company which is a qualifying corporate bond; and
b any such conversion of a security of that company, or of a debenture that is deemed to be a security for those purposes, as produces a debenture of that company which, when deemed to be a security for those purposes, is such a bond.
5 In subsection (3)(a)(ib) above the reference to the conversion of a qualifying corporate bond into a security of the same company which is not such a bond includes a reference to any conversion of a qualifying corporate bond which produces a debenture which—
a is not a security; and
b when deemed to be a security for the purposes of section 251, is not such a bond.

133  Premiums on conversion of securities.

1 This section applies where, on a conversion of securities, a person receives, or becomes entitled to receive, any sum of money (“the premium”) which is by way of consideration (in addition to his new holding) for the disposal of the converted securities.
2 If F1841... the premium is small, as compared with the value of the converted securities, F1841...—
a receipt of the premium shall not be treated for the purposes of this Act as a disposal of part of the converted securities, and
b the premium shall be deducted from any expenditure allowable under this Act as a deduction in computing a gain or loss on the disposal of the new holding by the person receiving or becoming entitled to receive the premium.
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4 Where the allowable expenditure is less than the premium (or is nil)—
a subsection (2) above shall not apply, and
b if the recipient so elects (and there is any allowable expenditure)—
i the amount of the premium shall be reduced by the amount of the allowable expenditure, and
ii none of that expenditure shall be allowable as a deduction in computing a gain accruing on the occasion of the conversion, or on any subsequent occasion.
5 In subsection (4) above “allowable expenditure” means expenditure which immediately before the conversion was attributable to the converted securities under paragraphs (a) and (b) of section 38(1).

134  Compensation stock.

1 This section has effect where gilt-edged securities are exchanged for shares in pursuance of any enactment (including an enactment passed after this Act) which provides for the compulsory acquisition of any shares and the issue of gilt-edged securities instead.
2 The exchange shall not constitute a conversion of securities within section 132 and shall be treated as not involving any disposal of the shares by the person from whom they were compulsorily acquired but—
a there shall be calculated the gain or loss that would have accrued to him if he had then disposed of the shares for a consideration equal to the value of the shares as determined for the purpose of the exchange, and
b on a subsequent disposal of the whole or part of the gilt-edged securities by the person to whom they were issued—
i there shall be deemed to accrue to him the whole or a corresponding part of the gain or loss mentioned in paragraph (a) above, and
ii section 115(1) shall not have effect in relation to any gain or loss that is deemed to accrue as aforesaid.
3 Where a person to whom gilt-edged securities of any kind were issued as mentioned in subsection (1) above disposes of securities of that kind, the securities of which he disposes—
a shall, so far as possible, be identified with securities which were issued to him as mentioned in subsection (1) above rather than with other securities of that kind, and
b subject to paragraph (a) above, shall be identified with securities issued at an earlier time rather than those issued at a later time.
4 Subsection (2)(b) above shall not apply to any disposal falling within the provisions of section 58(1), 62(4) or 171(1) but a person who has acquired the securities on a disposal falling within those provisions (and without there having been a previous disposal not falling within those provisions or a devolution on death) shall be treated for the purposes of subsections (2)(b) and (3) above as if the securities had been issued to him.
5 Where the gilt-edged securities to be exchanged for any shares are not issued until after the date on which the shares are compulsorily acquired but on that date a right to the securities is granted, this section shall have effect as if the exchange had taken place on that date, as if references to the issue of the securities and the person to whom they were issued were references to the grant of the right and the person to whom it was granted and references to the disposal of the securities included references to disposals of the rights.
6 In this section “shares” includes securities within the meaning of section 132.
7 This section does not apply where the compulsory acquisition took place before 7th April 1976.

F248 Company reconstructions ...

C145C35C348C60135 Exchange of securities for those in another company

1 This section applies in the following circumstances where a company (“company B”) issues shares or debentures to a person in exchange for shares in or debentures of another company (“company A”).
2 The circumstances are:
  • Case 1Where company B holds, or in consequence of the exchange will hold, more than 25% of the ordinary share capital of company A.
  • Case 2Where company B issues the shares or debentures in exchange for shares as the result of a general offer—
    1. made to members of company A or any class of them (with or without exceptions for persons connected with company B), and
    2. made in the first instance on a condition such that if it were satisfied company B would have control of company A.
  • Case 3Where company B holds, or in consequence of the exchange will hold, the greater part of the voting power in company A.
3 Where this section applies, sections 127 to 131 (share reorganisations etc) apply with the necessary adaptations as if company A and company B were the same company and the exchange were a reorganisation of its share capital.
4 In this section “ordinary share capital” has the meaning given by section 1119 of CTA 2010 and also includes—
a in relation to a unit trust scheme, any rights that are treated by section 99(1)(b) of this Act (application of Act to unit trust schemes) as shares in a company, and
b in relation to a company that has no share capital, any interests in the company possessed by members of the company.
5 This section applies in relation to a company that has no share capital as if references to shares in or debentures of the company included any interests in the company possessed by members of the company.
6 This section has effect subject to section 137 (anti-avoidance).

C35C145C343C207C338C215136 Scheme of reconstruction involving issue of securities

1 This section applies where—
a an arrangement between a company (“company A”) and—
i the persons holding shares in or debentures of the company, or
ii where there are different classes of shares in or debentures of the company, the persons holding any class of those shares or debentures,
is entered into for the purposes of, or in connection with, a scheme of reconstruction, and
b under the arrangement—
i another company (“company B”) issues shares or debentures to those persons in respect of and in proportion to (or as nearly as may be in proportion to) their relevant holdings in company A, and
ii the shares in or debentures of company A comprised in relevant holdings are retained by those persons or are cancelled or otherwise extinguished.
2 Where this section applies—
a those persons are treated as exchanging their relevant holdings in company A for the shares or debentures held by them in consequence of the arrangement, and
b sections 127 to 131 (share reorganisations etc) apply with the necessary adaptations as if company A and company B were the same company and the exchange were a reorganisation of its share capital.For this purpose shares in or debentures of company A comprised in relevant holdings that are retained are treated as if they had been cancelled and replaced by a new issue.
3 Where a reorganisation of the share capital of company A is carried out for the purposes of the scheme of reconstruction, the provisions of subsections (1) and (2) apply in relation to the position after the reorganisation.
4 In this section—
a “scheme of reconstruction” has the meaning given by Schedule 5AA to this Act;
b references to “relevant holdings” of shares in or debentures of company A are—
i where there is only one class of shares in or debentures of the company, to holdings of shares in or debentures of the company, and
ii where there are different classes of shares in or debentures of the company, to holdings of a class of shares or debentures that is involved in the scheme of reconstruction (within the meaning of paragraph 2 of Schedule 5AA);
c references to shares or debentures being retained include their being retained with altered rights or in an altered form, whether as the result of reduction, consolidation, division or otherwise; and
d any reference to a reorganisation of a company’s share capital is to a reorganisation within the meaning of section 126.
5 This section applies in relation to a company that has no share capital as if references to shares in or debentures of the company included any interests in the company possessed by members of the company.
6 This section has effect subject to section 137 (anti-avoidance).

C174137  Restriction on application of sections 135 and 136 : anti-avoidance.

C1161 This section applies in respect of arrangements relating to an exchange or scheme of reconstruction as regards which section 135 or 136 applies if the main purpose, or one of the main purposes, of the arrangements is to reduce or avoid liability to capital gains tax or corporation tax.
1A Any such reduction or avoidance that would (in the absence of this section) arise from such arrangements is to be counteracted by the making of such adjustments as are just and reasonable (in light of the reduction or avoidance).
1B This includes, in an appropriate case, disapplying section 135 or 136 insofar as is required to counteract the reduction or avoidance.
1C Any adjustments required to be made under this section (whether or not by an officer of Revenue and Customs) may be made by way of—
a an assessment, or
b the modification of an assessment.
F29512 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F29523 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 If any tax assessed on a person (the chargeable person) by virtue of this section is not paid within 6 months from the date when it is payable, any other person who—
a holds all or any part of the shares or debentures that were issued to the chargeable person as part of the exchange or scheme of reconstruction, and
b has acquired them without there having been, since their acquisition by the chargeable person, any disposal of them not falling within section 58(1) or 171,
may, at any time within 2 years from the time when the tax became payable, be assessed and charged (in the name of the chargeable person) to all or, as the case may be, a corresponding part of the unpaid tax; and a person paying any amount of tax under this subsection shall be entitled to recover a sum of that amount from the chargeable person.
I25 With respect to chargeable gains accruing in chargeable periods ending after such day as the Treasury may by order appoint, in subsection (4) above—
a for the words “the date when it is payable" there shall be substituted “ the date determined under subsection (4A) below ”;
b for the words “the time when the tax became payable" there shall be substituted “ that date ”; and
c for the words “a sum" onwards there shall be substituted “ from the chargeable person a sum equal to that amount together with any interest paid by him under section 87A of the Management Act on that amount ”;
and after that subsection there shall be inserted—
6 In this section references to shares or debentures include references to any interests or options to which this Chapter applies by virtue of section 135(5), 136(5) or 147.
7 In this section, “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

138  Procedure for clearance in advance.

1 Section 137 does not apply in any case where, before the issue of shares or debentures mentioned in section 135(1) or 136(1) is made, the Board have, on the application of either company mentioned in section 135(1) or 136(1), notified the company that the Board are satisfied that the exchange or scheme of reconstruction will be effected without arrangements in respect of which section 137 applies.
C50C370C113C299C340C1172 Any application under subsection (1) above shall be in writing and shall contain particulars of the operations that are to be effected and the Board may, within 30 days of the receipt of the application or of any further particulars previously required under this subsection, by notice require the applicant to furnish further particulars for the purpose of enabling the Board to make their decision; and if any such notice is not complied with within 30 days or such longer period as the Board may allow, the Board need not proceed further on the application.
C370C113C299C3403 The Board shall notify their decision to the applicant within 30 days of receiving the application or, if they give a notice under subsection (2) above, within 30 days of the notice being complied with.
C370C113C299C3404 If the Board notify the applicant that they are not satisfied as mentioned in subsection (1) above or do not notify their decision to the applicant within the time required by subsection (3) above, the applicant may within 30 days of the notification or of that time require the Board to transmit the application, together with any notice given and further particulars furnished under subsection (2) above, to the tribunal; and in that event any notification by the tribunal shall have effect for the purposes of subsection (1) above as if it were a notification by the Board.
C370C113C299C3405 If any particulars furnished under this section do not fully and accurately disclose all facts and considerations material for the decision of the Board or the tribunal, any resulting notification that the Board or the tribunal are satisfied as mentioned in subsection (1) above shall be void.
6 In this section, references to shares or debentures include references to any interests or options to which this Chapter applies by virtue of section 135(5), 136(5) or 147.

138ZA Share exchanges involving non-UK incorporated close companies

1 Section 138ZB applies where—
a section 135 or 136 applies to an issue by a company (“company B”) of shares in or debentures of that company (“the exchanged shares or debentures”) in exchange for or in respect of shares in or debentures of another company (“company A”),
b immediately before the issue is made, company A is a close company which is incorporated in the United Kingdom (whether or not it is resident in the United Kingdom),
c immediately after the issue is made, company B is a close company which is not incorporated in the United Kingdom (whether or not it is resident in the United Kingdom), and
d the person to whom the exchanged shares or debentures are issued (“P”) is an individual who meets the conditions in subsection (2).
2 Those conditions are that—
a immediately before the issue is made, P—
i has a material interest in company A, and
ii is a participator in company A, and
b immediately after the issue is made, P—
i has a material interest in company B, and
ii is a participator in company B.
3 A person has a material interest in a company for the purposes of this section if condition A or B is met.
4 Condition A is that the person, an associate of the person, or the person or an associate of the person together with one or more associates is—
a the beneficial owner of, or
b directly or indirectly able to control,
more than 5% of the ordinary share capital of the company.
5 Condition B is that the person, an associate of the person, or the person or an associate of the person together with one or more associates possesses or is entitled to acquire such rights as would—
a in the event of the winding up of the company, or
b in any other circumstances,
give an entitlement to receive more than 5% of the assets which would then be available for distribution among the participators.
6 Chapter 2 of Part 10 of CTA 2010 (meaning of “close company” and related terms) applies for the purposes of this section but with the omission of section 442(a) (exclusion of non-UK resident companies).
7 In relation to a company that has no share capital, this section applies as if—
a references to shares in, or debentures of, the company included any interests of the company possessed by members of the company, and
b the reference in subsection (4) to the ordinary share capital of the company were to all such interests.
8 In this section “ordinary share capital” has the meaning it has in the Corporation Tax Acts (see section 1119 of CTA 2010).

138ZB Treatment of securities connected with such exchanges

1 Where this section applies (see section 138ZA), a security falling within subsection (2) is to be treated for the purposes of this Act as situated in the United Kingdom (whether or not it would otherwise be so treated) if—
a it is held by P, other than as a result of a disposal of the security by P’s spouse or civil partner (“S”) to P to which section 58 (no loss or gain on disposals between spouses or civil partners) did not apply, or
b is held by S, other than as a result of a disposal of the security by P to S to which that section did not apply.
2 Those securities are as follows—
a the exchanged shares or debentures;
b a security of company B acquired by P on or after the day on which the exchanged shares or debentures are issued;
c where—
i there is a repo (within the meaning of section 263A) in respect of a security, and
ii that security falls within any of the paragraphs of this subsection (including this paragraph),
any similar security (see section 263AA(5) and (6)) that P, or a person connected with P, buys back under the repo;
d where—
i P transfers a security to another person under a stock lending arrangement (within the meaning of section 263B), and
ii that security falls within any of the paragraphs of this subsection (including this paragraph),
any security of a similar description (see section 263B(6)) transferred back to P under the arrangement;
e a security of a company issued to P where—
i the security is issued in exchange for, or in respect of, another security,
ii section 135 or 136 applies to that issue,
iii the other security falls within any of the paragraphs of this subsection (including this paragraph), and
iv P has a material interest in the company (within the meaning of section 138ZA(3));
f where a security of a company, other than company B, falls within paragraph (e), a security of that company acquired by P on or after the first day on which a security of that company fell within that paragraph.
3 For the purposes of paragraphs (b), (f) and (e) of subsection (2), it does not matter whether or not—
a consideration was given for the security acquired by P, or
b the security acquired by P is of a different class from the exchanged shares or debentures.
4 If S acquires a security falling within subsection (2) as a result of a disposal by P to which section 58 applies, subsections (2) and (3) have effect, from the time of its acquisition by S (whether or not S continues to hold it), as if every reference to “P” were to “P or S”.
5 In this section—
  • “company B”, “P”, and “the exchanged shares or debentures” are to be construed in accordance with section 138ZA;
  • “security” means—
    1. shares in, or debentures of, a company, or
    2. interests of a company that has no share capital that are possessed by members of the company.

138ZC Election to disapply section 135 or 136

1 This section applies where section 138ZB would, but for an election under this section, apply in relation to the issue by a company of shares in or debentures of that company in exchange for, or in respect of, shares in or debentures of another company.
2 The person to whom the shares or debentures are issued may elect for section 135 or 136 not to apply to the issue, and accordingly—
a the exchange or scheme of reconstruction in question will not be treated as a reorganisation within the meaning of section 126, and
b section 138ZB will not apply in relation to the issue.
3 An election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the shares or debentures are issued.

138A  Use of earn-out rights for exchange of securities.

1 For the purposes of this section an earn-out right is so much of any right conferred on any person (“the seller”) as—
a constitutes the whole or any part of the consideration for the transfer by him of shares in or debentures of a company (“the old securities”);
b consists in a right to be issued with shares in or debentures of another company (“the new company”);
c is such that the value or quantity of the shares or debentures to be issued in pursuance of the right (“the new securities”) is unascertainable at the time when the right is conferred; and
d is not capable of being discharged in accordance with its terms otherwise than by the issue of the new securities.
2 Where—
a there is an earn-out right, and
b the exchange of the old securities for the earn-out right is an exchange to which section 135 would apply, in a manner unaffected by section 137, if the earn-out right were an ascertainable amount of shares in or debentures of the new company, F556...
F556c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
this Act shall have effect, in the case of the seller and every other person who from time to time has the earn-out right, in accordance with the assumptions specified in subsection (3) below.
2A Subsection (2) above does not have effect if the seller elects under this section for the earn-out right not to be treated as a security of the new company.
3 Those assumptions are—
a that the earn-out right is a security within the definition in section 132;
b that the security consisting in the earn-out right is a security of the new company and is incapable of being a qualifying corporate bond for the purposes of this Act;
c that references in this Act (including those in this section) to a debenture include references to a right that is assumed to be a security in accordance with paragraph (a) above; and
d that the issue of shares or debentures in pursuance of such a right constitutes the conversion of the right, in so far as it is discharged by the issue, into the shares or debentures that are issued.
4 For the purposes of this section where—
a any right which is assumed, in accordance with this section, to be a security of a company (“the old right”) is extinguished,
b the whole of the consideration for the extinguishment of the old right consists in another right (“the new right”) to be issued with shares in or debentures of that company,
c the new right is such that the value or quantity of the shares or debentures to be issued in pursuance of the right (“the replacement securities”) is unascertainable at the time when the old right is extinguished, and
d the new right is not capable of being discharged in accordance with its terms otherwise than by the issue of the replacement securities, F1246...
F1246e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
the assumptions specified in subsection (3) above shall have effect in relation to the new right, in the case of the person on whom the new right is conferred and every other person who from time to time has the new right, as they had effect in relation to the old right.
4A Subsection (4) above does not have effect if the person on whom the new right is conferred elects under this section for it not to be treated as a security of the new company.
5 An election under this section in respect of any right must be made, by a notice given to an officer of the Board—
a in the case of an election by a company within the charge to corporation tax, within the period of two years from the end of the accounting period in which the right is conferred; and
b in any other case, on or before the first anniversary of the 31st January next following the year of assessment in which that right is conferred.
6 An election under this section shall be irrevocable.
7 Subject to subsections (8) to (10) below, where any right to be issued with shares in or debentures of a company is conferred on any person, the value or quantity of the shares or debentures to be issued in pursuance of that right shall be taken for the purposes of this section to be unascertainable at a particular time if, and only if—
a it is made referable to matters relating to any business or assets of one or more relevant companies; and
b those matters are uncertain at that time on account of future business or future assets being included in the business or assets to which they relate.
8 Where a right to be issued with shares or debentures is conferred wholly or partly in consideration for the transfer of other shares or debentures or the extinguishment of any right, the value and quantity of the shares or debentures to be issued shall not be taken for the purposes of this section to be unascertainable in any case where, if—
a the transfer or extinguishment were a disposal, and
b a gain on that disposal fell to be computed in accordance with this Act,
the shares or debentures to be issued would, in pursuance of section 48, be themselves regarded as, or as included in, the consideration for the disposal.
9 Where any right to be issued with shares in or debentures of a company comprises an option to choose between shares in that company and debentures of that company, the existence of that option shall not, by itself, be taken for the purposes of this section either—
a to make unascertainable the value or quantity of the shares or debentures to be issued; or
b to prevent the requirements of subsection (1)(b) and (d) or (4)(b) and (d) above from being satisfied in relation to that right.
10 For the purposes of this section the value or quantity of shares or debentures shall not be taken to be unascertainable by reason only that it has not been fixed if it will be fixed by reference to the other and the other is ascertainable.
11 In subsection (7) above “relevant company”, in relation to any right to be issued with shares in or debentures of a company, means—
a that company or any company which is in the same group of companies as that company; or
b the company for whose shares or debentures that right was or was part of the consideration, or any company in the same group of companies as that company;
and in this subsection the reference to a group of companies shall be construed in accordance with section 170(2) to (14).

C12C29139  Reconstruction F1797... involving transfer of business.

1 Subject to the provisions of this section, where—
a any scheme of reconstruction F1281... involves the transfer of the whole or part of a company’s business to another company, and
b the conditions in subsection (1A) below are met in relation to the assets included in the transfer, and
c the first-mentioned company receives no part of the consideration for the transfer (otherwise than by the other company taking over the whole or part of the liabilities of the business),
then, so far as relates to corporation tax on chargeable gains, the 2 companies shall be treated as if any assets included in the transfer were acquired by the one company from the other company for a consideration of such amount as would secure that on the disposal by way of transfer neither a gain nor a loss would accrue to the company making the disposal, and for the purposes of Schedule 2 the acquiring company shall be treated as if the respective acquisitions of the assets by the other company had been the acquiring company’s acquisition of them.
1A The conditions referred to in subsection (1)(b) above are—
a that the company acquiring the assets is resident in the United Kingdom at the time of the acquisition, or the assets are chargeable assets F776... in relation to that company immediately after that time, and
b that the company from which the assets are acquired is resident in the United Kingdom at the time of the acquisition, or the assets are chargeable assets F1320... in relation to that company immediately before that time.
For this purpose an asset is a “chargeable asset” in relation to a company at any time if, were the asset to be disposed of by the company at that time, any gain accruing to the company would be a chargeable gain chargeable to corporation tax as a result of section 2B(3) or (4).
F7971AA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1B Nothing in section 179(3D) prevents the two companies being treated as mentioned in subsection (1).
2 This section does not apply in relation to an asset which, until the transfer, formed part of trading stock of a trade carried on by the company making the disposal, or in relation to an asset which is acquired as trading stock for the purposes of a trade carried on by the company acquiring the asset.Section 170(1) applies for the purposes of this subsection.
F22653 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 This section does not apply in the case of a transfer of the whole or part of a company’s business to a unit trust scheme to which section 100(2) applies or which is an authorised unit trust or to an investment trust or a venture capital trust.
4A Subsection (4B) applies in respect of arrangements relating to a reconstruction as regards which this section applies if the main purpose, or one of the main purposes, of the arrangements is to reduce or avoid liability to capital gains tax, corporation tax or income tax.
4B Any such reduction or avoidance that would (in the absence of this subsection) arise from such arrangements is to be counteracted by the making of such adjustments as are just and reasonable (in light of the reduction or avoidance).
4C This includes, in an appropriate case, disapplying this section insofar as is required to counteract the reduction or avoidance.
4D Any adjustments required to be made under subsection (4B) (whether or not by an officer of Revenue and Customs) may be made by way of—
a an assessment, or
b the modification of an assessment.
5 Subsections (4A) to (4D) do not apply in any case where, before the transfer, the Board have, on the application of the acquiring company, notified the company that the Board are satisfied that the reconstruction F836... will be effected without arrangements in respect of which subsection (4B) applies. Subsections (2) to (5) of section 138 shall have effect in relation to this subsection as they have effect in relation to subsection (1) of that section.
6 Where, if the company making the disposal had not been wound up, tax could have been assessed on it by virtue of subsection (4B) above, that tax may be assessed and charged (in the name of the company making the disposal) on the company to which the disposal is made.
7 If any tax assessed on a company (“the chargeable company”) by virtue of subsection (4B) or (6) above is not paid within 6 months from the date when it is payable, any other person who—
a holds all or any part of the assets in respect of which the tax is charged; and
b either is the company to which the disposal was made or has acquired the assets without there having been any subsequent disposal not falling within this section or section 171,
may, within 2 years from the time when the tax became payable, be assessed and charged (in the name of the chargeable company) to all or, as the case may be, a corresponding part of the unpaid tax; and a person paying any amount of tax under this section shall be entitled to recover a sum of that amount from the chargeable company.
I38 With respect to chargeable gains accruing in chargeable periods ending after such day as the Treasury may by order appoint, in subsection (7) above—
a for the words “when it is payable" there shall be substituted “ when it is due and payable or, if later, the date when the assessment is made on the company ”;
b for the words “the time when the tax became payable" there shall be substituted “ the later of those dates ”; and
c for the words “a sum" onwards there shall be substituted “ from the chargeable company a sum equal to that amount together with any interest paid by him under section 87A of the Management Act on that amount ”.
9 In this section “scheme of reconstruction” has the same meaning as in section 136.
10 In this section, “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).

140  Postponement of charge on transfer of assets to non-resident company.

1 This section applies where a company resident in the United Kingdom carries on a trade outside the United Kingdom through a permanent establishment and—
a that trade, or part of it, together with the whole assets of the company used for the purposes of the trade or part (or together with the whole of those assets other than cash) is transferred to a company not resident in the United Kingdom;
b the trade or part is so transferred wholly or partly in exchange for securities consisting of shares, or of shares and loan stock, issued by the transferee company to the transferor company;
c the shares so issued, either alone or taken together with any other shares in the transferee company already held by the transferor company, amount in all to not less than one quarter of the ordinary share capital of the transferee company; and
d either no allowable losses accrue to the transferor company on the transfer or the aggregate of the chargeable gains so accruing exceeds the aggregate of the allowable losses so accruing;
and also applies in any case where section 268A of the M20Income and Corporation Taxes Act 1970 applied unless the deferred gain had been wholly taken into account in accordance with that section before the coming into force of this section.Section 170(1) shall apply for the purposes of this section.
2 In any case to which this section applies the transferor company may claim that this Act shall have effect in accordance with the following provisions.
3 Any allowable losses accruing to the transferor company on the transfer shall be set off against the chargeable gains so accruing and the transfer shall be treated as giving rise to a single chargeable gain equal to the aggregate of those gains after deducting the aggregate of those losses and—
a if the securities are the whole consideration for the transfer, the whole of that gain shall be treated as not accruing to the transferor company on the transfer but an equivalent amount (“the deferred gain”) shall be brought into account in accordance with subsections (4) and (5) below;
b if the securities are not the whole of that consideration—
i paragraph (a) above shall apply to the appropriate proportion of that gain; and
ii the remainder shall be treated as accruing to the transferor company on the transfer.
In paragraph (b)(i) above “the appropriate proportion” means the proportion that the market value of the securities at the time of the transfer bears to the market value of the whole of the consideration at that time.
4 If at any time after the transfer the transferor company disposes of the whole or part of the securities held by it immediately before that time, there shall be deemed to accrue to the transferor company as a chargeable gain on that occasion the whole or the appropriate proportion of the deferred gain so far as not already taken into account under this subsection or subsection (5) below.In this subsection “the appropriate proportion” means the proportion that the market value of the part of the securities disposed of bears to the market value of the securities held immediately before the disposal.
4A A chargeable gain which is deemed to accrue under subsection (4) is in addition to any gain or loss that actually accrues to the transferor company on the disposal of the securities.
4B In determining whether a chargeable gain is deemed to accrue under subsection (4), any disapplication of section 127 by paragraph 4(3)(a) of Schedule 7AC in a case in which that section would otherwise have applied shall be disregarded.
5 If at any time within 6 years after the transfer the transferee company disposes of the whole or part of the relevant assets held by it immediately before that time there shall be deemed to accrue to the transferor company as a chargeable gain on that occasion the whole or the appropriate proportion of the deferred gain so far as not already taken into account under this subsection or subsection (4) above.In this subsection “relevant assets” means assets the chargeable gains on which were taken into account in arriving at the deferred gain and “the appropriate proportion” means the proportion which the chargeable gain so taken into account in respect of the part of the relevant assets disposed of bears to the aggregate of the chargeable gains so taken into account in respect of the relevant assets held immediately before the time of the disposal.
6 There shall be disregarded—
a for the purposes of subsection (4) above any disposal to which section 171 applies; and
b for the purposes of subsection (5) above any disposal to which that section would apply if subsections (1)(b) and (1A) of that section and section 170(9) were disregarded;
and where a person acquires securities or an asset on a disposal disregarded for the purposes of subsection (4) or (5) above (and without there having been a previous disposal not so disregarded) a disposal of the securities or asset by that person shall be treated as a disposal by the transferor or, as the case may be, transferee company.
6A No claim may be made under this section as regards a transfer in relation to which a claim is made under section 140C.
6AA If securities are transferred by a transferor company as part of the process of the transfer of a business to which section 140A or 140C applies—
a the transfer shall be disregarded for the purposes of subsection (4), and
b the transferee company shall be treated as if it were the transferor company in relation to—
i any subsequent disposal of the securities, and
ii any subsequent disposal by the transferee of assets to which subsection 5 applies.
6B If securities are transferred by a transferor as part of the process of a merger to which section 140E applies—
a the transfer shall be disregarded for the purposes of subsection (4), and
b the transferee shall be treated as if it were the transferor in relation to—
i any subsequent disposal of the securities, and
ii any subsequent disposal by the transferee of assets to which subsection (5) applies.
6C In subsection (6B) “transferor” and “transferee” have the meaning given by section 140E(9).
7 If in the case of any such transfer as was mentioned in section 268(1) of the M21Income and Corporation Taxes Act 1970 there were immediately before the coming into force of this section chargeable gains which by virtue of section 268(2) and 268A(8) of that Act were treated as not having accrued to the transferor company, subsection (4) above shall (without any claim in that behalf) apply to the aggregate of those gains as if references to the deferred gain were references to that aggregate and as if references to the transfer and the securities were references to the transfer and the shares, or shares and loan stock, mentioned in section 268(1).
8 If in the case of any such transfer as was mentioned in section 268A(1) of the M22Income and Corporation Taxes Act 1970 there were immediately before the coming into force of this section deferred gains which by virtue of section 268A(3) were treated as not having accrued to the transferor company, subsections (4) and (5) above shall (without any claim in that behalf) apply to those deferred gains as they apply to gains deferred by virtue of subsection (3) above (as if the references to the transfer and the securities were references to the transfer and securities mentioned in section 268A(1)).

F4Transfers concerning companies of different member States

C404140A Transfer or division of UK business

1 This section applies where—
a a company resident in one relevant state (the transferor) transfers the whole or part of a business carried on by it in the United Kingdom to a company resident in another relevant state (the transferee),
b the transfer is wholly in exchange for shares or debentures issued by the transferee to the transferor,
c a claim is made under this section by the transferor and the transferee,
d section 140B does not prevent this section applying, and
e the appropriate condition is met in relation to the transferee immediately after the time of the transfer.
1A This section also applies where a company transfers part of its business to one or more companies if—
a the transferor is resident in one relevant state,
b the part of the transferor’s business which is to be transferred is carried on by the transferor in the United Kingdom,
c at least one transferee is resident in a relevant state other than that in which the transferor is resident,
d the transferor company continues to carry on a business after the transfer,
e the conditions in subsection (1)(c) to (e) are satisfied (for which purpose references to the transferee shall be taken as references to each of the transferees), and
f either of the following conditions is satisfied.
1B Condition 1 is that the transfer is made in exchange for the issue of shares in or debentures of each transferee company to the persons holding shares in or debentures of the transferor.
C2581C Condition 2 is that the transfer is not made in exchange for the issue of shares in or debentures of each transferee by reason only, and to the extent only, that a transferee is prevented from complying with Condition 1 by section 658 of the Companies Act 2006 (rule against limited company acquiring own shares) or by a corresponding provision of the law of a member State preventing the issue of shares or debentures to itself.
1D If Condition 2 applies in relation to the whole or part of a transfer, sections 24 and 122 do not apply in relation to the transfer.
2 Where immediately after the time of the transfer the transferee (or each of the transferees) is not resident in the United Kingdom, the appropriate condition is that were it to dispose of the assets included in the transfer any chargeable gains accruing to it on the disposal would form part of its chargeable profits for corporation tax purposes by virtue of section 2B(3).
3 Where immediately after the time of the transfer the transferee (or each of the transferees) is resident in the United Kingdom, the appropriate condition is that none of the assets included in the transfer is one in respect of which, by virtue of the asset being of a description specified in double taxation relief arrangements, the company falls to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to it on a disposal.
4 Where this section applies—
a the transferor and the transferee (or each of the transferees) shall be treated, so far as relates to corporation tax on chargeable gains, as if any assets included in the transfer were acquired by the transferee (or each of the transferees) from the transferor for a consideration of such amount as would secure that on the disposal by way of transfer neither a gain nor a loss would accrue to the transferor;
b section 25(3) shall not apply to any such assets by reason of the transfer (if it would apply apart from this paragraph).
F3875 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F18446 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F15737 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

140B  Section 140A: anti-avoidance.

1 Section 140A shall not apply unless the transfer of the business or part is effected for bona fide commercial reasons and does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoidance of liability to income tax, corporation tax or capital gains tax.
2 Subsection (1) above shall not apply where, before the transfer, the Board have on the application of the transferor and the transferee (or each of the transferees) notified those companies that the Board are satisfied that the transfer will be effected for bona fide commercial reasons and will not form part of any such scheme or arrangements as are mentioned in that subsection.
3 Subsections (2) to (5) of section 138 shall have effect in relation to subsection (2) above as they have effect in relation to subsection (1) of that section.

140C Transfer or division of non-UK business

1 This section applies where—
a a company resident in the United Kingdom (the transferor) transfers to a company resident in a member State (the transferee) the whole or part of a business which, immediately before the time of the transfer, the transferor carried on in a member State F2064... through a permanent establishment,
b the transfer includes the whole of the assets of the transferor used for the purposes of the business or part (or the whole of those assets other than cash),
c the transfer is wholly or partly in exchange for shares or debentures issued by the transferee to the transferor,
d the aggregate of the chargeable gains accruing to the transferor on the transfer exceeds the aggregate of the allowable losses so accruing,
e a claim is made under this section by the transferor, and
f section 140D does not prevent this section applying.
1A This section also applies where a company resident in the United Kingdom transfers part of its business to one or more companies if—
a the part of the transferor’s business which is to be transferred is carried on, immediately before the time of the transfer, by the transferor in a member State F1326... through a permanent establishment,
b at least one transferee is resident in a member State F1326...,
c the transferor company continues to carry on a business after the transfer,
d the conditions in subsection (1)(b), (d), (e) and (f) are satisfied, and
e either of the following conditions is satisfied.
1B Condition 1 is that the transfer is made in exchange for the issue of shares in or debentures of each transferee company to the persons holding shares in or debentures of the transferor.
C3551C Condition 2 is that the transfer is not made in exchange for the issue of shares in or debentures of each transferee by reason only, and to the extent only, that a transferee is prevented from complying with Condition 1 by section 658 of the Companies Act 2006 (rule against limited company acquiring own shares) or by a corresponding provision of the law of a member State preventing the issue of shares or debentures to itself.
2 In a case where this section applies, this Act shall have effect in accordance with subsection (3) below.
3 The allowable losses accruing to the transferor on the transfer shall be set off against the chargeable gains so accruing and the transfer shall be treated as giving rise to a single chargeable gain equal to the aggregate of those gains after deducting the aggregate of those losses.
4 No claim may be made under this section as regards a transfer in relation to which a claim is made under section 140.
5 In a case where this section applies, section 122 of TIOPA 2010 (tax treated as chargeable in respect of gains on transfer of non-UK business) shall also apply.
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140D Section 140C: anti-avoidance.

1 Section 140C shall not apply unless the transfer of the business or part is effected for bona fide commercial reasons and does not form part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoidance of liability to income tax, corporation tax or capital gains tax.
2 Subsection (1) above shall not apply where, before the transfer, the Board have on the application of the transferor notified that company that the Board are satisfied that the transfer will be effected for bona fide commercial reasons and will not form part of any such scheme or arrangements as are mentioned in that subsection.
3 Subsections (2) to (5) of section 138 shall have effect in relation to subsection (2) above as they have effect in relation to subsection (1) of that section.

140DA Securities issued on division of business

1 This section applies where—
a a transfer of assets to which section 140A(1A) or 140C(1A) applies has taken place,
b the transferor and the transferee (or each of the transferees) are each resident in a relevant state,
c they are not all resident in the same relevant state, and
e the transfer does not constitute or form part of a scheme of reconstruction within the meaning of section 136.
2 Where this section applies, the transfer shall be treated for the purposes of section 136 as if it were a scheme of reconstruction.
3 Where section 136 applies by virtue of subsection (2) above section 136(6) (and section 137) shall not apply.

Mergers within European Community

140E Merger leaving assets within UK tax charge

1 This section applies on a merger which satisfies the conditions specified in subsection (2), where—
a an SE is formed by the merger of two or more companies in accordance with Articles 2(1) and 17(2)(a) or (b) of Council Regulation (EC) 2157/2001 on the Statute for a European Company (Societas Europaea),
b an SCE is formed by the merger of two or more cooperative societies, at least one of which is a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969, in accordance with Articles 2(1) and 19 of Council Regulation (EC) 1435/2003 on the Statute for a European Cooperative Society (SCE),
c the merger is effected by the transfer by one or more companies of all their assets and liabilities to a single existing company, or
d the merger is effected by the transfer by two or more companies of all their assets and liabilities to a single new company (other than an SE or an SCE) in exchange for the issue by the transferee, to each person holding shares in or debentures of a transferor, of shares or debentures.
2 The conditions mentioned in subsection (1) are that —
a each of the merging companies is resident in a relevant state,
b the merging companies are not all resident in the same relevant state,
c section 139 does not apply to any qualifying transferred assets,
C95d in the case of a merger to which subsection (1)(a), (b) or (c) applies, either─
i the transfer of assets and liabilities is made in exchange for the issue by the transferee, to each person holding shares in or debentures of a transferor, of shares or debentures, or
ii sub-paragraph (i) is not satisfied by reason only, and to the extent only, that the transferee is prevented from complying with sub-paragraph (i) by section 658 of the Companies Act 2006 (rule against limited company acquiring own shares) or a corresponding provision of the law of a member State preventing the issue of shares or debentures to itself, and
e in the case of a merger to which subsection (1)(c) or (d) applies, in the course of the merger each transferor ceases to exist without being in liquidation (within the meaning given by section 247 of the Insolvency Act 1986).
3 Where this section applies, qualifying transferred assets shall be treated for the purposes of corporation tax on chargeable gains as if acquired by the transferee for a consideration resulting in neither gain nor loss for the transferor.
4 For the purposes of subsections (2) and (3) an asset is a qualifying transferred asset if—
a it is transferred to the transferee as part of the process of the merger, and
b subsections (5) and (6) are satisfied in respect of it.
5 This subsection is satisfied in respect of a transferred asset if—
a the transferor is resident in the United Kingdom at the time of the transfer, or
b any gain that would have accrued to the transferor, had it disposed of the asset immediately before the time of the transfer, would have been a chargeable gain forming part of the transferor’s chargeable profits in accordance with section 2B(3).
6 This subsection is satisfied in respect of a transferred asset if—
a the transferee is resident in the United Kingdom at the time of the transfer, or
b any gain that would accrue to the transferee were it to dispose of the asset immediately after the transfer would be a chargeable gain forming part of the transferee’s chargeable profits in accordance with section 2B(3).
7 If subsection (2)(d)(ii) applies in relation to a transfer of assets and liabilities on a merger (in whole or in part), sections 24 and 122 do not apply.
8 This section does not apply in relation to a merger if—
a it is not effected for bona fide commercial reasons, or
b it forms part of a scheme or arrangements of which the main purpose, or one of the main purposes, is avoiding liability to corporation tax, capital gains tax or income tax,
  • and section 138 (clearance in advance) shall apply to this subsection as it applies to section 137 (with any necessary modifications).
9 In this section—
a “cooperative society” means a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014, a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 or a similar society established in accordance with the law of a member State F747...,
b “transferor” means—
i in relation to a merger to which subsection (1)(a) applies, each company merging to form the SE,
ii in relation to a merger to which subsection (1)(b) applies, each cooperative society merging to form the SCE, and
iii in relation to a merger to which subsection (1)(c) or (d) applies, each company transferring all of its assets and liabilities,
c “transferee” means—
i in relation to a merger to which subsection (1)(a) applies, the SE,
ii in relation to a merger to which subsection (1)(b) applies, the SCE, and
iii in relation to a merger to which subsection (1)(c) or (d) applies, the company to which assets and liabilities are transferred, and
d references in subsections (1)(c) and (2) to (7) to a company include references to a cooperative society.

140F Merger: assets outside UK tax charge

1 This section applies on a merger which satisfies the conditions specified in subsection (2), where—
a an SE is formed by the merger of two or more companies in accordance with Articles 2(1) and 17(2)(a) or (b) of Council Regulation (EC) 2157/2001 on the Statute for a European Company (Societas Europaea),
b an SCE is formed by the merger of two or more cooperative societies, at least one of which is a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969, in accordance with Articles 2(1) and 19 of Council Regulation (EC) 1435/2003 on the Statute for a European Cooperative Society (SCE),
c the merger is effected by the transfer by one or more companies of all their assets and liabilities to a single existing company, or
d the merger is effected by the transfer by two or more companies of all their assets and liabilities to a single new company (other than an SE or an SCE) in exchange for the issue by the transferee, to each person holding shares in or debentures of a transferor, of shares or debentures.
2 The conditions mentioned in subsection (1) are that—
a each merging company is resident in a relevant state,
b the merging companies are not all resident in the same relevant state,
c in the course of the merger a company resident in the United Kingdom (“company A”) transfers to a company resident in a member State (“company B”) all assets and liabilities relating to a business which company A carried on in a member State F2226... through a permanent establishment,
d the aggregate of the chargeable gains accruing to company A on the transfer exceeds the aggregate of any allowable losses so accruing, F2639...
C382e in the case of a merger to which subsection (1)(a), (b) or (c) applies, either─
i the transfer of assets and liabilities is made in exchange for the issue by the transferee, to each person holding shares in or debentures of a transferor, of shares or debentures, or
ii sub-paragraph (i) is not satisfied by reason only, and to the extent only, that the transferee is prevented from complying with sub-paragraph (i) by section 658 of the Companies Act 2006 (rule against limited company acquiring own shares) or a corresponding provision of the law of a member State preventing the issue of shares or debentures to itself and
f in the case of a merger to which subsection (1)(c) or (d) applies, in the course of the merger each transferor ceases to exist without being in liquidation (within the meaning given by section 247 of the Insolvency Act 1986 (c.55)).
3 Where this section applies, for the purposes of this Act—
a the allowable losses accruing to company A on the transfer shall be set off against the chargeable gains so accruing, and
b the transfer shall be treated as giving rise to a single chargeable gain equal to the aggregate of those gains after deducting the aggregate of those losses.
4 Where this section applies, section 122 of TIOPA 2010 (tax treated as chargeable in respect of gains on transfer of non-UK business) shall also apply.
5 Subsections (8) and (9) of section 140E apply for the purposes of this section as they apply for the purposes of that section.

140G Treatment of securities issued on merger

1 This section applies on a merger which satisfies the conditions specified in subsection (2), where—
a an SE is formed by the merger of two or more companies in accordance with Articles 2(1) and 17(2)(a) or (b) of Council Regulation (EC) 2157/2001 on the Statute for a European Company (Societas Europaea),
b an SCE is formed by the merger of two or more cooperative societies, at least one of which is a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969, in accordance with Articles 2(1) and 19 of Council Regulation (EC) 1435/2003 on the Statute for a European Cooperative Society (SCE),
c the merger is effected by the transfer by one or more companies of all their assets and liabilities to a single existing company in exchange for the issue by the transferee, to each person holding shares in or debentures of a transferor, of shares or debentures, or
d the merger is effected by the transfer by two or more companies of all their assets and liabilities to a single new company (other than an SE or an SCE) in exchange for the issue by the transferee, to each person holding shares in or debentures of a transferor, of shares or debentures.
2 The conditions mentioned in subsection (1) are that—
a each of the merging companies is resident in a relevant state,
b the merging companies are not all resident in the same relevant state, and
c the merger does not constitute or form part of a scheme of reconstruction within the meaning of section 136.
3 Where this section applies, the merger shall be treated for the purposes of section 136 as if it were a scheme of reconstruction.
4 Where section 136 applies by virtue of subsection (3) above section 136(6) (and section 137) shall not apply.
5 Subsections (8) and (9) of section 140E apply for the purposes of this section as they apply for the purposes of that section.

140GA Disapplication of sections 24 and 122 where subsidiary merges with its parent

Sections 24 and 122 do not apply if—
a a merger is effected by the transfer by a company (“the transferor company”) of all of its assets and liabilities to a single company that holds the whole of the ordinary share capital in the transferor company,
b each merging company is resident in a relevant state,
c the merging companies are not all resident in the same relevant state,
d section 139 does not apply in relation to the transfer, and
e in the course of the merger the transferor company ceases to exist without being in liquidation (within the meaning given by section 247 of the Insolvency Act 1986 (c. 55).

Chapter III  Miscellaneous provisions relating to commodities, futures, options and other securities

142 Capital gains on stock dividends.

1 This section applies where any share capital to which section 410(2), (3) or (4) of ITTOIA 2005 applies in respect of shares in the company held by any person.
2 The case shall not constitute a reorganisation of the company’s share capital for the purposes of sections 126 to 128.
3 The person who acquires the share capital by means of its issue shall (notwithstanding section 17(1)) be treated for the purposes of section 38(1)(a) as having acquired that asset for a consideration equal to the cash equivalent of the share capital in accordance with section 412 of ITTOIA 2005.

142A REITs: chargeable gains on stock dividends

1 This section applies if share capital issued in lieu of a cash dividend by—
a a company UK REIT, or
b the principal company of a group UK REIT,
is attributed as mentioned in section 550(2)(a), (c) or (d) of CTA 2010 (attribution of distributions).
2 The case shall not constitute a reorganisation of the company's share capital for the purposes of sections 126 to 128.
3 The person who acquires the share capital by means of its issue shall (notwithstanding section 17(1)) be treated for the purposes of section 38(1)(a) as having acquired that asset for a consideration equal to the cash equivalent of the share capital.
4 Section 414A(2) to (4) of ITTOIA 2005 (meaning of “share capital issued in lieu of a cash dividend”) applies for the purposes of this section as it applies for the purposes of Chapter 5 of Part 4 of that Act.
5 Section 412(1), (2), (4) and (5) of that Act (meaning of “cash equivalent of share capital”) applies for the purposes of this section as it applies in relation to share capital issued as mentioned in section 410(1)(a) of that Act.
6 In this section “company UK REIT” and “principal company of a group UK REIT” are to be read in accordance with Part 12 of CTA 2010 (Real Estate Investment Trusts).

143  Commodity and financial futures and qualifying options.

1 If, apart from section 981 of CTA 2009 and section 779 of ITTOIA 2005, gains arising to any person in the course of dealing in commodity or financial futures or in qualifying options would constitute, for the purposes of the Tax Acts, profits or gains chargeable to tax—
a under Chapter 8 of Part 10 of CTA 2009, or
b under Chapter 8 of Part 5 of ITTOIA 2005,
then his outstanding obligations under any futures contract entered into in the course of that dealing and any qualifying option granted or acquired in the course of that dealing shall be regarded as assets to the disposal of which this Act applies.
2 In subsection (1) above—
a “commodity or financial futures” means commodity futures or financial futures which are for the time being dealt in on a recognised futures exchange; and
b “qualifying option” means a traded option or financial option as defined in section 144(8).
3 Notwithstanding the provisions of subsection (2)(a) above, where, otherwise than in the course of dealing on a recognised futures exchange—
a an authorised person F937... enters into a commodity or financial futures contract with another person, or
b the outstanding obligations under a commodity or financial futures contract to which an authorised person F937... is a party are brought to an end by a further contract between the parties to the futures contract,
then, except in so far as any gain or loss arising to any person from that transaction arises in the course of a trade, that gain or loss shall be regarded for the purposes of subsection (1) above as arising to him in the course of dealing in commodity or financial futures.
F22084 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C3975 For the purposes of this Act, where, in the course of dealing in commodity or financial futures, a person who has entered into a futures contract closes out that contract by entering into another futures contract with obligations which are reciprocal to those of the first-mentioned contract, that transaction shall constitute the disposal of an asset (namely, his outstanding obligations under the first-mentioned contract) and, accordingly—
a any money or money’s worth received by him on that transaction shall constitute consideration for the disposal; and
b any money or money’s worth paid or given by him on that transaction shall be treated as incidental costs to him of making the disposal.
C3976 In any case where, in the course of dealing in commodity or financial futures, a person has entered into a futures contract and—
a he has not closed out the contract (as mentioned in subsection (5) above), and
b he becomes entitled to receive or liable to make a payment, whether under the contract or otherwise, in full or partial settlement of any obligations under the contract,
then, for the purposes of this Act, he shall be treated as having disposed of an asset (namely, that entitlement or liability) and the payment received or made by him shall be treated as consideration for the disposal or, as the case may be, as incidental costs to him of making the disposal.
7 Section 46 shall not apply to obligations under—
a a commodity or financial futures contract which is entered into by a person in the course of dealing in such futures on a recognised futures exchange; or
b a commodity or financial futures contract to which an authorised person F1190... is a party.
8 In this section “authorised person” means a person who—
a falls within section 31(1)(a), (b) or (c) of the Financial Services and Markets Act 2000, and
b has permission under that Act to carry on one or more of the activities specified in Article 14 and, in so far as it applies to that Article, Article 64 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

C13C177C94144  Options and forfeited deposits.

1 Without prejudice to section 21, the grant of an option, and in particular—
a the grant of an option in a case where the grantor binds himself to sell what he does not own, and because the option is abandoned, never has occasion to own, and
b the grant of an option in a case where the grantor binds himself to buy what, because the option is abandoned, he does not acquire,
is the disposal of an asset (namely of the option), but subject to the following provisions of this section as to treating the grant of an option as part of a larger transaction.
C406C2592 If an option is exercised, the grant of the option and the transaction entered into by the grantor in fulfilment of his obligations under the option shall be treated as a single transaction and accordingly—
a if the option binds the grantor to sell, the consideration for the option is part of the consideration for the sale, and
b if the option binds the grantor to buy, the consideration for the option shall be deducted from the cost of acquisition incurred by the grantor in buying in pursuance of his obligations under the option.
3 The exercise of an option by the person for the time being entitled to exercise it shall not constitute the disposal of an asset by that person, but, if an option is exercised then the acquisition of the option (whether directly from the grantor or not) and the transaction entered into by the person exercising the option in exercise of his rights under the option shall be treated as a single transaction and accordingly—
a if the option binds the grantor to sell, the cost of acquiring the option shall be part of the cost of acquiring what is sold, and
b if the option binds the grantor to buy, the cost of the option shall be treated as a cost incidental to the disposal of what is bought by the grantor of the option.
4 The abandonment of—
a a quoted option to subscribe for shares in a company, or
b a traded option or financial option, or
c an option to acquire assets exercisable by a person intending to use them, if acquired, for the purpose of a trade carried on by him,
shall constitute the disposal of an asset (namely of the option); but the abandonment of any other option by the person for the time being entitled to exercise it shall not constitute the disposal of an asset by that person.
5 This section shall apply in relation to an option binding the grantor both to sell and to buy as if it were 2 separate options with half the consideration attributed to each.
6 In this section references to an option include references to an option binding the grantor to grant a lease for a premium, or enter into any other transaction which is not a sale, and references to buying and selling in pursuance of an option shall be construed accordingly.
7 This section shall apply in relation to a forfeited deposit of purchase money or other consideration money for a prospective purchase or other transaction which is abandoned as it applies in relation to the consideration for an option which binds the grantor to sell and which is not exercised.
8 In subsection (4) above and sections 146 and 147—
a “quoted option” means an option which, at the time of the abandonment or other disposal, is listed on a recognised stock exchange;
b “traded option” means an option which, at the time of the abandonment or other disposal, is listed on a recognised stock exchange or a recognised futures exchange; and
c “financial option” means an option which is not a traded option, as defined in paragraph (b) above, but which, subject to subsection (9) below—
i relates to currency, shares, securities or an interest rate and is granted (otherwise than as agent) by a member of a recognised stock exchange, by an authorised person within the meaning given by section 143(8); or
ii relates to shares or securities which are dealt in on a recognised stock exchange and is granted by a member of such an exchange, acting as agent; or
iii relates to currency, shares, securities or an interest rate and is granted to such an authorised person F2592... as is referred to in sub-paragraph (i) above and concurrently and in association with an option falling within that sub-paragraph which is granted by that authorised person F2592... to the grantor of the first-mentioned option; or
iv relates to shares or securities which are dealt in on a recognised stock exchange and is granted to a member of such an exchange, including such a member acting as agent.
9 If the Treasury by order so provide, an option of a description specified in the order shall be taken to be within the definition of “financial option" in subsection (8)(c) above.

144ZA Application of market value rule in case of exercise of option

1 Subject to section 144ZB, This section applies where—
a an option is exercised, so that by virtue of section 144(2) or (3) the grant or acquisition of the option and the transaction resulting from its exercise are treated as a single transaction, and
b section 17(1) (“the market value rule”) applies, or would apply but for this section, in relation to—
i the grant of the option,
ii the acquisition of the option (whether directly from the grantor or not) by the person exercising it, or
iii the transaction resulting from its exercise.
2 If the option binds the grantor to sell—
a the market value rule does not apply for determining the consideration for the sale, except, where the rule applies for determining the consideration for the option, to that extent (in accordance with section 144(2)(a));
b the market value rule does not apply for determining the cost to the person exercising the option of acquiring what is sold, except, where the rule applies for determining the cost of acquiring the option, to that extent (in accordance with section 144(3)(a)).
3 If the option binds the grantor to buy—
a the market value rule does not apply for determining the cost of acquisition incurred by the grantor, but without prejudice to its application (in accordance with section 144(2)(b)) where the rule applies for determining the consideration for the option;
b the market value rule does not apply for determining the consideration for the disposal of what is bought, but without prejudice to its application (in accordance with section 144(3)(b)) where the rule applies for determining the cost of the option.
4 To the extent that, by virtue of this section, the market value rule does not apply for determining an amount or value, the amount or value to be taken into account is (subject to section 119A) the exercise price.
4A In subsection (4) above “exercise price”, in relation to an option, means the amount or value of the consideration which, under the terms of the option, is—
a receivable (if the option binds the grantor to buy), or
b payable (if the option binds the grantor to sell),
as a result of the exercise of the option (and does not include the amount or value of any consideration for the acquisition of the option (whether directly from the grantor or not)).
5 Subsections (5) and (6) of section 144 shall apply for the purposes of this section and sections 144ZB to 144ZD as they apply for the purposes of that section.

144ZB Exception to rule in section 144ZA

1 This section applies where—
a section 144ZA would apply but for this section in relation to an option, and
b the exercise of the option is non-commercial (see section 144ZC).
2 But this section does not apply if—
a the option is a securities option within the meaning of Chapter 5 of Part 7 of ITEPA 2003 (see section 420(8) of that Act) to which that Chapter applies F1024... (see section 471 of that Act), or
b section 144ZD of this Act (value of underlying subject matter of option altered with a view to obtaining a tax advantage) applies in relation to the option.
3 Where this section applies, neither section 144ZA nor the following provisions of section 144 shall apply in relation to the option—
a in subsection (2), the words from “and accordingly” to the end of that subsection, and
b in subsection (3), the words from “and accordingly” to the end of that subsection;
but subsection (4) or (5) below shall instead have effect (subject to subsection (6) below).
4 If the option binds the grantor to buy—
a the cost of acquisition incurred by the grantor in buying in pursuance of his obligations under the option, and
b the consideration for the disposal of what is bought by the grantor,
shall be deemed for the purposes of tax in respect of chargeable gains to be the market value, at the time the option is exercised, of what is bought.
5 If the option binds the grantor to sell—
a the consideration for the sale, and
b the cost to the person exercising the option of acquiring what is sold,
shall be deemed for the purposes of tax in respect of chargeable gains to be the market value, at the time the option is exercised, of what is sold.
6 But if the whole or any part of the underlying subject matter of the option (see subsection (7)) is subject to any right or restriction which is enforceable by the person disposing of the underlying subject matter or a person connected with him—
a the market value of the underlying subject matter shall be determined for the purposes of subsection (4) or (5) above as if the right or restriction did not exist, and
b to the extent that subsection (6) or (7) of section 18 would apply apart from this paragraph, it shall be disregarded.
7 In this section “underlying subject matter”, in relation to an option, means—
a if the option binds the grantor to sell, what falls to be sold on exercise of the option;
b if the option binds the grantor to buy, what falls to be bought on exercise of the option.

144ZC Section 144ZB: non-commercial exercise of option

1 For the purposes of section 144ZB, the exercise of an option which binds the grantor to buy is non-commercial if the exercise price for the option (see subsection (3)) is less than the open market price (see subsection (4)) of what is bought.
2 For the purposes of section 144ZB, the exercise of an option which binds the grantor to sell is non-commercial if the exercise price for the option is greater than the open market price of what is sold.
3 In this section “exercise price”, in relation to an option, means the amount or value of the consideration which, under the terms of the option, is—
a receivable (if the option binds the grantor to buy), or
b payable (if the option binds the grantor to sell),
as a result of the exercise of the option (and does not include the amount or value of any consideration for the acquisition of the option (whether directly from the grantor or not)).
4 In this section “open market price”, in relation to the underlying subject matter of an option (see section 144ZB(7)), means the price which the underlying subject matter might reasonably be expected to fetch on a sale in the open market at the time the option is exercised; and subsections (5) to (7) below apply for the purposes of this subsection.
5 If the whole or any part of the underlying subject matter of the option is subject to any right or restriction which is enforceable by—
a the person disposing of the underlying subject matter, or
b a person connected with him,
the open market price of the underlying subject matter shall be determined as if the right or restriction did not exist.
6 Section 272(2) (no reduction in estimated market value on account of assumption that whole of assets are placed on market at one time) shall apply in estimating the open market price of the underlying subject matter of an option as it applies in estimating the market value of any assets.
7 Where the underlying subject matter of an option comprises or includes assets to which section 273 applies (unquoted shares and securities), subsection (3) of that section (assumption that relevant information is available) shall apply in determining the open market price of those assets as it applies for the purposes of a determination falling within subsection (1) of that section.
8 This section is to be construed as one with section 144ZB.

144ZD Section 144ZB: alteration of value to obtain tax advantage

1 This section applies in relation to an option if each of the following conditions is satisfied (as to the effect of this section applying, see section 144ZB(2)(b)).
2 Condition 1 is that section 144ZB would, apart from subsection (2)(b) of that section, apply in relation to the option.
3 Condition 2 is that, at the time the option is exercised, the open market price (see section 144ZC(4)) of the underlying subject matter of the option (see section 144ZB(7)) differs from the open market price of the underlying subject matter of the option at the time the option was granted.
4 Condition 3 is that some or all of that change in the open market price of the underlying subject matter of the option results to any extent, directly or indirectly, from arrangements (see subsection (8)) (“the relevant arrangements”)—
a to which a relevant person is or has been a party, or
b which include one or more transactions to which a relevant person is or has been a party.
5 In subsection (4) above “relevant person” means any of the following—
a the grantor of the option;
b any person who at any time holds the option;
c a person connected with one or more of the persons mentioned in paragraph (a) or (b) above.
6 Condition 4 is that, if there were to be disregarded so much of that change in the open market price of the underlying subject matter of the option as results to any extent, directly or indirectly, from the relevant arrangements, the exercise of the option would not be non-commercial (see section 144ZC).
7 Condition 5 is that (apart from this section) as a result, directly or indirectly, of the relevant arrangements—
a the grantor of the option, or
b the person exercising the option,
would obtain or might be expected to obtain an advantage (see subsection (9)) in relation to capital gains tax or corporation tax in respect of chargeable gains directly or indirectly in consequence of, or otherwise in connection with, the exercise of the option.
8 In this section “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
9 In this section “advantage”, in relation to capital gains tax or corporation tax in respect of chargeable gains, means—
a relief or increased relief from, or repayment or increased repayment of, that tax, or the avoidance or reduction of a charge to that tax or an assessment to that tax or the avoidance of a possible assessment to that tax, or
b the deferral of any payment of that tax or the advancement of any repayment of that tax.
10 This section is to be construed as one with sections 144ZB and 144ZC.

C290144A  Cash-settled options.

1 In any case where—
a an option is exercised; and
b the nature of the option (or its exercise) is such that the grantor of the option is liable to make, and the person exercising it is entitled to receive, a payment in full settlement of all obligations under the option,
subsections (2) and (3) below shall apply in place of subsections (2) and (3) of section 144.
2 As regards the grantor of the option—
a he shall be treated as having disposed of an asset (namely, his liability to make the payment) and the payment made by him shall be treated as incidental costs to him of making the disposal; and
C120b the grant of the option and the disposal shall be treated as a single transaction and the consideration for the option shall be treated as the consideration for the disposal.
3 As regards the person exercising the option—
a he shall be treated as having disposed of an asset (namely, his entitlement to receive the payment) and the payment received by him shall be treated as the consideration for the disposal;
b the acquisition of the option (whether directly from the grantor or not) and the disposal shall be treated as a single transaction and the cost of acquiring the option shall be treated as expenditure allowable as a deduction under section 38(1)(a) from the consideration for the disposal; and
c for the purpose of computing the indexation allowance (if any) on the disposal, the cost of the option shall be treated (notwithstanding paragraph (b) above) as incurred when the option was acquired.
4 In any case where subsections (2) and (3) above would apply as mentioned in subsection (1) above if the reference in that subsection to full settlement included a reference to partial settlement, those subsections and subsections (2) and (3) of section 144 shall both apply but with the following modifications—
a for any reference to the grant or acquisition of the option there shall be substituted a reference to the grant or acquisition of so much of the option as relates to the making and receipt of the payment or, as the case may be, the sale or purchase by the grantor; and
b for any reference to the consideration for, or the cost of or of acquiring, the option there shall be substituted a reference to the appropriate proportion of that consideration or cost.
5 In this section “appropriate proportion” means such proportion as may be just and reasonable in all the circumstances.

145  Call options: indexation allowance.

1 This section applies F358... where, on a disposal to which section 53 applies, the relevant allowable expenditure includes both—
a the cost of acquiring an option binding the grantor to sell (“the option consideration”); and
b the cost of acquiring what was sold as a result of the exercise of the option (“the sale consideration”),
but does not apply in any case where section 114 applies.
F11631A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 For the purpose of computing the indexation allowance (if any) on the disposal referred to in subsection (1) above—
a the option consideration and the sale consideration shall be regarded as separate items of expenditure; and
b subsection (4) of section 54 shall apply to neither of those items and, accordingly, they shall be regarded as incurred when the option was acquired and when the sale took place, respectively.
3 This section has effect notwithstanding section 144, but expressions used in this section have the same meaning as in that section and subsection (5) of that section applies for the purpose of determining the cost of acquiring an option binding the grantor to sell.

146  Options: application of rules as to wasting assets.

1 Section 46 shall not apply—
a to a quoted option to subscribe for shares in a company, or
b to a traded option, or financial option, or
c to an option to acquire assets exercisable by a person intending to use them, if acquired, for the purpose of a trade carried on by him.
2 In relation to the disposal by way of transfer of an option (other than an option falling within subsection (1)(a) or (b) above) binding the grantor to sell or buy quoted shares or securities, the option shall be regarded as a wasting asset the life of which ends when the right to exercise the option ends, or when the option becomes valueless, whichever is the earlier.Subsections (5) and (6) of section 144 shall apply in relation to this subsection as they apply in relation to that section.
3 The preceding provisions of this section are without prejudice to the application of sections 44 to 47 to options not within those provisions.
4 In this section—
a “financial option”, “quoted option” and “traded option” have the meanings given by section 144(8), and
b “quoted shares or securities” means shares or securities which are listed on a recognised stock exchange F840... .

147  Quoted options treated as part of new holdings.

1 If a quoted option to subscribe for shares in a company is dealt in (on the stock exchange where it is quoted) within 3 months after the taking effect, with respect to the company granting the option, of any reorganisation, reduction, conversion, exchange or scheme of reconstruction to which Chapter II of this Part applies, or within such longer period as the Board may by notice allow—
a the option shall, for the purposes of that Chapter be regarded as the shares which could be acquired by exercising the option, and
b section 272(3) shall apply for determining its market value.
2 In this section “quoted option” has the meaning given by section 144(8) and “scheme of reconstruction" has the same meaning as in section 136.

148  Traded options: closing purchases.

1 This section applies where a person (“the grantor”) who has granted a traded option (“the original option”) closes it out by acquiring a traded option of the same description (“the second option”).
2 Any disposal by the grantor involved in closing out the original option shall be disregarded for the purposes of capital gains tax or, as the case may be, corporation tax on chargeable gains.
3 The incidental costs to the grantor of making the disposal constituted by the grant of the original option shall be treated for the purposes of the computation of the gain as increased by an amount equal to the aggregate of—
a the amount or value of the consideration, in money or money’s worth, given by him or on his behalf wholly and exclusively for the acquisition of the second option, and
b the incidental costs to him of that acquisition.
4 In this section “traded option” has the meaning given by section 144(8).

F1111148A Futures and options involving guaranteed returns

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1111148B Deemed disposals at a gain under section 564(4) of ITTOIA 2005

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1111148C Deemed disposals at a loss under section 564(4) of ITTOIA 2005

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

149  Rights to acquire qualifying shares.

1 This section applies where on or after 25th July 1991 (the day on which the M23Finance Act 1991 was passed) a building society confers—
a on its members, or
b on any particular class or description of its members,
any rights to acquire, in priority to other persons, shares in the society which are qualifying shares.
2 Any such right so conferred shall be regarded for the purposes of capital gains tax as an option granted to, and acquired by, the member concerned for no consideration and having no value at the time of that grant and acquisition.
3 In this section—
  • “member” includes a former member, and
  • “qualifying share” has the same meaning as in section 117(4).

149A Employment-related securities options

1 This section applies where—
a an option is granted on or after 16th March 1993,
b the option is a securities option within the meaning of Chapter 5 of Part 7 of ITEPA 2003 (see section 420(8) of that Act) to which that Chapter applies F1735... (see section 471 of that Act), and
c section 17(1) of this Act would (apart from this section) apply for the purposes of calculating the consideration for the grant of the option.
2 Both the grantor of the option and the person to whom the option is granted shall be treated for the purposes of this Act as if section 17(1) did not apply for the purposes of calculating the consideration and, accordingly, as if the amount or value of the consideration was its actual amount or value.
3 Where the option is granted wholly or partly in recognition of services or past services in any office or employment, the value of those services shall not be taken into account in calculating the actual amount or value of the consideration.
F18184 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

149AA Restricted and convertible employment-related securities and employee shareholder shares

1 Subject to subsection (1A), where an individual has acquired an asset consisting of employment-related securities which are—
a restricted securities or a restricted interest in securities, or
b convertible securities or an interest in convertible securities,
the consideration for the acquisition shall (subject to section 119A) be taken to be equal to the aggregate of the actual amount or value given for the employment-related securities and any amount that constituted earnings under Chapter 1 of Part 3 of ITEPA 2003 (earnings) in respect of the acquisition.
1A Where an individual has acquired an asset consisting of shares which, on acquisition, became employee shareholder shares—
a the consideration for the acquisition is (subject to section 119A) to be taken to be equal to any amount that constituted earnings under Chapter 1 of Part 3 of ITEPA 2003 (earnings) or section 226A of that Act (employee shareholder shares), and
b no other consideration is to be treated as having been given for the acquisition of the shares.
2 Subsections (1) and (1A) apply only to the individual making the acquisition and, accordingly, are to be disregarded in calculating the consideration received by the person from whom the employment-related securities are acquired.
3 This section has effect in relation to acquisitions on or after the day appointed under paragraph 3(2) of Schedule 22 to the Finance Act 2003.
4 In this section “employment-related securities” has the same meaning as in Chapters 1 to 4 of Part 7 of ITEPA 2003 (as substituted by Schedule 22 to the Finance Act 2003).
5 In this section—
  • “restricted interest in securities”, and
  • “restricted securities”,
have the same meaning as in Chapter 2 of that Part of ITEPA 2003 (as so substituted).
6 In this section “convertible securities” has the same meaning as in Chapter 3 of that Part of ITEPA 2003 (as so substituted).
6A For the purposes of this section—
  • shares are “acquired” by an employee if the employee becomes beneficially entitled to them (and they are acquired at the time when the employee becomes so entitled);
  • “employee shareholder share” means a share acquired in consideration of an employee shareholder agreement and held by the employee;
  • “employee shareholder agreement” means an agreement by virtue of which an employee is an employee shareholder (see section 205A(1)(a) to (d) of the Employment Rights Act 1996);
  • “employee” and “employer company”, in relation to an employee shareholder agreement, mean the individual and the company which enter into the agreement.
7 In subsections (1) and (1A) a reference to any amount that constituted earnings under Chapter 1 of Part 3 of ITEPA 2003 or was treated as earnings under section 226A of that Act does not include—
a any amount of exempt income (within the meaning of section 8 of that Act), or
b in a case in which the amount that constituted, or was treated as, earnings was not an amount of general earnings to which any of the charging provisions of Chapters 4 and 5 of Part 2 of ITEPA 2003 applied, any amount that would have been an amount of such exempt income if any of those charging provisions had applied.

149AB Shares in research institution spin-out companies

1 Where an individual has acquired shares (or an interest in shares) in circumstances where section 452(1) and (2)(a) of ITEPA 2003 (shares in research institution spin-out companies: market value on acquisition) apply (and section 149AA does not apply in relation to those shares (or interest in shares)) the consideration for the acquisition shall (subject to section 119A) be taken to be equal to the aggregate of—
a the actual amount or value given for the shares (or interest in shares), and
b any amount that constituted earnings under Chapter 1 of Part 3 of ITEPA 2003 (earnings) in respect of the acquisition.
2 Subsection (1) above applies only to the individual making the acquisition and, accordingly, is to be disregarded in calculating the consideration received by the person from whom the shares (or interest in shares) are (or is) acquired.

149B  Employee incentive schemes: conditional interests in shares.

1 Where—
a an individual has acquired an interest in any shares or securities which is only conditional,
b that interest is one which for the purposes of Chapter 2 of Part 7 of ITEPA 2003 (conditional interests in shares) is taken to have been acquired by him as a director or employee of a company, and
c by virtue of section 17(1)(b) the acquisition of that interest would, apart from this section, be an acquisition for a consideration equal to the market value of the interest,
section 17 shall not apply for calculating the consideration.
2 Instead, the consideration for the acquisition shall be taken (subject to section 120) to be equal to the actual amount or value of the consideration given for that interest as computed in accordance with section 429 of ITEPA 2003.
3 This section shall apply in relation only to the individual making the acquisition and, accordingly, shall be disregarded in calculating the consideration received by the person from whom the interest is acquired.
4 Expressions used in this section and in Chapter 2 of Part 7 of ITEPA 2003 have the same meanings in this section as in that Chapter.
5 This section does not apply to acquisitions on or after the day appointed under paragraph 3(2) of Schedule 22 to the Finance Act 2003.
6 References in this section to ITEPA 2003 are to that Act as originally enacted.

149C Priority share allocations

Section 17(1) shall not apply to an acquisition of shares if section 542 or 544 of ITEPA 2003 applies in relation to it.

150  Business expansion schemes.

1 In this section “relief” means relief under Chapter III of Part VII of the Taxes Act, Schedule 5 to the M24Finance Act 1983 (“the 1983 Act”) or Chapter II of Part IV of the M25Finance Act 1981 (“the 1981 Act”) and “eligible shares” has the meaning given by section 289(4) of the Taxes Act and references in this section to Chapter III of Part VII of the Taxes Act or any provision of that Chapter are to that Chapter or provision as it applies in relation to shares issued before 1st January 1994.
2 A gain or loss which accrues to an individual on the disposal of any shares issued after 18th March 1986 in respect of which relief has been given to him and not withdrawn shall not be a chargeable gain or allowable loss for the purposes of capital gains tax.
3 The sums allowable as deductions from the consideration in the computation for the purposes of capital gains tax of the gain or loss accruing to an individual on the disposal of shares issued before 19th March 1986 in respect of which relief has been given and not withdrawn shall be determined without regard to that relief, except that where those sums exceed the consideration they shall be reduced by an amount equal to—
a the amount of that relief; or
b the excess,
whichever is the less, but the foregoing provisions of this subsection shall not apply to a disposal falling within section 58(1).
4 Any question—
a as to which of any shares acquired by an individual at different times, being shares in respect of which relief has been given and not withdrawn, a disposal relates to, or
b whether a disposal relates to shares in respect of which relief has been given and not withdrawn or to other shares,
shall for the purposes of capital gains tax be determined as for the purposes of section 299 of the Taxes Act, or section 57 of the M26Finance Act 1981 if the relief has only been given under that Act; and Chapter I of this Part shall have effect subject to the foregoing provisions of this subsection.
5 Sections 104, 105 and 106A do not apply to shares in respect of which relief has been given and not withdrawn.
6 Where an individual holds shares which form part of the ordinary share capital of a company and the relief has been given (and not withdrawn) in respect of some but not others, then, if there is within the meaning of section 126 a reorganisation affecting those shares, section 127 shall apply separately to the shares in respect of which the relief has been given (and not withdrawn) and to the other shares (so that shares of each kind are treated as a separate holding of original shares and identified with a separate new holding).
7 Where section 58 has applied to any shares in respect of which relief has been given and not withdrawn disposed of by an individual to his or her spouse or civil partner (“the transferee”), subsection (2) above shall apply in relation to the subsequent disposal of the shares by the transferee to a third party.
8 Where section 135 or 136 would, but for this subsection, apply in relation to F1363... shares issued after 18th March 1986 in respect of which an individual has been given relief, that section shall apply only if the relief is withdrawn.
8A Subsection (8) above shall not have effect to disapply section 135 or 136 where—
a the new holding consists of new ordinary shares carrying no present or future preferential right to dividends or to a company’s assets on its winding up and no present or future F1519... right to be redeemed,
b the new shares are issued on or after 29th November 1994 and after the end of the relevant period, and
c the condition in subsection (8B) below is fulfilled.
8B The condition is that at some time before the issue of the new shares—
a the company issuing them issued eligible shares, and
b a certificate in relation to those eligible shares was issued by the company for the purposes of subsection (2) of section 306 of the Taxes Act and in accordance with that section.
8C In subsection (8A) above—
a “new holding” shall be construed in accordance with sections 126, 127, 135 and 136;
b “relevant period” means the period found by applying section 289(12)(a) of the Taxes Act by reference to the company issuing the shares referred to in subsection (8) above and by reference to those shares.
8D Where shares in respect of which relief has been given and not withdrawn are exchanged for other shares in circumstances such that section 304A of the Taxes Act (acquisition of share capital by new company) applies—
a subsection (8) above shall not have effect to disapply section 135; and
b subsections (2)(b), (3) and (4) of section 304A of the Taxes Act, and subsection (5) of that section so far as relating to section 306(2) of that Act, shall apply for the purposes of this section as they apply for the purposes of Chapter III of Part VII of that Act.
9 Sections 127 to 130 shall not apply in relation to any shares in respect of which relief (other than relief under the 1981 Act) has been given and which form part of a company’s ordinary share capital if—
a there is, by virtue of any such allotment for payment as is mentioned in section 126(2)(a), a reorganisation occurring after 18th March 1986 affecting those shares; and
b immediately following the reorganisation, the relief has not been withdrawn in respect of those shares or relief has been given in respect of the allotted shares and not withdrawn.
10 Where relief is reduced by virtue of subsection (2) of section 305 of the Taxes Act—
a the sums allowable as deductions from the consideration in the computation, for the purposes of capital gains tax, of the gain or loss accruing to an individual on the disposal, after 18th March 1986, of any of the allotted shares or debentures shall be taken to include the amount of the reduction apportioned between the allotted shares or (as the case may be) debentures in a way which is just and reasonable; and
b the sums so allowable on the disposal (in circumstances in which subsections (2) to (8) above do not apply) of any of the shares referred to in section 305(2)(a) shall be taken to be reduced by the amount mentioned in paragraph (a) above, similarly apportioned between those shares.
11 There shall be made all such adjustments of capital gains tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the relief being given or withdrawn.
12 In this section—
  • “ordinary share capital” has the same meaning as in the Taxes Act;
  • “ordinary shares”, in relation to a company, means shares forming part of its ordinary share capital.

150A  Enterprise investment scheme.

1 For the purpose of determining the gain or loss on any disposal of F1430... shares by an individual where—
a an amount of EIS relief is attributable to the shares, and
b apart from this subsection there would be a loss,
the consideration given by him for the shares shall be treated as reduced by the amount of the EIS relief.
2 Subject to subsection (3) below, if on any disposal of F169... shares by an individual after the end of the period referred to in section 312(1A)(a) of the Taxes Act or section 159(2) of ITA 2007 where an amount of EIS relief is attributable to the shares, there would (apart from this subsection) be a gain, the gain shall not be a chargeable gain.
2A Notwithstanding anything in section 16(2), subsection (2) above shall not apply to a disposal on which a loss accrues.
3 Where—
a an individual's liability to income tax has been reduced (or treated by virtue of section 304 of the Taxes Act or section 245 of ITA 2007 (spouses and civil partners) as reduced) for any year of assessment under section 289A of the Taxes Act or section 158 of ITA 2007 in respect of any issue of shares,
b the amount of the reduction (“A”) is less than the amount (“B”) which is equal to tax at the EIS original rate for that year on the amount subscribed for the issue, and
c A is not found under section 289A(2)(b) of the Taxes Act or (as the case may require) is not within paragraph (b) solely by virtue of section 29(2) and (3) of ITA 2007,
then, if there is a disposal of the shares on which there is a gain, subsection (2) above shall apply only to so much of the gain as is found by multiplying it by the fraction—
AB
3A In subsection (3) “EIS original rate” has the meaning given by section 256A of ITA 2007, except that where the year mentioned in subsection (3)(b) is the tax year 2007-08 or an earlier year, it means 20%.
4 Any question as to—
a which of any shares acquired by an individual at different times a disposal relates to, being shares to which EIS relief is attributable, or
b whether a disposal relates to shares to which EIS relief is attributable or to other shares,
shall for the purposes of capital gains tax be determined as for the purposes of section 299 of the Taxes Act or as provided by section 246 of ITA 2007; and Chapter I of this Part shall have effect subject to the foregoing provisions of this subsection.
5 Sections 104, 105 and 106A shall not apply to shares to which EIS relief is attributable.
6 Where an individual holds shares which form part of the ordinary share capital of a company and include shares of more than one of the following kinds, namely—
a shares to which EIS relief is attributable and to which subsection (6A) below applies,
b shares to which EIS relief is attributable and to which that subsection does not apply, F99...
ba shares to which SEIS relief is attributable; and
c shares to which neither EIS nor SEIS relief is attributable,
then, if there is within the meaning of section 126 a reorganisation affecting those shares, section 127 shall apply (subject to the following provisions of this section) separately to shares falling within paragraph (a), (b), (ba) or (c) above (so that shares of each kind are treated as a separate holding of original shares and identified with a separate new holding).
6A This subsection applies to any shares if—
a expenditure on the shares has been set under Schedule 5B to this Act against the whole or part of any gain; and
b in relation to the shares there has been no chargeable event for the purposes of that Schedule.
7 Where—
a an individual holds shares (“the existing holding”) which form part of the ordinary share capital of a company,
b there is, by virtue of any such allotment for payment as is mentioned in section 126(2)(a), a reorganisation affecting the existing holding, and
c immediately following the reorganisation, EIS relief is attributable to the existing holding or the allotted shares,
sections 127 to 130 shall not apply in relation to the existing holding.
8 Sections 135 and 136 shall not apply in respect of shares to which EIS relief is attributable.
8A Subsection (8) above shall not have effect to disapply section 135 or 136 where—
a the new holding consists of new ordinary shares carrying no present or future preferential right to dividends or to a company’s assets on its winding up and no present or future F1676... right to be redeemed,
b the new shares are issued on or after 29th November 1994 and after the end of the relevant period, and
c the condition in subsection (8B) below is satisfied.
8B The condition is that at some time before the issue of the new shares—
a the company issuing them issued eligible shares, and
b a certificate in relation to those eligible shares was issued by the company for the purposes of section 306(2) of the Taxes Act or section 203(1) of ITA 2007 and in accordance with section 306 of the Taxes Act or sections 204 and 205 of ITA 2007.
8C In subsection (8A) above—
a “new holding” shall be construed in accordance with sections 126, 127, 135 and 136;
b “relevant period” means the period found by applying section 312(1A)(a) of the Taxes Act or section 159(2) of ITA 2007 by reference to the company issuing the shares referred to in subsection (8) above and by reference to those shares.
8D Where shares to which EIS relief is attributable are exchanged for other shares in circumstances such that section 304A of the Taxes Act or section 247 of ITA 2007 (acquisition of share capital by new company) applies—
a subsection (8) above shall not have effect to disapply section 135; and
b the following—
i subsections (2)(b), (3) and (4) of section 304A of the Taxes Act and subsection (5) of that section so far as relating to section 306(2) of that Act, or
ii sections 247(3)(b), 248(2)(a) and 249 of ITA 2007,
shall apply for the purposes of this section as they apply for the purposes of Chapter 3 of Part 7 of the Taxes Act or Part 5 of ITA 2007.
9 Where the EIS relief attributable to any shares is reduced by virtue of section 305(2) of the Taxes Act—
a the sums allowable as deductions from the consideration in the computation, for the purposes of capital gains tax, of the gain or loss accruing to an individual on the disposal of any of the allotted shares or debentures shall be taken to include the amount of the reduction apportioned between the allotted shares or (as the case may be) debentures in a way which is just and reasonable, and
b the sums so allowable on the disposal (in circumstances in which the preceding provisions of this section do not apply) of any of the shares referred to in section 305(1)(a) shall be taken to be reduced by the amount mentioned in paragraph (a) above, similarly apportioned between those shares.
10 There shall be made all such adjustments of capital gains tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of EIS relief being given or withdrawn.
10A In this section—
  • “EIS relief” means relief under Chapter 3 of Part 7 of the Taxes Act or Part 5 of ITA 2007;
  • “ordinary share capital” has the meaning given in section 989 of ITA 2007;
  • “ordinary shares”, in relation to a company, means shares forming part of its ordinary share capital;
  • “SEIS relief” means relief under Part 5A of ITA 2007.
11 Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 (enterprise investment scheme) applies for the purposes of this section to determine whether EIS relief is attributable to any shares and, if so, the amount of EIS relief so attributable; and “eligible shares” has the same meaning as in that Chapter or means shares that meet the requirements of section 173(2) of ITA 2007.
12 References in this section to Chapter III of Part VII of the Taxes Act or any provision of that Chapter are to that Chapter or provision as it applies in relation to shares issued on or after 1st January 1994.
13 References in this section to Part 5 of ITA 2007 or any provision of that Part are to a Part or provision that applies only in relation to shares issued after 5 April 2007.

150B  Enterprise investment scheme: reduction of EIS relief.

1 This section has effect where section 150A(2) applies on a disposal of F1220... shares, and before the disposal but on or after 29th November 1994—
a value is received in circumstances where EIS relief attributable to the shares is reduced by an amount under section 300(1A)(a) of the Taxes Act or section 213(2)(a) of ITA 2007,
b there is a repayment, redemption, repurchase or payment in circumstances where EIS relief attributable to the shares is reduced by an amount under section 303(1A)(a) of the Taxes Act or section 224(2)(a) of ITA 2007, or
c paragraphs (a) and (b) above apply.
2 If section 150A(2) applies on the disposal but section 150A(3) does not, section 150A(2) shall apply only to so much of the gain as remains after deducting so much of it as is found by multiplying it by the fraction—
a whose numerator is equal to the amount by which the EIS relief attributable to the shares is reduced as mentioned in subsection (1) above, and
b whose denominator is equal to the amount of the EIS relief attributable to the shares.
3 If section 150A(2) and (3) apply on the disposal, section 150A(2) shall apply only to so much of the gain as is found by—
a taking the part of the gain found under section 150A(3), and
b deducting from that part so much of it as is found by multiplying it by the fraction mentioned in subsection (2) above.
4 Where the EIS relief attributable to the shares is reduced as mentioned in subsection (1) above by more than one amount, the numerator mentioned in subsection (2) above shall be taken to be equal to the aggregate of the amounts.
5 The denominator mentioned in subsection (2) above shall be found without regard to any reduction mentioned in subsection (1) above.
5A In this section “EIS relief” means relief under Chapter 3 of Part 7 of the Taxes Act or Part 5 of ITA 2007.
6 Subsections (11) to (13) of section 150A apply for the purposes of this section as they apply for the purposes of that section.

150C  Enterprise investment scheme: re-investment.

Schedule 5B to this Act (which provides relief in respect of re-investment under the enterprise investment scheme) shall have effect.

F577150D  Enterprise investment scheme: application of taper relief

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

150E Seed enterprise investment scheme

1 For the purpose of determining the gain or loss on any disposal of shares by an individual where—
a an amount of SEIS relief is attributable to the shares, and
b apart from this subsection there would be a loss,
the consideration given by the individual for the shares is to be treated as reduced by the amount of the relief.
2 Where—
a shares are disposed of by an individual after the end of the period referred to in section 257AC(2) of ITA 2007,
b an amount of SEIS relief is attributable to the shares, and
c (apart from this subsection) there would be a gain,
the gain is not a chargeable gain.
3 Despite section 16(2), subsection (2) does not apply to a disposal on which a loss accrues.
4 Subsection (5) applies where—
a an individual's liability to income tax has been reduced (or treated by virtue of section 257H of ITA 2007 (spouses and civil partners) as reduced) for any tax year under section 257AB of that Act in respect of an issue of shares,
b the amount of the reduction (“R”) is less than the amount (“T”) which is equal to tax at the SEIS rate on the amount subscribed for the issue, and
c R is not within paragraph (b) solely by virtue of section 29(2) and (3) of ITA 2007.
5 If there is a disposal of the shares on which there is a gain, subsection (2) applies only to so much of the gain as is found by multiplying it by the fraction—
R T
6 Any question as to—
a which of any shares that—
i are acquired by an individual at different times, and
ii are shares to which SEIS relief is attributable,
a disposal relates to, or
b whether a disposal relates to shares to which SEIS relief is attributable,
is to be determined for the purposes of capital gains tax as for the purposes of section 257HA of ITA 2007.Chapter 1 of this Part has effect subject to this subsection.
7 Sections 104, 105 and 106A do not apply to shares to which SEIS relief is attributable.
8 Where—
a an individual holds shares (“the existing holding”) which form part of the ordinary share capital of a company,
b there is, by virtue of any such allotment for payment as is mentioned in section 126(2)(a), a reorganisation affecting the existing holding, and
c immediately following the reorganisation, SEIS relief is attributable to the existing holding or the allotted shares,
sections 127 to 130 do not apply in relation to the existing holding.
9 Sections 135 and 136 do not apply in respect of shares to which SEIS relief is attributable.
10 Subsection (9) does not have effect to disapply section 135 or 136 where—
a the new holding consists of new ordinary shares carrying no present or future preferential right to dividends or to a company's assets on its winding up and no present or future right to be redeemed,
b the new shares are issued after the end of the relevant period, and
c the condition in subsection (11) is satisfied.
11 The condition is that at some time before the issue of the new shares—
a the company issuing them issued eligible shares, and
b a certificate in relation to those eligible shares was issued by the company for the purposes of section 257EB(1) of ITA 2007 and in accordance with sections 257EC and 257ED of that Act.
12 All such adjustments of capital gains tax are to be made, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the SEIS relief being given or withdrawn.
13 Where shares to which SEIS relief is attributable are exchanged for other shares in circumstances such that section 257HB of ITA 2007 (acquisition of share capital by new company) applies—
a subsection (9) above does not have effect to disapply section 135, and
b sections 257HB(3)(b), 257HC(2)(a) and 257HD of ITA 2007 apply for the purposes of this section as they apply for the purposes of Part 5A of that Act.
14 For the purposes of this section—
  • “eligible shares” means shares that meet the requirements of section 257CA(2);
  • “new holding” is to be construed in accordance with sections 126, 127, 135 and 136;
  • “ordinary share capital” has the meaning given in section 989 of ITA 2007;
  • “ordinary shares”, in relation to a company, means shares forming part of its ordinary share capital;
  • “relevant period” means the period found by applying section 257AC(2) of ITA 2007 by reference to the company issuing the shares referred to in subsection (9) and by reference to those shares;
  • “the SEIS rate” has the meaning given by section 257AB(3) of ITA 2007;
  • “SEIS relief” means relief under Part 5A of ITA 2007 (seed enterprise investment scheme);
and that Part applies to determine whether SEIS relief is attributable to any shares and, if so, the amount of SEIS relief so attributable.

150F Seed enterprise investment scheme: reduction of relief

1 This section has effect where—
a section 150E(2) applies on a disposal of shares, and
b before the disposal, value is received in circumstances where SEIS relief attributable to the shares is reduced by an amount under section 257FE(2)(a) of ITA 2007.
2 If section 150E(2) applies on the disposal but section 150E(5) does not, section 150E(2) applies only to so much of the gain as remains after deducting so much of it as is found by multiplying it by the fraction—
A B
where—
A is the amount by which the SEIS relief attributable to the shares is reduced as mentioned in subsection (1), and
B is the amount of the relief attributable to the shares.
3 If section 150E(2) and (5) apply on the disposal, section 150E(2) applies only to so much of the gain as is found by—
a taking the part of the gain found under section 150E(5), and
b deducting from that part so much of it as is found by multiplying it by the fraction mentioned in subsection (2) above.
4 Where the SEIS relief attributable to the shares is reduced as mentioned in subsection (1) by more than one amount, “A” in subsection (2) is to be taken to be equal to the aggregate of the amounts.
5 The amount which is “B” in subsection (2) is to be found without regard to any reduction mentioned in subsection (1).
6 For the purposes of this section, Part 5A of ITA 2007 (seed enterprise investment scheme) applies to determine whether SEIS relief is attributable to any shares and, if so, the amount of SEIS relief so attributable.

150G Seed enterprise investment scheme: re-investment

Schedule 5BB to this Act (which provides relief in respect of re-investment under the seed enterprise investment scheme F1115... ) has effect.

C304151  Personal equity plans.

1 The Treasury may make regulations providing that an individual who invests under a plan shall be entitled to relief from capital gains tax in respect of the investments.
2 The provisions of Chapter 3 of Part 6 of ITTOIA 2005 (income from individual investment plans), except sections 694(1) to (2) and 694A(1), shall apply in relation to regulations made under subsection (1) as they apply to regulations made under section 694(1), but with the following modifications—
a any reference to income tax is to be read as a reference to capital gains tax,
aa section 694A(2) applies also for the purposes of subsection (1) of this section,
ab the reference in section 694A(3) to section 694A(1) is to be read as a reference to paragraph (aa) of this subsection,
ac the reference in section 694A(4)(b)(iii) to the individual's income from investments under the plan being exempt from income tax is to be read as a reference to the individual being entitled to relief from capital gains tax in respect of the investments,
b the reference in section 695A(1) to the case where regulations provide that income of a child from investments under a plan is exempt from income tax is to be read as a reference to the case where regulations provide that a child who invests under a plan is entitled to relief from capital gains tax in respect of the investments,
c the reference in section 695A(4) to that Chapter is to be read as a reference to this section, and
d that Chapter has effect as if sections 699(9) and 701(6) were omitted.
3 Regulations under this section may include provision securing that losses are disregarded for the purposes of capital gains tax where they accrue on the disposal of investments on or after 18th January 1988.
4 Regulations under this section may include provision which, for cases where a person subscribes to a plan by transferring or renouncing shares or rights to shares—
a modifies the effect of this Act in relation to their acquisition and their transfer or renunciation; and
b makes consequential modifications of the effect of this Act in relation to anything which (apart from the regulations) would have been regarded on or after their acquisition as an indistinguishable part of the same asset.

C357151A  Venture capital trusts: reliefs.

1 A gain or loss accruing to an individual on a qualifying disposal of any ordinary shares in a company which—
a was a venture capital trust at the time when he acquired the shares, and
b is still such a trust at the time of the disposal,
shall not be a chargeable gain or, as the case may be, an allowable loss.
2 For the purposes of this section a disposal of shares is a qualifying disposal in so far as—
a it is made by an individual who has attained the age of eighteen years;
b the shares disposed of were not acquired in excess of the permitted maximum for any year of assessment; and
c that individual acquired those shares for bona fide commercial purposes and not as part of a scheme or arrangement the main purpose of which, or one of the main purposes of which, is the avoidance of tax.
F10683 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
C854 In determining for the purposes of this section whether a disposal by any person of shares in a venture capital trust relates to shares acquired in excess of the permitted maximum for any year of assessment, it shall be assumed (subject to subsection (5) below)—
a as between shares acquired by the same person on different days, that those acquired on an earlier day are disposed of by that person before those acquired on a later day; and
b as between shares acquired by the same person on the same day, that those acquired in excess of the permitted maximum are disposed of by that person before he disposes of any other shares acquired on that day.
C855 It shall be assumed for the purposes of subsection (1) above that a person who disposes of shares in a venture capital trust disposes of shares acquired at a time when it was not such a trust before he disposes of any other shares in that trust.
6 References in this section to shares in a venture capital trust acquired in excess of the permitted maximum for any year of assessment shall be construed as references to shares not acquired within the limit in section 709(4) of ITTOIA 2005; and the question whether shares are acquired within that limit shall be determined as it is for the purposes of Chapter 5 of Part 6 of that Act.
7 In this section and section 151B “ordinary shares”, in relation to a company, means any shares forming part of the company’s ordinary share capital (within the meaning given in section 989 of ITA 2007).

C100151B  Venture capital trusts: supplementary.

1 Sections 104, 105 and 106A shall not apply to any shares in a venture capital trust which are eligible for relief under section 151A(1).
2 Subject to the following provisions of this section, where—
a an individual holds any ordinary shares in a venture capital trust,
b some of those shares fall within one of the paragraphs of subsection (3) below, and
c others of those shares fall within at least one other of those paragraphs,
then, if there is within the meaning of section 126 a reorganisation affecting those shares, section 127 shall apply separately in relation to the shares (if any) falling within each of the paragraphs of that subsection (so that shares of each kind are treated as a separate holding of original shares and identified with a separate new holding).
3 The kinds of shares referred to in subsection (2) above are—
a any shares in a venture capital trust which are eligible for relief under section 151A(1) and by reference to which any person has obtained or is entitled to claim relief under Chapter 2 of Part 6 of ITA 2007;
b any shares in a venture capital trust which are eligible for relief under section 151A(1) but by reference to which no person has obtained, or is entitled to claim, any relief under that Chapter of that Part;
c any shares in a venture capital trust by reference to which any person has obtained, or is entitled to claim, any relief under that Chapter of that Part but which are not shares that are eligible for relief under section 151A(1); and
d any shares in a venture capital trust that do not fall within any of paragraphs (a) to (c) above.
4 Where—
a an individual holds ordinary shares in a company (“the existing holding”),
b there is, by virtue of any such allotment for payment as is mentioned in section 126(2)(a), a reorganisation affecting the existing holding, and
c immediately following the reorganisation, the shares or the allotted holding are shares falling within any of paragraphs (a) to (c) of subsection (3) above,
sections 127 to 130 shall not apply in relation to the existing holding.
5 Sections 135 and 136 shall not apply where—
a the exchanged holding consists of shares falling within paragraph (a) or (b) of subsection (3) above; and
b that for which the exchanged holding is or is treated as exchanged does not consist of ordinary shares in a venture capital trust.
6 Where—
a the approval of any company as a venture capital trust is withdrawn, and
b the withdrawal of the approval is not one to which section 281(3) of ITA 2007 applies,
any person who at the time when the withdrawal takes effect is holding shares in that company which (apart from the withdrawal) would be eligible for relief under section 151A(1) shall be deemed for the purposes of this Act, at that time, to have disposed of and immediately re-acquired those shares for a consideration equal to their market value at that time.
7 The disposal that is deemed to take place by virtue of subsection (6) above shall be deemed for the purposes of section 151A to take place while the company is still a venture capital trust; but, for the purpose of applying sections 104, 105 and 106A to the shares that are deemed to be re-acquired, it shall be assumed that the re-acquisition for which that subsection provides takes place immediately after the company ceases to be such a trust.
8 For the purposes of this section—
a shares are eligible for relief under section 151A(1) at any time when they are held by an individual whose disposal of the shares at that time would (on the assumption, where it is not the case, that the individual attained the age of eighteen years before that time) be a disposal to which section 151A(1) would apply; and
b shares shall not, in relation to any time, be treated as shares by reference to which relief has been obtained under Chapter 2 of Part 6 of ITA 2007 if that time falls after—
i any relief given by reference to those shares has been reduced or withdrawn,
ii any chargeable event (within the meaning of Schedule 5C) has occurred in relation to those shares, or
iii the death of a person who held those shares immediately before his death;
and
c a reference to the exchanged holding is, in relation to section 135 or 136, to the shares in the company referred to in that section as company A.

151BA CITR: identification of securities or shares on a disposal

1 This section applies for the purpose of identifying the securities or shares disposed of in any case where—
a an individual or company (“the investor”) disposes of part of a holding of securities or shares (“the holding”), and
b the holding includes securities or shares to which CITR is attributable in respect of one or more years of assessment or accounting periods that have been held by the investor continuously from the time they were issued until the disposal.
2 Any disposal by the investor of securities or shares included in the holding which have been acquired by the investor on different days is treated as relating to those acquired on an earlier day rather than to those acquired on a later day.
3 If there is a disposal by the investor of securities or shares included in the holding which have been acquired by the investor on the same day, any of those securities or shares—
a to which CITR is attributable, and
b which have been held by the investor continuously from the time they were issued until the time of disposal,
are treated as disposed of after any other securities or shares included in the holding which were acquired by the investor on that day.
4 For the purposes of this section a holding of securities is any number of securities of a company which—
a carry the same rights,
b were issued under the same terms, and
c are held by the investor in the same capacity.
It does not matter for this purpose that the number of the securities grows or diminishes as securities carrying those rights and issued under those terms are acquired or disposed of.
5 For the purposes of this section a holding of shares is any number of shares in a company which—
a are of the same class, and
b are held by the investor in the same capacity.
It does not matter for this purpose that the number of the shares grows or diminishes as shares of that class are acquired or disposed of.
6 Chapter 1 of Part 4 (share pooling, etc) has effect subject to this section.
7 Sections 104 to 107 (which make provision for the identification of securities and shares on a disposal) do not apply to securities or shares to which CITR is attributable.
8 In a case to which section 127 (equation of original shares and new holding) applies, shares included in the new holding are treated for the purposes of subsections (2) and (3) as acquired when the original shares were acquired.
9 In subsection (8)—
a the reference to section 127 includes a reference to that section as it is applied by virtue of any enactment relating to chargeable gains, and
b “original shares” and “new holding” have the same meaning as in section 127, or (as the case may be) that section as applied by virtue of the enactment in question.
10 In this section and sections 151BB and 151BC—
a if the investor is an individual—
i “CITR” has the meaning given by section 333 of ITA 2007,
ii references to CITR being attributable to securities, shares or debentures are to be read in accordance with section 357 of that Act, and
iii references to securities, shares or debentures having been held by the investor continuously are to be read in accordance with section 380 of that Act,
b if the investor is a company—
i “CITR” means relief under Part 7 of CTA 2010,
ii references to CITR being attributable to securities, shares or debentures are to be read in accordance with section 240 of that Act, and
iii references to securities, shares or debentures having been held by the investor continuously are to be read in accordance with section 267 of that Act.

151BB CITR: rights issues etc

1 If—
a an individual or company (“the investor”) holds shares in the CDFI which are of the same class and held in the same capacity (“the existing holding”),
b there is a reorganisation affecting the existing holding as a result of an allotment which—
i falls within section 126(2)(a) (an allotment of shares or debentures in respect of and in proportion to an original holding), and
ii is not an allotment of corresponding bonus shares,
c immediately after the reorganisation, CITR is attributable to the shares included in the existing holding or the shares or debentures allotted in respect of those shares, in respect of one or more years of assessment or accounting periods, and
d if CITR is attributable to the shares included in the existing holding at that time, those shares have been held by the investor continuously from the time they were issued until the reorganisation,
sections 127 to 130 (treatment of share capital following a reorganisation) do not apply in relation to the existing holding.
2 Section 116(10) (reorganisations, conversions and reconstructions) does not apply in any case where the old asset consists of shares held (in the same capacity) by the investor—
a that have been held by the investor continuously from the time they were issued until the relevant transaction, and
b to which CITR is attributable immediately before that transaction.
In this subsection “old asset” and “the relevant transaction” have the meaning given by section 116.
3 For the purposes of subsection (1)—
  • “corresponding bonus shares” means bonus shares that—
    1. are issued in respect of shares included in the existing holding, and
    2. are in the same company, are of the same class, and carry the same rights as, those shares,
  • “reorganisation” has the meaning given in section 126.
4 The following provisions of this Act have effect subject to this section—
  • section 116 (reorganisations, conversions and reconstructions);
  • Chapter 2 of Part 4 (reorganisation of share capital, conversion of securities etc).
5 In this section “the CDFI” is to be read—
a if the investor is an individual, in accordance with section 334(2) of ITA 2007,
b if the investor is a company, in accordance with section 219(2) of CTA 2010.

151BC CITR: company reconstructions etc

1 If—
a an individual or company (“the investor”) holds shares in or debentures of a company (“company A”),
b there is a reconstruction or amalgamation affecting that holding (“the existing holding”),
c immediately before the reconstruction or amalgamation, CITR is attributable to the shares or debentures included in the existing holding in respect of one or more years of assessment or accounting periods, and
d the shares or debentures included in the existing holding have been held by the investor continuously from the time they were issued until the reconstruction or amalgamation,
sections 135 and 136 (share exchanges and company reconstructions) do not apply in respect of the existing holding.
2 Subsection (1)(a) applies only if the shares or debentures are held by the investor in the same capacity.
3 For the purposes of subsection (1) a “reconstruction or amalgamation” means an issue by a company of shares in or debentures of that company in exchange for or in respect of shares in or debentures of company A.
4 The following provisions of this Act have effect subject to this section—
  • section 116 (reorganisations, conversions and reconstructions),
  • Chapter 2 of Part 4 (reorganisation of share capital, conversion of securities etc).
5 The investor is treated as disposing of any securities or shares which but for subsection (1) the investor—
a would be treated as exchanging for other securities or shares by virtue of section 136, or
b would be so treated but for section 137(1) (which restricts section 136 to genuine reconstructions).

151C Strips: manipulation of price: associated payment giving rise to loss

1 This section applies if—
a as a result of any scheme or arrangement which has an unallowable purpose, the circumstances are, or might have been, as mentioned in paragraph (a), (b) or (c) of section 449(2) of ITTOIA 2005,
b under the scheme or arrangement, a payment falls to be made otherwise than in respect of the acquisition or disposal of a strip, and
c as a result of that payment or the circumstances in which it is made, a loss accrues to any person.
2 The loss shall not be an allowable loss.
3 For the purposes of this section a scheme or arrangement has an unallowable purpose if the main benefit, or one of the main benefits that might have been expected to result from, or from any provision of, the scheme or arrangement (apart from section 449 of ITTOIA 2005 and this section) is—
a the obtaining of a tax advantage by any person, or
b the accrual to any person of an allowable loss.
4 The reference in subsection (1)(b) to the acquisition or disposal of a strip shall be construed as if it were in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see, in particular, sections 437 and 445 of that Act for the meaning of “disposal” and “acquisition” and section 444 of that Act for the meaning of “strip”).
5 In subsection (3)(a) “tax advantage” has the meaning given by section 1139 of CTA 2010.
6 This section applies to losses accruing on or after 17th March 2004.

151D Corporate strips: manipulation of price: associated payment giving rise to loss

1 This section applies if—
a as a result of any scheme or arrangement which has an unallowable purpose, the circumstances are, or might have been, as mentioned in paragraph (a), (b) or (c) of section 452G(2) of ITTOIA 2005,
b under the scheme or arrangement, a payment falls to be made otherwise than in respect of the acquisition or disposal of a corporate strip, and
c as a result of that payment or the circumstances in which it is made, a loss accrues to any person.
2 The loss shall not be an allowable loss.
3 For the purposes of this section a scheme or arrangement has an unallowable purpose if the main benefit, or one of the main benefits, that might have been expected to result from, or from any provision of, the scheme or arrangement (apart from section 452G of ITTOIA 2005 and this section) is—
a the obtaining of a tax advantage by any person, or
b the accrual to any person of an allowable loss.
4 The reference in subsection (1)(b) above to the acquisition or disposal of a corporate strip shall be construed as if it were in Chapter 8 of Part 4 of ITTOIA 2005 (profits from deeply discounted securities) (see, in particular, sections 437 and 452F of that Act for the meaning of “disposal” and section 452E of that Act for the meaning of “corporate strip”).
5 In subsection (3)(a) above “tax advantage” has the meaning given by section 1139 of CTA 2010.
6 This section applies to losses accruing on or after 6th April 2005.

151E Exchange gains and losses from loan relationships: regulations

1 The Treasury may by regulations make provision for or in connection with bringing into account in prescribed circumstances for the purposes of this Act exchange gains or losses (as defined by section 475 of CTA 2009) to which section 328(1) of CTA 2009 does not apply because of section 328(3) of that Act or because of regulations under section 328(4) of that Act.
1A The regulations may make provision as to the way in which, including the currency by reference to which, the amounts to be brought into account are to be calculated.
2 The regulations may—
a make different provision for different cases, and
b make provision subject to an election or to other prescribed conditions.

F254151F Treatment of alternative finance arrangements

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

151G Regulations where non-qualifying shares conditions altered

1 If the Treasury make regulations under section 533 of CTA 2009 (power to change conditions for non-qualifying shares) adding, varying or removing such a condition as is mentioned in subsection (1) of that section, they may also by regulations amend this Act so as to make provision for or in connection with taxation in the case of any asset or transaction that is or was mentioned in the condition.
2 Regulations under this section may—
a make different provision for different cases, and
b make incidental, supplemental, consequential and transitional provisions and savings.
3 Regulations made under subsection (2)(b) may, in particular, include provision amending any enactment or any instrument made under an enactment.

C273Chapter 4 Alternative finance arrangements

Introduction

151H Introduction

1 This Chapter makes provision about the treatment of alternative finance arrangements F1564... and alternative finance return under such arrangements for the purposes of this Act (see sections 151T to 151Y).
2 In this Chapter “alternative finance arrangements” means—
a purchase and resale arrangements,
b diminishing shared ownership arrangements,
c deposit arrangements,
d profit share agency arrangements, and
e investment bond arrangements.
3 In this Chapter—
a “purchase and resale arrangements” means arrangements to which section 151J applies,
b “diminishing shared ownership arrangements” means arrangements to which section 151K or 151KA applies,
c “deposit arrangements” means arrangements to which section 151L applies,
d “profit share agency arrangements” means arrangements to which section 151M applies, and
e “investment bond arrangements” means arrangements to which section 151N applies.
4 For the meaning of “alternative finance return”, see sections 151P to 151S.
5 For the meaning of “financial institution”, see section 151I.
6 Also, see—
a section 366 of TIOPA 2010 (power to extend this Chapter and other provisions to other arrangements by order), and
b Schedule 61 to FA 2009 (alternative finance investment bonds) which makes further provision about the treatment of investment bond arrangements for the purposes of this Act.

151I  Meaning of “financial institution”

1 In this Chapter “financial institution” means—
a a bank, as defined by section 1120 of CTA 2010,
b a building society,
c a wholly-owned subsidiary—
i of a bank within paragraph (a), or
ii of a building society,
d a person with permission under Part 4A of the Financial Services and Markets Act 2000 to enter into, or to exercise or have the right to exercise rights and duties under, a contract of the kind mentioned in paragraph 23 or paragraph 23B of Schedule 2 to that Act (credit agreements and contracts for hire of goods);
e a bond-issuer, within the meaning of section 151N, but only in relation to any bond assets which are rights under purchase and resale arrangements, diminishing shared ownership arrangements or profit share agency arrangements,
f a person authorised in a jurisdiction outside the United Kingdom—
i to receive deposits or other repayable funds from the public, and
ii to grant credits for its own account,
g an insurance company as defined in section 65 of the Finance Act 2012, or
h a person who is authorised in a jurisdiction outside the United Kingdom to carry on a business which consists of effecting or carrying out contracts of insurance or substantially similar business but not an insurance special purpose vehicle as defined in section 139(1) of the Finance Act 2012.
2 For the purposes of subsection (1)(c) a company is a wholly-owned subsidiary of a bank or building society (“the parent”) if it has no members except—
a the parent or persons acting on behalf of the parent, and
b the parent's wholly-owned subsidiaries or persons acting on behalf of the parent's wholly-owned subsidiaries.

Arrangements that are alternative finance arrangements

151J Purchase and resale arrangements

1 This section applies to arrangements if—
a they are entered into between two persons (“the first purchaser” and “the second purchaser”), and—
i at least one of those persons is a financial institution, or
ii the arrangements are regulated electronic system facilitated arrangements, and
b under the arrangements—
i the first purchaser purchases an asset and sells it to the second purchaser,
ii the sale occurs immediately after the purchase or in the circumstances mentioned in subsection (2),
iii all or part of the second purchase price is not required to be paid until a date later than that of the sale,
iv the second purchase price exceeds the first purchase price, and
v the excess equates, in substance, to the return on an investment of money at interest.
2 The circumstances are that—
a the first purchaser is a financial institution, and
b the asset referred to in subsection (1)(b)(i) was purchased by the first purchaser for the purpose of entering into arrangements within this section.
2A Arrangements are regulated electronic system facilitated arrangements if—
a the arrangements substantially consist of an article 36H agreement in relation to the deferral of the payment of all or part of the second purchase price,
b the first purchaser would be regarded, for the purposes of that agreement, as the lender under it,
c the second purchaser would be regarded, for the purposes of that agreement, as the borrower under it, and
d those purchasers becoming parties to the agreement was facilitated by an electronic system operated by a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on, in relation to that system, the regulated activity specified in article 36H(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (operating an electronic system in relation to lending).
3 In this section—
  • “the first purchase price” means the amount paid by the first purchaser in respect of the purchase, F1448...
  • “the second purchase price” means the amount payable by the second purchaser in respect of the sale,
  • “article 36H agreement” has the meaning given by article 36H(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001, and
  • “borrower” and “lender” are to be construed in accordance with article 36H(9) of that Order.
4 This section is subject to section 151O (provision not at arm's length: exclusion of arrangements from this section and sections 151K to 151N).

151K  Diminishing shared ownership arrangements : initial acquisition

1 This section applies to arrangements if under them—
a a person (“the financier”) acquires a beneficial interest in an asset,
aa either—
i the financier is a financial institution or a regulated home purchase plan provider, or
ii the arrangements are regulated electronic system facilitated arrangements,
b another person (“the customer”) also acquires a beneficial interest in it,
c the customer is to make payments to the financier amounting in aggregate to the consideration paid for the acquisition of the financier’s beneficial interest (but subject to any adjustment required for such a reduction as is mentioned in subsection (5)),
d the customer is to acquire the financier’s beneficial interest (whether or not in stages) as a result of those payments,
e the customer is to make other payments to the financier (whether under a lease forming part of the arrangements or otherwise),
f the customer has the exclusive right to occupy or otherwise to use the asset, and
g the customer is exclusively entitled to any income, profit or gain arising from or attributable to the asset (including, in particular, an increase in its value).
1A Arrangements are regulated electronic system facilitated arrangements if—
a the arrangements substantially consist of an article 36H agreement in relation to the enjoyment by the customer of the rights referred to in subsection (1)(f) and (g) before the customer’s acquisition of the first owner’s beneficial interest,
b the customer would be regarded, for the purposes of that agreement, as the borrower under it,
c the financier would be regarded, for the purposes of that agreement, as the lender under it,
d the customer and the financier becoming parties to the agreement was facilitated by an electronic system operated by a person who has permission under Part 4A of the Financial Services and Markets Act 2000 to carry on, in relation to that system, the regulated activity specified in article 36H(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (S.I. 2001/544) (operating an electronic system in relation to lending).
2 For the purposes of subsection (1)(a) it does not matter if—
a the financier acquires its beneficial interest from the customer,
b the customer, or another person who is not the financier, also has a beneficial interest in the asset, or
c the financier also has a legal interest in it.
3 Subsection (1)(f) does not prevent the customer from granting an interest or right in relation to the asset if the conditions in subsection (4) are met.
4 The conditions are that—
a the grant is not to—
i the financier,
ii a person controlled by the financier, or
iii a person controlled by a person who also controls the financier, and
b the grant is not required by the financier or arrangements to which the financier is a party.
5 Subsection (1)(g) does not prevent the financier from—
a having responsibility for any reduction in the asset's value, or
b having a share in a loss arising out of any such reduction.
6 Section 1124 of CTA 2010 (meaning of “control”) applies for the purposes of this section.
7 In this section—
  • “article 36H agreement” has the meaning given by article 36H(4) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001;
  • “borrower” and “lender” are to be construed in accordance with article 36H(9) of that Order;
  • “regulated home purchase plan provider” means a person who—
    1. is carrying on the regulated activity specified in article 63F(1) of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (entering into regulated home purchase plans as home purchase provider), and
    2. has permission under Part 4A of the Financial Services and Markets Act 2000 to do so.
7 This section is subject to section 151O (provision not at arm's length: exclusion of arrangements from section 151J, this section and sections 151KA to 151N).

151KA Diminishing shared ownership arrangements: refinancing

1 This section applies to arrangements if under them—
a a person (“the customer”) has a beneficial interest in an asset,
b the customer disposes of some or all of their beneficial interest in the asset to another person (“the financier”),
c either—
i the financier is a financial institution or a regulated home purchase plan provider (within the meaning of section 151K(7)), or
ii the arrangements are regulated electronic system facilitated arrangements (within the meaning of section 151K(1A)),
d the customer is to make payments to the financier amounting in aggregate to the consideration paid for the financier acquiring a beneficial interest as mentioned in paragraph (b) (but subject to any adjustment required for such a reduction as is mentioned in subsection (6)),
e the customer is to acquire the financier’s beneficial interest (whether or not in stages) as a result of those payments,
f the customer is to make other payments to the financier (whether under a lease forming part of the arrangements or otherwise),
g the customer has the exclusive right to occupy or otherwise to use the asset, and
h the customer is exclusively entitled to any income, profit or gain arising from or attributable to the asset (including, in particular, an increase in its value).
2 This section also applies to arrangements which supersede arrangements to which section 151K or subsection (1) of this section applies if under them—
a a person (“the financier”) acquires so much of the beneficial interest in an asset mentioned in section 151K(1)(a) or subsection (1)(b) of this section as has not yet been acquired as mentioned in section 151K(1)(d) or subsection (1)(e) of this section,
b either—
i the financier is a financial institution or a regulated home purchase plan provider (within the meaning of section 151K(7)), or
ii the arrangements are regulated electronic system facilitated arrangements (within the meaning of section 151K(1A)),
c the customer mentioned in section 151K(1) or subsection (1) of this section is to make payments to the financier amounting in aggregate to so much of the payments mentioned in section 151K(1)(c) or subsection (1)(d) of this section as are yet to be paid (but subject to any adjustment required for such a reduction as is mentioned in subsection (6)),
d that customer is to acquire the financier’s beneficial interest (whether or not in stages) as a result of those payments,
e that customer is to make other payments to the financier (whether under a lease forming part of the arrangements or otherwise),
f the customer has the exclusive right to occupy or otherwise to use the asset, and
g the customer is exclusively entitled to any income, profit or gain arising from or attributable to that asset (including, in particular, an increase in its value).
3 For the purposes of subsections (1)(a) and (b) and (2)(a) it does not matter if—
a another person who is not the customer or the financier also has a beneficial interest in the asset, or
b the financier also has a legal interest in it.
4 Subsection (1)(g) or (2)(f) does not prevent the customer from granting an interest or right in relation to the asset if the conditions in subsection (5) are met.
5 The conditions are that—
a the grant is not to—
i the financier,
ii a person controlled by the financier, or
iii a person controlled by a person who also controls the financier, and
b the grant is not required by the financier or arrangements to which the financier is a party.
6 Subsection (1)(h) or (2)(g) does not prevent the financier from—
a having responsibility for any reduction in the asset’s value, or
b having a share in a loss arising out of any such reduction.
7 Section 1124 of CTA 2010 (meaning of “control”) applies for the purposes of this section.
8 This section is subject to section 151O (provision not at arm’s length: exclusion of arrangements from sections 151J and 151K, this section and sections 151L to 151N).

151L  Deposit arrangements

1 This section applies to arrangements if under them—
a a person (“the depositor”) deposits money with a financial institution,
b the money, together with money deposited with the institution by other persons, is used by it with a view to producing a profit,
c from time to time the institution makes or credits a payment to the depositor out of profit resulting from the use of the money,
d the payment is in proportion to the amount deposited by the depositor, and
e the payments so made or credited by the institution equate, in substance, to the return on an investment of money at interest.
2 This section is subject to section 151O (provision not at arm's length: exclusion of arrangements from sections 151J, 151K, this section and sections 151M and 151N).

151M  Profit share agency arrangements

1 This section applies to arrangements if under them—
a a person (“the principal”) appoints an agent,
b one or both of the principal and agent is a financial institution,
c the agent uses money provided by the principal with a view to producing a profit,
d the principal is entitled, to a specified extent, to profits resulting from the use of the money,
e the agent is entitled to any additional profits resulting from its use (and may also be entitled to a fee paid by the principal), and
f payments made because of the principal's entitlement to profits equate, in substance, to the return on an investment of money at interest.
2 This section is subject to section 151O (provision not at arm's length: exclusion of arrangements from sections 151J to 151L, this section and section 151N).

151N  Investment bond arrangements

1 This section applies to arrangements if—
a they provide for one person (“the bond-holder”) to pay a sum of money (“the capital”) to another (“the bond-issuer”),
b they identify assets, or a class of assets, which the bond-issuer will acquire for the purpose of generating income or gains directly or indirectly (“the bond assets”),
c they specify a period at the end of which they cease to have effect (“the bond term”),
d the bond-issuer undertakes under the arrangements—
i to dispose at the end of the bond term of any bond assets which are still in the bond-issuer's possession,
ii to make a repayment of the capital (“the redemption payment”) to the bond-holder during or at the end of the bond-term (whether or not in instalments), and
iii to pay to the bond-holder other payments on one or more occasions during or at the end of the bond term (“additional payments”),
e the amount of the additional payments does not exceed an amount which would be a reasonable commercial return on a loan of the capital,
f under the arrangements the bond-issuer undertakes to arrange for the management of the bond assets with a view to generating income sufficient to pay the redemption payment and additional payments,
g the bond-holder is able to transfer the rights under the arrangements to another person (who becomes the bond-holder because of the transfer),
h the arrangements are a listed security on a recognised stock exchange or admitted to trading on a multilateral trading facility operated by a regulated recognised stock exchange, and
i the arrangements are wholly or partly treated in accordance with international accounting standards as a financial liability of the bond-issuer, or would be if the bond-issuer applied those standards.
2 For the purposes of subsection (1)—
a the bond-issuer may acquire bond assets before or after the arrangements take effect,
b the bond assets may be property of any kind, including rights in relation to property owned by someone other than the bond-issuer,
c the identification of the bond assets mentioned in subsection (1)(b) and the undertakings mentioned in subsection (1)(d) and (f) may (but need not) be described as, or accompanied by a document described as, a declaration of trust,
d a reference to the management of assets includes a reference to disposal,
e the bond-holder may (but need not) be entitled under the arrangements to terminate them, or participate in terminating them, before the end of the bond term,
f the amount of the additional payments may be—
i fixed at the beginning of the bond term,
ii determined wholly or partly by reference to the value of or income generated by the bond assets, or
iii determined in some other way,
g if the amount of the additional payments is not fixed at the beginning of the bond term, the reference in subsection (1)(e) to the amount of the additional payments is a reference to the maximum amount of the additional payments,
h the amount of the redemption payment may (but need not) be subject to reduction in the event of a fall in the value of the bond assets or in the rate of income generated by them, F2456... and
i entitlement to the redemption payment may (but need not) be capable of being satisfied (whether or not at the option of the bond-issuer or the bond-holder) by the issue or transfer of shares or other securities,
F113j . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2323k . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2A In subsection (1)—
  • “regulated recognised stock exchange” means a recognised stock exchange that is regulated in the United Kingdom, the European Economic Area or Gibraltar;
  • “multilateral trading facility” means—
    1. a UK multilateral trading facility within the meaning given by Article 2.1(14A) of Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments,
    2. an EU multilateral trading facility within the meaning given by Article 2.1(14B) of that Regulation, and
    3. a Gibraltar multilateral trading facility within the meaning given by Article 26(11)(b)(ii) of that Regulation. F119...
3 This section is subject to section 151O (provision not at arm's length: exclusion of arrangements from sections 151J to 151M and this section).

151O  Provision not at arm's length: exclusion of arrangements from sections 151J to 151N

1 Arrangements to which this section applies are not—
a purchase and resale arrangements,
b diminishing shared ownership arrangements,
c deposit arrangements,
d profit share agency arrangements, or
e investment bond arrangements.
2 This section applies to arrangements if—
a apart from this section they would be alternative finance arrangements,
b subsection (3) or (5) of section 147 of TIOPA 2010 (tax calculations to be based on arm's length, not actual, provision) requires the profits and losses of a person who is a party to the arrangements to be calculated for tax purposes as if the arm's length provision (within the meaning of that section) had been made or imposed rather than in accordance with the arrangements,
c any person who is an affected person for the purposes of Part 4 of that Act (“the affected person”) is entitled to—
i relevant return in relation to the arrangements, or
ii an amount representing relevant return in relation to them, and
d the affected person is not subject—
i to income tax or corporation tax, or
ii to any corresponding tax under the law of a territory outside the United Kingdom,
on the relevant return or the amount representing it.
3 In this section “relevant return”, in relation to arrangements, means any amount which would be alternative finance return if the arrangements were alternative finance arrangements.

Meaning of “alternative finance return”

151P Purchase and resale arrangements

1 In the case of purchase and resale arrangements, so much of the second purchase price as is specified under the following provisions of this section is alternative finance return for the purposes of this Chapter.
2 If under the arrangements the whole of the second purchase price is paid on one day, the alternative finance return equals the amount by which the second purchase price exceeds the first purchase price.
3 If under the arrangements the second purchase price is paid by instalments, the alternative finance return in each instalment equals the appropriate amount.
4 The appropriate amount is an amount equal to the interest which would have been included in the instalment on the assumptions in subsection (5).
5 The assumptions are that—
a interest is payable on a loan by the first purchaser to the second purchaser of an amount equal to the first purchase price,
b the total interest payable on the loan is equal to the amount by which the second purchase price exceeds the first purchase price,
c the instalment is a part repayment of the principal of the loan with interest, and
d the loan is made on arm's length terms and accounted for under generally accepted accounting practice.
6 In this section expressions used in section 151J have the same meaning as in that section.

151Q  Purchase and resale arrangements where return in foreign currency

1 If, in the case of purchase and resale arrangements, alternative finance return is paid in a currency other than sterling—
a by or to a person other than a company, and
b otherwise than for the purposes of a trade, profession or vocation or a property business,
subsections (2) and (3) apply as respects that person.
2 The amount of the excess referred to in section 151P(2) and (5)(b) and the appropriate amount for the purposes of section 151P(3) and (4) are to be calculated in that other currency.
3 The amount of each payment of alternative finance return is to be translated into sterling at a spot rate of exchange for the day on which the payment is made.

151R  Diminishing shared ownership arrangements

1 In the case of diminishing shared ownership arrangements, payments by the customer under the arrangements are alternative finance return for the purposes of this Chapter, except so far as subsection (2) or (3) applies to them.
2 This subsection applies to the payments so far as they amount to payments of the kind described in section 151K(1)(c) or 151KA(1)(d) or (2)(c) (payments to be made by the customer to the financier, amounting to the consideration paid for the acquisition of the financier’s beneficial interest).
3 This subsection applies to the payments so far as they amount to payments in respect of any arrangement fee or legal or other expenses which the customer is required under the arrangements to pay.
4 In this section “the customer” has the same meaning as in section 151K or 151KA.

151S  Other arrangements

1 In the case of deposit arrangements, amounts paid or credited as mentioned in section 151L(1)(c) by a financial institution under the arrangements (payments to depositor out of profits resulting from use of money) are alternative finance return for the purposes of this Chapter.
2 In the case of profit share agency arrangements, amounts paid or credited by a financial institution in accordance with such an entitlement as is mentioned in section 151M(1)(d) (principal's entitlement to profits under the arrangements) are alternative finance return for the purposes of this Chapter.
3 In the case of investment bond arrangements, the additional payments under the arrangements are alternative finance return for the purposes of this Chapter.
4 In this section “additional payments” has the same meaning as in section 151N (see subsection (1)(d)(iii) of that section).

Special rules for investment bond arrangements

151T Investment bond arrangements are qualifying corporate bonds

1 For the purposes of section 117, investment bond arrangements are a corporate bond, issued on the date on which the arrangements are entered into, if each of conditions A to D is met.
2 Condition A is that the capital is expressed in sterling.
3 Condition B is that the arrangements do not include provision for the redemption payment to be in a currency other than sterling.
4 Condition C is that entitlement to the redemption payment is not capable of conversion (directly or indirectly) into an entitlement to the issue of securities apart from other arrangements to which section 151N applies.
5 Condition D is that the additional payments are not determined wholly or partly by reference to the value of the bond assets.
6 Section 117(2) applies for the purposes of this section as it applies for the purposes of section 117(1).
7 Expressions used in this section have the same meaning as in section 151N.

151U  Treatment of bond-holder and bond-issuer

1 This section applies for the purposes of this Act and any other enactment about capital gains tax and irrespective of the position for other purposes.
2 The bond-holder under investment bond arrangements is not treated as having a legal or beneficial interest in the bond assets.
3 The bond-issuer under such arrangements is not treated as a trustee of the bond assets.
4 Gains accruing to the bond-issuer in connection with the bond assets are gains of the bond-issuer and not of the bond-holder (and do not arise to the bond-issuer in a fiduciary or representative capacity).
5 Payments made by the bond-issuer by way of redemption payment or additional payment are not made in a fiduciary or representative capacity.
6 The bond-holder is not entitled to relief for capital expenditure in connection with the bond assets.
7 Expressions used in this section have the same meaning as in section 151N.

151V  Treatment as securities

1 Investment bond arrangements are securities for the purposes of this Act and any other enactment about capital gains tax.
2 For those purposes—
a a reference in an enactment to redemption is to be taken as a reference to making the redemption payment, and
b a reference in an enactment to interest is to be taken as a reference to alternative finance return.
3 In subsection (2) “the redemption payment” has the same meaning as in section 151N (see subsection (1)(d)(ii) of that section).

151W  Investment bond arrangements not unit trust scheme or offshore fund

Investment bond arrangements are not—
a a unit trust scheme for the purposes of this Act, or
C125b an offshore fund for the purposes of section 354 of TIOPA 2010 so far as relating to capital gains tax.

Other rules

151X Exclusion of some alternative finance return from sale consideration

1 If under purchase and resale arrangements an asset is sold by one party to the arrangements to the other party, the alternative finance return is excluded in determining the consideration for the sale and purchase of the asset for the purposes of this Act so far as it applies for capital gains tax (apart from section 151J).
2 If under diminishing shared ownership arrangements an asset is sold by one party to the arrangements to the other party, the alternative finance return is excluded in determining the consideration for the sale and purchase of the asset for the purposes of this Act so far as it applies for capital gains tax (apart from section 151K or 151KA).
3 If under investment bond arrangements an asset is sold by one party to the arrangements to the other party, the alternative finance return is excluded in determining the consideration for the sale and purchase of the asset for the purposes of this Act so far as it applies for capital gains tax (apart from section 151N).
4 Subsections (1) to (3) do not affect the operation of any provision of this Act or the Tax Acts that provides that the consideration for a sale or purchase is taken for any purpose to be an amount other than the actual consideration.

151Y  Diminishing shared ownership arrangements : further provision

1 Diminishing shared ownership arrangements are not treated as a partnership for capital gains tax purposes.
2 If, under diminishing shared ownership arrangements, the financier grants a lease of the asset to the customer, the grant or termination of the lease is not to be treated as a disposal or acquisition of part of the asset for the purposes of this Act so far as it applies for capital gains tax.
3 If, under diminishing shared ownership arrangements, the financier is entitled to the asset as a result of the customer breaching an obligation under the arrangements—
a the financier’s dealings with the asset for the purpose of enforcing or giving effect to the entitlement, and
b the dealings with the asset of any person appointed for that purpose,
are to be treated for the purposes of this Act so far as it applies for capital gains tax as if they were done through the financier, or (as the case may be) the appointed person, as nominee by the customer.
4 In this section—
  • “the asset” means the asset in which beneficial interest is acquired and disposed of under the diminishing shared ownership arrangements;
  • “the customer” and “the financier” have the same meaning as in section 151K or 151KA;
  • “termination”, in relation to a lease, has the meaning given by section 70YI of CAA 2001.

151Z Diminishing shared ownership arrangements: further provision in respect of refinancing

1 This section applies in respect of diminishing shared ownership arrangements to which section 151KA applies.
2 If, under the arrangements, the customer disposes of an asset as mentioned in section 151KA(1)(b), any gain accruing to the customer on the disposal of the asset is to be treated as not having accrued for the purposes of this Act so far as it applies for capital gains tax.
3 If, under the arrangements, the customer—
a disposes of an asset as mentioned in section 151KA(1)(b),
b acquires the asset as mentioned in section 151KA(1)(d) and (e) or (2)(c) and (d),
c and subsequently disposes of the asset,
the disposal of the asset mentioned in paragraph (a) and the acquisition of the asset mentioned in paragraph (b) (together with any intervening disposals or acquisitions of the asset) are to be treated as not having occurred for the purpose of computing, for the purposes of this Act so far as it applies for capital gains tax, the amount of the gain accruing to the customer on the subsequent disposal of the asset.
4 In subsections (2) and (3),”the customer” has the same meaning as in section 151KA.
5 If, under arrangements to which section 151KA(2) applies (“successor arrangements”), the financier under the diminishing shared ownership arrangements that the successor arrangements supersede transfers their interest in a lease forming part of those arrangements to the financier under the successor arrangements, the transfer is not to be treated as involving a disposal or acquisition of the interest for the purposes of this Act so far as it applies for capital gains tax.

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

C14C109C165C132C92C281C388C79C418C32152  Roll-over relief.

1 If the consideration which a person carrying on a trade obtains for the disposal of, or of his interest in, assets (“the old assets”) used, and used only, for the purposes of the trade throughout the period of ownership is applied by him in acquiring other assets, or an interest in other assets (“the new assets”) which on the acquisition are taken into use, and used only, for the purposes of the trade, and the old assets and new assets are within the classes of assets listed in section 155, then the person carrying on the trade shall, on making a claim as respects the consideration which has been so applied, be treated for the purposes of this Act—
a as if the consideration for the disposal of, or of the interest in, the old assets were (if otherwise of a greater amount or value) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him, and
b as if the amount or value of the consideration for the acquisition of, or of the interest in, the new assets were reduced by the excess of the amount or value of the actual consideration for the disposal of, or of the interest in, the old assets over the amount of the consideration which he is treated as receiving under paragraph (a) above,
but neither paragraph (a) nor paragraph (b) above shall affect the treatment for the purposes of this Act of the other party to the transaction involving the old assets, or of the other party to the transaction involving the new assets.
2 Where subsection (1)(a) above applies to exclude a gain which, in consequence of Schedule 2, is not all chargeable gain, the amount of the reduction to be made under subsection (1)(b) above shall be the amount of the chargeable gain, and not the whole amount of the gain.
3 Subject to subsection (4) below, this section shall only apply if the acquisition of, or of the interest in, the new assets takes place, or an unconditional contract for the acquisition is entered into, in the period beginning 12 months before and ending 3 years after the disposal of, or of the interest in, the old assets, or at such earlier or later time as the Board may by notice allow.
4 Where an unconditional contract for the acquisition is so entered into, this section may be applied on a provisional basis without waiting to ascertain whether the new assets, or the interest in the new assets, is acquired in pursuance of the contract, and, when that fact is ascertained, all necessary adjustments shall be made by making or amending assessments or by repayment or discharge of tax, and shall be so made notwithstanding any limitation on the time within which assessments or amendments may be made.
5 This section shall not apply unless the acquisition of, or of the interest in, the new assets was made for the purpose of their use in the trade, and not wholly or partly for the purpose of realising a gain from the disposal of, or of the interest in, the new assets.
6 If, over the period of ownership or any substantial part of the period of ownership, part of a building or structure is, and part is not, used for the purposes of a trade, this section shall apply as if the part so used, with any land occupied for purposes ancillary to the occupation and use of that part of the building or structure, were a separate asset, and subject to any necessary apportionments of consideration for an acquisition or disposal of, or of an interest in, the building or structure and other land.
7 If the old assets were not used for the purposes of the trade throughout the period of ownership this section shall apply as if a part of the asset representing its use for the purposes of the trade having regard to the time and extent to which it was, and was not, used for those purposes, were a separate asset which had been wholly used for the purposes of the trade, and this subsection shall apply in relation to that part subject to any necessary apportionment of consideration for an acquisition or disposal of, or of the interest in, the asset.
8 This section shall apply in relation to a person who, either successively or at the same time, carries on 2 or more trades as if both or all of them were a single trade.
9 In this section “period of ownership” does not include any period before 31st March 1982.
10 The provisions of this Act fixing the amount of the consideration deemed to be given for the acquisition or disposal of assets shall be applied before this section is applied.
11 Without prejudice to section 52(4), where consideration is given for the acquisition or disposal of assets some or part of which are assets in relation to which a claim under this section applies, and some or part of which are not, the consideration shall be apportioned in such manner as is just and reasonable.

C15C88C132C109C92C423C176C418C449153  Assets only partly replaced.

1 Section 152(1) shall not apply if part only of the amount or value of the consideration for the disposal of, or of the interest in, the old assets is applied as described in that subsection, but if all of the amount or value of the consideration except for a part which is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal of, or of the interest in, the old assets is so applied, then the person carrying on the trade, on making a claim as respects the consideration which has been so applied, shall be treated for the purposes of this Act—
a as if the amount of the gain so accruing were reduced to the amount of the said part (and, if not all chargeable gain, with a proportionate reduction in the amount of the chargeable gain), and
b as if the amount or value of the consideration for the acquisition of, or of the interest in, the new assets were reduced by the amount by which the gain is reduced (or as the case may be the amount by which the chargeable gain is proportionately reduced) under paragraph (a) of this subsection,
but neither paragraph (a) nor paragraph (b) above shall affect the treatment for the purposes of this Act of the other party to the transaction involving the old assets, or of the other party to the transaction involving the new assets.
2 Subsections (3) to (11) of 152 shall apply as if this section formed part of that section.

153A  Provisional application of sections 152 and 153.

1 This section applies where a person carrying on a trade who for a consideration disposes of, or of his interest in, any assets (“the old assets”) declares, in his return for the chargeable period in which the disposal takes place—
a that the whole or any specified part of the consideration will be applied in the acquisition of, or of an interest in, other assets (“the new assets”) which on the acquisition will be taken into use, and used only, for the purposes of the trade;
b that the acquisition will take place as mentioned in subsection (3) of section 152; and
c that the new assets will be within the classes listed in section 155.
2 Until the declaration ceases to have effect, section 152 or, as the case may be, section 153 shall apply as if the acquisition had taken place and the person had made a claim under that section.
3 The declaration shall cease to have effect as follows—
a if and to the extent that it is withdrawn before the relevant day, or is superseded before that day by a valid claim made under section 152 or 153, on the day on which it is so withdrawn or superseded; and
b if and to the extent that it is not so withdrawn or superseded, on the relevant day.
4 On the declaration ceasing to have effect in whole or in part, all necessary adjustments—
a shall be made by making or amending assessments or by repayment or discharge of tax; and
b shall be so made notwithstanding any limitation on the time within which assessments or amendments may be made.
5 In this section “the relevant day” means—
a in relation to capital gains tax, the third anniversary of the 31st January next following the year of assessment in which the disposal of, or of the interest in, the old assets took place;
b in relation to corporation tax, the fourth anniversary of the last day of the accounting period in which that disposal took place.
6 Subsections (6), (8), (10) and (11) of section 152 shall apply for the purposes of this section as they apply for the purposes of that section.

C16C143C109C132C92C419C181C93C137C209154  New assets which are depreciating assets.

1 Sections 152, 153 and 229 shall have effect subject to the provisions of this section in which—
a the “held-over gain” means the amount by which, under those sections, and apart from the provisions of this section, any chargeable gain on one asset (“asset No.1”) is reduced, with a corresponding reduction of the expenditure allowable in respect of another asset (“asset No.2”), and
b any reference to a gain of any amount being carried forward to any asset is a reference to a reduction of that amount in a chargeable gain coupled with a reduction of the same amount in expenditure allowable in respect of that asset.
2 If asset No.2 is a depreciating asset, the held-over gain shall not be carried forward, but the claimant shall be treated as if so much of the chargeable gain on asset No.1 as is equal to the held-over gain did not accrue until—
a the claimant disposes of asset No.2, or
b he ceases to use asset No.2 for the purposes of a trade carried on by him, or
c the expiration of a period of 10 years beginning with the acquisition of asset No.2,
whichever event comes first.
2A If asset No 2 or shares in a company which holds asset No 2 are transferred as part of the process of a merger to which section 140E applies, the transfer shall be disregarded for the purpose of subsection (2), and for that purpose—
a if the transferee holds asset No 2, it shall be treated for the purpose of subsection (2), in relation to asset No 2, as if it were the claimant, or
b if the transferee holds shares in the company which holds asset No 2, section 175 shall apply in relation to the group of which the transferee is a member as if it were the same group as any group of which the claimant was a member before the merger.
2B If, as part of the process of a merger to which section 140E applies, the transferee becomes a member (whether or not as the principal company) of a group of which the claimant is also a member, for the purposes of subsection (2) section 175 shall apply in relation to the trade carried on by the claimant as if the group of which the transferee is a member were the same group as the group of which the claimant was a member before the merger.
2C In subsections (2A) and (2B), “transferor” and “transferee” have the meaning given by section 140E(9).
2D Subsections (2A) and (2B) shall apply in relation to the transfer of an asset in circumstances where section 140A applies as they apply in relation to the transfer of an asset on a merger to which section 140E applies, and for that purpose—
a references to the merger shall be treated as references to the transfer,
b references to section 140E shall be treated as references to section 140A, and
c references to the transferor and the transferee shall be treated as references to the transferor and the transferee in relation to the asset.
3 Where section 229 has effect subject to the provisions of this section, subsection (2)(b) above shall have effect as if it read—
.
4 If, in the circumstances specified in subsection (5) below, the claimant acquires an asset (“asset No.3”) which is not a depreciating asset, and claims under section 152 or 153—
a the gain held-over from asset No.1 shall be carried forward to asset No.3, and
b the claim which applies to asset No.2 shall be treated as withdrawn (so that subsection (2) above does not apply).
5 The circumstances are that asset No.3 is acquired not later than the time when the chargeable gain postponed under subsection (2) above would accrue and, assuming—
a that the consideration for asset No.1 was applied in acquiring asset No.3, and
b that the time between the disposal of asset No.1 and the acquisition of asset No.3 was within the time limited by section 152(3),
the whole amount of the postponed gain could be carried forward from asset No.1 to asset No.3; and the claim under subsection (4) above shall be accepted as if those assumptions were true.
6 If part only of the postponed gain could be carried forward from asset No.1 to asset No.3, and the claimant so requires, that and the other part of the postponed gain shall be treated as derived from 2 separate assets, so that, on that claim—
a subsection (4) above applies to the first-mentioned part, and
b the other part remains subject to subsection (2) above.
7 For the purposes of this section, an asset is a depreciating asset at any time if—
a at that time it is a wasting asset, as defined in section 44, or
b within the period of 10 years beginning at that time it will become a wasting asset (so defined).

C17C109C92C74155  Relevant classes of assets.

The classes of assets for the purposes of section 152(1) are as follows.
  • CLASS 1
    Assets within heads A and B below.
    • Head A
      1. Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade
      2. Any land occupied (as well as used) only for the purposes of the trade.
      Head A has effect subject to section 156.
    • Head B
      Fixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.
  • CLASS 2
    Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the M27Hovercraft Act 1968).
  • CLASS 3
    Satellites, space stations and spacecraft (including launch vehicles).
  • CLASS 4
    Goodwill.
  • CLASS 5
    Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).
  • CLASS 6
    Ewe and suckler cow premium quotas (that is, rights in respect of any ewes or suckler cows to receive payments by way of any subsidy entitlement to which is determined by reference to limits contained in a Community instrument).
  • CLASS 7
    Fish quota (that is, an allocation of quota to catch fish stocks, which derives from the Total Allowable Catches set in pursuance of Article 8(4) of Council Regulation (EEC) 3760/92 and under annual Council Regulations made in accordance with that Article, or under any replacement Community Instruments).
  • CLASS 7A
    Assets within heads A and B below.
    • Head A
      Payment entitlements under the single payment scheme (that is, the scheme of income support for farmers in pursuance of Title III of Council Regulation (EC) No 73/2009).
    • Head B
      Payment entitlements under the basic payment scheme (that is, the scheme of income support for farmers in pursuance of Regulation (EU) No 1307/2013 of the European Parliament and of the Council).
  • CLASS 8
    Assets within heads A and B below.
    • Head A
      Rights of a member of Lloyd’s under a syndicate within the meaning of Chapter III of Part II of the Finance Act 1993.
    • Head B
      An asset which a member of Lloyd’s is treated as having acquired by virtue of section 82 of the Finance Act 1999.

C18C109C92156  Assets of Class 1.

1 This section has effect as respects head A of Class 1 in section 155.
2 Head A shall not apply where the trade is a trade—
a of dealing in or developing land, or
b of providing services for the occupier of land in which the person carrying on the trade has an estate or interest.
3 Where the trade is a trade of dealing in or developing land, but a profit on the sale of any land held for the purposes of the trade would not form part of the trading profits, then, as regards that land, the trade shall be treated for the purposes of subsection (2)(a) above as if it were not a trade of dealing in or developing land.
4 Where F2473... section 19 of ITTOIA 2005 or section 42 of CTA 2009 applies (tied premises: receipts and expenses treated as those of trade), the trader shall be treated, to the extent that the conditions in subsection (1) of that section are met in relation to premises, as occupying as well as using the premises for the purposes of the trade.

156ZA Intangible fixed assets: roll-over relief

1 This section applies if a company is entitled to relief under Chapter 7 of Part 8 of CTA 2009 (roll-over relief in case of realisation and reinvestment) as a result of—
a section 898 of that Act (roll-over relief where pre-FA 2002 assets disposed of on or after 1 April 2002), or
b section 899 of that Act (roll-over relief where degrouping charge on pre-FA 2002 asset arises on or after 1 April 2002).
2 The company is treated for the purposes of this Act as if the consideration for the disposal of the old asset were reduced by the amount available for relief.
3 Subsection (2) does not affect the treatment for any purpose of the Taxes Acts of the other party to any transaction involved in the disposal of the old asset or the expenditure on other assets.
4 In this section—
  • “the old asset” has the same meaning as in Chapter 7 of Part 8 of CTA 2009 (see section 754(2)), and
  • “the Taxes Acts” means the enactments relating to income tax, corporation tax or chargeable gains.

156ZB Intangible fixed assets: interaction with relief under Chapter 7 of Part 8 of CTA 2009

1 Subsection (2) applies if there is a disposal on or after 1 April 2002 of an asset that is both—
a an asset of a class specified in section 155, and
b an intangible fixed asset for the purposes of Part 8 of CTA 2009.
2 The period specified in section 152(3)—
a does not include any period beginning on or after 1 April 2002, and
b may not be extended so as to include any such period.
3 Classes 4 to 7A in section 155 do not apply for the purposes of corporation tax as respects the acquisition of new assets that are chargeable intangible assets for the purposes of Part 8 of CTA 2009 (see section 741 of that Act).
4 In the case of an acquisition before 22 March 2005, subsection (3) applies as if it referred to Classes 4 to 7, instead of Classes 4 to 7A.

156A  Cessation of trade by limited liability partnership.

1 Where, immediately before the time of cessation of trade, a member of a limited liability partnership holds an asset, or an interest in an asset, acquired by him for a consideration treated as reduced under section 152 or 153, he shall be treated as if a chargeable gain equal to the amount of the reduction accrued to him immediately before that time.
2 Where, as a result of section 154(2), a chargeable gain on the disposal of an asset, or an interest in an asset, by a member of a limited liability partnership has not accrued before the time of cessation of trade, the member shall be treated as if the chargeable gain accrued immediately before that time.
3 In this section “the time of cessation of trade”, in relation to a limited liability partnership, means the time when section 59A(1) ceases to apply in relation to the limited liability partnership.

C109157  Trade carried on by family company: business assets dealt with by individual.

In relation to a case where—
a the person disposing of, or of his interest in, the old assets and acquiring the new assets, or an interest in them, is an individual, and
b the trade or trades in question are carried on not by that individual but by a company which, both at the time of the disposal and at the time of the acquisition referred to in paragraph (a) above, is his personal company, that is to say, a company the voting rights in which are exercisable, as to not less than 5 per cent., by him,
any reference in sections 152 to 156 to the person carrying on the trade (or the 2 or more trades) includes a reference to that individual.

C109C33158  Activities other than trades, and interpretation.

1 Sections 152 to 157 shall apply with the necessary modifications—
a in relation to the discharge of the functions of a public authority, and
b in relation to the occupation of woodlands where the woodlands are managed by the occupier on a commercial basis and with a view to the realisation of profits, and
c in relation to a profession, vocation, office or employment, and
d in relation to such of the activities of a body of persons whose activities are carried on otherwise than for profit and are wholly or mainly directed to the protection or promotion of the interests of its members in the carrying on of their trade or profession as are so directed, and
e in relation to the activities of an unincorporated association or other body chargeable to corporation tax, being a body not established for profit whose activities are wholly or mainly carried on otherwise than for profit, but in the case of assets within head A of class 1 only if they are both occupied and used by the body, and in the case of other assets only if they are used by the body, and
f in relation to the activities of a company owned by such an unincorporated association or other body (“the parent body”), but in the case of any assets within head A of class 1 only if they are both occupied and used by the parent body, and in the case of any other assets only if they are used by the parent body,
as they apply in relation to a trade.
1A For the purposes of subsection (1)(f) the parent body owns the company if—
a it holds not less than 90% of the company’s ordinary share capital,
b it is beneficially entitled to not less than 90% of the profits available for distribution to the equity holders of the company, and
c it would be beneficially entitled on a winding up to not less than 90% of the assets of the company available for distribution to equity holders.
1B For the purposes of subsection (1A)—
a “ordinary share capital” has the meaning given by section 832(1) of the Taxes Act and also includes, in relation to a company that has no share capital, any interests in the company possessed by members of the company, and
b the meaning of “equity holder” and method of determination of profits or assets available for distribution shall be that prescribed for the purposes of paragraph 8 of Schedule 7AC by sub-paragraphs (2) and (3) of that paragraph.
2 In sections 152 to 157 and this section the expressions “trade”, “profession”, “vocation”, “office” and “employment” have the same meanings as in the Income Tax Acts, F2505... .
3 Sections 152 to 157 and this section shall be construed as one.

C109159  Non-residents: roll-over relief.

1 Section 152 shall not apply in the case of a person if the old assets are chargeable assets in relation to him at the time they are disposed of, unless the new assets are chargeable assets in relation to him immediately after the time they are acquired.
2 Subsection (1) above shall not apply where—
a the person acquires the new assets after he has disposed of the old assets, and
b immediately after the time they are acquired the person is resident F281... in the United Kingdom.
3 Subsection (2) above shall not apply where immediately after the time the new assets are acquired—
a the person is a dual resident, and
b the new assets are prescribed assets.
4 For the purposes of this section an asset is at any time a chargeable asset in relation to a person if, were it to be disposed of at that time, any chargeable gains accruing to him on the disposal would be chargeable to capital gains tax under section 1A(3)(a) or to corporation tax under section 2B(3).
5 In this section—
  • “dual resident” means a person who is resident F1240... in the United Kingdom and falls to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom; and
  • “prescribed asset”, in relation to a dual resident, means an asset in respect of which, by virtue of the asset being of a description specified in any double taxation relief arrangements, he falls to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to him on a disposal.
6 In this section—
a “the old assets” and “the new assets” have the same meanings as in section 152,
b references to disposal of the old assets include references to disposal of an interest in them, and
c references to acquisition of the new assets include references to acquisition of an interest in them or to entering into an unconditional contract for the acquisition of them.
7 Where the acquisition of the new assets took place before 14th March 1989 and the disposal of the old assets took place, or takes place, on or after that date, this section shall not apply if the disposal of the old assets took place, or takes place, within 12 months of the acquisition of the new assets or such longer period as the Board may by notice allow.

159A Disposals of interests in UK land by non-residents: roll-over relief

1 This section applies in a case where—
a the old assets that are disposed of are interests in UK land, and
b a chargeable gain accruing on the disposal would (apart from section 152) be within the charge to tax because of section 1A(3)(b) or 2B(4)(a).
2 Section 152 applies only if the new assets that are acquired are interests in UK land.
3 In this section—
a “interest in UK land” has the meaning given by section 1C,
b “the old assets” and “the new assets” have the same meaning as in section 152,
c any reference to a disposal of the old assets includes a disposal of an interest in them,
d the reference to the acquisition of the new assets includes the acquisition of an interest in them or entering into an unconditional contract for their acquisition.

F826160  Dual resident companies: roll-over relief.

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Stock in trade

C147161  Appropriations to and from stock.

1 Subject to subsection (3) below, where an asset acquired by a person otherwise than as trading stock of a trade carried on by him is appropriated by him for the purposes of the trade as trading stock (whether on the commencement of the trade or otherwise) and, if he had then sold the asset for its market value, a chargeable gain or allowable loss would have accrued to him, he shall be treated as having thereby disposed of the asset by selling it for its then market value.
2 If at any time an asset forming part of the trading stock of a person’s trade is appropriated by him for any other purpose, or is retained by him on his ceasing to carry on the trade, he shall be treated as having acquired it at that time for a consideration equal to the amount brought into the accounts of the trade in respect of it for tax purposes on the appropriation or on his ceasing to carry on the trade, as the case may be.
3 Subject to subsection (4) below, subsection (1) above shall not apply in relation to a case where a chargeable gain would have accrued to a person on the appropriation of an asset for the purposes of a trade as mentioned in that subsection if—
a he is chargeable to corporation tax in respect of the profits of the trade under Chapter 2 of Part 3 of CTA 2009 and the trade is carried on wholly or partly in the United Kingdom, or
b he is chargeable to income tax in respect of the profits of the trade under Chapter 2 of Part 2 of ITTOIA 2005 and the trade is carried on wholly or partly in the United Kingdom,
and he elects that instead the market value of the asset at the time of the appropriation shall, in computing the profits of the trade for purposes of tax, be treated as reduced by the amount of that chargeable gain, and where subsection (1) does not apply by reason of such an election, the profits of the trade shall be computed accordingly.
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3A An election under subsection (3) F953... above shall be made—
a for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which ends the period of account in which the asset is appropriated for the purposes of the trade as trading stock;
b for the purposes of corporation tax, within 2 years after the end of the accounting period in which the asset is appropriated for the purposes of the trade as trading stock;
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4 If a person making an election under subsection (3) or (3ZA) is at the time of the appropriation carrying on the trade in partnership with others, the election shall not have effect unless concurred in by the others.
5 If—
a any person is charged to income tax by virtue of sections 517B and 517C of ITA 2007 (certain profits or gains on a disposal of land treated as trading profits) on the realisation of a profit or gain because the condition in section 517B(7) of that Act is met, and
b the gain is calculated on the basis that any property was appropriated as trading stock,
the property shall be treated on that basis also for the purposes of this section.
6 If—
a any person is charged to corporation tax by virtue of sections 356OB and 356OC of CTA 2010 (certain profits or gains on a disposal of land treated as trading profits) on the realisation of a profit or gain because the condition in section 356OB(7) of that Act is met, and
b the gain is calculated on the basis that any property was appropriated as trading stock,
the property shall be treated on that basis also for the purposes of this section.

Transfer of business to a company

C190162  Roll-over relief on transfer of business.

1 This section shall apply for the purposes of this Act—
a where a person who is not a company transfers to a company a business as a going concern, together with the whole assets of the business, or together with the whole of those assets other than cash, and the business is so transferred wholly or partly in exchange for shares issued by the company to the person transferring the business , and
b the person makes a claim in respect of the transfer, including such information as the Commissioners may require, on or before the first anniversary of the 31 January following the tax year in which the transfer of the business took place.
Any shares so received by the transferor in exchange for the business are referred to below as “the new assets”.
2 The amount determined under subsection (4) below shall be deducted from the aggregate of the chargeable gains less allowable losses (“the amount of the gain on the old assets”).
3 For the purpose of computing any chargeable gain accruing on the disposal of any new asset—
a the amount determined under subsection (4) below shall be apportioned between the new assets as a whole, and
b the sums allowable as a deduction under section 38(1)(a) shall be reduced by the amount apportioned to the new asset under paragraph (a) above;
and if the shares which comprise the new assets are not all of the same class, the apportionment between the shares under paragraph (a) above shall be in accordance with their market values at the time they were acquired by the transferor.
C366C4164 The amount referred to in subsections (2) and (3)(a) above shall not exceed the cost of the new assets but, subject to that, it shall be the fraction—
AB
of the amount of the gain on the old assets where—
  • “A” is the cost of the new assets, and
  • “B” is the value of the whole of the consideration received by the transferor in exchange for the business;
and for the purposes of this subsection “the cost of the new assets” means any sums which would be allowable as a deduction under section 38(1)(a) if the new assets were disposed of as a whole in circumstances giving rise to a chargeable gain.
5 References in this section to the business, in relation to shares or consideration received in exchange for the business, include references to such assets of the business as are referred to in subsection (l) above.
6 In this section, “the Commissioners” means the Commissioners for His Majesty’s Revenue and Customs.

F2969162A  Election for section 162 not to apply

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Transfer of business from company to shareholders

162B Disincorporation relief: assets (including pre-FA 2002 goodwill)

1 This section applies where—
a a company transfers its business to some or all of the shareholders of the company, and
b a claim for disincorporation relief in respect of the transfer has been made under section 58 of the Finance Act 2013.
2 The disposal and acquisition of any qualifying asset of the business included in the transfer is to be deemed to be for a consideration equal to the lower of—
a the sums allowable under section 38 as a deduction in the computation of the gain accruing to the company on the disposal of the asset in question, and
b the market value of the asset.
3 In subsection (2) a “qualifying asset” means—
a goodwill, or
b an interest in land which is not held as trading stock.
4 But subsection (2) does not apply to the goodwill of the business if section 162C applies to it.

162C Disincorporation relief: post-FA 2002 goodwill

1 This section applies where—
a a company transfers its business to some or all of the shareholders of the company,
b a claim for disincorporation relief in respect of the transfer has been made under section 58 of the Finance Act 2013, and
c section 849A of CTA 2009 (disincorporation relief: transfer values for post-FA 2002 goodwill) applies to the transfer of the goodwill of the business.
2 The acquisition of the goodwill of the business is deemed to be for a consideration equal to the value at which the goodwill is treated as transferred by virtue of section 849A of CTA 2009.

Retirement relief

F2465163  Relief for disposals by individuals on retirement from family business.

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F1741164  Other retirement relief.

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F2435Chapter IA  Roll-over relief on re-investment

F2435164A  Relief on re-investment for individuals.

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F2435164B Roll-over relief on re-investment by trustees.

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F2435164BA  Interaction with retirement relief

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F2435164C  Restriction applying to retirement relief and roll-over relief on re-investment.

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F2435164D  Relief carried forward into replacement shares.

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F2435164E  Application of Chapter in cases of an exchange of shares.

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F2435164F  Failure of conditions of relief.

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F2435164FA  Loss of relief in cases where shares acquired on being issued.

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F2435164FF  Qualifying investment acquired from husband or wife.

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F2435164FG  Multiple claims.

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F2435164G  Meaning of “qualifying company".

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F2435164H  Property companies etc. not to be qualifying companies.

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F2435164I  Qualifying trades.

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F2435164J  Provisions supplementary to section 164I.

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F2435164K  Foreign residents.

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F2435164L  Anti-avoidance provisions.

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F2435164M  Exclusion of double relief.

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F2435164MA  Exclusion of double relief

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F2435164N  Interpretation of Chapter IA.

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Chapter II  Gifts of business assets

C361165  Relief for gifts of business assets.

1 If—
a an individual (“the transferor”) makes a disposal otherwise than under a bargain at arm’s length of an asset within subsection (2) below, and
b a claim for relief under this section is made by the transferor and the person who acquires the asset (“the transferee”) or, where the trustees of a settlement are the transferee, by the transferor alone,
then, subject to subsection (3) and sections 166, 167, 167A, 169, 169B and 169C, subsection (4) below shall apply in relation to the disposal.
2 An asset is within this subsection if—
a it is, or is an interest in, an asset used for the purposes of a trade, profession or vocation carried on by—
i the transferor, or
ii his personal company, or
iii a member of a trading group of which the holding company is his personal company, or
b it consists of shares or securities of a trading company, or of the holding company of a trading group, where—
i the shares or securities are not listed on a recognised stock exchange, or
ii the trading company or holding company is the transferor’s personal company.
3 Subsection (4) below does not apply in relation to a disposal if—
F1020a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F1020b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
ba in the case of a disposal of shares or securities, the transferee is a company,
c in the case of a disposal of qualifying corporate bonds, a gain is deemed to accrue by virtue of section 116(10)(b), or
d subsection (3) of section 260 applies in relation to the disposal (or would apply if a claim for relief were duly made under that section).
4 Where a claim for relief is made under this section in respect of a disposal—
a the amount of any chargeable gain which, apart from this section, would accrue to the transferor on the disposal, and
b the amount of the consideration for which, apart from this section, the transferee would be regarded for the purposes of capital gains tax as having acquired the asset or, as the case may be, the shares or securities,
shall each be reduced by an amount equal to the held-over gain on the disposal.
5 Part I of Schedule 7 shall have effect for extending the relief provided for by virtue of subsections (1) to (4) above in the case of agricultural property and for applying it in relation to settled property.
6 Subject to Part II of Schedule 7 and subsection (7) below, the reference in subsection (4) above to the held-over gain on a disposal is a reference to the chargeable gain which would have accrued on that disposal apart from subsection (4) above F2011..., and in subsection (7) below that chargeable gain is referred to as the unrelieved gain on the disposal.
7 In any case where—
a there is actual consideration (as opposed to the consideration equal to the market value which is deemed to be given by virtue of section 17(1)) for a disposal in respect of which a claim for relief is made under this section, and
b that actual consideration exceeds the sums allowable as a deduction under section 38,
the held-over gain on the disposal shall be the amount by which the unrelieved gain on the disposal exceeds the excess referred to in paragraph (b) above.
7A Subsections (7B) and (7C) apply in any case where—
a the disposal is a direct or indirect disposal of UK land which meets the non-residence condition, and
b the transferee is resident in the United Kingdom.
7B Subsections (4) and (6) have effect in relation to the disposal as if the references to “chargeable gain” were references to “so much of any gain accruing on the disposal as falls to be dealt with as mentioned in subsection (7D)(a) or (b)”.
7C Subsection (7) has effect in relation to the disposal as if the reference to “the excess referred to in paragraph (b) above” were a reference to “so much of the gain mentioned in subsection (7B) which, ignoring this section and section 17(1), would accrue to the transferor on the disposal”.
7D For the purposes of subsections (7A) to (7C) a disposal is a “direct or indirect disposal of UK land which meets the non-residence condition” if it is—
a a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or
b a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c).
8 Subject to subsection (9) below, in this section and Schedule 7—
a “personal company”, in relation to an individual, means a company the voting rights in which are exercisable, as to not less than 5 per cent., by that individual;
aa “holding company”, “trading company” and “trading group” have the meaning given by section 165A; and
b “trade”, “profession” and “vocation” have the same meaning as in the Income Tax Acts.
9 In this section and Schedule 7 and in determining whether a company is a trading company for the purposes of this section and that Schedule, the expression “trade” shall be taken to include the occupation of woodlands where the woodlands are managed by the occupier on a commercial basis and with a view to the realisation of profits.
10 Where a disposal in relation to which subsection (4) above applies is (or proves to be) a chargeable transfer for inheritance tax purposes, there shall be allowed as a deduction in computing (for capital gains tax purposes) the chargeable gain accruing to the transferee on the disposal of the asset in question an amount equal to whichever is the lesser of—
a the inheritance tax attributable to the value of the asset, and
b the amount of the chargeable gain as computed apart from this subsection,
and, in the case of a disposal which, being a potentially exempt transfer, proves to be a chargeable transfer, all necessary adjustments shall be made, whether by the discharge or repayment of capital gains tax or otherwise.
11 Where an amount of inheritance tax—
a falls to be redetermined in consequence of the transferor’s death within 7 years of making the chargeable transfer in question, or
b is otherwise varied,
after it has been taken into account under subsection (10) above, all necessary adjustments shall be made, whether by the making of an assessment to capital gains tax or by the discharge or repayment of such tax.

165A Meaning of “holding company”, “trading company” and “trading group”

1 This section has effect for the interpretation of section 165 (and this section).
2 “Holding company” means a company that has one or more 51% subsidiaries.
3 “Trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities.
4 For the purposes of subsection (3) above “trading activities” means activities carried on by the company—
a in the course of, or for the purposes of, a trade being carried on by it,
b for the purposes of a trade that it is preparing to carry on,
c with a view to its acquiring or starting to carry on a trade, or
d with a view to its acquiring a significant interest in the share capital of another company that—
i is a trading company or the holding company of a trading group, and
ii if the acquiring company is a member of a group of companies, is not a member of that group.
5 Activities do not qualify as trading activities under subsection (4)(c) or (d) above unless the acquisition is made, or the company starts to carry on the trade, as soon as is reasonably practicable in the circumstances.
6 The reference in subsection (4)(d) above to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordinary share capital in the other company—
a such as would make that company a 51% subsidiary of the acquiring company, or
b such as would give the acquiring company a qualifying shareholding in a joint venture company without making the two companies members of the same group of companies.
7 For the purpose of determining whether a company which has a qualifying shareholding in a joint venture company is a trading company—
a any holding by it of shares in the joint venture company is to be disregarded, and
b it is to be treated as carrying on an appropriate proportion of the activities of the joint venture company or, where the joint venture company is the holding company of a trading group, of the activities of that group;
and in paragraph (b) above “appropriate proportion” means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the company.
8 “Trading group” means a group of companies—
a one or more of whose members carry on trading activities, and
b the activities of whose members, taken together, do not include to a substantial extent activities other than trading activities.
9 For the purposes of subsection (8) above “trading activities” means activities carried on by a member of the group—
a in the course of, or for the purposes of, a trade being carried on by any member of the group,
b for the purposes of a trade that any member of the group is preparing to carry on,
c with a view to any member of the group acquiring or starting to carry on a trade, or
d with a view to any member of the group acquiring a significant interest in the share capital of another company that—
i is a trading company or the holding company of a trading group, and
ii is not a member of the same group of companies as the acquiring company.
10 Activities do not qualify as trading activities under subsection (9)(c) or (d) above unless the acquisition is made, or the group member in question starts to carry on the trade, as soon as is reasonably practicable in the circumstances.
11 The reference in subsection (9)(d) above to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordinary share capital in the other company—
a such as would make that company a member of the same group of companies as the acquiring company, or
b such as would give the acquiring company a qualifying shareholding in a joint venture company without making the joint venture company a member of the same group of companies as the acquiring company.
12 For the purpose of determining whether a group of companies is a trading group in a case where any one or more members of the group has a qualifying shareholding in a joint venture company which is not a member of the group—
a every holding of shares in the joint venture company by a member of the group having a qualifying shareholding in it is to be disregarded, and
b each member of the group having such a qualifying shareholding is to be treated as carrying on an appropriate proportion of the activities of the joint venture company or, where the joint venture company is a holding company of a trading group, of the activities of that group;
and in paragraph (b) above “appropriate proportion” means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the member of the group.
13 For the purposes of this section the activities of the members of a group of companies are to be treated as one business (with the result that activities are disregarded to the extent that they are intra-group activities).
14 In this section—
  • “51% subsidiary” has the meaning given by Chapter 3 of Part 24 of CTA 2010,
  • “group of companies” means a company which has one or more 51% subsidiaries together with those subsidiaries,
  • “joint venture company” means a company—
    1. which is a trading company or the holding company of a trading group, and
    2. 75% or more of the ordinary share capital of which (in aggregate) is held by not more than 5 persons (the shareholdings of members of a group of companies being regarded for the purposes of this paragraph as held by a single company),
  • “ordinary share capital” has the meaning given by section 989 of ITA 2007,
  • “qualifying shareholding”, in relation to a company and a joint venture company, means—
    1. the holding by the company of 10% or more of the ordinary share capital of the joint venture company, or
    2. (where the company is a member of a group of companies) the holding by the company and the other members of the group (between them) of 10% or more of that ordinary share capital, and
  • “trade” means F2843... anything which—
    1. is a trade, profession or vocation, within the meaning of the Income Tax Acts, and
    2. is conducted on a commercial basis and with a view to the realisation of profits.

166  Gifts to non-residents.

1 Subject to section 167A, section 165(4) shall not apply where the transferee is not resident in the United Kingdom.
2 Section 165(4) shall not apply where the transferee is an individual F307... if that individual F307... —
a though resident F1460... in the United Kingdom, is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and
b by virtue of the arrangements would not be liable in the United Kingdom to tax on a gain arising on a disposal of the asset occurring immediately after its acquisition.

167  Gifts to foreign-controlled companies.

1 Subject to section 167A, section 165(4) shall not apply where the transferee is a company which is within subsection (2) below.
2 A company is within this subsection if it is controlled by a person who, or by persons each of whom—
a is not resident in the United Kingdom, and
b is or is connected with the person making the disposal.
3 For the purposes of subsection (2) above, a person who (either alone or with others) controls a company by virtue of holding assets relating to that or any other company and who is resident in the United Kingdom is to be regarded as not resident there if—
a he is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and
b by virtue of the arrangements he would not be liable in the United Kingdom to tax on a gain arising on a disposal of the assets.

167A Gifts of direct or indirect interests in UK land to non-residents

1 This section applies where the disposal in relation to which a claim could be made under section 165 is a disposal of an asset within section 1A(3)(b) or (c) to a transferee who is not resident in the United Kingdom and, ignoring section 165—
a a gain would accrue to the transferor on the disposal, and
b on the assumption that the disposal is a direct or indirect disposal of UK land which meets the non-residence condition (whether or not that is the case), that gain would be a relevant gain (see subsections (6) and (7)).
2 Section 165(4) has effect in relation to the disposal as if it read—
3 Where the disposal is a direct or indirect disposal of UK land which meets the non-residence condition—
a section 165(4), as modified by subsection (2) of this section, has effect in relation to the disposal as if the reference to “chargeable gain” were a reference to “relevant gain”,
b section 165(6) has effect in relation to the disposal as if the references to “chargeable gain” were references to “relevant gain”, and
c section 165(7) has effect in relation to the disposal as if the reference to “the excess referred to in paragraph (b) above” were a reference to “the relevant gain which, ignoring this section and section 17(1), would accrue to the transferor on the disposal”.
4 Where a claim for relief is made under section 165 in relation to the disposal mentioned in subsection (1), on a subsequent disposal by the transferee of the whole or part of the asset within section 1A(3)(b) or (c) which is the subject of the disposal mentioned in subsection (1), the whole or a corresponding part of the held-over gain (see section 165(6))—
a is deemed to accrue to the transferee (in addition to any gain or loss that actually accrues on that subsequent disposal), and
b (if that would not otherwise be the case) is to be treated as a relevant gain.
5 Where the subsequent disposal mentioned in subsection (4) is (or proves to be) a chargeable transfer for inheritance tax purposes, section 165(10) has effect in relation to the disposal as if—
a the reference to “the chargeable gain accruing to the transferee on the disposal of the asset” were a reference to the chargeable gain accruing on the disposal as computed apart from subsection (4), and
b the reference in section 165(10)(b) to “the chargeable gain” were a reference to—
i the chargeable gain chargeable to capital gains tax by virtue of any provision of this Act accruing on the disposal, and
ii the held-over gain deemed to accrue under subsection (4).
6 For the purposes of this section, a disposal is a “direct or indirect disposal of UK land which meets the non-residence condition” if it is—
a a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or
b a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c).
7 For the purposes of this section, a “relevant gain” means so much of any chargeable gain accruing on a disposal as falls to be dealt with as mentioned in subsection (6)(a) or (b).

168  Emigration of donee.

1 If—
a relief is given under section 165 in respect of a disposal to an individual or under section 260 in respect of a disposal to an individual (“the relevant disposal”); and
aa the transferee is resident in the United Kingdom at the time of that disposal; and
b at a time when he has not disposed of the asset in question, the transferee ceases to be resident in the United Kingdom,
then, subject to the following provisions of this section, a chargeable gain shall be deemed to have accrued to the transferee immediately before that time, and its amount shall be equal to the held-over gain (within the meaning of section 165 or 260) on the relevant disposal.
2 For the purposes of subsection (1) above the transferee shall be taken to have disposed of an asset before the time there referred to only if he has made a disposal or disposals in connection with which the whole of the held-over gain on the relevant disposal was represented by reductions made in accordance with section 165(4)(b) or 260(3)(b) and where he has made a disposal in connection with which part of that gain was so represented, the amount of the chargeable gain deemed by virtue of this section to accrue to him shall be correspondingly reduced.
3 The disposals by the transferee that are to be taken into account under subsection (2) above shall not include any disposal to which section 58 applies; but where any such disposal is made by the transferee, disposals by his spouse or civil partner shall be taken into account under subsection (2) above as if they had been made by him.
4 Subsection (1) above shall not apply by reason of a person ceasing to be resident more than 6 years after the end of the year of assessment in which the relevant disposal was made.
5 Subsection (1) above shall not apply in relation to a disposal made to an individual if—
a the reason for his ceasing to be resident in the United Kingdom is that he works in an employment or office all the duties of which are performed outside the United Kingdom, and
b he again becomes resident F477... in the United Kingdom within the period of 3 years from the time when he ceases to be so, without having meanwhile disposed of the asset in question;
and accordingly no assessment shall be made by virtue of subsection (1) above before the end of that period in any case where the condition in paragraph (a) above is, and the condition in paragraph (b) above may be, satisfied.
6 For the purposes of subsection (5) above a person shall be taken to have disposed of an asset if he has made a disposal in connection with which the whole or part of the held-over gain on the relevant disposal would, had he been resident in the United Kingdom, have been represented by a reduction made in accordance with section 165(4)(b) or 260(3)(b) and subsection (3) above shall have effect for the purposes of this subsection as it has effect for the purposes of subsection (2) above.
7 Where an amount of tax assessed on a transferee by virtue of subsection (1) above is not paid within the period of 12 months beginning with the date when the tax becomes payable then, subject to subsection (8) below, the transferor may be assessed and charged (in the name of the transferee) to all or any part of that tax.
8 No assessment shall be made under subsection (7) above more than 6 years after the end of the year of assessment in which the relevant disposal was made.
9 Where the transferor pays an amount of tax in pursuance of subsection (7) above, he shall be entitled to recover a corresponding sum from the transferee.
10 Gains on disposals made after a chargeable gain has under this section been deemed to accrue by reference to a held-over gain shall be computed without any reduction under section 165(4)(b) or 260(3)(b) in respect of that held-over gain.

168A Postponing held-over gain: interests in UK land

1 This section applies if—
a an interest in UK land is deemed to have been disposed of under section 168(1) by a transferee at any time, and
b the transferee makes an election under this subsection.
2 The held-over gain (within the meaning of section 165 or 260) that, but for this subsection, would have accrued to the transferee at that time is not to accrue at that time.
3 But, on a subsequent disposal by the transferee of the whole or part of the interest in UK land, the whole or a corresponding part of the held-over gain is treated as accruing on the subsequent disposal.
4 This gain is in addition to any gain or loss that actually accrues on the subsequent disposal.
5 In this section “interest in UK land” has the meaning given by section 1C.

169  Gifts into dual resident trusts.

1 This section applies where there is or has been a disposal of an asset to the trustees of a settlement in such circumstances that, on a claim for relief, section 165 or 260 applies, or would but for this section apply, so as to reduce the amounts of the chargeable gain and the consideration referred to in section 165(4) or 260(3).
2 In this section “a relevant disposal” means such a disposal as is referred to in subsection (1) above.
3 Relief under section 165 or 260 shall not be available on a relevant disposal if—
a at the material time the trustees to whom the disposal is made are resident F748... in the United Kingdom F1029... ; and
b on a notional disposal of the asset concerned occurring immediately after the material time, the trustees would be regarded for the purposes of any double taxation relief arrangements—
i as resident in a territory outside the United Kingdom; and
ii as not liable in the United Kingdom to tax on a gain accruing on that disposal.
4 In subsection (3) above—
a “the material time” means the time of the relevant disposal; and
b a “notional disposal” means a disposal by the trustees of the asset which was the subject of the relevant disposal.

169A  Cessation of trade by limited liability partnership

1 This section applies where section 59A(1) ceases to apply to a limited liability partnership.
2 A member of the partnership who immediately before the time at which section 59A(1) ceases to apply holds an asset, or an interest in an asset, acquired by him—
a on a disposal to members of a partnership, and
b for a consideration which is treated as reduced under section 165(4)(b) or 260(3)(b),
shall be treated as if a chargeable gain equal to the amount of the reduction accrued to him immediately before that time.

169B Gifts to settlor-interested settlements etc

1 Neither section 165(4) nor section 260(3) shall apply in relation to a disposal (“the relevant disposal”)—
a made by a person (“the transferor”) to the trustees of a settlement, and
b in respect of which Condition 1 or Condition 2 below is satisfied.
2 Condition 1 is that, immediately after the making of the relevant disposal,—
a there is a settlor (see section 169E) who has an interest in the settlement (see section 169F), or
b an arrangement (see section 169G) subsists under which such an interest will or may be acquired by a settlor.
3 Condition 2 is that—
a a chargeable gain would (assuming that neither section 165(4) nor section 260(3) applied in relation to the relevant disposal) accrue to the transferor on that disposal,
b in computing the gain, the allowable expenditure would to any extent fall to be reduced in consequence, directly or indirectly, of a claim under section 165 or 260 in respect of an earlier disposal made by an individual (whether or not to the transferor), and
c immediately after the making of the relevant disposal,—
i that individual has an interest in the settlement, or
ii an arrangement subsists under which such an interest will or may be acquired by him.
4 This section is subject to section 169D (exception for maintenance funds for historic buildings and certain settlements for disabled persons).

169C Clawback of relief if settlement becomes settlor-interested etc

1 This section applies in relation to a disposal (“the relevant disposal”)—
a made by a person (“the transferor”) to the trustees of a settlement,
b in relation to which section 165(4) or 260(3) applies, or would apart from this section apply, and
c in respect of which Condition 1 or Condition 2 below is satisfied.
2 Condition 1 is that, at any time during the clawback period,—
a there is a settlor who has an interest in the settlement, or
b an arrangement subsists under which such an interest will or may be acquired by a settlor.
3 Condition 2 is that—
a in computing the chargeable gain which would (assuming that neither section 165(4) nor section 260(3) applied in relation to the relevant disposal) accrue to the transferor on that disposal, the allowable expenditure would fall to be reduced,
b that reduction would to any extent fall to be made in consequence, directly or indirectly, of a claim under section 165 or 260 in respect of an earlier disposal made by an individual (whether or not to the transferor), and
c at any time during the clawback period,—
i that individual has an interest in the settlement, or
ii an arrangement subsists under which such an interest will or may be acquired by him.
4 If no claim for relief under section 165 or 260 in respect of the relevant disposal is made before the material time, neither section 165(4) nor section 260(3) shall apply in relation to that disposal.
5 Subsections (7) to (9) below apply if a claim for relief under section 165 or 260 in respect of the relevant disposal is made before the material time.
6 But those subsections do not apply if—
a the transferor is an individual, and
b he dies before the material time.
7 A chargeable gain, of an amount equal to the amount of the held-over gain (within the meaning of section 165 or 260) on the relevant disposal, shall be treated for the purposes of tax in respect of chargeable gains as accruing to the transferor at the material time.
8 For any chargeable period ending after the making of the relevant disposal, the chargeable gains and allowable losses of—
a the trustees of the settlement, or
b any person whose title to any property to any extent derives, directly or indirectly, from them,
shall be determined on the assumption that neither section 165(4)(b) nor section 260(3)(b) ever applied in relation to that disposal.
9 All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to subsection (8) above (notwithstanding any limitation on the time within which any adjustment may be made).
10 If a claim for relief under section 165 or 260 in respect of the relevant disposal is revoked, this section shall apply as if the claim had never been made.
11 In this section “the clawback period” means the period—
a beginning immediately after the making of the relevant disposal, and
b ending six years after the end of the year of assessment in which that disposal was made.
12 In this section “the material time” means the time at which subsection (1)(c) above first becomes satisfied.
13 This section is subject to section 169D.

169D Exceptions to sections 169B and 169C

1 Sections 169B and 169C shall not apply in relation to a disposal to the trustees of a settlement in a year of assessment if the trustees have elected, or could have elected, that section 508 of ITA 2007 (trustees’ election in respect of income arising from heritage maintenance property) shall have effect in the case of—
a the settlement, or
b any part of the settlement,
in relation to that year of assessment.
2 Sections 169B and 169C shall not apply in relation to a disposal to the trustees of a settlement if the following conditions are satisfied.
3 The first condition is that, immediately after the making of the disposal, the settled property is held on trusts which secure that, during the lifetime of a disabled person—
a if any of the property is applied for the benefit of a beneficiary, it is applied for the disabled person's benefit, and
b either—
i the disabled person is entitled to all of the income (if there is any) arising from any of the property, or
ii if any such income is applied for the benefit of a beneficiary, it is applied for the disabled person's benefit.
4 The second condition is that if, immediately after the making of the disposal, one or more settlors is an interested settlor, each such settlor must at that time be a disabled beneficiary.
4A Where the income arising from the settled property is held on trusts of the kind described in section 33 of the Trustee Act 1925 (protective trusts), subsection (3) has effect as if the reference to the lifetime of a disabled person were a reference to the period during which the income is held on trust for the disabled person.
4B The trusts on which the settled property is held are not to be treated as falling outside subsection (3) by reason only of—
a the trustees' having powers that enable them to apply in any tax year otherwise than for the benefit of the disabled person amounts (whether consisting of income or capital, or both) not exceeding the annual limit,
b the trustees' having the powers conferred by section 32 of the Trustee Act 1925 (powers of advancement),
c the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by proviso (a) of subsection (1) of that section,
d the trustees' having the powers conferred by section 33 of the Trustee Act (Northern Ireland) 1958 (corresponding provision for Northern Ireland),
e the trustees' having those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by subsection (1)(a) of that section, or
f the trustees' having powers to the like effect as the powers mentioned in any of paragraphs (b) to (e).
4C For the purposes of this section, the “annual limit” for a tax year is whichever is the lower of the following amounts—
a £3,000, and
b 3% of the amount that is the maximum value of the settled property during the tax year in question.
4D The Treasury may by order—
a specify circumstances in which subsection (4B)(a) is, or is not, to apply in relation to a trust, and
b amend the definition of “the annual limit” in subsection (4C).
4E An order under subsection (4D) may—
a make different provision for different cases, and
b contain transitional and saving provision.
4F A statutory instrument containing an order under subsection (4D) may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.
5 For the purposes of subsection (4) above a settlor is an “interested settlor” in relation to a settlement if—
a he has an interest in the settlement, or
b an arrangement subsists under which such an interest will or may be acquired by him;
and for this purpose, the references to an individual’s spouse or civil partner in section 169F(2) and (3) and to an individual's dependent child in section 169F(2A) shall be disregarded.
6 In subsection (4) above “disabled beneficiary”, in relation to a settlement, means a disabled person who—
a is a beneficiary under the settlement, or
b would be such a beneficiary if he had the interest in the settlement by virtue of which subsection (5)(b) above applies in relation to him.
7 In this section “disabled person” has the meaning given by Schedule 1A to the Finance Act 2005.
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11 The references in subsection (3) above to the lifetime of a person shall, where the income from the settled property is held for his benefit on trusts of the kind described in section 33 of the Trustee Act 1925 (protective trusts), be construed as references to the period during which the income is held on trust for him.

169E Meaning of “settlor” in sections 169B to 169D and 169G

1 For the purposes of this section and, sections 169B to 169D F1842... , a person is a settlor in relation to a settlement if—
a he is an individual, and
b the settled property consists of, or includes, property originating from him.
2 In subsection (1) above, the reference to property originating from a settlor is a reference to—
a property which that settlor has provided directly or indirectly for the purposes of the settlement, and
b property which wholly or partly represents that property or any part of it.
3 In subsection (2) above, the references to property which a settlor has provided directly or indirectly—
a include references to property which has been provided directly or indirectly by another person in pursuance of reciprocal arrangements with that settlor, but
b do not include references to property which that settlor has provided directly or indirectly in pursuance of reciprocal arrangements with another person.
4 In subsection (2) above, the reference to property which represents other property includes a reference to property which represents accumulated income from that other property.

169F Meaning of “interest in a settlement” in sections 169B to 169D

1 For the purposes of this section and sections 169B to 169D, an individual is to be regarded as having an interest in a settlement if subsection (2), (3) or (3A) below applies.
2 This subsection applies if—
a any property which is or may at any time be comprised in the settlement, or
b any derived property,
is, or will or may become, payable to or applicable for the benefit of the individual or his spouse or civil partner in any circumstances whatsoever.
3 This subsection applies if the individual or his spouse or civil partner enjoys a benefit deriving directly or indirectly from—
a any property which is comprised in the settlement, or
b any derived property.
3A This subsection applies if—
a any property which is or may at any time be comprised in the settlement, or any derived property, is, or will or may become, payable to or applicable for the benefit of a child of the individual, at a time when that child is a dependent child of his, in any circumstances whatsoever, or
b a dependent child of the individual enjoys a benefit deriving directly or indirectly from any property which is comprised in the settlement or any derived property.
4 The references in subsections (2) and (3) above to the spouse or civil partner of the individual do not include—
a a spouse or civil partner from whom the individual is separated—
i under an order of a court,
ii under a separation agreement, or
iii in such circumstances that the separation is likely to be permanent, or
b the widow or widower or surviving civil partner of the individual.
4A In this section—
a “dependent child” means a child who—
i is under the age of 18 years,
ii is unmarried, and
iii does not have a civil partner, and
b “child” includes a stepchild.
4B For the purposes of subsection (3A) above no account shall be taken of a term of a settlement relating to dependent children of an individual in respect of any time at which he has no dependent child.
5 An individual is not to be regarded as having an interest in a settlement by virtue of subsection (2) above if and so long as none of the property which may at any time be comprised in the settlement, and no derived property, can become payable or applicable as mentioned in that provision except in the event of—
a in the case of a marriage settlement or civil partnership settlement, the death of both parties to the marriage or civil partnership and of all or any of the children of the family of the parties to the marriage or civil partnership, or
b the death of a child of the individual where the child had become beneficially entitled to the property or any derived property at an age not exceeding 25.
5A In subsection (5) “child of the family”, in relation to parties to a marriage or civil partnership, means a child of one or both of them.
6 In this section “derived property”, in relation to any property, means—
a income from that property,
b property directly or indirectly representing—
i proceeds of that property, or
ii proceeds of income from that property, or
c income from property which is derived property by virtue of paragraph (b) above.

169G Meaning of “arrangement” in sections 169B to 169E and information power

1 In sections 169B to 169E “arrangement” or “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable.
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Chapter 3  business asset disposal relief

169H Introduction

1 This Chapter provides for a lower rate of capital gains tax in respect of qualifying business disposals (to be known as “business asset disposal relief”).
2 The following are qualifying business disposals—
a a material disposal of business assets: see section 169I,
b a disposal of trust business assets: see section 169J, and
c a disposal associated with a relevant material disposal: see section 169K.
3 But in the case of certain qualifying business disposals, business asset disposal relief is given only in respect of disposals of relevant business assets comprised in the qualifying business disposal: see sections 169L and 169LA.
4 Section 169M makes provision requiring the making of a claim for business asset disposal relief.
5 Sections 169N to 169P make provision as to the amount of business asset disposal relief.
6 Sections 169Q and 169R make provision about reorganisations.
7 Sections 169S and 169SA contain interpretative provisions for the purposes of this Chapter.

C221C233169I Material disposal of business assets

1 There is a material disposal of business assets where—
a an individual makes a disposal of business assets (see subsection (2)), and
b the disposal of business assets is a material disposal (see subsections (3) to (7)).
2 For the purposes of this Chapter a disposal of business assets is—
a a disposal of the whole or part of a business,
b a disposal of (or of interests in) one or more assets in use, at the time at which a business ceases to be carried on, for the purposes of the business, or
c a disposal of one or more assets consisting of (or of interests in) shares in or securities of a company.
3 A disposal within paragraph (a) of subsection (2) is a material disposal if the business is owned by the individual throughout the period of 2 years ending with the date of the disposal.
4 A disposal within paragraph (b) of that subsection is a material disposal if—
a the business is owned by the individual throughout the period of 2 years ending with the date on which the business ceases to be carried on, and
b that date is within the period of 3 years ending with the date of the disposal.
5 A disposal within paragraph (c) of subsection (2) is a material disposal if condition A, B, C or D is met.
6 Condition A is that, throughout the period of 2 years ending with the date of the disposal—
a the company is the individual's personal company and is either a trading company or the holding company of a trading group, and
b the individual is an officer or employee of the company or (if the company is a member of a trading group) of one or more companies which are members of the trading group.
7 Condition B is that the conditions in paragraphs (a) and (b) of subsection (6) are met throughout the period of 2 years ending with the date on which the company—
a ceases to be a trading company without continuing to be or becoming a member of a trading group, or
b ceases to be a member of a trading group without continuing to be or becoming a trading company,
and that date is within the period of 3 years ending with the date of the disposal.
7ZA If, in any case where an individual disposes of any shares in a company—
a there has been an issue of shares in the company to the individual following a relevant business transfer, and
b any of the issued shares constitute, or otherwise form part of, the shares disposed of,
the conditions in subsection (6)(a) and (b) are to be treated as met in any period ending immediately before the transfer throughout which the individual owned the business.
7ZB For the purposes of subsection (7ZA), shares have been issued “following a relevant business transfer” if they have been issued wholly or partly in exchange for the transfer of a business as a going concern, together with the whole assets of the business or the whole of those assets other than cash.
7A Condition C is that—
a the assets disposed of are relevant EMI shares,
b the option grant date is, or is before, the first date of the period of 2 years ending with the date of the disposal, and
c throughout that period of 2 years—
i the company is either a trading company or the holding company of a trading group, and
ii the individual is an officer or employee of the company or (if the company is a member of a trading group) of one or more companies which are members of the trading group.
7B Condition D is that—
a the assets disposed of are relevant EMI shares acquired by the individual before the cessation date,
b the option grant date is, or is before, the first date of the period of 2 years ending with the cessation date,
c the conditions in paragraph (c) of subsection (7A) are met throughout that period of 2 years, and
d the cessation date is within the period of 3 years ending with the date of the disposal.
7C In this section “relevant EMI shares” means—
a shares of a company acquired by an individual to which subsection (7D) applies, or
b shares of a company to which subsection (7F) applies.
7D This subsection applies to shares of a company acquired by an individual if the individual—
a acquires them on or after 6 April 2013, and
b acquires them as a result of the exercise of a qualifying option within the meaning given by section 527(4) of ITEPA 2003 (enterprise management incentives) where the option is exercised on or before the specified anniversary of the date mentioned in section 529(2) of that Act (with “specified anniversary” having the meaning given in section 529(2A) of that Act).
7E Subsection (7D) does not apply to shares acquired as a result of the exercise of a qualifying option if—
a a disqualifying event (see section 533 of ITEPA 2003) occurs in relation to the option before its exercise, and
b it is exercised later than the period mentioned in section 532(1)(b) of ITEPA 2003.
7F This subsection applies to shares of a company if—
a the shares are the new holding in a case in which section 127 applies in relation to an individual,
b the original shares in that case are relevant EMI shares (whether by virtue of subsection (7D) or this subsection), and
c that case is one in which section 127 applies by virtue only of—
i section 126, or
ii subject to subsection (7G), section 135(3).
7G Subsection (7F)(c)(ii) applies only if—
a the exchange of shares in question is a qualifying exchange of shares as defined in paragraph 40 of Schedule 5 to ITEPA 2003, and
b when the exchange occurs, the independence requirement (see paragraph 9 of Schedule 5 to ITEPA 2003) and the trading activities requirement (see paragraphs 13 and 14 of that Schedule) are met in relation to the new company (see paragraph 40(1)(a) of that Schedule).
7H In this section “the original relevant EMI shares”, in relation to shares which are relevant EMI shares by virtue of subsection (7F), means the shares originally acquired by the individual to which subsection (7D) applied.
7I If the shares disposed of are relevant EMI shares by virtue of subsection (7F), in relation to times before the reorganisation mentioned in section 127, in subsection (7A)(c) references to the company are to be read as references to (if different)—
a the company whose shares are the original relevant EMI shares, or
b if there has been more than one reorganisation since the original relevant EMI shares were acquired—
i the company whose shares are the original relevant EMI shares, or
ii if at the time in question the individual is holding relevant EMI shares which are shares of another company, that other company.
This subsection is subject to subsection (7N).
7J If the shares disposed of are relevant EMI shares by virtue of subsection (7F), the question of whether the requirement of subsection (7B)(a) is met is to be determined by reference to the date of the acquisition of the original relevant EMI shares.
7K Subject to what follows, in subsections (7A)(b) and (7B)(b) “the option grant date” means the date on which the qualifying option in question was granted.
7L Subsections (7M) and (7N) apply if the qualifying option is a replacement option for the purposes of the EMI code (see paragraph 41 of Schedule 5 to ITEPA 2003).
7M In subsections (7A)(b) and (7B)(b) “the option grant date” means—
a the date on which the old option was granted, or
b if the old option was also a replacement option, the date on which the earlier old option was granted,
and so on.
7N In relation to any time during the currency of an old option taken into account under subsection (7M), in subsection (7A)(c) references to the company are to be read as references to the company whose shares were the subject of the old option.
7O In subsection (7B) “the cessation date” means the date on which the company—
a ceases to be a trading company without continuing to be or becoming a member of a trading group, or
b ceases to be a member of a trading group without continuing to be or becoming a trading company.
7P Subsections (7Q) and (7R) apply in relation to a disposal of relevant EMI shares if—
a the shares were acquired as a result of the exercise of a qualifying option where—
i a disqualifying event (see section 533 of ITEPA 2003) occurs in relation to the option before its exercise, but
ii it is exercised within the period mentioned in section 532(1)(b) of ITEPA 2003, or
b if the shares are relevant EMI shares by virtue of subsection (7F), the original relevant EMI shares were acquired as mentioned in paragraph (a).
7Q Subsection (7A)(b) has effect as if the reference to the date of the disposal were a reference to the date of the disqualifying event.
7R If the disqualifying event is within section 534(1)(c) of ITEPA 2003, subsection (7B)(a) has effect as if the reference to the cessation date were a reference to the first day after the period mentioned in section 532(1)(b) of that Act if that day is later than the cessation date.
8 For the purposes of this section—
a an individual who disposes of (or of interests in) assets used for the purposes of a business carried on by the individual on entering into a partnership which is to carry on the business is to be treated as disposing of a part of the business,
b the disposal by an individual of the whole or part of the individual's interest in the assets of a partnership is to be treated as a disposal by the individual of the whole or part of the business carried on by the partnership, and
c at any time when a business is carried on by a partnership, the business is to be treated as owned by each individual who is at that time a member of the partnership.

169J Disposal of trust business assets

1 There is a disposal of trust business assets where—
a the trustees of a settlement make a disposal of settlement business assets (see subsection (2)),
b there is an individual who is a qualifying beneficiary (see subsection (3)), and
c the relevant condition is met (see subsections (4) and (5)).
2 In this Chapter “settlement business assets” means—
a assets consisting of (or of interests in) shares in or securities of a company, or
b assets (or interests in assets) used or previously used for the purposes of a business,
which are part of the settled property.
3 An individual is a qualifying beneficiary if the individual has, under the settlement, an interest in possession (otherwise than for a fixed term) in—
a the whole of the settled property, or
b a part of it which consists of or includes the settlement business assets disposed of.
4 In relation to a disposal of settlement business assets within paragraph (a) of subsection (2) the relevant condition is that, throughout a period of 2 years ending not earlier than 3 years before the date of the disposal—
a the company is the qualifying beneficiary's personal company and is either a trading company or the holding company of a trading group, and
b the qualifying beneficiary is an officer or employee of the company or (if the company is a member of a group of companies) of one or more companies which are members of the trading group.
5 In relation to a disposal of settlement business assets within paragraph (b) of that subsection, the relevant condition is that—
a the settlement business assets are used for the purposes of the business carried on by the qualifying beneficiary throughout the period of 2 years ending not earlier than 3 years before the date of the disposal, and
b the qualifying beneficiary ceases to carry on the business on the date of the disposal or within the period of three years before that date.
6 In subsection (5)—
a the reference to a business carried on by the qualifying beneficiary includes a business carried on by a partnership of which the qualifying beneficiary is a member, and
b the reference to the qualifying beneficiary ceasing to carry on the business includes the qualifying beneficiary ceasing to be a member of the partnership or the partnership ceasing to carry on the business.

169K Disposal associated with relevant material disposal

1 There is a disposal associated with a relevant material disposal if—
a condition A1, A1A, A2 or A3 is met, and
b conditions B, C and D are met.
1A Condition A1 is that an individual (“P”) makes a material disposal of business assets which consists of the disposal of the whole or part of P's interest in the assets of a partnership, and—
a P's disposed of interest is at least a 5% interest in the partnership's assets, and
b at the date of the disposal, no partnership purchase arrangements exist.
1AA Condition A1A is that P makes a material disposal of business assets which consists of the disposal of the whole of P's interest in the assets of a partnership, and—
a that interest is an interest of less than 5%,
b P holds at least a 5% interest in the partnership's assets throughout a continuous period of at least 3 years in the 8 years ending with the date of the disposal, and
c at the date of the disposal, no partnership purchase arrangements exist.
1AB Subject to subsection (6A), for the purposes of conditions A1 and A1A, in relation to the disposal of an interest in the assets of a partnership, “partnership purchase arrangements” means arrangements (other than the material disposal itself) under which P or a person connected with P is entitled to acquire any interest in, or increase that person's interest in, the partnership (including a share of the profits or assets of the partnership or an interest in such a share).
1B Condition A2 is that P makes a material disposal of business assets which consists of the disposal of shares in a company, all or some of which are ordinary shares, and at the date of the disposal—
a the ordinary shares disposed of constitute at least 5% of the company's ordinary share capital and are shares in the individual's personal company (and section 169S(3A)(a) to (c) apply here but as if the reference to the final day of the period mentioned in section 169S(3A)(a) were to the date of the disposal), and
b no share purchase arrangements exist.
1C But condition A2 is not met if the disposal of shares is a disposal by virtue of section 122, other than such a disposal treated as made in consideration of a capital distribution from a company which is made in the course of dissolving or winding up the company.
1D Condition A3 is that P makes a material disposal of business assets which consists of the disposal of securities of a company, and at the date of the disposal—
a the securities disposed of constitute at least 5% of the value of the securities of the company, and
b no share purchase arrangements exist.
1E Subject to subsection (6A), For the purposes of conditions A2 and A3, in relation to the disposal of shares in or securities of a company (“company A”), “share purchase arrangements” means arrangements (other than the material disposal itself) under which P or a person connected with P is entitled to acquire shares in or securities of—
a company A, or
b a company which is a member of a trading group of which company A is a member.
2 For the purposes of subsection (1E)(b), a company is treated as a member of a trading group of which company A is a member if, at the date of the disposal mentioned in condition A2 or A3, arrangements exist which it is reasonable to assume will result in the company and company A becoming members of the same trading group.
3 Condition B is that P makes the disposal as part of P's withdrawal from participation in the business carried on by the partnership or by the company or (if the company is a member of a trading group) a company which is a member of the trading group.
3A The disposal mentioned in condition B is not treated as part of P's withdrawal from participation in the business carried on by a partnership if at the date of that disposal there exist any partnership purchase arrangements.
3AA Subject to subsection (6A), for the purposes of condition B, in relation to a disposal mentioned in that condition and a partnership, “partnership purchase arrangements” means arrangements under which P or a person connected with P is entitled to acquire any interest in, or increase that person's interest in, the partnership (including a share of the profits or assets of the partnership or an interest in such a share), but does not include any arrangements in connection with a material disposal in relation to which condition A1 or A1A is met.
3B The disposal mentioned in condition B is not treated as part of P's withdrawal from participation in the business carried on by a company (“company A”) if at the date of that disposal there exist any share purchase arrangements.
3BA Subject to subsection (6A), for the purposes of condition B, in relation to a disposal mentioned in that condition and company A, “share purchase arrangements” means arrangements under which P or a person connected with P is entitled to acquire shares in or securities of—
a company A, or
b a company which is a member of a trading group of which company A is a member,
but does not include any arrangements in connection with a material disposal in relation to which condition A2 or A3 is met.
3C For the purposes of subsection (3BA)(b), a company is treated as a member of a trading group of which company A is a member if, at the date of the disposal mentioned in condition B, arrangements exist which it is reasonable to assume will result in the company and company A becoming members of the same trading group.
4 Condition C is that, throughout the period of 2 years ending with the earlier of—
a the date of the material disposal of business assets, and
b the cessation of the business of the partnership or company,
the assets which (or interests in which) are disposed of are in use for the purposes of the business.
4A Condition D is that the disposal mentioned in condition B is of an asset which P owns throughout the period of 3 years ending with the date of that disposal.
5 For the purposes of this Chapter the disposal mentioned in Condition B is the disposal associated with a relevant material disposal.
F23496 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6A For the purposes of this section, in relation to a material disposal of business assets and a disposal mentioned in condition B, arrangements are not partnership purchase arrangements or share purchase arrangements if they were made before both disposals and without regard to either of them.
7 In this section—
  • “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
  • “securities” includes an interest in securities, and an “interest in securities” includes (in particular) an option to acquire securities;
  • “shares” includes an interest in shares, and an “interest in shares” includes (in particular) an option to acquire shares.
8 For the purposes of this section, a person is treated as entitled to acquire anything which the person—
a is entitled to acquire at a future date, or
b will at a future date be entitled to acquire.
9 For the purposes of this section the assets of—
a a Scottish partnership, or
b a partnership under the law of any other country or territory under which assets of a partnership are regarded as held by or on behalf of the partnership as such,
are to be treated as held by the members of the partnership in the proportions in which they are entitled to share in the capital profits of the partnership.References in this section to an individual's interest in the partnership's assets are to be construed accordingly.

169L Relevant business assets

1 If a qualifying business disposal is one which does not consist of the disposal of (or of interests in) shares in or securities of a company, business asset disposal relief is given only in respect of the disposal of relevant business assets comprised in the qualifying business disposal.
2 In this Chapter “relevant business assets” means assets (including, subject to section 169LA, goodwill) which are, or are interests in, assets to which subsection (3) applies, other than excluded assets (see subsection (4) below).
3 This subsection applies to assets which—
a in the case of a material disposal of business assets, are assets used for the purposes of a business carried on by the individual or a partnership of which the individual is a member,
b in the case of a disposal of trust business assets, are assets used for the purposes of a business carried on by the qualifying beneficiary or a partnership of which the qualifying beneficiary is a member, or
c in the case of a disposal associated with a relevant material disposal, are assets used for the purposes of a business carried on by the partnership or company.
4 The following are excluded assets—
a shares and securities, and
b assets, other than shares or securities, which are held as investments.

169LA Relevant business assets: goodwill transferred to a close company

1 Subject to subsection (1A), subsection (4) applies if—
a as part of a qualifying business disposal, a person (“P”) disposes of goodwill directly or indirectly to a close company (“C”), and
b immediately after the disposal, P meets any of the personal company conditions in the case of C or any company which is a member of a group of companies of which C is a member.
1ZA For the purposes of subsection (1)(b)—
a the reference to the personal company conditions is a reference to any of the conditions in 169S(3)(a), (b), (c)(i) or (ii), and
b P is taken to have all the rights and interests of any relevant connected person.
1ZB For the purposes of subsection (1ZA)—
a section 169S(3) is treated as having effect with the omission of the references to “by virtue of that holding”,
b section 169S(3A)(a) and (b) are to apply for the purposes of section 169S(3)(c)(ii) but as if the reference to the final day of the period mentioned in section 169S(3A)(a) were to the time immediately after the disposal, and
c the condition in section 169S(3)(c)(i) is to be read as containing two separate conditions (one relating to profits and the other relating to assets).
1A Where—
a subsection (1)(b) applies by virtue of P's ownership, or any relevant connected person's ownership, of C's ordinary share capital, and
b the conditions mentioned in subsection (1B) are met,
subsection (4) does not apply.
1B The conditions referred to in subsection (1A)(b) are—
a P and any relevant connected person dispose of C's ordinary share capital to another company (“A”) such that, immediately before the end of the relevant period, neither P nor any relevant connected person own any of C's ordinary share capital, and
b where A is a close company, immediately before the end of the relevant period—
i P and any relevant connected person together own less than 5% of the ordinary share capital of A or of any company which is a member of a group of companies of which A is a member, and
ii P and any relevant connected person together hold less than 5% of the voting rights in A or in any company which is a member of a group of companies of which A is a member.
1C In subsection (1B) “the relevant period” means the period of 28 days beginning with the date of the qualifying business disposal, or such longer period as the Commissioners for Her Majesty's Revenue and Customs may by notice allow.
F2392 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F2393 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 For the purposes of this Chapter, the goodwill is not one of the relevant business assets comprised in the qualifying business disposal.
5 If a company—
a is not resident in the United Kingdom, but
b would be a close company if it were resident in the United Kingdom,
the company is to be treated as being a close company for the purposes of this section F290... .
6 If a person—
a disposes of goodwill as part of a qualifying business disposal, and
b is party to relevant avoidance arrangements,
subsection (4) applies (if it would not otherwise do so).
7 In subsection (6) “relevant avoidance arrangements” means arrangements the main purpose, or one of the main purposes, of which is to secure—
a that subsection (4) does not apply in relation to the goodwill, F462...
F462b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 In this section—
  • “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable);
  • “group” is to be construed in accordance with section 170;
  • “relevant connected person” means—
    1. a company connected with P, and
    2. trustees connected with P.

169M Relief to be claimed

1 Business asset disposal relief is to be given only on the making of a claim.
C2912 A claim for business asset disposal relief in respect of a qualifying business disposal must be made—
a in the case of a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and
b otherwise, by the individual.
C2913 A claim for business asset disposal relief in respect of a qualifying business disposal must be made on or before the first anniversary of the 31 January following the tax year in which the qualifying business disposal is made.
4 A claim for business asset disposal relief in respect of a qualifying business disposal may only be made if the amount resulting under section 169N(1) is a positive amount.

169N Amount of relief: general

1 Where a claim is made in respect of a qualifying business disposal—
a the relevant gains (see subsection (5)) are to be aggregated, and
b any relevant losses (see subsection (6)) are to be aggregated and deducted from the aggregate arrived at under paragraph (a).
2 The resulting amount is to be treated for the purposes of this Act as a chargeable gain accruing at the time of the disposal to the individual or trustees by whom the claim is made.
3 The rate of capital gains tax in respect of that gain is 18%, but this is subject to subsections (4) to (4B).
4 Subsections (4A) and (4B) apply if the aggregate of—
a the gain mentioned in subsection (2), and
b the total of so much of each amount resulting under subsection (1) by virtue of its operation in relation to earlier relevant qualifying business disposals (if any) as was—
i charged at the rate in subsection (3), or
ii subject to reduction under subsection (2) of this section as originally enacted,
exceeds £1 million..
4A The rate in subsection (3) is to apply only to so much (if any) of the gain mentioned in subsection (2) as (when added to the total mentioned in subsection (4)(b)) does not exceed £1 million.
4B Section 1H (rates of capital gains tax) is to apply to so much of the gain mentioned in subsection (2) as is not subject to the rate in subsection (3).
5 In subsection (1)(a) “relevant gains” means—
a if the qualifying business disposal is of (or of interests in) shares in or securities of a company (or both), the gains accruing on the disposal (computed in accordance with the provisions of this Act fixing the amount of chargeable gains), and
b otherwise, the gains accruing on the disposal of any relevant business assets comprised in the qualifying business disposal (so computed).
6 In subsection (1)(b) “relevant losses” means—
a if the qualifying business disposal is of (or of interests in) shares in or securities of a company (or both), any losses accruing on the disposal (computed in accordance with the provisions of this Act fixing the amount of allowable losses, on the assumption that notice has been given under section 16(2A) in respect of them), and
b otherwise, any losses accruing on the disposal of any relevant business assets comprised in the qualifying business disposal (so computed, on that assumption).
7 In subsection (4) “earlier relevant qualifying business disposals” means—
a where the qualifying business disposal is made by an individual, earlier qualifying business disposals made by the individual and earlier disposals of trust business assets in respect of which the individual is the qualifying beneficiary, and
b where the qualifying business disposal is a disposal of trust business assets in respect of which an individual is the qualifying beneficiary, earlier disposals of trust business assets in respect of which that individual is the qualifying beneficiary and earlier qualifying business disposals made by that individual.
8 If, on the same day, there is both a disposal of trust business assets in respect of which an individual is the qualifying beneficiary and a qualifying business disposal by the individual, this section applies as if the disposal of trust business assets were later.
9 Any gain or loss taken into account under subsection (1) is not to be taken into account under this Act as a chargeable gain or an allowable loss.

169O Amount of relief: special provisions for certain trust disposals

1 This section applies where, on a disposal of trust business assets, there is (in addition to the qualifying beneficiary) at least one other beneficiary who, at the material time, has an interest in possession in—
a the whole of the settled property, or
b a part of it which consists of or includes the shares or securities (or interests in shares or securities) or assets (or interests in assets) disposed of.
2 Only the relevant proportion of the amount which would otherwise result under subsection (1) of section 169N is to be treated as so resulting.
3 And the balance of that amount, F282... , is accordingly a chargeable gain for the purposes of this Act.
4 For the purposes of this section “the relevant proportion” of an amount is the same proportion of the amount as that which, at the material time—
a the qualifying beneficiary's interest in the income of the part of the settled property comprising the shares or securities (or interests in shares or securities) or assets (or interests in assets) disposed of, bears to
b the interests in that income of all the beneficiaries (including the qualifying beneficiary) who then have interests in possession in that part of the settled property.
5 In subsection (4) “the qualifying beneficiary's interest” means the interest by virtue of which he is the qualifying beneficiary (and not any other interest the qualifying beneficiary may have).
6 In this section “the material time” means the end of the latest period of 2 years which ends not earlier than 3 years before the date of the disposal and—
a in the case of a disposal of settlement business assets within paragraph (a) of subsection (2) of section 169J, throughout which the conditions in paragraphs (a) and (b) of subsection (4) of that section are met, and
b in the case of a disposal of settlement business assets within paragraph (b) of subsection (2) of that section, throughout which the business is carried on by the qualifying beneficiary.

169P Amount of relief: special provision for certain associated disposals

1 This section applies where, on a disposal associated with a relevant material disposal, any of the conditions in subsection (4) is met.
2 Only such part of the amount which would otherwise result under subsection (1) of section 169N as is just and reasonable is to be treated as so resulting.
3 And the balance of that amount, F1902... , is accordingly a chargeable gain for the purposes of this Act.
4 The conditions referred to in subsection (1) are—
a that the assets which (or interests in which) are disposed of are in use for the purposes of the business for only part of the period in which they are in the ownership of the individual,
b that only part of the assets which (or interests in which) are disposed of are in use for the purposes of the business for that period,
c that the individual is concerned in the carrying on of the business (whether personally, as a member of a partnership or as an officer or employee of a company which is the individual's personal company) for only part of the period in which the assets which (or interests in which) are disposed of are in use for the purposes of the business, and
d that, for the whole or any part of the period for which the assets which (or interests in which) are disposed of are in use for the purposes of the business, their availability is dependent on the payment of rent.
5 In determining how much of an amount it is just and reasonable to bring into account under subsection (2) regard is to be had to—
a in a case within paragraph (a) of subsection (4), the length of the period for which the assets are in use as mentioned in that paragraph,
b in a case within paragraph (b) of that subsection, the part of the assets that are in use as mentioned in that paragraph,
c in a case within paragraph (c) of that subsection, the length of the period for which the individual is concerned in the carrying on of the business as mentioned in that paragraph, and
d in a case within paragraph (d) of that subsection, the extent to which any rent paid is less than the amount which would be payable in the open market for the use of the assets.

C107C178C436169Q Reorganisations: disapplication of section 127

1 This section applies where—
a there is a reorganisation (within the meaning of section 126), and
b the original shares and the new holding (within the meaning of that section) would fall to be treated by virtue of section 127 as the same asset.
2 If an election is made under this section, a claim for business asset disposal relief may be made as if the reorganisation involved a disposal of the original shares; and if such a claim is made section 127 does not apply.
3 An election under this section must be made—
a if the reorganisation would (apart from section 127) involve a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and
b otherwise, by the individual.
4 An election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the reorganisation takes place.
5 The references in this section to a reorganisation (within the meaning of section 126) includes an exchange of shares or securities which is treated as such a reorganisation by virtue of section 135 or 136.

169R Reorganisations involving acquisition of qualifying corporate bonds

1 This section applies where the calculation under section 116(10)(a) would (apart from this section) have effect to produce a chargeable gain for an individual by reason of a relevant transaction.
2 If an election is made under this section, a claim for business asset disposal relief may be made as if the relevant transaction involved a disposal of the old asset; and if such a claim is made section 116(10) does not apply.
3 An election under this section must be made—
a if the relevant transaction, so far as it relates to the old asset, would (apart from section 116(10)) involve a disposal of trust business assets, jointly by the trustees and the qualifying beneficiary, and
b otherwise, by the individual.
4 An election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the relevant transaction takes place.
5 In this section, “old asset” and “relevant transaction” have the meaning given by section 116.

169S Interpretation of Chapter

1 For the purposes of this Chapter “a business” means anything which—
a is a trade, profession or vocation, and
b is conducted on a commercial basis and with a view to the realisation of profits.
2 References in this Chapter to a disposal of an interest in shares in a company include a disposal of an interest in shares treated as made by virtue of section 122.
3 For the purposes of this Chapter a company is a “personal company” in relation to an individual if—
a the individual holds at least 5% of the ordinary share capital of the company,
b by virtue of that holding, at least 5% of the voting rights in the company are exercisable by the individual, and
c either or both of the following conditions are met—
i by virtue of that holding, the individual is beneficially entitled to at least 5% of the profits available for distribution to equity holders and, on a winding up, would be beneficially entitled to at least 5% of assets so available, or
ii in the event of a disposal of the whole of the ordinary share capital of the company, the individual would be beneficially entitled to at least 5% of the proceeds.
3A In determining whether subsection (3)(c)(ii) applies for the purposes of any provision of this Chapter under which a question arises as to whether or not a company is the individual's personal company at any time in a particular period —
a it is to be assumed that (so far as this is not otherwise the case) the whole of the ordinary share capital is disposed of at that time for a consideration equal to its market value on the final day of the period,
b it is to be assumed that the amount of the proceeds to which the individual would be beneficially entitled at that time is the amount of the proceeds to which, having regard to all the circumstances as they existed at that time, it would be reasonable to expect the person to be beneficially entitled, and
c the effect of any avoidance arrangements is to be ignored.
3B For the purposes of subsection (3A)(c)—
a arrangements are “avoidance arrangements” if the main purpose of, or one of the main purposes of, the arrangements is to secure that any provision of this Chapter applies or does not apply, and
b “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
3C For the purposes of subsection (3) if the individual holds any shares in the company jointly with one or more other persons, the individual is to be treated as the sole holder of so many of them as is proportionate to the value of the individual's share (and references in subsection (3) to the exercise of voting rights or beneficial entitlement are to be read accordingly).
3D A modified version of Chapter 6 of Part 5 of CTA 2010 (group relief: equity holders and profits or assets available for distribution) applies for the purposes of subsection (3) reading references to company A as references to the individual.
3E The reference here to a modified version of Chapter 6 of Part 5 of CTA 2010 is to the provisions of that Chapter having effect as if—
a for the purposes of section 158(1)(b), a person carrying on a business of banking were not a loan creditor of a company in respect of any loan capital or debt issued or incurred by the company for money lent by the person to the company in the ordinary course of that business,
b sections 171(1)(b) and (3), 173, 174 and 176 to 181 were omitted, and
c any modifications were made as are necessary for the purpose of applying that Chapter as if the individual were company A.
5 In this Chapter—
  • “disposal associated with a relevant material disposal” has the meaning given by section 169K,
  • “disposal of business assets” has the meaning given by section 169I(2),
  • “disposal of trust business assets” has the meaning given by section 169J,
  • “employment” has the meaning given by section 4 of ITEPA 2003,
  • “business asset disposal relief” has the meaning given by section 169H(1),
  • “holding company” has the same meaning as in section 165 (see section 165A),
  • “material disposal of business assets” has the meaning given by section 169I,
  • “office” has the meaning given by section 5(3) of ITEPA 2003,
  • “ordinary share capital” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007),
  • “qualifying business disposal” has the meaning given by section 169H(2),
  • “relevant business asset” has the meaning given by section 169L,
  • “rent”, in relation to an asset, includes any form of consideration given for the use of the asset,
  • “securities”, in relation to a company, includes any debentures of the company which are deemed by subsection (6) of section 251 to be securities for the purposes of that section,
  • “settlement business assets” has the meaning given by section 169J(2),
  • “trade” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007), F2177...
  • F2177. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

169SA Meaning of “trading company” and “trading group”

Schedule 7ZA gives the meaning in this Chapter 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

This Chapter makes provision about an individual claiming business asset disposal relief in certain cases where relief would otherwise become unavailable because of a company ceasing to be the individual's personal company.

169SC Election by individual where company ceases to be personal company

1 If the following conditions are met, an individual may elect for this section to have effect.
2 The first condition is that, as a result of a relevant share issue, the company ceases to be the individual's personal company.
3 The second condition is that—
a if, immediately before the relevant share issue, the individual had made a disposal at their relevant value of all assets consisting of shares in or securities of the company, the disposal would have been a material disposal of business assets, and
b if a claim for business asset disposal relief had been made in respect of that disposal, a chargeable gain would have been treated by section 169N(2) as accruing to the individual.
4 Where this section has effect, the individual is to be treated for the purposes of this Act—
a as having made a disposal immediately before the relevant share issue of all assets consisting of shares in or securities of the company, and
b immediately after that event, as having reacquired those assets,
at their relevant value.
5 In this section—
  • “material disposal of business assets” and “personal company” have the same meanings as in Chapter 3 (see section 169S),
  • “relevant share issue” means an issue of shares by the company where—
    1. the shares are issued by the company for consideration consisting wholly of cash, and
    2. the shares are subscribed, and issued, for genuine commercial reasons and not as part of arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage to any person, and
  • “relevant value” means—
    1. in relation to an asset consisting of shares, an amount equal to the consideration that would be apportioned to the asset if, immediately before the relevant share issue, the whole of the issued share capital of the company were sold for a consideration equal to its market value at that time, or
    2. in relation to any other asset, its market value at the time of the relevant share issue.
6 For the purposes of the definition of “relevant share issue” in subsection (5)—
  • “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable), and
  • “tax advantage” means—
    1. relief or increased relief from tax,
    2. repayment or increased repayment of tax,
    3. the avoidance or reduction of a charge to tax or an assessment to tax, or
    4. the avoidance of a possible assessment to tax,
    and for the purposes of this definition “tax” means capital gains tax, corporation tax or income tax.
7 In this Chapter—
a references to “the notional disposal” are references to the disposal mentioned in subsection (4)(a),
b references to “the notional gain” are references to the chargeable gain mentioned in subsection (3)(b), and
c references to shares in or securities of a company include references to interests in such shares or securities.

169SD Supplementary election to defer gains until subsequent disposal

1 An individual who makes an election under section 169SC may also elect that, for the purposes of this Act—
a no chargeable gain or allowable loss is to be treated as accruing to the individual on the notional disposal, but
b a chargeable gain calculated in accordance with this section is to be treated as accruing to the individual on any subsequent disposal by the individual of one or more assets consisting of shares in or securities of the company (in addition to any gain or loss that actually accrues on that disposal).
2 The chargeable gain treated as accruing to the individual on a subsequent disposal is the amount resulting from the following steps—
  • Step 1 Attribute the notional gain to each of the classes of shares in or securities of the company which are the subject of the notional disposal. The attribution must be made, in relation to each class, by reference to the proportion that—
    1. the relevant gains (see section 169N(5)) accruing on the notional disposal in respect of shares or securities within each class bears to
    2. the total amount of relevant gains accruing on the notional disposal.
  • Step 2 Apportion the amount attributed to each class under Step 1 to the shares or securities of that class which are the subject of the subsequent disposal. The apportionment must be by reference to the proportion that—
    1. the nominal value of the shares or securities of that class which are the subject of the subsequent disposal bears to
    2. the nominal value of shares or securities of that class which are the subject of the notional disposal.
  • Step 3 The amount resulting from these steps is—
    1. the total of the amounts apportioned to shares or securities under Step 2, but
    2. excluding, in relation to each class of shares or securities, so much of those amounts as would, together with any chargeable gains treated by this section as accruing on previous disposals of shares or securities of that class, exceed the amount attributed to that class under Step 1.
3 If the subsequent disposal is a disposal by virtue of section 122, the nominal value of shares of a particular class which are the subject of that disposal is to be treated for the purposes of Step 2 of subsection (2) as being equal to the nominal value of shares of that class as are the subject of the notional disposal.

169SE Application of section 169SD where section 116 applies

1 This section has effect in any case where a transaction occurs to which section 116 (reorganisations, conversions and reconstructions) applies.
2 If sections 116(10)(b) and 169SD(1)(b) have effect in relation to a subsequent disposal of the new asset—
a there must be calculated the chargeable gain that would have been treated by section 169SD(1)(b) as accruing to the individual if, at the time of the relevant transaction, the old asset had been disposed of immediately before that transaction,
b the whole or a corresponding part of the chargeable gain mentioned in paragraph (a) is to be treated as accruing on the subsequent disposal of the whole or part of the new asset (in addition to any gain or loss that actually accrues on that disposal and any chargeable gain treated by section 116(10)(b) as accruing on that disposal), and
c on that subsequent disposal, section 115 (exemptions for gilt-edged securities and qualifying corporate bonds) has effect only in relation to any gain that actually accrues and not in relation to any gain which is treated as accruing by virtue of paragraph (b).
3 In subsection (2) “the new asset”, “the old asset” and “the relevant transaction” have the same meanings as in section 116.

169SF Application of section 169SD where sections 127 to 130 apply

1 This section has effect in any case where a transaction occurs to which sections 127 to 130 (treatment of share capital following a reorganisation) apply by virtue of any provision of Chapter 2 of Part 4.
2 If a gain is treated by section 169SD(1)(b) as accruing on a subsequent disposal of the new holding and it is necessary to apportion the gain between shares or securities forming part of that new holding, the apportionment must be made in the same proportions as those in which the costs of acquisition of the original shares fall to be apportioned under the provisions of that Chapter.
3 If subsection (3) of section 128 (consideration given or received by holder) has effect in relation to an individual, the individual is treated for the purposes of section 169SD as making the disposal of the interest in the original shares mentioned in that subsection.
4 In this section “the new holding” and “the original shares” have the same meanings as in sections 127 to 130 (see section 126).

169SG Elections under sections 169SC and 169SD

1 An election under section 169SC or 169SD is irrevocable.
2 An election under section 169SC must be made on or before the first anniversary of the 31 January following the tax year in which the notional disposal is made (“the relevant tax year”).
3 An election under section 169SD may not be made more than 4 years after the end of the relevant tax year.
4 If—
a an individual makes an election under both sections 169SC and 169SD, and
b a tax return under the Management Act would not otherwise be required for the relevant tax year,
the individual may make the elections by giving notice on or before the first anniversary of the 31 January following the relevant tax year.

169SH Claims for relief in respect of subsequent disposals

1 Where, as a result of an election under section 169SD, a chargeable gain is to be treated as accruing on a subsequent disposal, the following rules have effect.
2 The individual making the subsequent disposal must make a claim for business asset disposal relief on or before the first anniversary of the 31 January following the first tax year in which, as a result of the election, the chargeable gain is to be treated as accruing.
3 The chargeable gain is to be treated for the purposes of section 169N as the amount resulting from a calculation under subsection (1) of that carried out when that chargeable gain accrues and because of the claim mentioned in subsection (2).
4 If the chargeable gain is a part only of the notional gain, each chargeable gain that subsequently accrues is to be treated for the purposes of section 169N as the amount resulting from a calculation under subsection (1) of that section carried out when that chargeable gain arises and because of the claim mentioned in subsection (2).
5 In relation to the claim for business asset disposal relief in respect of the chargeable gain, the company is to be treated for the purposes of condition A in section 169I(6) as if it were, throughout the period of 2 years ending with the date of the subsequent disposal, the individual's personal company.

Chapter 4  business asset disposal relief where held-over gains become chargeable

169T Overview of Chapter

This Chapter makes provision about claiming business asset disposal relief in certain cases where, in relation to held-over gains that originally arose on a business disposal, there is a chargeable event for the purposes of Schedule 5B or 8B (relief for gains invested under the enterprise investment scheme or in social enterprises).

169U Eligibility conditions for deferred business asset disposal relief

1 Section 169V applies if, ignoring the operation of section 169V(2)(b), each of the following conditions is met.
2 The first condition is that a chargeable gain (“the first eventual gain”) accrues as a result of the operation of—
  • paragraph 4 of Schedule 5B (enterprise investment scheme), or
  • paragraph 5 of Schedule 8B (investments in social enterprises).
3 If the first condition is met, the paragraph and Schedule mentioned in subsection (2) that apply in the case are referred to in this section, and section 169V, as “the relevant paragraph” and “the applicable Schedule”.
4 The second condition is—
a that the first eventual gain accrues in a case in which the original gain would, but for the operation of the applicable Schedule, have accrued on a relevant business disposal, or
b where the first eventual gain accrues in a case in which the original gain would, but for the operation of the applicable Schedule, have accrued as a result of the operation of either of the paragraphs mentioned in subsection (2), that the underlying disposal is a relevant business disposal.
5 The third condition is that a claim for business asset disposal relief in respect of the first eventual gain is made, on or before the first anniversary of the 31 January following the tax year in which the first eventual gain accrues, by the individual who made the disposal mentioned in subsection (4)(a) or (b).
6 The fourth condition is that the first eventual gain is the first gain to accrue in the case as a result of the operation of the relevant paragraph.
7 In subsection (4) “the underlying disposal” means the disposal (not being a disposal within paragraph 3 of Schedule 5B or paragraph 6 of Schedule 8B) by virtue of which Schedule 5B or 8B has effect.
8 For the purposes of subsection (4), whether the disposal on which the original gain would have accrued is a relevant business disposal, or whether the underlying disposal is a relevant business disposal, is to be decided according to the law applicable to disposals made at the time the disposal was made.
9 In this section—
  • “the original gain”, in relation to a particular case, has the same meaning as in the applicable Schedule,
  • “relevant business asset” has the meaning given by section 169L, and
  • “relevant business disposal” means—
    1. a disposal—
      1. within section 169H(2)(a) or (c) (qualifying business disposals), and
      2. consisting of the disposal of (or of interests in) shares in or securities of a company, or
    2. a disposal of relevant business assets which is comprised in a disposal—
      1. within section 169H(2)(a) or (c), and
      2. not consisting of the disposal of (or of interests in) shares in or securities of a company.

169V Operation of deferred business asset disposal relief

1 Where this section applies, the following rules have effect.
2 The gain mentioned in section 169U(2) (“the first eventual gain”)—
a is treated for relevant purposes as the amount resulting from a calculation under section 169N(1) carried out—
i in respect of a qualifying business disposal made when the first eventual gain accrues, and
ii because of the claim mentioned in section 169U(5), and
b except for relevant purposes, is not to be taken into account under this Act as a chargeable gain.
3 If the first eventual gain is a part only of the original gain in the case concerned, each part of the original gain that subsequently accrues as a chargeable gain as a result of the operation of the relevant paragraph—
a is treated for relevant purposes as the amount resulting from a calculation under section 169N(1) carried out—
i in respect of a qualifying business disposal made when that chargeable gain so accrues, and
ii because of the claim mentioned in section 169U(5), and
b except for relevant purposes, is not to be taken into account under this Act as a chargeable gain.
4 If the disposal mentioned in paragraph (a) or (b) of section 169U(4) is a disposal within section 169H(2)(c) (qualifying business disposal: disposal associated with a relevant material disposal)—
a a disposal mentioned in subsection (2) or (3) of this section is treated for the purposes of section 169P(1) as a disposal associated with a relevant material disposal, but
b section 169P applies in relation to that disposal as if the disposal referred to in section 169P(4) were the disposal mentioned in section 169U(4)(a) or (b).
5 In this section “relevant purposes” means the purposes of—
a section 169N(2) to (4B), (7) and (8), and
b section 169P.

Chapter 5 Investors' relief

Overview

169VA Overview of Chapter

1 This Chapter provides for a relief, in the form of a lower rate of capital gains tax, in respect of disposals of (and disposals of interests in) certain ordinary shares in unlisted companies.
2 Section 169VB defines “qualifying shares”, “potentially qualifying shares” and “excluded shares”.
3 Section 169VC creates the relief, and relief under that section is to be known as “investors' relief”.
4 Section 169VD makes provision about disposals from holdings consisting partly of qualifying shares.
5 Sections 169VE to 169VG contain rules for cases where there have been previous disposals from a holding, to determine which shares remain in the holding.
6 Sections 169VH and 169VI make provision about disposals by trustees of a settlement.
7 Section 169VJ makes provision about disposals of interests in shares.
8 Sections 169VK and 169VL provide for a cap on the amount of investors' relief that can be claimed.
9 Section 169VM makes provision about claims for investors' relief.
10 Sections 169VN to 169VT make provision about how investors' relief applies following a company's reorganisation of its share capital, an exchange of shares or securities or a scheme of reconstruction.
11 Sections 169VU to 169VY contain definitions for the purposes of this Chapter.

Qualifying shares

169VB Qualifying shares, potentially qualifying shares and excluded shares

1 Where there is a disposal of all or part of (or of an interest in) a holding of shares in a company, this section applies to determine whether a share which is in the holding at the time immediately before the disposal (“the relevant time”) is for the purposes of this Chapter—
a a qualifying share,
b a potentially qualifying share, or
c an excluded share.
2 The share is a “qualifying share” at the relevant time if—
a the share was subscribed for, within the meaning given by section 169VU, by the person making the disposal (“the investor”),
b the investor has held the share continuously for the period beginning with the issue of the share and ending with the relevant time (“the share-holding period”),
c the share was issued on or after 17 March 2016,
d at the time the share was issued, none of the shares or securities of the company that issued it were listed on a recognised stock exchange,
e the share was an ordinary share when issued and is an ordinary share at the relevant time,
f the company that issued the share—
i was a trading company or the holding company of a trading group (as defined by section 169VV) when the share was issued, and
ii has been so throughout the share-holding period,
g at no time in the share-holding period was the investor or a person connected with the investor a relevant employee in respect of that company (within the meaning given by section 169VW), and
h the period beginning with the date the share was issued and ending with the date of the disposal is at least 3 years.
3 The share is a “potentially qualifying share” at the relevant time if—
a the conditions in subsection (2)(a) to (g) are met, but
b the period beginning with the date the share was issued and ending with the date of the disposal is less than 3 years.
4 The share is an “excluded share” at the relevant time if it is, at that time—
a not a qualifying share, and
b not a potentially qualifying share.
5 This section is subject to Schedule 7ZB (disqualification of share where value received by investor).
6 In relation to a share issued on or after 17 March 2016 but before 6 April 2016, any reference in subsection (2)(h) or (3) to “3 years” is to be read as a reference to the minimum period.
7 In subsection (6) “the minimum period” means the period of 3 years extended by a period equal in length to the period beginning with the date the share was issued and ending with 5 April 2016.

The relief

169VC Investors' relief

1 This section applies where—
a a qualifying person disposes of a holding, or part of a holding, of shares in a company, and
b immediately before that disposal some or all of the shares in the holding are qualifying shares.
2 If—
a a chargeable gain accrues to the qualifying person on the disposal, and
b a claim for relief under this section is made,
the rate of capital gains tax in respect of the relevant gain is 18%.
3 In subsection (2) “the relevant gain” means—
a where immediately before the disposal all the shares in the holding are qualifying shares, the chargeable gain on the disposal;
b where at that time only some of the shares in the holding are qualifying shares, the appropriate part of that chargeable gain (defined by section 169VD).
4 In this section—
a subsection (1) is subject to section 169VH (disposals by trustees of a settlement: further conditions for relief), and
b subsection (2) is subject to—
  • section 169VI (reduction of relief for certain disposals by trustees of a settlement), and
  • sections 169VK and 169VL (cap on investors' relief).
5 A reference in subsection (3) to the chargeable gain on the disposal, or to the appropriate part of that gain, is a reference to that chargeable gain, or (as the case may be) that part, after any deduction of allowable losses which is made in accordance with this Act from that chargeable gain or from that part.
6 For the application of this section to disposals of interests in shares, see section 169VJ.
7 In this Chapter a “qualifying person” means—
a an individual, or
b the trustees of a settlement.

169VD Disposal where holding consists partly of qualifying shares

1 This section applies where—
a a disposal (“the disposal concerned”) is made as mentioned in section 169VC(1), and
b at the time immediately before the disposal, only some of the shares in the holding are qualifying shares.
2 Where this section applies, for the purposes of section 169VC(3) “the appropriate part” of the chargeable gain on the disposal is so much of that chargeable gain as is found by multiplying it by the appropriate fraction.
3 The appropriate fraction is—
Q T
where—
Q is the number of qualifying shares found under subsection (4), and
T is the total number of shares disposed of in the disposal concerned.
4 The number of qualifying shares found under this subsection is—
a all the qualifying shares in the holding at the time immediately before the disposal concerned, or
b if less, such number of those qualifying shares as equals the number of shares disposed of in that disposal.

169VE Which shares are in holding immediately before disposal

1 This section applies where—
a a particular disposal is made as mentioned in section 169VC(1)(a) (“the current disposal”),
b there have been one or more previous disposals of shares from the holding mentioned in section 169VC(1) before the current disposal, and
c it is necessary to determine for the purposes of this Chapter which shares are to be treated as in the holding immediately before the current disposal (and, accordingly, which shares are to be treated as having been disposed of in those previous disposals).
2 In the case of a previous disposal as regards which investors' relief has been claimed or is being claimed, the shares to be treated as disposed of in that previous disposal are to be determined in accordance with the rules in section 169VF.
3 In the case of a previous disposal not falling within subsection (2), the shares to be treated as disposed of in that previous disposal are to be determined in accordance with the rules in section 169VG.

169VF Shares treated as disposed of in previous disposal where claim made

1 The rules referred to in section 169VE(2) are as follows; and in this section “the disposal concerned” means the previous disposal mentioned in section 169VE(2).
2 There are to be treated as having been disposed of in the disposal concerned—
a all the qualifying shares in the holding at the time immediately before that disposal (“the material time”), or
b if less, such number of those qualifying shares as equals the number of shares disposed of in that disposal.
3 If—
a the number of qualifying shares in the holding at the material time was less than the total number of shares disposed of, and
b excluded shares were in the holding at the material time,
the available excluded shares are also to be treated as having been disposed of.
4 “The available excluded shares” means—
a all the excluded shares in the holding at the material time, or
b if less, such number of those excluded shares as is equal to the difference between—
i the total number of shares disposed of, and
ii the number of qualifying shares in the holding at the material time.
5 If the number of shares treated under subsections (2) to (4) as disposed of in the disposal concerned is less than the total number of shares disposed of, such number of the potentially qualifying shares in the holding at the material time as is equal to the difference are also to be treated as having been disposed of.
6 Where the number of potentially qualifying shares in the holding at the material time exceeds the difference mentioned in subsection (5), under that subsection potentially qualifying shares acquired later are to be treated as disposed of in preference to ones acquired earlier.
7 In this section “disposed of” (without more) means disposed of in the disposal concerned.

169VG Shares treated as disposed of in previous disposal: no claim made

1 The rules referred to in section 169VE(3) are as follows; and in this section “the disposal concerned” means the previous disposal mentioned in section 169VE(3).
2 If any excluded shares were in the holding at the time immediately before the disposal concerned (“the material time”), the maximum number of excluded shares are to be treated as having been disposed of in the disposal concerned.
3 “The maximum number of excluded shares” means—
a all the excluded shares in the holding at the material time, or
b if less, such number of those excluded shares as is equal to the number of shares disposed of.
4 If—
a there were no excluded shares in the holding at the material time, or the number of such shares was less than the total number of shares disposed of, and
b potentially qualifying shares were in the holding at the material time,
the available potentially qualifying shares are to be treated as having been disposed of.
5 “The available potentially qualifying shares” means—
a all the potentially qualifying shares in the holding at the material time, or
b if less, such number of those potentially qualifying shares as is equal to the difference between—
i the total number of shares disposed of, and
ii the number of excluded shares in the holding at the material time.
6 Where the number of potentially qualifying shares in the holding at the material time exceeds the difference mentioned in subsection (5), potentially qualifying shares acquired later are to be treated as disposed of in preference to ones acquired earlier.
7 If the number of shares treated under subsections (2) to (5) as disposed of in the disposal concerned is less than the total number of shares disposed of, such number of the qualifying shares in the holding at the material time as is equal to the difference are to be treated as having been disposed of.
8 In this section “disposed of” (without more) means disposed of in the disposal concerned.

Trustees of a settlement: special provision

169VH Disposals by trustees: further conditions for relief

1 Where a disposal falling within section 169VC(1)(a) and (b) is made by the trustees of a settlement, section 169VC does not apply to the disposal unless there is at least one individual who is an eligible beneficiary in respect of the disposal.
2 For the purposes of this section, an individual is an “eligible beneficiary” in respect of the disposal if—
a at the time immediately before the disposal, the individual has under the settlement an interest in possession in settled property that includes or consists of the holding of shares mentioned in section 169VC(1),
b the individual has had such an interest in possession under the settlement throughout the period of 3 years ending with the date of the disposal,
c at no time in that period has the individual been a relevant employee in respect of the company that issued the shares (within the meaning given by section 169VW), and
d the individual has (by the time of the claim under section 169VC in respect of the disposal) elected to be treated as an eligible beneficiary in respect of the disposal.
3 For the purposes of subsection (2)(d), an individual elects to be treated as an eligible beneficiary in respect of a disposal if the individual tells the trustees (by whatever means) that he or she wishes to be so treated; and an election under subsection (2)(d) may be withdrawn by the individual at any time until the claim is made.
4 In this section “interest in possession” does not include an interest in possession for a fixed term.
5 In relation to a disposal made by the trustees of a settlement, any reference in section 169VB(2)(g) to the investor is to be read as a reference to any trustee of the settlement.

169VI Disposals by trustees: relief reduced in certain cases

1 Subsection (2) applies where—
a a disposal falling within section 169VC(1)(a) and (b) is made by the trustees of a settlement,
b section 169VC applies to the disposal by reason of there being at least one individual who is an eligible beneficiary in respect of the disposal (see section 169VH), and
c at the time immediately before the disposal, there are two or more persons each of whom has under the settlement an interest in possession in the settled property.
2 In such a case the reference in section 169VC(2) to the relevant gain is to be read as a reference—
a to the eligible beneficiary's share of the relevant gain (see subsections (3) to (6)), or
b if there is more than one individual who is an eligible beneficiary in respect of the disposal, to so much of the relevant gain as is equal to the aggregate of the eligible beneficiaries' shares of that gain.
3 In this section—
  • “eligible beneficiary” has the meaning given by section 169VH(2);
  • “relevant gain” has the meaning given by section 169VC(3);
  • “the settled property” means settled property that includes or consists of the holding of shares mentioned in section 169VC(1).
4 Subsection (5) applies to determine for the purposes of this Chapter, in relation to any individual who is an eligible beneficiary in respect of a disposal within section 169VC(1) made by the trustees of a settlement, that individual's share of the relevant gain.
5 That individual's share of the relevant gain on the disposal is so much of the relevant gain on the disposal as bears to the whole of that gain the same proportion as X bears to Y, where—
  • X is the interest in possession (other than for a fixed term) which, at the time immediately before the disposal, that individual has under the settlement in the income from the holding of shares mentioned in section 169VC(1), and
  • Y is all the interests in that income that persons (including that individual) with interests in possession in that holding have under the settlement at that time.

Disposals of interests in shares

169VJ Disposals of interests in shares: joint holdings etc

1 In section 169VC(1)(a), the reference to the case where a qualifying person disposes of a holding, or part of a holding, of shares in a company includes the case where a qualifying person disposes of an interest in a relevant holding.
2 In this section a “relevant holding” means either—
a a number of shares in a company which are of the same class and were acquired in the same capacity jointly by the same two or more persons including the qualifying person, or
b a number of shares in a company which are of the same class and were acquired in the same capacity by the qualifying person solely.
3 In this section—
a “an interest” in a relevant holding means any interests of the qualifying person, in any of the shares in the relevant holding, which are by virtue of section 104 to be regarded as a single asset, and
b references to an interest include part of an interest.
4 Where section 169VC(1) applies by reason of this section, section 169VD(3) and (4) have effect as if any reference to the number of shares disposed of were a reference to the number of shares an interest in which is disposed of.
5 In relation to a disposal by the trustees of a settlement of an interest in a relevant holding falling within subsection (2)(a), sections 169VH(2) and 169VI(3) and (5) have effect as if any reference to the holding of shares mentioned in section 169VC(1) were to the interest disposed of.
6 In accordance with subsection (1)—
a in sections 169VN(1)(d), 169VP(1)(d) and 169VS(1)(d) (reorganisations), any reference to a disposal of all or part of a holding includes a disposal by the qualifying person of an interest in the holding, and
b the reference in section 169VT(2) to a disposal of the original shares is to be read, in relation to a case where the original shares fall within subsection (2)(a) above, as a reference to a disposal of the qualifying person's interest in those shares.

Cap on relief

169VK Cap on relief for disposal by an individual

1 This section applies if, on a disposal within section 169VC(1) made by an individual (“the individual concerned”), the aggregate of—
a the amount of the relevant gain on the disposal (“the gain in question”),
b the total amount of any gains that, in relation to earlier disposals by the individual concerned, were charged at the rate in section 169VC(2), and
c the total amount of any reckonable trust gains that, on any previous trust disposals in respect of which the individual concerned was an eligible beneficiary, were charged at the rate in section 169VC(2),
exceeds £1 million.
2 The rate in section 169VC(2) applies only to so much (if any) of the gain in question as, when added to the aggregate of the total amounts mentioned in subsection (1)(b) and (c), does not exceed £1 million.
3 Section 1H (rates of capital gains tax) applies to so much of the gain in question as is not subject to the rate in section 169VC(2).
4 In this section—
  • “eligible beneficiary”, in relation to a disposal, is to be read in accordance with section 169VH(2);
  • “reckonable trust gain”, in relation to a trust disposal in respect of which the individual concerned was an eligible beneficiary, means—
    1. if section 169VI(1)(c) applied in relation to the disposal, that individual's share of the relevant gain on that disposal, within the meaning given by section 169VI(4) and (5);
    2. otherwise, the relevant gain on that disposal;
  • “the relevant gain”, in relation to a disposal, has the meaning given by section 169VC(3);
  • “trust disposal” means a disposal by the trustees of a settlement.

169VL Cap on relief for disposal by trustees of a settlement

1 This section applies where—
a a disposal (“the disposal in question”) is made by the trustees of a settlement,
b that disposal is within section 169VC(1), and
c there is an excess amount in relation to an individual who is an eligible beneficiary in respect of the disposal in question (“the individual concerned”).
2 For the purposes of this section there is an “excess amount” in relation to the individual concerned if the aggregate of—
a the amount of the current gain,
b the total amount of any gains that, in relation to earlier disposals made by the individual concerned, were charged at the rate in section 169VC(2), and
c the total amount of any reckonable trust gains that, on any previous trust disposals in respect of which the individual concerned was an eligible beneficiary, were charged at the rate in section 169VC(2),
exceeds £1 million.
3 The rate in section 169VC(2) applies to the current gain only to the extent (if any) that the current gain when added to the aggregate of the total amounts mentioned in subsection (2)(b) and (c) does not exceed £1 million.
4 Section 1H (rates of capital gains tax) applies to so much of the current gain as is not subject to the rate in section 169VC(2).
5 In this section—
  • “the current gain” means the reckonable trust gain on the disposal in question;
  • “eligible beneficiary”, in relation to a disposal, is to be read in accordance with section 169VH(2);
  • “reckonable trust gain”, in relation to any trust disposal in respect of which the individual concerned is an eligible beneficiary, means—
    1. if section 169VI(1)(c) applies in relation to the disposal, that individual's share of the relevant gain on that disposal, within the meaning given by section 169VI(4) and (5);
    2. otherwise, the relevant gain on that disposal;
  • “the relevant gain”, in relation to a disposal, has the meaning given by section 169VC(3);
  • “trust disposal” means a disposal by the trustees of a settlement.

Claims for relief

169VM Claims for relief

1 Any claim for investors' relief must be made—
a in the case of a disposal by an individual, by that individual;
b in the case of a disposal by the trustees of a settlement, jointly by—
i the trustees, and
ii the eligible beneficiary in respect of the disposal, within the meaning given by section 169VH(2) (or, if more than one, all those eligible beneficiaries).
2 Any claim for investors' relief in respect of a disposal must be made on or before the first anniversary of the 31 January following the tax year in which the disposal is made.

Reorganisations

169VN Reorganisations where no consideration given

1 This section applies where—
a there is a reorganisation within the meaning of section 126,
b immediately before the reorganisation, a qualifying person holds ordinary shares which, in relation to that reorganisation, are original shares within the meaning of section 126,
c on the reorganisation that person does not give or become liable to give any consideration for, or for any part of, a new holding, and
d at a time after the reorganisation, there is a disposal of all or part of a new holding.
2 In this section a “new holding” means—
a the holding that immediately after the reorganisation is (in relation to the original shares) the new holding within the meaning of section 126, or
b where the new holding within the meaning of section 126 consists of two or more actual holdings, any of those actual holdings.
3 Subsections (4) and (5) apply for the purposes of determining (for any purpose of this Chapter) the status of shares that immediately before the disposal mentioned in subsection (1)(d) are in the new holding mentioned there (“the new holding concerned”).
4 Where a number of the original shares were—
a subscribed for by the qualifying person,
b issued on a particular date (“the relevant issue date”), and
c held continuously by that person for a particular period ending immediately before the reorganisation (“the period concerned”),
the following assumption is to be made.
5 That assumption is that an appropriate number of the new shares were—
a subscribed for by the qualifying person,
b issued on the relevant issue date, and
c had by the time immediately after the reorganisation already been held continuously by that person for the period concerned.
6 In subsections (4) and (5)—
  • “the appropriate number” has the meaning given by section 169VO;
  • “the original shares” means the shares held by the qualifying person immediately before the reorganisation that were original shares in relation to the reorganisation;
  • “the new shares” means the shares that immediately after the reorganisation were in the new holding concerned (including such, if any, of the original shares as remained after the reorganisation and were in that holding).
7 In this section a reference to the “status” of a share is to whether it is qualifying, potentially qualifying or excluded.
8 Section 169VE applies to determine, for the purposes of this Chapter, which shares are included in a holding immediately before a reorganisation as it applies for the purposes of determining which shares are included in a holding immediately before a particular disposal.
9 References in this section to consideration are to be read in accordance with section 128(2).

169VO The appropriate number

1 The “appropriate number” for the purposes of section 169VN(5) is the number found by multiplying the number of shares that are in the new holding concerned immediately after the reorganisation by the fraction—
A B
where—
A is the number of the original shares that were—
  1. subscribed for by the qualifying person,
  2. issued on the relevant issue date, and
  3. continuously held by that person for the period concerned, and
B is the total number of the original shares.
2 In this section—
  • “the new holding concerned” has the meaning given by section 169VN(3);
  • “the original shares” has the meaning given by section 169VN(6);
  • “the relevant issue date” has the meaning given by section 169VN(4);
  • “the period concerned” has the meaning given by section 169VN(4).

169VP Reorganisations where consideration given

1 This section applies where—
a there is a reorganisation within the meaning of section 126,
b immediately before the reorganisation, a qualifying person holds ordinary shares which, in relation to that reorganisation, are original shares within the meaning of section 126,
c on the reorganisation that person gives or becomes liable to give consideration for shares ( “ shares issued for consideration ”) which—
i are issued to that person on the reorganisation, and
ii immediately after the reorganisation are in a new holding, and
d at a time after the reorganisation, there is a disposal of all or part of that new holding.
2 In this section a “new holding” means—
a the holding that immediately after the reorganisation is (in relation to the original shares) the new holding within the meaning of section 126, or
b where the new holding within the meaning of section 126 consists of two or more actual holdings, any of those actual holdings.
3 In determining, for any purpose of this Chapter, the status of shares that immediately before the disposal mentioned in subsection (1)(d) are in the new holding mentioned there—
a the date of issue of the shares issued for consideration is to be taken to be their actual date of issue (rather than the date of issue of any of the original shares), and
b in relation to any part of the new holding for which consideration was not given, sections 169VN(3) to (6) and 169VO apply but as if any reference to the new holding concerned were to that part of the new holding.
4 Section 169VN(3) to (6) and 169VO also apply in relation to any other holding which is a new holding in relation to the reorganisation and as respects which the person did not, on the reorganisation, give or become liable to give any consideration.
5 In this section a reference to the “status” of a share is to whether it is qualifying, potentially qualifying or excluded.
6 References in this section to consideration are to be read in accordance with section 128(2).

169VQ Exchange of shares for those in another company

1 This section applies where section 135 applies in relation to an issue of shares in a company (“company B”) in exchange for shares in another company (“company A”).
2 For the purposes of sections 169VN to 169VP—
a companies A and B are to be treated as if they were the same company, and
b the exchange of shares is to be treated as if it were a reorganisation of that company's share capital.

169VR New shares issued on scheme of reconstruction

1 This section applies where—
a section 136 applies in relation to an arrangement between a company (“company A”) and the persons holding shares, or any class of shares, in company A, under which another company (“company B”) issues shares to those persons, and
b under section 136(2)(a) those persons are treated as exchanging shares in company A for the shares held by them in consequence of the arrangement.
2 For the purposes of sections 169VN to 169VP—
a companies A and B are to be treated as if they were the same company, and
b the exchange of shares is to be treated as if it were a reorganisation of that company's share capital.
3 In the following provisions of this Chapter, any reference to an exchange of shares includes anything that section 136(2)(a) treats as an exchange of shares.

169VS Modification of conditions for being a qualifying share

1 This section applies where—
a an ordinary share (“the original share”) is subscribed for by a qualifying person (“the investor”);
b the conditions in section 169VB(2)(c) and (d) are met in relation to the original share,
c the share is involved in an exchange of shares treated under section 169VQ or 169VR as a reorganisation of share capital, and accordingly is included in the original shares within the meaning of section 169VN(6), and
d subsequently there is a disposal of all or part of a holding of shares that in relation to that exchange is a new holding within the meaning given by section 169VN(2).
2 As respects a share which is in that holding immediately before that disposal, the conditions in section 169VB(2)(f) and (g) are to be regarded as met if (and only if)—
a in relation to the period beginning with the issue of the original share and ending with the exchange of shares, those conditions were met by the original share, and
b in relation to the period beginning with the exchange of shares and ending with the disposal, those conditions were met by a share representing the original share.
3 Accordingly—
a in section 169VB(2)(f) and (g) as they apply to the original share, any reference to the share-holding period is to be read as to the period mentioned in subsection (2)(a) above, and
b in section 169VB(2)(f) and (g) as they apply to a share representing the original share, any reference to the share-holding period is to be read as to the period mentioned in subsection (2)(b) above.
4 In subsection (1)(c) “the share” includes a share that, following a reorganisation or following an exchange of shares in relation to which section 169VQ or 169VR applies, represents the original share, and subsections (2) and (3) apply in such a case with the necessary modifications.

169VT Election to disapply section 127

1 This section applies where—
a there is—
i a reorganisation (within the meaning of section 126), or
ii an exchange of shares which is treated as such a reorganisation by virtue of section 135 or 136, and
b the original shares and the new holding would fall to be treated by virtue of section 127 as the same asset.
2 If an election is made under this section, a claim for investors' relief may be made as if the reorganisation or exchange of shares involved a disposal of the original shares; and if such a claim is made section 127 and sections 169VN to 169VS do not apply.
3 Any election under this section must be made—
a if the reorganisation or exchange of shares would (apart from section 127) involve a disposal by the trustees of a settlement, jointly by—
i the trustees, and
ii the person who if the disposal were made would be the eligible beneficiary in respect of the disposal, within the meaning given by section 169VH(2) (or, if more than one, all the persons who would be such eligible beneficiaries);
b otherwise, by the individual concerned.
4 Any election under this section must be made on or before the first anniversary of the 31 January following the tax year in which the reorganisation or exchange of shares takes place.
5 In this section “the original shares” and “the new holding” have the meaning given by section 126.

Supplemental

169VU “Subscribe” etc

1 For the purposes of this Chapter (other than this subsection) a person “subscribes for” a share in a company if—
a that person subscribes for the share,
b the share is issued to that person by the company for consideration consisting wholly of cash,
c the share is fully paid up at the time it is issued,
d the share is subscribed for, and issued, for genuine commercial reasons and not as part of arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage to any person, and
e the share is subscribed for, and issued, by way of a bargain at arm's length.
2 In subsection (1) “arrangements” and “tax advantage” have the same meaning as in section 16A.
3 If—
a an individual (“A”) subscribed for, or is treated under this subsection as having subscribed for, any shares,
b A transferred the shares to another individual (“B”) during their lives, and
c A was living together with B as B's spouse or civil partner at the time of the transfer,
B is to be treated for the purposes of this Chapter as having subscribed for the shares.
4 Accordingly, for the purposes of this Chapter any period for which A held the shares continuously is to be added to, and treated as part of, the period for which B held the shares continuously.
5 In this Chapter, apart from subsections (3) and (4), references to a person's having subscribed for a share include the person's having subscribed for the share jointly with any other person (and references to a person's holding a share or to a share being issued to a person are to be read accordingly).

169VV “Trading company” etc

1 In this Chapter “trading company” and “the holding company of a trading group” have the same meaning as in section 165 (see section 165A).
2 For the purposes of this Chapter a company is not to be regarded as ceasing to be a trading company, or the holding company of a trading group, merely because of anything done in consequence of—
a the company, or any of its subsidiaries, being in administration or receivership, or
b a resolution having been passed, or an order made, for the winding up of the company or any of its subsidiaries.
3 But subsection (2) applies only if—
a the entry into administration or receivership, or the resolution or order for winding up, and
b everything done as a result of the company concerned being in administration or receivership, or as a result of that resolution or order,
is for genuine commercial reasons and is not part of a scheme or arrangement the main purpose or one of the main purposes of which is the avoidance of tax.

169VW “Relevant employee”

1 This section applies to determine for the purposes of—
a section 169VB(2)(g), or
b section 169VH(2)(c),
whether a particular person has at any time in the relevant period been a “relevant employee” in respect of the issuing company.
2 A person who has at any time in the relevant period been an officer or employee of—
a the issuing company, or
b a connected company,
is to be regarded as having at that time been a relevant employee in respect of the issuing company, but this is subject to subsections (3) and (5).
3 If—
a a person is an unremunerated director of the issuing company or a connected company at any time in the relevant period, and
b the condition in subsection (4) is met,
the fact that the person holds that directorship at that time does not make the person a relevant employee in respect of the issuing company at that time.
4 The condition referred to in subsection (3) is that at no time before the relevant period had the person mentioned in that subsection, or a person connected with that person, been—
a connected with the issuing company, or
b involved in carrying on (whether on the person's own account or as a partner, director or employee) the whole or any part of the trade, business or profession carried on by the issuing company or a company connected with that company.
5 If—
a a person becomes an employee of the issuing company or a connected company at a time which is—
i within the relevant period, but
ii not within the first 180 days of that period,
b at the beginning of the relevant period, there was no reasonable prospect that the person would become such an employee within the relevant period, and
c the person is not at any time in the relevant period a director of the issuing company or a connected company,
that employment of the person does not make the person a relevant employee in respect of the issuing company at any time in the relevant period.
6 For the purposes of subsection (5) there is a “reasonable prospect” of a thing if it is more likely than not.
7 In this section—
  • “director” is to be read in accordance with section 452 of CTA 2010,
  • “connected company” means a company which at any time in the relevant period is connected with the issuing company (and it does not matter for this purpose whether that time is a time when the person in question is an officer or employee of either company);
  • “the issuing company” means the company mentioned in (as the case may be) section 169VB(2)(g) or section 169VH(2)(c);
  • “the relevant period” means the period mentioned in (as the case may be) section 169VB(2)(g) or section 169VH(2)(c);
  • “unremunerated director” has the meaning given by section 169VX.

169VX “Unremunerated director”

1 For the purposes of section 169VW a person (“the person concerned”) is an “unremunerated director” of the issuing company or a connected company at a particular time in the relevant period if that person is a director of that company at that time and—
a does not receive in the relevant period any disqualifying payment from the issuing company or a related person, and
b is not entitled to receive any such payment in respect of that period or any part of it.
2 In this section “disqualifying payment” means any payment other than—
a a payment or reimbursement of travelling or other expenses wholly, exclusively and necessarily incurred by the person concerned in the performance of his or her duties as a director,
b any interest which represents no more than a reasonable commercial return on money lent to the issuing company or a related person,
c any dividend or other distribution which does not exceed a normal return on the investment to which the dividend or distribution relates,
d any payment for the supply of goods which does not exceed their market value,
e any payment of rent for any property occupied by the issuing company or a related person which does not exceed a reasonable and commercial rent for the property, or
f any necessary and reasonable remuneration which is—
i paid for qualifying services that are provided to the issuing company or a related person in the course of a trade or profession carried on wholly or partly in the United Kingdom, and
ii taken into account in calculating for tax purposes the profits of that trade or profession.
3 In this section a “related person” means—
a a connected company of which the person concerned is a director, or
b any person connected with the issuing company or with a company within paragraph (a).
4 In this section any reference to a payment to the person concerned includes a payment made to that person indirectly or to that person's order or for that person's benefit.
5 In this section “qualifying services” means services which are—
a not secretarial or managerial services, and
b not services of a kind provided by the person to whom they are provided.
6 In this section the following expressions have the same meaning as in section 169VW—
  • “connected company”;
  • “director”;
  • “issuing company”;
  • “relevant period”.

169VY General definitions

In this Chapter—
  • “employee” (except in the expression “relevant employee”, which is to be read in accordance with section 169VW) has the meaning given by section 4 of ITEPA 2003;
  • “employment” has the meaning given by section 4 of ITEPA 2003;
  • “exchange of shares” is to be read in accordance with section 169VR(3);
  • “excluded share” has the meaning given by section 169VB;
  • a “holding” of shares in a company means a holding of such shares which by virtue of section 104(1) is to be regarded as a single asset;
  • “investors' relief” has the meaning given by section 169VA(3);
  • “office” has the meaning given by section 5(3) of ITEPA 2003;
  • “ordinary shares”, in relation to a company, means any shares forming part of the company's ordinary share capital (within the meaning given by section 989 of ITA 2007);
  • “potentially qualifying share” has the meaning given by section 169VB;
  • “qualifying person” has the meaning given by section 169VC(7);
  • “qualifying share” has the meaning given by section 169VB;
  • “subscribe” is to be read in accordance with section 169VU;
  • “trading company” and “the holding company of a trading group” are to be read in accordance with section 169VV.

Part VI  Companies, oil, insurance etc.

Chapter I  Companies

Groups of companies

C435C121C183C139C320C249C362C155C59C276C196170  Interpretation of sections 171 to 181.

1 This section has effect for the interpretation of sections 171 to 181 except in so far as the context otherwise requires, and in those sections—
a “profits” means income and chargeable gains, and
b “trade” includes “vocation”, and includes also an office or employment.
Until 6th April 1993 paragraph (b) shall have effect with the addition at the end of the words “or the occupation of woodlands in any context in which the expression is applied to that in the Income Tax Acts".
C3772 Except as otherwise provided—
F759a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b subsections (3) to (6) below apply to determine whether companies form a group and, where they do, which is the principal company of the group;
c in applying section 1154(3) of CTA 2010 (meaning of “75% subsidiary”) any share capital of a registered society (see section 1119 of that Act) shall be treated as ordinary share capital; and
d “group” and “subsidiary” shall be construed with any necessary modifications where applied to a company incorporated under the law of a country outside the United Kingdom.
C71C377C1143 Subject to subsections (4) to (6) below—
a a company (referred to below and in sections 171 to 181 as the “principal company of the group”) and all its 75 per cent. subsidiaries form a group and, if any of those subsidiaries have 75 per cent. subsidiaries, the group includes them and their 75 per cent. subsidiaries, and so on, but
b a group does not include any company (other than the principal company of the group) that is not an effective 51 per cent. subsidiary of the principal company of the group.
C71C3774 A company cannot be the principal company of a group if it is itself a 75 per cent. subsidiary of another company.
C71C3775 Where a company (“the subsidiary”) is a 75 per cent. subsidiary of another company but those companies are prevented from being members of the same group by subsection (3)(b) above, the subsidiary may, where the requirements of subsection (3) above are satisfied, itself be the principal company of another group notwithstanding subsection (4) above unless this subsection enables a further company to be the principal company of a group of which the subsidiary would be a member.
C71C3776 A company cannot be a member of more than one group; but where, apart from this subsection, a company would be a member of 2 or more groups (the principal company of each group being referred to below as the “head of a group”), it is a member only of that group, if any, of which it would be a member under one of the following tests (applying earlier tests in preference to later tests)—
a it is a member of the group it would be a member of if, in applying subsection (3)(b) above, there were left out of account any amount to which a head of a group is or would be beneficially entitled of any profits available for distribution to equity holders of a head of another group or of any assets of a head of another group available for distribution to its equity holders on a winding-up,
b it is a member of the group the head of which is beneficially entitled to a percentage of profits available for distribution to equity holders of the company that is greater than the percentage of those profits to which any other head of a group is so entitled,
c it is a member of the group the head of which would be beneficially entitled to a percentage of any assets of the company available for distribution to its equity holders on a winding-up that is greater than the percentage of those assets to which any other head of a group would be so entitled,
d it is a member of the group the head of which owns directly or indirectly a percentage of the company’s ordinary share capital that is greater than the percentage of that capital owned directly or indirectly by any other head of a group (interpreting this paragraph as if it were included in section 1154(2) of CTA 2010).
C98C275C3777 For the purposes of this section and sections 171 to 181, a company (“the subsidiary”) is an effective 51 per cent. subsidiary of another company (“the parent”) at any time if and only if—
a the parent is beneficially entitled to more than 50 per cent. of any profits available for distribution to equity holders of the subsidiary; and
b the parent would be beneficially entitled to more than 50 per cent. of any assets of the subsidiary available for distribution to its equity holders on a winding-up.
C98C3778 Chapter 6 of Part 5 of CTA 2010 (group relief: equity holders and profits or assets available for distribution) applies for the purposes of subsections (6) and (7) as if—
a references to section 151(4)(a) and (b) of that Act were references to subsections (6) and (7) above, F1588...
aa in section 158 of that Act after subsection (2) there were inserted—
, and
b sections 171(1)(b) and (3), 173, 174 and 176 to 178 of that Act were omitted.
C3779 For the purposes of this section and sections 171 to 181, references to a company apply only to—
a a company as defined in section 1(1) of the Companies Act 2006 (c. 46), and
b a company (other than a limited liability partnership) which is constituted under any other Act or a Royal Charter or letters patent or F2270... is formed under the law of a country or territory outside the United Kingdom, and
c a registered society (see section 1119 of CTA 2010) F1762... ; and
cc an incorporated friendly society within the meaning of the Friendly Societies Act 1992; and
d a building society.
C37710 For the purposes of this section and sections 171 to 181, a group remains the same group so long as the same company remains the principal company of the group, and if at any time the principal company of a group becomes a member of another group, the first group and the other group shall be regarded as the same, and the question whether or not a company has ceased to be a member of a group shall be determined accordingly.
C37710A Where the principal company of a group (Group 1)—
a becomes an SE by reason of being the acquiring company in the formation of an SE by merger by acquisition (in accordance with Articles 2(1), 17(2)(a) and 29(1) of Council Regulation (EC) 2157/2001 on the Statute for a European Company (Societas Europaea)),
b becomes a subsidiary of a holding SE (formed in accordance with Article 2(2) of that Regulation), or
c is transformed into an SE (in accordance with Article 2(4) of that Regulation),
Group 1 and any group of which the SE is a member on formation shall be regarded as the same; and the question whether or not a company has ceased to be a member of a group shall be determined accordingly.
C37711 For the purposes of this section and sections 171 to 181, the passing of a resolution or the making of an order, or any other act, for the winding-up of a member of a group of companies shall not be regarded as the occasion of that or any other company ceasing to be a member of the group.
C40212 Sections 171 to 181, except in so far as they relate to recovery of tax, shall also have effect in relation to bodies from time to time established by or under any enactment for the carrying on of any industry or part of an industry, or of any undertaking, under national ownership or control as if they were companies within the meaning of those sections, and as if any such bodies charged with related functions (and in particular the Boards and Holding Company established under the M28Transport Act 1962 and the new authorities within the meaning of the M29Transport Act 1968 established under that Act of 1968) and subsidiaries of any of them formed a group, and as if also any 2 or more such bodies charged at different times with the same or related functions were members of a group.
C40213 Subsection (12) shall have effect subject to any enactment by virtue of which property, rights, liabilities or activities of one such body fall to be treated for corporation tax as those of another, including in particular any such enactment in Chapter VI of Part XII of the Taxes Act.
C40214 Sections 171 to 181, except in so far as they relate to recovery of tax, shall also have effect in relation to the Executive for a designated area within the meaning of section 9(1) of the M30Transport Act 1968 as if that Executive were a company within the meaning of those sections.

Transactions within groups

C19C217C320C249C59C372C342C42C242C351C80C182171  Transfers within a group: general provisions.

C350C212C395C73C265C4601 Where—
a a company (“company A”) disposes of an asset to another company (“company B”) at a time when both companies are members of the same group, and
b the conditions in subsection (1A) below are met,
company A and company B are treated for the purposes of corporation tax on chargeable gains as if the asset were acquired by company B for a consideration of such amount as would secure that neither a gain nor a loss would accrue to company A on the disposal.
1A The conditions referred to in subsection (1)(b) above are—
a that company A is resident in the United Kingdom at the time of the disposal, or the asset is a chargeable asset in relation to that company immediately before that time, and
b that company B is resident in the United Kingdom at the time of the disposal, or the asset is a chargeable asset in relation to that company immediately after that time.
For this purpose an asset is a “chargeable asset” in relation to a company at any time if, were the asset to be disposed of by the company at that time, any gain accruing to the company would be a chargeable gain chargeable to corporation tax as a result of section 2B(3) or (4).
1B If—
a company A is deemed under section 25(3) to have previously disposed of the asset, but
b no gain or loss accrued on that deemed disposal as a result of section 25ZA(2),
that deemed disposal is to be ignored in applying subsection (1) of this section in relation to company B.
2 Subsection (1) above shall not apply where the disposal is—
a a disposal of a debt due from company B effected by satisfying the debt or part of it; or
b a disposal of redeemable shares in a company on the occasion of their redemption; or
F1553ba . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c a disposal by or to an investment trust; or
C170cc a disposal by or to a venture capital trust; or
cd a disposal by or to a qualifying friendly society; or
d a disposal to a dual resident investing company; F1922... ; or
da a disposal by or to a company which is, or is a member of, a UK REIT within the meaning of Part 12 of CTA 2010 (Real Estate Investment Trusts); or
db a disposal by company A in fulfilment of its obligations under an option granted to company B at a time when those companies were not members of the same group;
F1922e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
and the reference in subsection (1) above to company A disposing of an asset shall not apply to anything which under section 122 is to be treated as a disposal of an interest in shares in a company in consideration for a capital distribution (as defined in that section) from that company, whether or not involving a reduction of capital.
3 Subsection (1) above shall not apply to a transaction treated by section 127 as it applies by virtue of section 135 as not involving a disposal by company A.
F23723A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 For the purposes of subsection (1) above, so far as the consideration for the disposal consists of money or money’s worth by way of compensation for any kind of damage or injury to assets, or for the destruction or dissipation of assets or for anything which depreciates or might depreciate an asset, the disposal shall be treated as being to the person who, whether as an insurer or otherwise, ultimately bears the burden of furnishing that consideration.
5 In subsection (2)(cd) above “qualifying friendly society” means a company which is a qualifying society for the purposes of section 165 of the Finance Act 2012 (incorporated friendly societies entitled to exemption from income tax and corporation tax on certain profits).
6 Subsection (1) above applies notwithstanding any provision in this Act fixing the amount of the consideration deemed to be received on a disposal or given on an acquisition.But where it is assumed for any purpose that a member of a group of companies has sold or acquired an asset, it shall be assumed also that it was not a sale or acquisition to which this section applies.

C59C365C115171A  Election to reallocate gain or loss to another member of the group

1 This section applies where—
a a chargeable gain or an allowable loss accrues to a company (“company A”) in respect of an asset (or would so accrue but for an election under this section),
b at the time of accrual, company A and another company (“company B”) are members of the same group, and
c had company A disposed of the asset to company B immediately before the time of accrual, section 171(1) would have applied.
2 In determining for the purposes of subsection (1)(c) whether subsection (1) of section 171 would have applied, it is to be assumed that subsection (1A)(b) of that section read—
3 In this section “the time of accrual” means the time the chargeable gain or allowable loss accrues to company A (or would so accrue but for an election under this section).
4 Companies A and B may make a joint election to transfer the chargeable gain or allowable loss, or such part of it as is specified in the election, from company A to company B (but see subsection (4A)).
4A An election may not be made under this section to transfer the whole or part of a ring fence chargeable gain from a company carrying on a ring fence trade to a company not carrying on such a trade.
4B In subsection (4A)—
  • “ring fence chargeable gain”, in relation to a company, means—
    1. a chargeable gain accruing to the company on a material disposal within the meaning of section 197 (disposals of interests in oil fields etc: ring fence provisions), or
    2. a chargeable gain treated as accruing to the company by virtue of section 197(4);
  • “ring fence trade” has the same meaning as in Part 8 of CTA 2010 (see section 277 of that Act).
5 An election under this section must be made—
a by notice to an officer of Revenue and Customs, and
b no later than two years after the end of the accounting period of company A in which the time of accrual falls.
6 An election, or two or more elections made simultaneously, is or are of no effect if, taken together with each earlier election (if any) made in respect of the same gain or loss, it or they would (apart from this subsection) have effect in relation to an amount exceeding the gain or loss.
F12427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 For the effect of an election under this section, see section 171B.

C365171B Election under section 171A: effect

1 This section applies where an election is made under section 171A.
2 The effect of the election is that the chargeable gain or allowable loss, or such amount of it as is specified in the election, is treated as accruing not to company A but to company B.
3 The gain or loss treated as accruing to company B is to be taken to accrue at the time that, had the election not been made, it would have accrued to company A.
4 Where company B is not resident in the United Kingdom, the gain or loss treated as accruing to it is to be taken to accrue in respect of a chargeable asset held by it.
5 For this purpose an asset is a “chargeable asset” in relation to a company at any time if any gain accruing to the company on a disposal of the asset by the company at that time would be a chargeable gain chargeable to corporation tax as a result of section 2B(3) or (4).
6 Any payment made by company A to company B or by company B to company A, in pursuance of an agreement between them in connection with the election—
a is not to be taken into account in computing profits or losses of either company for corporation tax purposes, and
b is not for any purposes of the Corporation Tax Acts to be regarded as a distribution,
provided it does not exceed the amount of the chargeable gain or allowable loss that is treated, as a result of the election, as accruing to company B.

C365171C Elections under section 171A: insurance companies

1 This section applies where —
a an election is made under section 171A in relation to a gain or loss, and
b company B is an insurance company.
2 For the purposes of section 171A(1)(c), section 118 of the Finance Act 2012 (disposals of certain assets by and to insurance companies to fall outside the rule in section 171) is to be disregarded.
3 Subsection (2) does not apply if—
a company A is an insurance company, and
b the gain or loss arose in respect of the disposal of an asset that, immediately before the disposal, was held for the purposes of the company's long-term business.
4 The chargeable gain or allowable loss treated as accruing to company B as a result of the election is to be treated for the purposes of section 210A (ring-fencing of losses) as a non-BLAGAB chargeable gain or (as the case may be) a non-BLAGAB allowable loss.
F25405 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1522172  Transfer of United Kingdom branch or agency.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C320C249C59C61173  Transfers within a group: trading stock.

1 Where—
a a company (“company A”) acquires an asset as trading stock of a trade to which this section applies,
b the acquisition is from a company (“company B”) that at the time of the acquisition is a member of the same group of companies, and
c the asset did not form part of the trading stock of any such trade carried on by company B,
company A is treated for the purposes of section 161 as having acquired the asset otherwise than as trading stock and immediately appropriated it for the purposes of the trade as trading stock.
2 Where—
a a company (“company C”) disposes of an asset forming part of the trading stock of a trade to which this section applies carried on by that company,
b the disposal is to another company (“company D”) that at the time of the disposal is a member of the same group of companies, and
c the asset is acquired by company D otherwise than as trading stock of any such trade carried on by it,
company C is treated for the purposes of section 161 as having appropriated the asset immediately before the disposal for some purpose other than the purpose of use as trading stock.
3 The trades to which this section applies are—
a any trade carried on by a company resident in the United Kingdom, and
b any trade carried on in the United Kingdom through a permanent establishment by a company not so resident.

C191C320C249C59174  Disposal or acquisition outside a group.

F26981 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F26982 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F26983 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Schedule 2 shall apply in relation to a disposal of an asset by a company which is or has been a member of a group of companies, and which acquired the asset from another member of the group in a transfer to which section 171(1) applied, as if all members of the group for the time being were the same person, and as if the acquisition or provision of the asset by the group, so taken as a single person, had been the acquisition or provision of it by the member disposing of it.
F9345 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C320C249C59175  Replacement of business assets by members of a group.

1 Subject to subsection (2) below, for the purposes of sections 152 to 158 all the trades to which this section applies carried on by members of a group of companies shall, for the purposes of corporation tax on chargeable gains, be treated as a single trade F2354... .
1A The trades to which this section applies are—
a any trade carried on by a company that is resident in the United Kingdom, and
b any trade carried on in the United Kingdom through a permanent establishment by a company not so resident.
2 Subsection (1) above does not apply where so much of the consideration for the disposal of the old assets as is applied in acquiring the new assets or the interest in them is so applied by a member of the group which is a dual resident investing company F870... and in this subsection “the old assets” and “the new assets” have the same meanings as in section 152.
2A Section 152 or 153 shall apply where—
a the disposal is by a company which, at the time of the disposal, is a member of a group of companies,
b the acquisition is by another company which, at the time of the acquisition, is a member of the same group, and
ba the conditions in subsection (2AA) below are met, and
C84c the claim is made by both companies,
as if both companies were the same person.
2AA The conditions referred to in subsection (2A)(ba) above are—
a that the company making the disposal is resident in the United Kingdom at the time of the disposal, or the assets are chargeable assets in relation to that company immediately before that time, and
b that the acquiring company is resident in the United Kingdom at the time of the acquisition, or the assets are chargeable assets in relation to that company immediately after that time.
For this purpose an asset is a “chargeable asset” in relation to a company at any time if, were the asset to be disposed of by the company at that time, any gain accruing to the company would be a chargeable gain and would by virtue of section 2B(3) form part of its chargeable profits for corporation tax purposes.
2B Section 152 or 153 shall apply where a company which is a member of a group of companies but is not carrying on a trade—
a disposes of assets (or an interest in assets) used, and used only, for the purposes of the trade which (in accordance with subsection (1) above) is treated as carried on by the members of the group which carry on a trade, or
b acquires assets (or an interest in assets) taken into use, and used only, for those purposes,
as if the first company were carrying on that trade.
2C Neither section 152 nor section 153 shall apply if the acquisition of, or of the interest in, the new assets—
a is made by a company which is a member of a group of companies, and
b is one to which any of the no gain/no loss provisions applies or is one where, by virtue of section 195B, 195C or 195E, neither a gain nor a loss accrues to the person making the disposal.
3 Section 154(2) applies where the company making the claim is a member of a group of companies—
a as if all members of the group for the time being carrying on a trade to which this section applies were the same person, and
b in accordance with subsection (1) above, as if all those trades were the same trade;
so that the gain accrues to the member of the group holding the asset concerned on the occurrence of the event mentioned in section 154(2).
4 Subsection (2) above shall apply where the acquisition took place before 20th March 1990 and the disposal takes place within the period of 12 months beginning with the date of the acquisition or such longer period as the Board may by notice allow with the omission of the words from “or a company" to “the acquisition".

Losses attributable to depreciatory transactions

C20C261C320C249C59176  Depreciatory transactions within a group.

C2781 This section has effect as respects a disposal of shares in, or securities of, a company (“the ultimate disposal”) if the value of the shares or securities has been materially reduced by a depreciatory transaction effected on or after 31st March 1982; and for this purpose “depreciatory transaction” means—
a any disposal of assets at other than market value by one member of a group of companies to another, or
b any other transaction satisfying the conditions of subsection (2) below,
except that a transaction shall not be treated as a depreciatory transaction to the extent that it consists of a payment which is required to be or has been brought into account, for the purposes of corporation tax on chargeable gains, in computing a chargeable gain or allowable loss accruing to the person making the ultimate disposal.
C4132 The conditions referred to in subsection (1)(b) above are—
a that the company, the shares in which, or securities of which, are the subject of the ultimate disposal, or any 75 per cent. subsidiary of that company, was a party to the transaction, and
b that the parties to the transaction were or included 2 or more companies which at the time of the transaction were members of the same group of companies.
3 Without prejudice to the generality of subsection (1) above, the cancellation of any shares in or securities of one member of a group of companies under section 641 of the Companies Act 2006 shall, to the extent that immediately before the cancellation those shares or securities were the property of another member of the group, be taken to be a transaction fulfilling the conditions in subsection (2) above.
4 If the person making the ultimate disposal is, or has at any time been, a member of the group of companies referred to in subsection (1) or (2) above, any allowable loss accruing on the disposal shall be reduced to such extent as is just and reasonable having regard to the depreciatory transaction, but if the person making the ultimate disposal is not a member of that group when he disposes of the shares or securities, no reduction of the loss shall be made by reference to a depreciatory transaction which took place when that person was not a member of that group.
5 A reduction under subsection (4) above shall be made on the footing that the allowable loss ought not to reflect any diminution in the value of the company’s assets which was attributable to a depreciatory transaction, but allowance may be made for any other transaction on or after 31st March 1982 which has enhanced the value of the company’s assets and depreciated the value of the assets of any other member of the group.
6 If, under subsection (4) above, a reduction is made in an allowable loss, any chargeable gain accruing on a disposal of the shares or securities of any other company which was a party to the depreciatory transaction by reference to which the reduction was made, being a disposal not later than 6 years after the depreciatory transaction, shall be reduced to such extent as is just and reasonable having regard to the effect of the depreciatory transaction on the value of those shares or securities at the time of their disposal, but the total amount of any one or more reductions in chargeable gains made by reference to a depreciatory transaction shall not exceed the amount of the reductions in allowable losses made by reference to that depreciatory transaction.All such adjustments, whether by way of discharge or repayment of tax, or otherwise, as are required to give effect to the provisions of this subsection may be made at any time.
7 For the purposes of this section—
a “securities” includes any loan stock or similar security whether secured or unsecured,
b references to the disposal of assets include references to any method by which one company which is a member of a group appropriates the goodwill of another member of the group, F565...
F565c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 References in this section to the disposal of shares or securities include references to the occasion of the making of a claim under section 24(2) that the value of shares or securities has become negligible, and references to a person making a disposal shall be construed accordingly.
9 In any case where the ultimate disposal is not one to which section 35(2) applies, the references above to 31st March 1982 shall be read as references to 6th April 1965.

C21C320C249C59177  Dividend stripping.

1 The provisions of this section apply where one company (“the first company”) has a holding in another company (“the second company”) and the following conditions are fulfilled—
a that the holding amounts to, or is an ingredient in a holding amounting to, 10 per cent. of all holdings of the same class in the second company,
b that the first company is not a dealing company in relation to the holding,
c that a distribution is or has been made to the first company in respect of the holding, and
d that the effect of the distribution is that the value of the holding is or has been materially reduced.
2 Where this section applies in relation to a holding, section 176 shall apply, subject to subsection (3) below, in relation to any disposal of any shares or securities comprised in the holding, whether the disposal is by the first company or by any other company to which the holding is transferred by a transfer to which section 140A, or 171 applies, as if the distribution were a depreciatory transaction and, if the companies concerned are not members of a group of companies, as if they were.
3 The distribution shall not be treated as a depreciatory transaction to the extent that it consists of a payment which is required to be or has been brought into account, for the purposes of corporation tax on chargeable gains, in computing a chargeable gain or allowable loss accruing to the person making the ultimate disposal.
4 This section shall be construed as one with section 176, and in any case where the ultimate disposal is not one to which section 35(2) applies, the reference in subsection (1)(c) above to a distribution does not include a distribution made before 30th April 1969.
5 For the purposes of this section a company is “a dealing company” in relation to a holding if a profit on the sale of the holding would be taken into account in computing the company’s trading profits.
6 References in this section to a holding in a company refer to a holding of shares or securities by virtue of which the holder may receive distributions made by the company, but so that—
a a company’s holdings of different classes in another company shall be treated as separate holdings, and
b holdings of securities which differ in the entitlements or obligations they confer or impose shall be regarded as holdings of different classes.
7 For the purposes of subsection (1) above—
a all a company’s holdings of the same class in another company are to be treated as ingredients constituting a single holding, and
b a company’s holding of a particular class shall be treated as an ingredient in a holding amounting to 10 per cent. of all holdings of that class if the aggregate of that holding and other holdings of that class held by connected persons amounts to 10 per cent. of all holdings of that class,
and section 286 shall have effect in relation to paragraph (b) above as if, in subsection (7) of that section, after the words “or exercise control of" in each place where they occur there were inserted the words “ or to acquire a holding in ”.

C320C249C59177A Restriction on set-off of pre-entry losses.

Schedule 7A to this Act (which makes provision in relation to losses accruing to a company before the time when it becomes a member of a group of companies F1569... ) shall have effect.

Pre-entry gains

F2120177B  Restrictions on setting losses against pre-entry gains.

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Companies leaving groups

F1201178  Company ceasing to be member of group: pre-appointed day cases.

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I4C22C146C376C167C195C314C218C229C320C393C142C249C444C448C160C59C193C464C227C101179  Company ceasing to be member of group: post-appointed day cases.

1 This section applies where—
a a company (“company A”) acquires an asset from another company (“company B”) at a time when company A and company B are members of the same group,
b the conditions in subsection (1A) below are met, and
c company A ceases to be a member of that group within the period of six years after the time of the acquisition.References in this section to a company ceasing to be a member of a group of companies do not apply to cases where a company ceases to be a member of a group in consequence of another member of the group ceasing to exist.
1A The conditions referred to in subsection (1)(b) above are—
a that company A is resident in the United Kingdom at the time it acquires the asset, or the asset is a chargeable asset in relation to that company immediately after that time, and
b that company B is resident in the United Kingdom at the time of that acquisition, or the asset is a chargeable asset in relation to that company immediately before that time.
F643. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1AA If shares in a company are transferred as part of the process of the transfer of a business to which section 140A or 140C applies and in consequence of the transfer the company ceases to be a member of a group (“Group 1”)—
a the company shall not be treated for the purposes of this section as having left Group 1, and
b if the transferee is a member of a group (“Group 2”) and in consequence of the transfer the company becomes a member of Group 2 it shall be treated, for the purposes of this section, as if Group 1 and Group 2 were the same.
1B Where, as part of the process of a merger to which section 140E applies, a company which is a member of a group (“Group 1”) ceases to exist and in consequence of that cessation—
a assets are transferred to the transferee, or
b shares in one or more companies which were also members of the group are transferred to the transferee,
a company which has ceased to exist, or the shares in which have been transferred to the transferee, shall not be treated for the purposes of this section as having left Group 1.
1C If subsection (1B) applies in relation to a company then for the purposes of this section—
a the transferee and a company which has ceased to exist in consequence of the merger shall be treated as the same entity, and
b if the transferee is a member of a group (“Group 2”) following the merger (whether or not as the principal company of the group) a company which was a member of Group 1 and became a member of Group 2 in consequence of the merger shall be treated, for the purposes of this section, as if Group 1 and Group 2 were the same.
1D In subsections (1B) and (1C), “transferor” and “transferee” have the meaning given by section 140E(9).
2 Where two companies cease to be members of the group at the same time, subsection (1) does not have effect as respects the acquisition of an asset by one of the companies from the other if condition A or B is met.
2ZA Condition A is that the companies—
a are both 75 per cent subsidiaries and effective 51 per cent subsidiaries of another company on the date of the acquisition, and
b remain both 75 per cent subsidiaries and effective 51 per cent subsidiaries of that other company until immediately after they cease to be members of the group.
2ZB Condition B is that one of the companies—
a is both a 75 per cent subsidiary and an effective 51 per cent subsidiary of the other on the date of the acquisition, and
b remains both a 75 per cent subsidiary and an effective 51 per cent subsidiary of the other until immediately after the companies cease to be members of the group.
2A Subsection (2AA) applies where—
a a company (“company A”) acquired an asset from another company (“company B”) at a time when both company A and company B were members of the same group (“the first group”),
aa company A has ceased to be a member of the first group,
b subsection (2) above applies in the case of company A’s ceasing to be a member of the first group so that subsection (1) above does not have effect as respects the acquisition of that asset,
c at the time company A ceases to be a member of the first group there is a connection between that group and the group of companies of which company A becomes a member on leaving the first group (“the second group”), and
d subsequently—
i company A ceases to be a member of the second group, or
ii (before sub-paragraph (i) applies) there ceases to be a connection between the two groups.
2AA Where this subsection applies—
a in a case within subsection (2A)(d)(ii), for the purposes of this section (other than subsection (2A)) as it applies as respects the acquisition, company A and any associated company are to be treated as having ceased to be members of the second group at the time the connection between the two groups ceases,
b subsection (1) has effect in relation to company A's ceasing to be a member of the second group as if it had been the second group of which both companies had been members at the time of the acquisition, and
c subsection (2) may operate to prevent subsection (1) applying by virtue of paragraph (b), unless subsection (2AB) applies.
2AB This subsection applies if company A's ceasing to be a member of the first group at the same time as one or more associated companies forms part of arrangements the main purpose, or one of the main purposes, of which is the avoidance of a liability to corporation tax.
2B For the purposes of subsection (2A) above there is a connection between the first group and the second group at a particular time if, at that time,, the company which is the principal company of that group is under the control of—
a the company which is the principal company of the first group or, if that group no longer exists, which was the principal company of that group when company A ceased to be a member of it;
b any person or persons who control the company mentioned in paragraph (a) above or who have had it under their control at any time in the period since company A ceased to be a member of the first group; or
c any person or persons who have, at any time in that period, had under their control either—
i a company which would have been a person falling within paragraph (b) above if it had continued to exist, or
ii a company which would have been a person falling within this paragraph (whether by reference to a company which would have been a person falling within that paragraph or to a company or series of companies falling within this sub-paragraph).
2C This section shall not have effect as respects any asset if, before the time when company A ceases to be a member of the group or, as the case may be, the second group, an event has already occurred by virtue of which the company falls by virtue of section 101A(3) to be treated as having sold and immediately reacquired the asset at the time specified in subsection (3) below.
2D This section shall not have effect as respects any asset if, before the time when company A ceases to be a member of the group or, as the case may be, the second group, an event has already occurred by virtue of which the company falls by virtue of section 101C(3) to be treated as having sold and immediately reacquired the asset at the time specified in subsection (3) below.
3 If, when company A ceases to be a member of the group, company A, or an associated company also leaving the group, owns, otherwise than as trading stock—
a the asset, or
b property to which a chargeable gain has been carried forward from the asset on a replacement of business assets,
then, subject to subsection (4) below, company A shall be treated for all the purposes of this Act as if immediately after its acquisition of the asset it had sold, and immediately reacquired, the asset at market value at that time.
3A Any chargeable gain or allowable loss which would otherwise accrue to company A on the sale referred to in subsection (3) does not so accrue if—
a company A ceases to be a member of the group in consequence of—
i a disposal of shares in company A or another member of the group made by a member of the group, or
ii two or more such disposals,
b either—
i subsection (3B) applies to the disposal or, if there is more than one disposal, to at least one of them, or
ii sub-paragraph (i) does not apply but had subsection (3B) applied to the disposal or, if there is more than one disposal, to each of them, any gain arising on the disposal or disposals would not have been a chargeable gain by virtue of Schedule 7AC, and
c in the absence of this subsection, section 535 of CTA 2010 (UK REITS: exemption of gains) would not apply to the chargeable gain or allowable loss which would accrue to company A on the sale.
3B This subsection applies to a disposal of shares if—
a the company making the disposal is resident in the United Kingdom at the time of the disposal,
b the shares are chargeable assets in relation to that company immediately before that time, or
c any part of the chargeable gain or allowable loss accruing on the disposal is treated as a gain or loss accruing to a person by virtue of section 3 (attribution of gains to members of non-resident companies).
In this section “group disposal” means a disposal within subsection (3A)(a) to which this subsection applies and the company making the disposal is referred to as “the transferor company”.
3C For the purposes of subsections (3A) and (3B), the question whether there is a disposal is to be determined ignoring section 127 (share reorganisations etc treated as not involving disposal).
3D If subsection (3A) applies, any chargeable gain or allowable loss accruing to the transferor company on a group disposal (other than a group disposal to which section 127 applies) is to be calculated—
a where a chargeable gain would accrue to company A in the absence of subsection (3A), as if the amount of the consideration for the group disposal were increased by the amount of the gain, and
b where an allowable loss would accrue to company A in the absence of subsection (3A), as if an amount equal to the amount of the loss were a sum allowable under section 38 as a deduction in the computation of the gain or loss accruing on the group disposal.
3E If subsection (3A) applies, and section 127 applies to a group disposal, any chargeable gain or allowable loss accruing to the transferor company on a disposal of the new holding arising from the group disposal (or any part of that holding) is to be calculated—
a where a chargeable gain would accrue to company A in the absence of subsection (3A)—
i as if an amount equal to the amount of the gain were excluded from the expenditure allowable as a deduction under section 38 in the computation of the gain or loss accruing on the disposal (but not so as to reduce that expenditure below nil), and
ii where (ignoring sub-paragraph (i)) the amount of the gain exceeds the expenditure allowable as such a deduction, as if a gain equal to that excess accrued on the disposal of the new holding (or, if the disposal is of a part of the new holding, a gain equal to the corresponding part of that excess accrued on that disposal), in addition to any gain or loss that actually accrues on the disposal of the new holding or part, and
b where an allowable loss would accrue to company A in the absence of subsection (3A), as if an amount equal to the amount of the loss were a sum allowable under section 38 as a deduction in the computation of the gain or loss accruing on the disposal.
In this subsection “new holding” has the meaning given by section 126.
3F If there is more than one group disposal, the references in subsections (3D) and (3E) to the amount of the gain or loss which would accrue to company A in the absence of subsection (3A) are to be read, in relation to each disposal, as references to—
a such proportion of that amount as the transferor companies in relation to the group disposals jointly elect as the appropriate proportion in relation to the disposal in question, or
b where no election is made, the proportion of that amount attributable to that disposal if that amount is divided equally between the group disposals.
3G An election under subsection (3F) must—
a specify the appropriate proportion in relation to each group disposal, and
b be made, by notice to an officer of Revenue and Customs, no later than 2 years after the end of the first accounting period of a company in which any chargeable gain or allowable loss on a group disposal accrues.
3H If a group disposal by a company consists of shares of more than one class, then, for the purposes of subsections (3D) and (3E), the company may apportion any increase or deduction to be made between the classes of shares in such manner as it considers appropriate.
4 Any chargeable gain or allowable loss accruing to company A on the sale referred to in subsection (3) above shall be treated as accruing to company A at whichever is the later of the following, that is to say—
a the time immediately after the beginning of the accounting period of that company in which or, as the case may be, at the end of which the company ceases to be a member of the group; and
b the time when under subsection (3) above it is treated as having reacquired the asset;
and sections 138 to 142 of CTA 2010 have effect accordingly as if the actual circumstances were as they are treated as having been.
5 Subsections (6) to (8) apply where—
a in the absence of subsection (6), company A would be treated by virtue of subsection (3) as selling an asset at any time, by reason of ceasing to be a member of the group, and
b company A ceases to be a member of the group by reason only of the fact that the principal company of that group becomes a member of another group.
6 Subsection (3) does not apply to treat company A as selling the asset at that time; but if—
a within 6 years of that time company A ceases at any time (“the relevant time”) to satisfy the following conditions, and
b at the relevant time, company A, or a company in the same group as that company, owns otherwise than as trading stock the asset or property to which a chargeable gain has been carried forward from the asset on a replacement of business assets,
company A shall be treated for all the purposes of this Act as if, immediately after its acquisition of the asset, it had sold and immediately reacquired the asset at the value that, at the time of acquisition, was its market value.
7 Those conditions are—
a that company A is a 75 per cent. subsidiary of one or more members of the other group referred to in subsection (5) above, and
b that company A is an effective 51 per cent. subsidiary of one or more of those members.
7A Any chargeable gain or allowable loss which would otherwise accrue to company A on the sale referred to in subsection (6) does not so accrue if—
a company A ceases at the relevant time to satisfy the conditions in subsection (7) in consequence of—
i a disposal of shares in company A, or another member of the other group mentioned in subsection (5)(b), made by a member of that other group, or
ii two or more such disposals,
b either—
i subsection (3B) applies to the disposal or, if there is more than one disposal, to at least one of them, or
ii sub-paragraph (i) does not apply but had subsection (3B) applied to the disposal or, if there is more than one disposal, to each of them, any gain arising on the disposal or disposals would not have been a chargeable gain by virtue of Schedule 7AC, and
c in the absence of this subsection, section 535 of CTA 2010 (UK REITS: exemption of gains) would not apply to the chargeable gain or allowable loss which would accrue to company A on the sale.
7B Where subsection (7A) applies, subsections (3C) to (3H) apply to the calculation of any chargeable gain or allowable loss accruing on a disposal within subsection (7A)(a) to which subsection (3B) applies (a “relevant disposal”) with the following modifications—
a in subsections (3C) to (3H) for the references to a group disposal substitute references to a relevant disposal, and
b in subsections (3C), (3D) and (3E) for the references to subsection (3A) substitute references to subsection (7A).
8 Any chargeable gain or allowable loss accruing to company A on the sale referred to in subsection (6) is to be treated as accruing immediately before the relevant time.
9 Where—
a by virtue of this section a company is treated as having sold an asset at any time, and
b if at that time the company had in fact sold the asset at market value at that time, then, by virtue of section 30 or 31, any allowable loss or chargeable gain accruing on the disposal would have been calculated as if the consideration for the disposal were increased by an amount,
subsections (3) and (6) above shall have effect as if the market value at that time had been that amount greater.
9A Sections 450 and 451 of CTA 2010 (meaning of control) shall have effect for the purposes of subsection (2B) above as they have effect for the purposes of Part 10 of CTA 2010; but a person carrying on a business of banking shall not for the purposes of that subsection be regarded as having control of any company by reason only of having, or of the consequences of having exercised, any rights of that person in respect of loan capital or debt issued or incurred by the company for money lent by that person to the company in the ordinary course of that business.
10 For the purposes of this section—
a two companies are associated with each other if one is a 75 per cent subsidiary of the other or both are 75 per cent subsidiaries of another company,
b a chargeable gain is carried forward from an asset to other property on a replacement of business assets if, by one or more claims under sections 152 to 158, the chargeable gain accruing on a disposal of the asset is reduced, and as a result an amount falls to be deducted from the expenditure allowable in computing a gain accruing on the disposal of the other property,
c an asset acquired by company A shall be treated as the same as an asset owned at a later time by that company or an associated company if the value of the second asset is derived in whole or in part from the first asset, and in particular where the second asset is a freehold, and the first asset was a leasehold and the lessee has acquired the reversion.
10A For the purposes of this section an asset is a “chargeable asset” in relation to a company at any time if any gain accruing to the company on a disposal of the asset by the company at that time—
a would be a chargeable gain chargeable to corporation tax as a result of section 2B(3) or (4), or
b would, but for Schedule 7AC (exemptions for disposals by companies with substantial shareholdings), be within paragraph (a).
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13 Where under this section company A is to be treated as having disposed of, and reacquired, an asset, all such recomputations of liability in respect of other disposals, and all such adjustments of tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of the provisions of this section shall be carried out.

C320C249C59179ZA Claim for adjustment of calculations under section 179

1 This section applies where—
a a gain accrues to a company (“company A”) on a sale referred to in subsection (3) or (6) of section 179, or
b a gain would so accrue but for subsection (3A) or (7A) of that section.
2 If subsection (3D) or (3E) of that section applies in relation to one or more group disposals (within the meaning of that section)—
a the company making the disposal, or
b if there is more than one disposal, the companies making those disposals acting jointly,
may make a claim for the amount of the gain to be treated for the purposes of the subsection in question as reduced by an amount specified in the claim.
3 In any other case, company A may make a claim for the amount of the gain to be treated for all purposes of this Act as reduced by an amount specified in the claim.
4 Where a claim is made under subsection (2) or (3), the gain must be treated, for the purposes mentioned in the subsection in question, as reduced by such amount (if any) as is just and reasonable.
5 In determining the amount which is just and reasonable regard must be had, in particular, to any transaction as a direct or indirect result of which company A or any associated company (within the meaning of section 179(10)) acquired the asset to which the gain relates.
6 Where under this section the gain accruing to company A on a sale referred to in subsection (3) or (6) of section 179 is treated as reduced by an amount (“the permitted deduction”), the subsection in question has effect, so far as it provides for the immediate reacquisition of the asset by company A, as if the reference to market value of the asset were to its market value less the permitted deduction.

F2223179A  Reallocation within group of gain or loss accruing under section 179

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F1726179B  Roll-over of degrouping charge on business assets

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F1571180  Transitional provisions.

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C320C249C59181  Exemption from charge under 178 or 179 in the case of certain mergers.

1 Subject to the following provisions of this section, section 179 shall not apply in a case where—
a as part of a merger, a company (“company A”) ceases to be a member of a group of companies (“the A group”); and
b F1598... the merger was carried out for bona fide commercial reasons and F1598... the avoidance of liability to tax was not the main or one of the main purposes of the merger.
2 In this section “merger” means an arrangement (which in this section includes a series of arrangements)—
a whereby one or more companies (“the acquiring company” or, as the case may be, “the acquiring companies”) none of which is a member of the A group acquires or acquire, otherwise than with a view to their disposal, one or more interests in the whole or part of the business which, before the arrangement took effect, was carried on by company A; and
b whereby one or more members of the A group acquires or acquire, otherwise than with a view to their disposal, one or more interests in the whole or part of the business or each of the businesses which, before the arrangement took effect, was carried on either by the acquiring company or acquiring companies or by a company at least 90 per cent. of the ordinary share capital of which was then beneficially owned by 2 or more of the acquiring companies; and
c in respect of which the conditions in subsection (4) below are fulfilled.
3 For the purposes of subsection (2) above, a member of a group of companies shall be treated as carrying on as one business the activities of that group.
4 The conditions referred to in subsection (2)(c) above are—
a that not less than 25 per cent. by value of each of the interests acquired as mentioned in paragraphs (a) and (b) of subsection (2) above consists of a holding of ordinary share capital, and the remainder of the interest, or as the case may be of each of the interests, acquired as mentioned in subsection (2)(b), consists of a holding of share capital (of any description) or debentures or both; and
b that the value or, as the case may be, the aggregate value of the interest or interests acquired as mentioned in subsection (2)(a) above is substantially the same as the value or, as the case may be, the aggregate value of the interest or interests acquired as mentioned in subsection (2)(b) above; and
c that the consideration for the acquisition of the interest or interests acquired by the acquiring company or acquiring companies as mentioned in subsection (2)(a) above, disregarding any part of that consideration which is small by comparison with the total, either consists of, or is applied in the acquisition of, or consists partly of and as to the balance is applied in the acquisition of, the interest or interests acquired by members of the A group as mentioned in subsection (2)(b) above;
and for the purposes of this subsection the value of an interest shall be determined as at the date of its acquisition.
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Restriction on indexation allowance for groups and associated companies

F1262182  Disposals of debts.

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F1262183  Disposals of shares.

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F1262184  Definitions and other provisions supplemental to sections 182 and 183.

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Restrictions on buying losses or gains etc

184A Restrictions on buying losses: tax avoidance schemes

1 This section applies for the purposes of corporation tax in respect of chargeable gains if—
a at any time (“the relevant time”) there is a qualifying change of ownership in relation to a company (“the relevant company”) (see section 184C),
b a loss (a “qualifying loss”) accrues to the relevant company or any other company on a disposal of a pre-change asset (see subsection (3)),
c the change of ownership occurs directly or indirectly in consequence of, or otherwise in connection with, any arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage (see section 184D), and
d the advantage involves the deduction of a qualifying loss from any chargeable gains (whether or not it also involves anything else).
2 A qualifying loss accruing to a company is not to be deductible from chargeable gains accruing to the company F2167... .
3 In this section a “pre-change asset” means an asset which was held by the relevant company before the relevant time (but see also sections 184E and 184F).
4 In this section “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
5 For the purposes of this section it does not matter—
a whether a qualifying loss accrues before, after or at the relevant time,
b whether a qualifying loss accrues at a time when there are no chargeable gains from which it could be deducted (or could otherwise have been deducted), or
c whether the tax advantage is secured for the company to which a qualifying loss accrues or for any other company.

184B Restrictions on buying gains: tax avoidance schemes

1 This section applies for the purposes of corporation tax in respect of chargeable gains if—
a at any time (“the relevant time”) there is a qualifying change of ownership in relation to a company (“the relevant company”) (see section 184C),
b a gain (a “qualifying gain”) accrues to the relevant company or any other company on a disposal of a pre-change asset (see subsection (3)),
c the change of ownership occurs directly or indirectly in consequence of, or otherwise in connection with, any arrangements the main purpose, or one of the main purposes, of which is to secure a tax advantage, and
d the advantage involves the deduction of a loss from a qualifying gain (whether or not it also involves anything else).
2 In the case of a qualifying gain accruing to a company, a loss accruing to the company is not to be deductible from the gain F2109... .
3 In this section a “pre-change asset” means an asset which was held by the relevant company before the relevant time (but see also sections 184E and 184F).
4 In this section “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable).
5 For the purposes of this section it does not matter—
a whether a qualifying gain accrues before, after or at the relevant time,
b whether a qualifying gain accrues at a time when there are no losses which could be deducted (or could otherwise have been deducted) from the gain, or
c whether the tax advantage is secured for the company to which a qualifying gain accrues or for any other company.

184C Sections 184A and 184B: meaning of “qualifying change of ownership”

1 For the purposes of sections 184A and 184B, there is a qualifying change of ownership in relation to a company at any time if any one or more of the following occur at that time—
a the company joins a group of companies (see subsections (2) to (5)),
b the company ceases to be a member of a group of companies,
c the company becomes subject to different control (see subsections (6) to (9)).
2 Whether a company is a member of a group of companies at any time is determined in accordance with section 170.
3 But, apart from in the excepted case, nothing in section 170(10) or (10A) is to prevent all the companies of one group from being regarded as joining another group when the principal company of the first group becomes a member of the other group at any time.
4 The excepted case is the case where—
a the persons owning the shares of the principal company of the first group immediately before that time are the same as the persons owning the shares of the principal company of the other group immediately after that time,
b the principal company of the other group was not the principal company of any group immediately before that time, and
c immediately after that time the principal company of the other group had assets consisting entirely (or almost entirely) of shares of the principal company of the first group.
5 For this purpose, references to shares of a company are to the shares comprised in the issued share capital of the company.
6 The general rule is that a company becomes subject to different control at any time if any one or more of the following occur—
a a person has control of the company at that time (whether alone or together with one or more others) and the person did not previously have control of the company,
b a person has control of the company at that time together with one or more others and the person previously had control of the company alone,
c a person ceases to have control of the company at that time (whether the person had control alone or together with one or more others).
7 The general rule is subject to the following exceptions.
8 A company does not become subject to different control in any case where it joins a group of companies and the case is the excepted case mentioned above.
9 A company (“the subsidiary”) does not become subject to different control at any time in any case where—
a immediately before that time the subsidiary is the 75 per cent. subsidiary of another company, and
b (although there is a change in the direct ownership of the subsidiary) that other company continues immediately after that time to own it as a 75 per cent. subsidiary.

184D Sections 184A and 184B: meaning of “tax advantage”

For the purposes of sections 184A and 184B, “tax advantage” means—
a relief or increased relief from corporation tax,
b repayment or increased repayment of corporation tax,
c the avoidance or reduction of a charge to corporation tax or an assessment to corporation tax, or
d the avoidance of a possible assessment to corporation tax.

184E Sections 184A and 184B: “pre-change assets”: basic rules

1 If—
a a company other than the relevant company makes a disposal of an asset, and
b the asset has been disposed of at any time after the relevant time by a disposal to which section 171(1) does not apply (a “non-section 171(1) transfer”),
the asset ceases to be regarded as a pre-change asset for the purposes of sections 184A and 184B (but see also subsections (10) and (11)).
2 But (without affecting the generality of the provision made by the following subsection) if, on a non-section 171(1) transfer,—
a an asset would cease to be regarded as a pre-change asset as a result of subsection (1), and
b the company making the non-section 171(1) transfer retains any interest in or over the asset,
that interest is to be regarded as a pre-change asset for the purposes of sections 184A and 184B.
3 If—
a the relevant company or any other company holds an asset (“the new asset”) at or after the relevant time,
b the value of the new asset derives in whole or in part from a pre-change asset, and
c the new asset is not acquired by the company concerned as a result of a non-section 171(1) transfer,
the new asset is also to be regarded as a pre-change asset for the purposes of sections 184A and 184B.
4 For this purpose the cases in which the value of an asset may be derived from any other asset include any case where—
a assets have been merged or divided,
b assets have changed their nature, or
c rights or interests in or over assets have been created or extinguished.
5 If a pre-change asset is “the old asset” for the purposes of section 116 (reorganisations, conversions and reconstructions), “the new asset” for the purposes of that section is also to be regarded as a pre-change asset for the purposes of sections 184A and 184B.
6 If a pre-change asset is the “original shares” for the purposes of sections 127 to 131 (reorganisation or reduction of share capital), the “new holding” for the purposes of those sections is also to be regarded as a pre-change asset for the purposes of sections 184A and 184B.
7 The following subsection applies if, as a result of the application of a relevant deferral provision in the case of a disposal of a pre-change asset (“the original disposal”),—
a a gain or loss that would otherwise accrue to a company does not so accrue, or
b any part of any such gain is treated as forming part of a single chargeable gain which does not accrue to the company on the original disposal,
and a gain or loss does, wholly or partly in consequence of the application of that provision in the case of the original disposal, accrue to the company or any other company on a subsequent occasion.
8 So much of the gain or loss accruing on the subsequent occasion as accrues in consequence of the application of the relevant deferral provision in the case of the original disposal is to be regarded for the purposes of sections 184A and 184B as accruing on a disposal of a pre-change asset (so far as it would not otherwise be so regarded).
9 A “relevant deferral provision” means any of the following—
a section 139 (reconstruction involving transfer of business),
b section 140 (postponement of charge on transfer of assets to non-resident company),
c section 140A (transfer of a UK trade),
d section 140E (merger leaving assets within UK tax charge),
e sections 152 and 153 (replacement of business assets),
f section 187 (postponement of charge on deemed disposal under section 185).
10 If—
a a pre-change asset of the relevant company is transferred to another company (“the transferee company”),
b any of sections 139, 140A and 140E apply to the companies in the case of the asset, and
c the transfer of the asset is made directly or indirectly in consequence of, or otherwise in connection with, the arrangements mentioned in section 184A or 184B,
the asset is to be regarded as a “pre-change asset” in the hands of the transferee company for the purposes of sections 184A and 184B.
11 In such a case, subsection (1) applies as if the reference in paragraph (a) of that subsection to the relevant company were to the transferee company.

184F Sections 184A and 184B: “pre-change assets”: pooling rules

1 This section applies, in the case of any pre-change asset of the relevant company or any pre-change asset of any company which is acquired on a disposal to which section 171(1) applies, if—
a the pre-change asset consists of a holding of securities which falls as a result of any provision of Chapter 1 of Part 4 to be regarded as a single asset (“the pre-change pooled asset”), and
b as a result of any disposal or acquisition at any time after the relevant time, any securities (“the other securities”) would (but for this section) be regarded as forming part of the pre-change pooled asset.
2 None of the other securities are to be regarded for the purposes of this Act as forming part of the pre-change pooled asset.
3 But this does not prevent the other securities from being regarded, as a result of any provision of that Chapter, as forming part of or constituting a different, single asset (“the other pooled asset”).
4 Securities of the same class as the other securities which are disposed of at or after the relevant time—
a are to be identified first with the other securities or securities forming part of the other pooled asset,
b are to be identified next with securities forming part of the pre-change pooled asset (if the number of securities disposed of exceeds the number identified in accordance with paragraph (a)), and
c subject to paragraphs (a) and (b), are to be identified in accordance with the provisions applicable apart from those paragraphs.
5 The above identification rules apply even if some or all of the securities disposed of are otherwise identified—
a by the disposal, or
b by a transfer or delivery giving effect to it;
but where a company disposes of securities in one capacity, they are not to be identified with securities which it holds, or can dispose of, only in some other capacity.
6 Chapter 1 of Part 4 has effect subject to this section.
7 In this section—
  • “pre-change asset” means an asset which is pre-change asset for the purposes of section 184A or 184B,
  • “securities” does not include relevant securities as defined in section 108 but, subject to that, means—
    1. shares or securities of a company, and
    2. any other assets where they are of a nature to be dealt in without identifying the particular assets disposed of or acquired.
8 For the purposes of this section, shares or securities of a company are not to be treated as being of the same class unless—
a they are so treated by the practice of a recognised stock exchange, or
b they would be so treated if dealt with on a recognised stock exchange.

184G Avoidance involving losses: schemes converting income to capital

1 This section applies for the purposes of corporation tax in respect of chargeable gains if conditions A to D are satisfied.
2 Condition A is that a receipt or other amount arises to a company directly or indirectly in consequence of, or otherwise in connection with, any arrangements.
3 Condition B is that—
a that amount falls to be taken into account in calculating a chargeable gain (the “relevant gain”) which accrues to a company (“the relevant company”), and
b losses accrue (or have accrued) to the relevant company (whether before or after or as part of the arrangements).
4 Condition C is that, but for the arrangements, an amount would have fallen to be taken into account wholly or partly instead of the amount mentioned in subsection (2) in calculating the income chargeable to corporation tax—
a of the relevant company, or
b of a company which, at any qualifying time, is a member of the same group as the relevant company.
5 Condition D is that—
a the main purpose of the arrangements, or
b one of the main purposes of the arrangements,
is to secure a tax advantage that involves the deduction of any of the losses from the relevant gain (whether or not it also involves anything else).
6 If the Board consider, on reasonable grounds, that conditions A to D are or may be satisfied, they may give the relevant company a notice in respect of the arrangements (but see also section 184I).
7 If, when the notice is given, conditions A to D are satisfied, no loss accruing to the relevant company at any time is to be deductible from the relevant gain.
8 A notice under this section must—
a specify the arrangements,
b specify the accounting period in which the relevant gain accrues, and
c inform the relevant company of the effect of this section.
9 If relevant gains accrue in more than one accounting period, a single notice under this section may specify all the accounting periods concerned.
10 In this section—
  • “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable),
  • “group”, in relation to companies, means a group determined in accordance with section 170,
  • “qualifying time”, in relation to any arrangements, means any time which falls in the period—
    1. beginning with the time at which the arrangements are made, and
    2. ending with the time at which the matters (other than any tax advantage) intended to be secured by the arrangements are secured,
  • “tax advantage” has the meaning given by section 184D.

184H Avoidance involving losses: schemes securing deductions

1 This section applies for the purposes of corporation tax in respect of chargeable gains if conditions A to D are satisfied.
2 Condition A is that—
a a chargeable gain (the “relevant gain”) accrues to a company (“the relevant company”) directly or indirectly in consequence of, or otherwise in connection with, any arrangements, and
b losses accrue (or have accrued) to the relevant company F224... (whether before or after or as part of the arrangements).
3 Condition B is that the relevant company, or a company connected with the relevant company, becomes entitled to an income deduction directly or indirectly in consequence of, or otherwise in connection with, the arrangements.
4 Condition C is that the main purpose, or one of the main purposes, of the arrangements is to secure a tax advantage that involves both—
a that income deduction, and
b the deduction of any of the losses from the relevant gain,
whether or not it also involves anything else.
5 Condition D is that the arrangements are not excluded arrangements. For this purpose arrangements are excluded arrangements if—
a the arrangements are made in respect of land or any estate or interest in land,
b the arrangements fall within section 835(1) or 836(1) of CTA 2010 (sale and lease-back: limitation on tax reliefs),
c the person to whom the payment mentioned in that subsection is payable is not a company connected with the relevant company, and
d the arrangements are made between persons dealing at arm's length.
6 If the Board consider, on reasonable grounds, that conditions A to D are or may be satisfied, they may give the company a notice in respect of the arrangements (but see also section 184I).
7 If, when the notice is given, conditions A to D are satisfied, no loss accruing to the company at any time is to be deductible from the relevant gain.
8 A notice under this section must—
a specify the arrangements,
b specify the accounting period in which the relevant gain accrues, and
c inform the relevant company of the effect of this section.
9 If relevant gains accrue in more than one accounting period, a single notice under this section may specify all the accounting periods concerned.
10 In this section—
  • “arrangements” includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable),
  • “income deduction” means—
    1. a deduction in calculating income for corporation tax purposes, or
    2. a deduction from total profits,
  • “tax advantage” has the meaning given by section 184D.
11 For the purposes of this section it does not matter whether the tax advantage is secured for the relevant company or for any other company.

184I Notices under sections 184G and 184H

1 Subsection (2) applies if—
a the Board give a notice under section 184G or 184H (a “relevant notice”) to a company that specifies an accounting period, and
b the notice is given before the company has made its company tax return for that accounting period.
2 If the company makes its return for that period before the end of the applicable 90 day period (see subsection (12)), it may—
a make a return that disregards the notice, and
b at any time after making the return and before the end of the applicable 90 day period, amend the return for the purpose of complying with the provision referred to in the notice.
3 If a company has made a company tax return for an accounting period, the Board may give the company a relevant notice in relation to that period only if a notice of enquiry has been given to the company in respect of its return for that period.
4 After any enquiries into the return for that period have been completed in relation to any matters, the Board may give the company a relevant notice relating to those matters only if requirements A and B are met.
5 Requirement A is that at the time the enquiries referred to in subsection (4) were completed, the Board could not have been reasonably expected, on the basis of information made available—
a to them before that time, or
b to an officer of theirs before that time,
to have been aware that the circumstances were such that a relevant notice could have been given to the company in relation to that period.
6 For the purposes of requirement A, paragraph 44(2) and (3) of Schedule 18 to the Finance Act 1998 (information made available) applies as it applies for the purposes of paragraph 44(1).
7 Requirement B is that—
a the company or any other person was requested to produce or provide information during an enquiry into the return for that period (so far as relating to the matters in question), and
b if the request had been duly complied with, the Board could reasonably have been expected to give the company a relevant notice in relation to that period.
8 If—
a a company makes a company tax return for an accounting period, and
b the company is subsequently given a relevant notice that specifies that period,
it may amend the return for the purpose of complying with the provision referred to in the notice at any time before the end of the applicable 90 day period.
9 If the relevant notice is given to the company after it has been given a notice of enquiry in respect of its return for the period, no closure notice may be given in relation to its company tax return until—
a the end of the applicable 90 day period, or
b the earlier amendment of its company tax return for the purpose of complying with the provision referred to in the notice.
9A Subsection (9) does not apply to a partial closure notice which does not relate to any matter to which the relevant notice relates.
10 If the relevant notice is given to the company after any enquiries into the return for the period are completed, so far as relating to the matters to which the relevant notice relates, no discovery assessment may be made as regards the chargeable gain to which the notice relates until—
a the end of the applicable 90 day period, or
b the earlier amendment of the company tax return for the purpose of complying with the provision referred to in the notice.
11 Subsections (2)(b) and (8) do not prevent a company tax return for a period becoming incorrect if—
a a relevant notice is given to the company in relation to that period,
b the return is not amended in accordance with subsection (2)(b) or (8) for the purpose of complying with the provision referred to in the notice, and
c the return ought to have been so amended.
12 In this section—
  • “the applicable 90 day period”, in relation to a relevant notice, means the period of 90 days beginning with the day on which the notice is given,
  • “closure notice” means a notice under paragraph 32 of Schedule 18 to the Finance Act 1998,
  • “company tax return” means the return required to be delivered pursuant to a notice under paragraph 3 of that Schedule, as read with paragraph 4 of that Schedule,
  • “discovery assessment” means an assessment under paragraph 41 of that Schedule,
  • “notice of enquiry” means a notice under paragraph 24 of that Schedule.

Assets subject to EU exit charges

184J Asset subject to EU exit charge on becoming chargeable asset

1 This section applies if—
a an asset becomes a chargeable asset in relation to a company by reason of an event specified in subsection (2), and
b on the occurrence of that event the company becomes subject to an EU exit charge in relation to the asset.
2 The events are—
a the company becoming resident in the United Kingdom, and
b in the case of a company that is not resident in the United Kingdom, the asset beginning to be held for the purposes of a trade carried on by the company in the United Kingdom through a permanent establishment.
3 The company is to be treated for the purposes of this Act as if it had acquired the asset for its market value at the time it became a chargeable asset in relation to the company.
4 For the purposes of this section an asset is a “chargeable asset” in relation to a company at any time if any gain on its disposal by the company at that time would be chargeable to corporation tax.
5 “EU exit charge” means a charge to tax under the law of a member State in accordance with Article 5(1) of Directive (EU) 2016/1164 of the European Parliament and of the Council of 12 July 2016 laying down rules against tax avoidance practices that directly affect the functioning of the internal market.

Non-resident and dual resident companies

C282C320185  Deemed disposal of assets on company ceasing to be resident in U.K.

1 This section applies to a company if, at any time (“the relevant time”), the company ceases to be resident in the United Kingdom.
2 The company shall be deemed for all purposes of this Act—
a to have disposed of all its assets, other than assets excepted from this subsection by subsection (4) below, immediately before the relevant time; and
b immediately to have reacquired them,
at their market value at that time.
3 Section 152 shall not apply where the company—
a has disposed of the old assets, or of its interest in those assets, before the relevant time; and
b acquires the new assets, or its interest in those assets, after that time,
unless the new assets are excepted from this subsection by subsection (4) below.
4 If at any time after the relevant time the company carries on a trade in the United Kingdom through a permanent establishment—
a any assets which, immediately after the relevant time, are situated in the United Kingdom and are used in or for the purposes of the trade, or are used or held for the purposes of the permanent establishment, shall be excepted from subsection (2) above; and
b any new assets which, after that time, are so situated and are so used or so held shall be excepted from subsection (3) above;
and references in this subsection to assets situated in the United Kingdom include references to exploration or exploitation assets and to exploration or exploitation rights.
4A Subsection (4) applies to an overseas life insurance company in the case of its long-term business with—
a the omission from paragraph (a) of the words “are situated in the United Kingdom and”; and
b the omission from paragraph (b) of the words “are so situated and”.
5 In this section—
a “designated area”, “exploration or exploitation activities” and “exploration or exploitation rights” have the same meanings as in section 276;
b “exploration or exploitation assets” means assets used or intended for use in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area;
c “the old assets” and “the new assets” have the same meanings as in section 152;
and a company shall not be regarded for the purposes of this section as ceasing to be resident in the United Kingdom by reason only that it ceases to exist.

F2003186  Deemed disposal of assets on company ceasing to be liable to U.K. taxation.

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F2194187  Postponement of charge on deemed disposal under section 185 or 186.

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F2293187A Deemed disposal under section 185: ATED-related gains and losses

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187B Postponing gain or loss under section 185(2): interests in UK land

1 This section applies if an interest in UK land is deemed to have been disposed of under section 185(2) by a company at any time.
2 The gain or loss that, but for this subsection, would have accrued to the company at that time is not to accrue at that time.
3 But, on a subsequent disposal by the company of the whole or part of the interest in UK land, the whole or a corresponding part of the gain or loss is treated as accruing on the subsequent disposal.
4 This gain or loss is in addition to any gain or loss that actually accrues on the subsequent disposal.
5 A company may elect for a disposal deemed to have been made under section 185(2) to be excluded from the operation of this section.
6 The election must be made within 2 years after the day on which the deemed disposal occurs.
7 In this section “interest in UK land” has the meaning given by section 1C.

188  Dual resident companies: deemed disposal of certain assets.

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F1830188A Election for pooling

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F1830188B Meaning of “NRCGT group”

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F1830188C Transfers within an NRCGT group

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F1830188D Person chargeable to capital gains tax on NRCGT gains accruing to members of an NRCGT group

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F1830188E Further provision about group losses

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F1830188F Companies becoming eligible to join an NRCGT group

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F1830188G Company ceasing to be a member of an NRCGT group

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F1830188H The responsible members of an NRCGT group

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F1830188I Joint and several liability of responsible members

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F1830188J The representative company of an NRCGT group

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F1830188K Interpretation of sections 188A to 188J

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Recovery of tax otherwise than from tax-payer company

I5C320189  Capital distribution of chargeable gains: recovery of tax from shareholder.

1 This section applies where a person who is connected with a company resident in the United Kingdom receives or becomes entitled to receive in respect of shares in the company any capital distribution from the company, other than a capital distribution representing a reduction of capital, and—
a the capital so distributed derives from the disposal of assets in respect of which a chargeable gain accrued to the company; or
b the distribution constitutes such a disposal of assets;
and that person is referred to below as “the shareholder”.
2 If the corporation tax assessed on the company for the accounting period in which the chargeable gain accrues included any amount in respect of chargeable gains, and any of the tax assessed on the company for that period is not paid within 6 months from the date determined under subsection (3) below, the shareholder may by an assessment made within 2 years from that date be assessed and charged (in the name of the company) to an amount of that corporation tax—
a not exceeding the amount or value of the capital distribution which the shareholder has received or become entitled to receive; and
b not exceeding a proportion equal to the shareholder’s share of the capital distribution made by the company of corporation tax on the amount of that gain at the rate in force when the gain accrued.
3 The date referred to in subsection (2) above is whichever is the later of—
a the date when the tax becomes due and payable by the company; and
b the date when the assessment was made on the company.
4 Where the shareholder pays any amount of tax under this section, he shall be entitled to recover from the company a sum equal to that amount together with any interest paid by him under section 87A of the Management Act on that amount.
5 The provisions of this section are without prejudice to any liability of the shareholder in respect of a chargeable gain accruing to him by reference to the capital distribution as constituting a disposal of an interest in shares in the company.
6 With respect to chargeable gains accruing in accounting periods ending on or before such day as the Treasury may be order appoint this section shall have effect—
a with the substitution for the words in subsection (3) after “above" of the words “ is the date when the tax becomes payable by the company ”; and
b with the omission of the words in subsection (4) from “together" to the end of the subsection.
7 In this section “capital distribution” has the same meaning as in section 122.

C320190  Tax recoverable from another group company or controlling director.

1 This section applies where—
a a chargeable gain has accrued to a company (“the taxpayer company”),
b the condition in subsection (2) below is met, and
c the whole or part of the corporation tax assessed on the company for the accounting period in which the gain accrued (“the relevant accounting period”) is unpaid at the end of the period of six months after it became payable.
2 The condition referred to in subsection (1)(b) above is—
a that the taxpayer company is resident in the United Kingdom at the time when the gain accrued, or
b that the gain is chargeable to corporation tax as a result of section 2B(3) or (4).
3 The following persons may, by notice under this section, be required to pay the unpaid tax—
a if the taxpayer company was a member of a group at the time when the gain accrued—
i a company which was at that time the principal company of the group, and
ii any other company which in any part of the period of twelve months ending with that time was a member of that group and owned the asset disposed of, or any part of it, or where that asset is an interest or right in or over another asset, owned either asset or any part of either asset; and
b if the taxpayer company was not resident in the United Kingdom at the time when the gain accrued, any person who is, or during the period of twelve months ending with the time when the gain accrued was, a controlling director of the taxpayer company or of a company which has, or within that period had, control over the taxpayer company.
4 The Board may serve a notice on a person within subsection (3) above requiring him, within 30 days of the service of the notice, to pay—
a the amount which remains unpaid of the corporation tax assessed on the taxpayer company for the relevant accounting period, or
b if less, an amount equal to corporation tax on the amount of the chargeable gain at the rate in force when the gain accrued.
5 The notice must state—
a the amount of corporation tax assessed on the taxpayer company for the relevant accounting period that remains unpaid,
b the date when it first became payable, and
c the amount required to be paid by the person on whom the notice is served.
6 The notice has effect—
a for the purposes of the recovery from that person of the amount required to be paid and of interest on that amount, and
b for the purposes of appeals,
as if it were a notice of assessment and that amount were an amount of tax due from that person.
7 Any notice under this section must be served before the end of the period of three years beginning with the date on which the liability of the taxpayer company to corporation tax for the relevant accounting period is finally determined.
8 Where the unpaid tax is charged in consequence of a determination under paragraph 36 or 37 of Schedule 18 to the Finance Act 1998 (determination where no return delivered or return incomplete), the date mentioned in subsection (7) above shall be taken to be the date on which the determination was made.
9 Where the unpaid tax is charged in a self-assessment, including a self-assessment that supersedes a determination (see paragraph 40 of Schedule 18 to the Finance Act 1998), the date mentioned in subsection (7) above shall be taken to be the latest of—
a the last date on which notice of enquiry may be given into the return containing the self-assessment;
b if notice of enquiry is given, 30 days after the enquiry is completed;
c if more than one notice of enquiry is given, 30 days after the last notice of completion;
d if after such an enquiry the Inland Revenue amend the return, 30 days after notice of the amendment is issued;
e if an appeal is brought against such an amendment, 30 days after the appeal is finally determined.
10 If the unpaid tax is charged in a discovery assessment, the date mentioned in subsection (7) above shall be taken to be—
a where there is no appeal against the assessment, the date when the tax becomes due and payable;
b where there is such an appeal, the date on which the appeal is finally determined.
11 A person who has paid an amount in pursuance of a notice under this section may recover that amount from the taxpayer company.
12 A payment in pursuance of a notice under this section is not allowed as a deduction in computing any income, profits or losses for any tax purposes.
13 In this section—
  • “director”, in relation to a company, has the meaning given by section 67(1) and (2) of ITEPA 2003 and includes any person falling within section 452(1) of CTA 2010;
  • “controlling director”, in relation to a company, means a director of the company who has control of it (construing control in accordance with sections 450 and 451 of CTA 2010);
    “group" and “principal company" have the meaning which would be given by section 170 if in that section for references to 75 per cent. subsidiaries there were substituted references to 51 per cent. subsidiaries.

Demergers

C320192  Tax exempt distributions.

1 This section has effect for facilitating certain transactions whereby trading activities carried on by a single company or group are divided so as to be carried on by 2 or more companies not belonging to the same group or by 2 or more independent groups.
2 Where a company makes a distribution which is exempt by virtue of section 1076 of CTA 2010—
a the distribution shall not be a capital distribution for the purposes of section 122; and
b sections 126 to 130 shall, with the necessary modifications, apply as if that company and the subsidiary whose shares are transferred were the same company and the distribution were a reorganisation of its share capital.
3 Subject to subsection (4) below, section 179 shall not apply in a case where a company ceases to be a member of a group by reason only of an exempt distribution.
4 Subsection (3) does not apply if within 5 years after the making of the exempt distribution there is chargeable payment; and the time for making an assessment under section F2212... 179 by virtue of this subsection shall not expire before the end of 3 years after the making of the chargeable payment.
5 In this section—
  • “chargeable payment” has the meaning given in section 1088 of CTA 2010;
  • “exempt distribution” means a distribution which is exempt by virtue of section 1076 or 1077 of CTA 2010; and
  • “group” means a company which has one or more 75 per cent. subsidiaries together with that or those subsidiaries.
6 In determining for the purposes of this section whether one company is a 75 per cent. subsidiary of another, the other company shall be treated as not being the owner of—
a any share capital which it owns directly in a body corporate if a profit on a sale of the shares would be treated as a trading receipt of its trade; or
b any share capital which it owns indirectly and which is owned directly by a body corporate for which a profit on the sale of the shares would be a trading receipt.

Disposals by companies with substantial shareholding

192A  Exemptions for gains or losses on disposal of shares etc

Schedule 7AC (exemptions for disposal of shares etc by companies with substantial shareholding) has effect.

Chapter II  Oil and mining industries

Oil exploration and exploitation

F2541193  Roll-over relief not available for gains on oil licences.

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194  Disposals of oil licences relating to undeveloped areas.

1 In this section any reference to a disposal (including a part disposal) is a reference to a disposal made by way of a bargain at arm’s length.
2 If, at the time of the disposal, the licence relates to an undeveloped area, then, to the extent that the consideration for the disposal consists of—
a another licence which at that time relates to an undeveloped area or an interest in another such licence, or
b an obligation to undertake exploration work or appraisal work in an area which is or forms part of the licensed area in relation to the licence disposed of,
the value of that consideration shall be treated as nil for the purposes of this Act.
3 If the disposal of a licence which, at the time of the disposal, relates to an undeveloped area is part of a larger transaction under which one party makes to another disposals of 2 or more licences, each of which at the time of the disposal relates to an undeveloped area, the reference in subsection (2)(b) above to the licensed area in relation to the licence disposed of shall be construed as a reference to the totality of the licensed areas in relation to those 2 or more licences.
4 In relation to a disposal of a licence which, at the time of the disposal, relates to an undeveloped area, being a disposal—
a which is a part disposal of the licence in question, and
b part but not the whole of the consideration for which falls within paragraph (a) or paragraph (b) of subsection (2) above,
section 42 shall not apply unless the amount or value of the part of the consideration which does not fall within one of those paragraphs is less than the aggregate of the amounts which, if the disposal were a disposal of the whole of the licence rather than a part disposal, would be—
i the relevant allowable expenditure, as defined in section 53; and
ii the indexation allowance on the disposal.
5 Where section 42 has effect in relation to such a disposal as is referred to in subsection (4) above, it shall have effect as if, for subsection (2) thereof, there were substituted the following subsection—

195  Allowance of certain drilling expenditure etc.

1 On the disposal of a licence, relevant qualifying expenditure incurred by the person making the disposal—
a in searching for oil anywhere in the licensed area, or
b in ascertaining the extent or characteristics of any oil-bearing area the whole or part of which lies in the licensed area or what the reserves of oil of any such oil-bearing area are,
shall be treated as expenditure falling within section 38(1)(b).
2 Expenditure incurred as mentioned in subsection (1) above is relevant expenditure if, and only if—
a it is expenditure of a capital nature on research and development; and
b either it is expenditure in respect of which the person was entitled to an allowance under section 441 of the Capital Allowances Act (research and development allowances) for a relevant chargeable period which began before the date of the disposal or it would have been such expenditure if the trading condition had been fulfilled, and
c on the disposal, section 443 of that Act (disposal values) applies in relation to the expenditure or would apply if the trading condition had been fulfilled (and the expenditure had accordingly been qualifying expenditure under Part 6 of that Act).
3 In subsection (2) above and subsection (4) below, the expression “if the trading condition had been fulfilled” means, in relation to expenditure of a capital nature on research and development, if, after the expenditure was incurred but before the disposal concerned was made, the person incurring the expenditure had set up and commenced a trade connected with that research and development; and in subsection (2)(b) above—
  • “relevant chargeable period” has the same meaning as in section 441 of the Capital Allowances Act; F1621...
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4 Relevant expenditure is qualifying expenditure only to the extent that it does not exceed the disposal value which, by reason of the disposal—
a is required to be brought into account under section 443 of the Capital Allowances Act; or
b would be required to be so brought into account if the trading condition had been fulfilled (and the expenditure had accordingly been qualifying expenditure under Part 6 of that Act).
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6 Where, on the disposal of a licence, subsection (1) above has effect in relation to any relevant qualifying expenditure in respect of which the person had not in fact been entitled to an allowance as mentioned in subsection (2)(b) above—
a no allowance shall be made in respect of that expenditure under section 441 of the Capital Allowances Act; F827...
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7 Where, on the disposal of a licence which is a part disposal, subsection (1) above has effect in relation to any relevant qualifying expenditure, then, for the purposes of section 42, that expenditure shall be treated as wholly attributable to what is disposed of (and, accordingly, shall not be apportioned as mentioned in that section).
8 In this section “research and development” has the same meaning as in Part 6 of the Capital Allowances Act (research and development allowances).

195A Oil licence swaps

1 Sections 195B to 195F apply for the purposes of corporation tax on chargeable gains.
2 In those sections—
  • “licence-consideration swap” means a case where conditions A, B, C and D are met;
  • “mixed-consideration swap” means a case where conditions A, B, C and E are met.
3 Condition A is that a company (“company A”) disposes of one or more UK licences to another company (“company B”), by way of a bargain at arm's length (“disposal A”).
4 Condition B is that company B disposes of one or more UK licences to company A, by way of a bargain at arm's length (“disposal B”).
5 Condition C is that either or both of the following paragraphs applies—
a the licence, or at least one of the licences, comprised in disposal A relates to a developed area;
b the licence, or at least one of the licences, comprised in disposal B relates to a developed area.
6 Condition D is that both—
a disposal A is the only consideration given for disposal B, and
b disposal B is the only consideration given for disposal A.
7 Condition E is that either—
a disposal A is the only consideration given for disposal B, or
b disposal B is the only consideration given for disposal A,
(and accordingly one of the disposals is part of the consideration given for the other disposal).
8 In this section and sections 195B to 196 a reference to disposal of a UK licence includes—
a a disposal of an interest in a UK licence, and
b a disposal of a UK licence, or an interest in a UK licence, only so far as the licence relates to part of the licensed area.

195B Licence-consideration swap

1 This section applies to a licence-consideration swap.
2 Each company participating in the swap is to be treated as follows.
3 As regards the licence, or each licence, which the company disposes of, the company is to be treated as if it had disposed of that licence for a consideration of such amount as to secure that on the disposal neither a gain nor a loss accrues to the company.
4 In a case where the company acquires only one licence, the company is to be treated as if it had acquired the licence for a consideration of the same amount as the deemed disposal consideration.
5 In a case where the company acquires two or more licences, as regards each licence acquired, the company is to be treated as if it had acquired that licence for a consideration of—
DDC×ATA
where—
DDC is the deemed disposal consideration,
A is the value of the licence acquired, and
TA is total value of all the licences acquired.
6 In this section “deemed disposal consideration”, in relation to a company participating in the swap, means—
a the amount of the consideration for which the company is, under subsection (3), treated as having disposed of its licence (if the company disposes of only one licence), or
b the aggregate of all such amounts (if the company disposes of two or more licences).

195C Company that receives mixed consideration: N exceeds C

1 This section applies to a mixed-consideration swap if—
a the no gain/no loss loss amount (“N”) of the company that receives the mixed consideration (“company R”), exceeds
b the amount of non-licence consideration (“C”) which company R receives.
2 In a case where company R acquires only one licence, company R is to be treated as if it had acquired the licence for a consideration of—
N-C
3 In a case where company R acquires two or more licences, as regards each licence acquired, company R is to be treated as if it had acquired the licence for a consideration of—
(N-C)×ATA
where—
A is the value of the licence acquired, and
TA is total value of all the licences acquired.
4 The disposal by company R of a licence under the swap is to be taken to be one on which neither a gain nor a loss accrues.
5 But (despite subsection (4)), the disposal by company R is not a no gain/no loss disposal for the purposes of section 56.
6 For the purposes of the application of sections 53 and 54, any enactment is to be disregarded insofar as it provides that, if the other company which acquires a licence under the swap (“company G”) subsequently disposes of the licence, company R's acquisition of the licence is to be treated as company G's acquisition of it.
7 In this section the reference to the no gain/no loss amount of company R is a reference to—
a in a case where company R disposes of only one licence, company R's no gain/no loss amount in relation to that disposal, or
b in a case where company R disposes of two or more licences, the aggregate of company R's no gain/no loss amounts in relation to all of those disposals.

195D Company that receives mixed consideration: N does not exceed C

1 This section applies to a mixed-consideration swap if—
a the no gain/no loss amount (“N”) of the company that receives the mixed consideration (“company R”) does not exceed
b the amount of non-licence consideration (“C”) which company R receives.
2 As regards the licence, or each licence, which company R acquires, company R is to be treated as if it had acquired the licence for nil consideration.
3 In a case where company R disposes of only one licence, company R is to be treated as if, on the disposal of the licence, there had arisen a gain of—
C-N
4 In a case where company R disposes of two or more licences, as regards each licence disposed of, company R is to be treated as if, on the disposal of the licence, there had arisen a gain of—
(C-N)×DTD
where—
D is the value of the licence disposed of, and
TD is total value of all the licences disposed of.

195E Company that gives mixed consideration

1 This section applies to a mixed-consideration swap—
a whatever the no gain/no loss amount (“N”) of the company that gives the mixed consideration (“company G”), and
b whatever the amount of the non-licence consideration (“C”) which company G gives.
2 In a case where company G acquires only one licence, company G is to be treated as if it had acquired the licence for a consideration of—
N+C
3 In a case where company G acquires two or more licences, as regards each licence acquired, company G is to be treated as if it had acquired the licence for a consideration of—
(N+C)×ATA
where—
A is the value of the licence acquired, and
TA is total value of all the licences acquired.
4 The disposal by company G of a licence under the swap is to be taken to be one on which neither a gain nor a loss accrues.
5 But (despite subsection (4)), the disposal by company G is not a no gain/no loss disposal for the purposes of section 56.
6 For the purposes of the application of sections 53 and 54, any enactment is to be disregarded insofar as it provides that, if the other company which acquires a licence under the swap (“company R”) subsequently disposes of the licence, company G's acquisition of the licence is to be treated as company R's acquisition of it.
7 In this section the reference to the no gain/no loss amount of company G is a reference to—
a in a case where company G disposes of only one licence, company G's no gain/no loss amount in relation to that disposal, or
b in a case where company G disposes of two or more licences, the aggregate of company G's no gain/no loss amounts in relation to all of those disposals.

195F Reimbursed expenditure

1 This section applies if—
a expenditure is incurred by company A or company B (see section 195A) on a licence disposed of by it under a licence-consideration swap or mixed-consideration swap,
b the expenditure is incurred before the disposal,
c the expenditure falls within section 38(1)(b), and
d the expenditure is reimbursed or effectively reimbursed (whether by way of adjustment of the non-licence consideration (if any) or otherwise) by the company (“the other company”) to whom the disposal is made (whether before, on or after the date of the disposal).
2 The expenditure is to be treated for the purposes of this Act as expenditure —
a incurred by the other company on the licence immediately after the disposal, and
b which falls within section 38(1)(b).

C250196  Interpretation of sections 194 to 195F .

1 For the purposes of section 194 and this section, a UK licence relates to an undeveloped area at any time if—
a for no part of the licensed area has consent for development been granted to the licensee by the appropriate authority on or before that time; and
b for no part of the licensed area has a programme of development been served on the licensee or approved by the appropriate authority on or before that time.
1A For the purposes of section 194 a licence other than a UK licence relates to an undeveloped area at any time if, at that time—
a no development has actually taken place in any part of the licensed area; and
b no condition for the carrying out of development anywhere in that area has been satisfied—
i by the grant of any consent by the authorities of a country or territory exercising jurisdiction in relation to the area; or
ii by the approval or service on the licensee, by any such authorities, of any programme of development.
1B In sections 195A to 195F, a reference to a UK licence that relates to a developed area is a reference to any UK licence apart from one that relates to an undeveloped area.
2 Subsections (4) and (5) of section 36 of the M31Finance Act 1983 (meaning of “development") shall have effect in relation to subsections (1) to (1B) above as they have effect in relation to subsection (2) of that section.
F25463 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 In relation to a disposal to which section 194 applies of a licence under which the buyer acquires an interest in the licence only so far as it relates to part of the licensed area, any reference in subsection (1) or subsection (3) of that section or subsection (1) above to the licensed area shall be construed as a reference only to that part of the licensed area to which the buyer’s acquisition relates.
5 In sections 194 to 195F and this section—
  • “appropriate authority”, in relation to a UK licence means—
    1. in the case of a licence under Part 1 of the Petroleum Act 1998—
      1. the Scottish Ministers, in relation to the Scottish onshore area, as defined in section 8A of that Act;
      2. the Welsh Ministers, in relation to the Welsh onshore area (as defined in section 8A of that Act);
      3. otherwise, the Oil and Gas Authority;
    2. in the case of a licence under the Petroleum (Production) Act (Northern Ireland) 1964, the Department for the Economy;
  • “foreign oil concession” means any right to search for or win overseas petroleum, being a right conferred or exercisable (whether or not by virtue of a licence) in relation to a particular area;
  • “interest” in relation to a licence, includes, where there is an agreement which—
    1. relates to oil from the whole or any part of the licensed area, and
    2. was made before the extraction of the oil to which it relates,
    any entitlement under that agreement to, or to a share of, either that oil or the proceeds of its sale;
  • “licence” means any UK licence or foreign oil concession;
  • “licence-consideration swap” has the meaning given in section 195A(2);
  • “licensed area” (subject to subsection (4) above)—
    1. in relation to a UK licence, has the same meaning as in Part I of the M78Oil Taxation Act 1975; and
    2. in relation to a foreign oil concession, means the area to which the concession applies;
  • “licensee”—
    1. in relation to a UK licence, has the same meaning as in Part I of the Oil Taxation Act 1975; and
    2. in relation to a foreign oil concession, means the person with the concession or any person having an interest in it;
  • “mixed consideration” means consideration that consists partly of disposal of a UK licence;
  • “mixed-consideration swap” has the meaning given in section 195A(2);
  • “no gain/no loss amount”, in relation to a company that disposes of a UK licence, means the amount that would be taken to be the consideration for the disposal if section 56(2) applied to the disposal;
  • “non-licence consideration” means consideration that does not consist of disposal of a UK licence, F1586... ;
  • “oil”—
    1. except in relation to a UK licence, means any petroleum (within the meaning of Part I of the Petroleum Act 1998); and
    2. in relation to such a licence, has the same meaning as in Part I of the Oil Taxation Act 1975;
  • “overseas petroleum” means any oil that exists in its natural condition at a place to which neither Part I of the Petroleum Act 1998 nor the M79Petroleum (Production) Act (Northern Ireland) 1964 applies; and
  • “swap arrangements”, in relation to a licence-consideration swap or a mixed-consideration swap, means the arrangements under which the swap takes place;
  • “UK licence” means a licence within the meaning of Part I of the M80Oil Taxation Act 1975.
5A References in sections 194 and 195 to a part disposal of a licence shall include references to the disposal of any interest in a licence.
5B Subsections (5C) to (5F) apply for the purposes of sections 195A to 195F.
5C Any determination—
a of the consideration given for disposal A or disposal B,
b of the non-licence consideration, or
c of the value of a licence comprised in disposal A or disposal B,
is to be made as at the time the swap arrangements are entered into.But this is subject to subsections (5D) to (5F).
5D Subsections (5E) and (5F) apply if, under the swap arrangements, economic benefits and liabilities under the licences concerned are treated as passing at a time (“the effective time”) which falls before or after the day on which the arrangements are entered into.
5E Any determination—
a of the consideration given for disposal A or disposal B,
b of the non-licence consideration, or
c of the value of a licence comprised in disposal A or disposal B,
is to be made as at the effective time.
5F But if the swap arrangements make provision for an increase in the non-licence consideration to reflect the period between the effective time and the time it is payable, the non-licence consideration is to be treated as if it were the amount found by making a corresponding increase in the amount determined under subsection (5E).
6 In section 194—
a “exploration work”, in relation to any area, means work carried out for the purpose of searching for oil anywhere in that area;
b “appraisal work”, in relation to any area, means work carried out for the purpose of ascertaining the extent or characteristics of any oil-bearing area the whole or part of which lies in the area concerned or what the reserves of oil of any such oil-bearing area are.

197  Disposals of interests in oil fields etc: ring fence provisions.

1 This section applies where in pursuance of a transfer by a participator in an oil field of the whole or part of his interest in the field, there is—
a a disposal of an interest in oil to be won from the oil field; or
b a disposal of an asset used in connection with the field;
and section 12 of the M32Oil Taxation Act 1975 (interpretation of Part I of that Act) applies for the interpretation of this subsection and the reference to the transfer by a participator in an oil field of the whole or part of his interest in the field shall be construed in accordance with paragraph 1 of Schedule 17 to the M33Finance Act 1980.
2 In this section “material disposal” means—
a a disposal falling within paragraph (a) or paragraph (b) of subsection (1) above; or
b the sale of an asset referred to in section F1472... 179(3) where the asset was acquired by the chargeable company (within the meaning of that section) on a disposal falling within one of those paragraphs.
3 For any chargeable period in which a chargeable gain or allowable loss accrues to any person (“the chargeable person”) on a material disposal (whether taking place in that period or not), subject to subsection (6) below there shall be aggregated—
a the chargeable gains accruing to him in that period on such disposals, and
b the allowable losses accruing to him in that period on such disposals,
and the lesser of the 2 aggregates shall be deducted from the other to give an aggregate gain or, as the case may be, an aggregate loss for that chargeable period.
4 For the purposes of tax in respect of chargeable gains—
a the several chargeable gains and allowable losses falling within paragraphs (a) and (b) of subsection (3) above shall be left out of account; and
b the aggregate gain or aggregate loss referred to in that subsection shall be treated as a single chargeable gain or allowable loss accruing to the chargeable person in the chargeable period concerned on the notional disposal of an asset; and
c if in any chargeable period there is an aggregate loss, then, except as provided by subsection (5) below, it shall not be allowable as a deduction against any chargeable gain arising in that or any later period, other than an aggregate gain treated as accruing in a later period by virtue of paragraph (b) above (so that the aggregate gain of that later period shall be reduced or extinguished accordingly); and
d if in any chargeable period there is an aggregate gain, no loss shall be deducted from it except in accordance with paragraph (c) above; and
e without prejudice to any indexation allowance which was taken into account in determining an aggregate gain or aggregate loss under subsection (3) above, no further indexation allowance shall be allowed on a notional disposal referred to in paragraph (b) above.
4A A deduction in respect of an aggregate loss accruing in a chargeable period that is (in accordance with subsection (4)(b) and (c)) allowable as a deduction against an aggregate gain treated as accruing in a later period is to be ignored for the purposes of section 269ZBA of CTA 2010 (corporate capital loss restriction: restriction on deductions from chargeable gains).
5 In any case where—
a by virtue of subsection (4)(b) above, an aggregate loss is treated as accruing to the chargeable person in any chargeable period, and
b before the expiry of the period of 2 years beginning at the end of the chargeable period concerned, the chargeable person makes a claim under this subsection,
the whole, or such portion as is specified in the claim, of the aggregate loss shall be treated for the purposes of this Act as an allowable loss arising in that chargeable period otherwise than on a material disposal.
6 In any case where a loss accrues to the chargeable person on a material disposal made to a person who is connected with him—
a the loss shall be excluded from those referred to in paragraph (b) of subsection (3) above and, accordingly, shall not be aggregated under that subsection; and
b except as provided by subsection (7) below, section 18 shall apply in relation to the loss as if, in subsection (3) of that section, any reference to a disposal were a reference to a disposal which is a material disposal; and
c to the extent that the loss is set against a chargeable gain by virtue of paragraph (b) above, the gain shall be excluded from those referred to in paragraph (a) of subsection (3) above and, accordingly, shall not be aggregated under that subsection.
7 In any case where—
a the losses accruing to the chargeable person in any chargeable period on material disposals to a connected person exceed the gains accruing to him in that chargeable period on material disposals made to that person at a time when they are connected persons, and
b before the expiry of the period of 2 years beginning at the end of the chargeable period concerned, the chargeable person makes a claim under this subsection,
the whole, or such part as is specified in the claim, of the excess referred to in paragraph (a) above shall be treated for the purposes of section 18 as if it were a loss accruing on a disposal in that chargeable period, being a disposal which is not a material disposal and which is made by the chargeable person to the connected person referred to in paragraph (a) above.
8 Where a claim is made under subsection (5) or subsection (7) above, all such adjustments shall be made whether by way of discharge or repayment of tax or otherwise, as may be required in consequence of the operation of that subsection.

198  Replacement of business assets used in connection with oil fields.

1 If the consideration which a person obtains on a material disposal is applied, in whole or in part, as mentioned in subsection (1) of section 152 or 153, that section shall not apply unless the new assets are taken into use, and used only, for the purposes of the ring fence trade.
2 Subsection (1) above has effect notwithstanding subsection (8) of section 152.
2A But subsection (1) is subject to section 198A(3)(a).
3 Where—
a section 152 or 153 applies in relation to any of the consideration on a material disposal, and
b the asset which constitutes the new assets for the purposes of that section is a depreciating asset,
section 154(2)(b) is to have effect as if the reference to a trade carried on by the claimant were a reference solely to the claimant's ring fence trade.
4 In any case where sections 152 to 154 have effect in accordance with subsections (1) to (3) above, the operation of section 175 shall be modified as follows—
a only those members of a group which actually carry on a ring fence trade shall be treated for the purposes of those sections as carrying on a single trade which is a ring fence trade; and
b only those activities which, in relation to each individual member of the group, constitute its ring fence trade shall be treated as forming part of that single trade.
5 In this section—
a “material disposal” has the meaning assigned to it by section 197; and
b “ring fence trade” means a trade consisting of activities falling within the definition of “oil-related activities” in section 16(2) of ITTOIA 2005 or section 274 of CTA 2010.

198A Ring fence reinvestment: whole consideration reinvested

1 This section applies if a person (“P”) makes a disposal and acquisition which—
a is a ring fence reinvestment, and
b qualifies for roll-over relief.
2 P may make a claim under this section in relation to the disposal and acquisition.
3 If P makes a claim under this section—
a section 152 does not apply to any of the disposal consideration, and
b any gain accruing to P on the disposal is not a chargeable gain.
4 In this section “disposal consideration” means the whole of the consideration obtained on the disposal made by P.

198B Ring fence reinvestment: part of consideration reinvested

1 This section applies if a person (“P”) makes a disposal and acquisition which—
a is a ring fence reinvestment, and
b qualifies for section 153 relief.
2 P may make a claim under this section in relation to the disposal and acquisition.
3 If P makes a claim under this section—
a section 153(1)(a) applies in relation to P and the disposal, but
b section 153(1)(b) does not apply to P and the acquisition.

198C Provisional application of sections 198A and 198B

1 This section applies where a person (“P”) carrying on a ring fence trade who for a consideration disposes of, or of an interest in, any assets (“the old assets”) declares, in P's return for the chargeable period in which the disposal takes place—
a that the whole or any specified part of the consideration will be applied in the acquisition of, or of an interest in, other assets (“the new assets”),
b that the acquisition will take place as mentioned in section 152(3),
c that the disposal and acquisition will be a ring fence reinvestment,
d that P intends to make a claim under section 198A or 198B in relation to the disposal and acquisition, and
e that P has not made, and will not make, a declaration under section 153A in relation to the disposal and acquisition.
2 Until the declaration ceases to have effect, section 198A or 198B applies as if the acquisition had taken place and the person had made a claim under that section.
3 The declaration ceases to have effect as follows—
a if and to the extent that it is withdrawn before the relevant day, or is superseded before that day by a valid claim made under section 198A or 198B, on the day on which it is so withdrawn or superseded, and
b if and to the extent that it is not so withdrawn or superseded, on the relevant day.
4 On the declaration ceasing to have effect in whole or in part, all necessary adjustments—
a are to be made by making or amending assessments or by repayment or discharge of tax, and
b are to be so made despite any limitation on the time within which assessments or amendments may be made.
5 If—
a P makes a declaration under this section, and
b the disposal and acquisition is not a ring fence reinvestment, but qualifies for roll-over relief or section 153 relief,
on P making a claim, the declaration is to have effect as also a declaration under section 153A.
6 In this section “the relevant day” means—
a in relation to capital gains tax, the third anniversary of the 31st January next following the year of assessment in which the disposal of, or of the interest in, the old assets took place, and
b in relation to corporation tax, the fourth anniversary of the last day of the accounting period in which that disposal took place.
7 Section 152(6), (10) and (11) apply for the purposes of this section as they apply for the purposes of section 152.

198D No double claims

1 If P makes a claim under section 198A or 198B, no other relevant claim may be made in respect of the relevant acquisition.
2 P may make a claim under section 198A or 198B (“the new claim”), if P has previously made a claim under section 152 or 153 (“the previous claim”) in respect of the relevant acquisition.
3 But P may make the new claim only if the previous claim is withdrawn at or before the time the new claim is made.
4 If the new claim is made in accordance with subsections (2) and (3), all necessary adjustments—
a are to be made by making or amending assessments or by repayment or discharge of tax, and
b are to be so made despite any limitation on the time within which assessments or amendments may be made.
5 In this section—
  • “relevant acquisition” means the acquisition of the new assets that is comprised in the disposal and acquisition to which a claim under section 198A or 198B or declaration under section 198C relates;
  • “relevant claim” means a claim under section 152, 153, 198A or 198B.

198E Ring fence reinvestments and disposal consideration

1 This section applies for the purposes of sections 198A to 198G.
2 A disposal and acquisition is a ring fence reinvestment if—
a the disposal was—
i a material disposal, or
ii a disposal of a UK licence which relates to an undeveloped area,
b the old assets were used only for the purposes of P's ring fence trade,
c the new assets are taken into use, and used only, for the purposes of one or more of the following trades—
i P's ring fence trade;
ii if P is a member of a group of companies (within the meaning given in section 170), a ring fence trade of another member of that group, and
d the new assets are oil assets.
3 If the disposal consists of—
a disposal of a licence to which section 195D(3) applies, or
b disposal of two or more licences to which section 195D(4) applies,
the consideration for the disposal is to be taken to be the whole of the non-licence consideration obtained on the disposal (which is referred to as “C” in section 195D).
4 Accordingly, in sections 198A to 198G (including section 198A(4)), any reference to the consideration obtained on the disposal has effect subject to subsection (3).
5 Each of the following is an “oil asset” for the purposes of this section—
a an interest in oil to be won from an oil field,
b an asset used in connection with an oil field,
c a structure which is to be placed on the seabed of the United Kingdom continental shelf,
d an asset used wholly in the winning of oil, or in the measuring of oil won, in the United Kingdom otherwise than from an oil field,
e an asset used for the initial treatment or storage of oil in the United Kingdom,
f an asset used for the transportation of oil from an oil field to the United Kingdom, and
g a UK licence which relates to an undeveloped area.
6 Section 12 of the Oil Taxation Act 1975 (interpretation of Part 1 of that Act) applies for the interpretation of subsection (5)(a) to (f).
7 Expressions used in this section and in section 152 have the same meanings in this section as in section 152.
8 In this section a reference to a UK licence which relates to an undeveloped area has the same meaning as in section 194 (see section 196).
9 In this section—
  • “material disposal” has the meaning given in section 197;
  • “ring fence trade” has the meaning given in section 198.

198F Qualification for roll-over relief

1 This section applies for the purposes of sections 198A and 198B and section 198G.
2 A disposal and acquisition qualifies for roll-over relief if—
a the consideration for the disposal is applied in an acquisition as mentioned in section 152(1), and
b section 152(1)(a) and (b) would apply to the disposal and acquisition if the appropriate claim were made.
3 Subsections (4) to (6) apply in deciding whether a disposal and acquisition is one that qualifies for roll-over relief.
4 Section 152(8) is to be disregarded.
5 Section 198A is to be disregarded.
6 Subject to subsections (4) to (5), all the circumstances are to be taken into account, including section 153(1) and section 198(1) and (2).

198G Qualification for section 153 relief

1 This section applies for the purposes of sections 198B and 198C.
2 A disposal and acquisition qualifies for section 153 relief if—
a section 153(1) applies to part of the amount or value of the consideration for the disposal,
b section 153(1)(a) and (b) would apply to the disposal and acquisition if the appropriate claim were made, and
c the disposal and acquisition would qualify for roll-over relief but for the disapplication of section 152(1) by section 153(1).
3 Subsections (4) to (6) apply in deciding whether a disposal and acquisition is one that qualifies for section 153 relief.
4 Section 153(2) has effect subject to section 198F(4) and (5).
5 Section 198B is to be disregarded.
6 Subject to subsections (4) and (5), all the circumstances are to be taken into account, including section 198(1).

198H Acquisition by member of same group

Section 198A or 198B is to apply where—
a the disposal is by a company which, at the time of the disposal, is a member of a group of companies (within the meaning given in section 170),
b the acquisition is by another company which, at the time of the acquisition, is a member of the same group, and
c the claim under that section is made by both companies,
as if both companies were the same person.

198I Exploration, appraisal and development expenditure

1 The incurring of exploration, appraisal and development expenditure in the course of a ring fence trade is to be treated for the purposes of sections 198A to 198H as the acquisition of assets—
a which are the new assets mentioned in section 152,
b which are taken into use, and used only, for the purposes of the ring fence trade,
c which are oil assets, and
d which fall within the classes of assets listed in section 155.
2 The reference in subsection (1) to sections 198A to 198H includes sections 152, 153, 175 and 198(1) so far as they apply for the purpose of determining whether a disposal and acquisition qualifies for roll-over relief or section 153 relief (within the meaning given in section 198F or 198G).
3 Section 198C has effect in relation to expenditure within subsection (1) of this section as if subsection (5) of that section were omitted.
4 References in this section to exploration, appraisal and development expenditure are to expenditure on oil and gas exploration, appraisal and development activities which is treated as such under generally accepted accounting practice.
5 Nothing in this section affects sections 152, 153, 175 and 198(1) so far as they apply otherwise than for the purposes of sections 198A to 198H.
6 In this section—
  • “oil asset” has the meaning given in section 198E(5);
  • “ring fence trade” has the meaning given in section 198.

198J Oil and gas: reinvestment after pre-trading disposal

1 This section applies if a company which is an E&A company makes a disposal of, or of the company's interest in, relevant E&A assets and that disposal is—
a a disposal of, or of an interest in, a UK licence which relates to an undeveloped area, or
b a disposal of an asset used in an area covered by a licence under Part 1 of the Petroleum Act 1998 or the Petroleum (Production) Act (Northern Ireland) 1964 which authorises the company to undertake E&A activities.
2 If—
a the consideration which the company obtains for the disposal is applied by the company, within the permitted reinvestment period—
i on E&A expenditure at a time when the company is an E&A company, or
ii on oil assets taken into use, and used only, for the purposes of a ring fence trade carried on by it, and
b the company makes a claim under this subsection in relation to the disposal,
any gain accruing to the company on the disposal is not a chargeable gain.
3 If part only of the amount or value of the consideration for the disposal is applied as described in subsection (2)(a)—
a subsection (2) does not apply, but
b subsection (4) applies if all of the amount or value of the consideration is so applied except for a part which is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal.
4 If the company makes a claim under this subsection in relation to the disposal, the company is to be treated for the purposes of this Act as if the amount of the gain accruing on the disposal were reduced to the amount of the part mentioned in subsection (3)(b) (and, if not all chargeable gain, with a proportionate reduction in the amount of the chargeable gain).
5 The incurring of expenditure is within “the permitted reinvestment period” if the expenditure is incurred in the period beginning 12 months before and ending 3 years after the disposal, or at such earlier or later time as the Commissioners for Her Majesty's Revenue and Customs may by notice allow.
6 Subsections (6), (7), (10) and (11) of section 152 apply for the purposes of this section as they apply for the purposes of section 152, except that—
a in subsection (6) the reference to a trade is to be read as a reference to E&A activities or a ring fence trade,
b in subsection (7), the reference to the old assets is to be read as a reference to the assets disposed of as mentioned in subsection (1) of this section, and
c in subsection (7), the references to the trade are to be read as references to the E&A activities.
7 In this section—
  • “E&A activities” means oil and gas exploration and appraisal in the United Kingdom or an area designated by Order in Council under section 1(7) of the Continental Shelf Act 1964;
  • “E&A company” means a company which carries on E&A activities and does not carry on a ring fence trade;
  • “E&A expenditure” means expenditure on E&A activities which is treated as such under generally accepted accounting practice;
  • “oil asset” has the same meaning as in section 198E, and section 198I applies for the purposes of this section as it applies for the purposes of section 198E;
  • “relevant E&A assets” means assets which—
    1. are used, and used only, for the purposes of E&A activities carried on by the company throughout the period of ownership, and
    2. are within the classes of assets listed in section 155 (with references to “the trade” in that section being read as references to the E&A activities);
  • “ring fence trade” has the meaning given by section 277 of CTA 2010;
  • “UK licence” means a licence within the meaning of Part 1 of the Oil Taxation Act 1975;
and a reference to a UK licence which relates to an undeveloped area has the same meaning as in section 194 (see section 196).

198K Provisional application of section 198J

1 This section applies where a company for a consideration disposes of, or of an interest in, any assets at a time when it is an E&A company and declares, in the company's return for the chargeable period in which the disposal takes place—
a that the whole or any specified part of the consideration will be applied, within the permitted reinvestment period—
i on E&A expenditure at a time when the company is an E&A company, or
ii on expenditure on oil assets which are taken into use, and used only, for the purposes of the company's ring fence trade, and
b that the company intends to make a claim under section 198J(2) or (4) in relation to the disposal.
2 Until the declaration ceases to have effect, section 198J applies as if the expenditure had been incurred and the person had made such a claim.
3 The declaration ceases to have effect as follows—
a if and to the extent that it is withdrawn before the relevant day, or is superseded before that day by a valid claim under section 198J, on the day on which it is so withdrawn or superseded, and
b if and to the extent that it is not so withdrawn or superseded, on the relevant day.
4 On the declaration ceasing to have effect in whole or in part, all necessary adjustments—
a are to be made by making or amending assessments or by repayment or discharge of tax, and
b are to be so made despite any limitation on the time within which assessments or amendments may be made.
5 In this section “the relevant day” means the fourth anniversary of the last day of the accounting period in which the disposal took place.
6 For the purposes of this section—
a sections (6), (10) and (11) of section 152 apply as they apply for the purposes of that section, except that in subsection (6) the reference to a trade is to be read as a reference to E&A activities or a ring fence trade, and
b terms used in this section which are defined in section 198J have the meaning given by that section.

198L Expenditure by member of same group

1 Section 198J applies where—
a the disposal is by a company which, at the time of the disposal, is a member of a group of companies (within the meaning of section 170),
b the E&A expenditure or expenditure on oil assets is by another company which, at the time the expenditure is incurred, is a member of the same group, and
c the claim under section 198J is made by both companies,
as if both companies were the same person.
2 “E&A company”, “E&A expenditure” and “oil assets” have the meaning given by section 198J.

199  Exploration or exploitation assets: deemed disposals

1 Where an exploration or exploitation asset which is a mobile asset ceases to be chargeable in relation to a person by virtue of ceasing to be dedicated to an oil field in which he, or a person connected with him, is or has been a participator, he shall be deemed for all purposes of this Act—
a to have disposed of the asset immediately before the time when it ceased to be so dedicated, and
b immediately to have reacquired it,
at its market value at that time.
C2352 Where a person who is not UK resident for a tax year (as determined for the purposes of Chapter 1 of Part 1) ceases to carry on a trade in the United Kingdom through a branch or agency, he shall be deemed for all purposes of this Act—
a to have disposed immediately before the time when he ceased to carry on the trade in the United Kingdom through a branch or agency of every asset to which subsection (3) below applies, and
b immediately to have reacquired every such asset,
at its market value at that time.
3 This subsection applies to any exploration or exploitation asset, other than a mobile asset, used in or for the purposes of the trade at or before the time of the deemed disposal.
C2354 A person shall not be deemed by subsection (2) above to have disposed of an asset if, immediately after the time when he ceases to carry on the trade in the United Kingdom through a branch or agency, the asset is used in or for the purposes of exploration or exploitation activities carried on by him in the United Kingdom or a designated area.
5 Where in a case to which subsection (4) above applies the person ceases to use the asset in or for the purposes of exploration or exploitation activities carried on by him in the United Kingdom or a designated area, he shall be deemed for all purposes of this Act—
a to have disposed of the asset immediately before the time when he ceased to use it in or for the purposes of such activities, and
b immediately to have reacquired it,
at its market value at that time.
6 For the purposes of this section an asset is at any time a chargeable asset in relation to a person if, were it to be disposed of at that time, any chargeable gains accruing to him on the disposal would be chargeable to capital gains tax or corporation tax as a result of section 1A(3)(a) or 2B(3).
7 In this section—
a “exploration or exploitation asset” means an asset used in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area;
b “designated area” and “exploration or exploitation activities” have the same meanings as in section 276; and
c the expressions “dedicated to an oil field” and “participator” shall be construed as if this section were included in Part I of the M34Oil Taxation Act 1975.

F1212200  Limitation of losses on disposal of oil industry assets held on 31st March 1982.

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Mineral leases

F804201  Royalties.

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202  Capital losses.

1 This section has effect in relation to capital losses which accrue during the currency of a mineral lease or agreement entered into before the relevant date, and applies in any case where, at the time of the occurrence of a relevant event in relation to a mineral lease or agreement entered into before that date, the person who immediately before that event occurred was entitled to receive mineral royalties under the lease or agreement (“the taxpayer”) has an interest in the land to which the mineral lease or agreement relates (“the relevant interest”).
1A For the purposes of this section “the relevant date” means—
a for the purposes of capital gains tax, 6 April 2013; and
b for the purposes of corporation tax in respect of chargeable gains, 1 April 2013.
2 For the purposes of this section, a relevant event occurs in relation to a mineral lease or agreement—
a on the expiry or termination of the mineral lease or agreement;
b if the relevant interest is disposed of, or is treated as having been disposed of by virtue of any provision of this Act.
3 On the expiry or termination of a mineral lease or agreement entered into before the relevant date the taxpayer shall, if he makes a claim in that behalf, be treated for purposes of tax in respect of chargeable gains as if he had disposed of and immediately reacquired the relevant interest for a consideration equal to its market value, but a claim may not be made under this subsection—
a if the expiry or termination of the mineral lease or agreement is also a relevant event falling within subsection (2)(b) above; nor
b unless, on the notional disposal referred to above, an allowable loss would accrue to the taxpayer.
4 In this section “the terminal loss”, in relation to a relevant event in respect of which a claim is made under subsection (3) above, means the allowable loss which accrues to the taxpayer by virtue of the notional disposal occurring on that relevant event by virtue of that subsection.
5 On making a claim under subsection (3) above, the taxpayer shall specify whether he requires the terminal loss to be dealt with in accordance with subsection (6) or subsections (9) to (11) below.
6 Where the taxpayer requires the loss to be dealt with in accordance with this subsection it shall be treated as an allowable loss accruing to him in the chargeable period in which the mineral lease or agreement expires.
7 If on the occurrence of a relevant event falling within subsection (2)(b) above, an allowable loss accrues to the taxpayer on the disposal or notional disposal which constitutes that relevant event, the taxpayer may make a claim under this subsection requiring the loss to be dealt with in accordance with subsections (9) to (11) below and not in any other way.
8 In subsections (9) to (11) below “the terminal loss” in relation to a relevant event in respect of which a claim is made under subsection (7) above means the allowable loss which accrues to the taxpayer as mentioned in that subsection.
9 Where, as a result of a claim under subsection (3) or (7) above, the terminal loss is to be dealt with in accordance with this subsection, then, subject to subsection (10) below, it shall be deducted from or set off against the amount on which the taxpayer was chargeable to capital gains tax, or as the case may be corporation tax, for chargeable periods preceding that in which the relevant event giving rise to the terminal loss occurred and falling wholly or partly within the period of 15 years ending with the date of that event.
10 The amount of the terminal loss which, by virtue of subsection (9) above, is to be deducted from or set off against the amount on which the taxpayer was chargeable to capital gains tax, or as the case may be corporation tax, for any chargeable period shall not exceed the amount of the gain which in that period was treated, by virtue of section 201(1), as accruing to the taxpayer in respect of mineral royalties under the mineral lease or agreement in question; and subject to this limit any relief given to the taxpayer by virtue of subsection (9) above shall be given as far as possible for a later rather than an earlier chargeable period.
11 If in any case where relief has been given to the taxpayer in accordance with subsections (9) and (10) above there remains an unexpended balance of the terminal loss which cannot be applied in accordance with those subsections, there shall be treated as accruing to the taxpayer in the chargeable period in which the relevant event occurs an allowable loss equal to that unexpended balance.

203  Provisions supplementary to section 202 .

1 Sections 274 to 276 of CTA 2009 (meaning of “mineral royalties” etc) apply for the interpretation of this section and section 202 (despite their repeal by paragraph 44(1)(c) of Schedule 39 to the Finance Act 2012).
2 No claim under section 202(3) or (7) shall be allowed unless it is made within 4 years from the date of the relevant event by virtue of which the taxpayer is entitled to make the claim.
3 All such repayments of tax shall be made as may be necessary to give effect to any such claim.

Chapter III  Insurance

204 Policies of insurance and non-deferred annuities

1 A gain accruing on a disposal of, or of an interest in, the rights conferred by a non-life policy of insurance is not a chargeable gain (but see subsection (2)).
2 If a disposal is of, or of an interest in, the rights conferred by a non-life policy of insurance of the risk of—
a any kind of damage to assets, or
b the loss or depreciation of assets,
the exemption under subsection (1) does not apply so far as those rights relate to chargeable assets.
3 For this purpose “chargeable assets” means assets on the disposal of which a chargeable gain—
a may accrue, or
b might have accrued.
4 Nothing in subsections (1) and (2) prevents sums received under a non-life policy of insurance of the risk of—
a any kind of damage to assets, or
b the loss or depreciation of assets,
from being sums derived from the assets for the purposes of this Act (and, in particular, for the purposes of section 22).
5 A gain accruing on a disposal of, or of an interest in, the rights conferred by a contract for an annuity is not a chargeable gain if the annuity is—
a a non-deferred annuity, or
b an annuity granted (or deemed to be granted) under the Government Annuities Act 1929.
6 If any investments or other assets are, in accordance with a policy issued in the course of life assurance business carried on by an insurance company, transferred to the policy holder—
a the policy holder's acquisition of the assets, and
b the disposal of the assets to the policy holder,
are to be taken for the purposes of this Act to be for a consideration equal to the market value of the assets.
7 In this section “interest”, in relation to any rights, means an interest as a co-owner of the rights.
8 It does not matter—
a whether the rights are owned jointly or in common, or
b whether or not the interests of the co-owners are equal.
9 In this section a “non-deferred annuity” means an annuity—
a which is not granted under a contract for a deferred annuity, and
b which is granted in the ordinary course of a business of granting annuities on the life of any person,
and it does not matter whether the annuity includes instalments of capital.
10 In this section a “non-life policy of insurance” means—
a a contract made in the course of a capital redemption business, within the meaning of section 56(3) of the Finance Act 2012, and
b any F1612... policy of insurance which is not a policy of insurance on the life of any person.

205  Disallowance of insurance premiums as expenses.

Without prejudice to the provisions of section 39, there shall be excluded from the sums allowable as a deduction in the computation of the gain accruing on the disposal of an asset any premiums or other payments made under a policy of insurance of the risk of any kind of damage or injury to, or loss or depreciation of, the asset.

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F18207 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F19208 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F20209 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

210 Life assurance and deferred annuities.

1 This section has effect in relation to any policy of insurance or contract for a deferred annuity on the life of any person.
2 A gain accruing on a disposal of, or of an interest in, the rights conferred by the policy of insurance or contract for a deferred annuity is not a chargeable gain unless subsection (3) below applies.
3 This subsection applies if—
a (in the case of a disposal of the rights) the rights or any interest in the rights, or
b (in the case of a disposal of an interest in the rights) the rights, the interest or any interest from which the interest directly or indirectly derives (in whole or in part),
have or has at any time been acquired by any person for actual consideration (as opposed to consideration deemed to be given by any enactment relating to the taxation of chargeable gains).
4 For the purposes of subsection (3) above —
a (in the case of a policy of insurance) amounts paid under the policy by way of premiums, and
b (in the case of a contract for a deferred annuity) amounts paid under the contract, whether by way of premiums or as lump sum consideration,
do not constitute actual consideration.
5 And for those purposes actual consideration for—
a a disposal which is made by one spouse or civil partner to the other or is an approved post-marriage disposal or an approved post-civil partnership disposal, or
b a disposal to which section 171(1) applies,
is to be treated as not constituting actual consideration.
6 For the purposes of subsection (5)(a) above a disposal is an approved post-marriage disposal or an approved post-civil partnership disposal if—
a it is made in consequence of the dissolution or annulment of a marriage or civil partnership by one person who was a party to the marriage or civil partnership to the other,
b it is made with the approval, agreement or authority of a court (or other person or body) having jurisdiction under the law of any country or territory or pursuant to an order of such a court (or other person or body), and
c the rights disposed of were, or the interest disposed of was, held by the person by whom the disposal is made immediately before the marriage or civil partnership was dissolved or annulled.
7 Subsection (8) below applies for the purposes of tax on chargeable gains where—
a (if that subsection did not apply) a loss would accrue on a disposal of, or of an interest in, the rights conferred by the policy of insurance or contract for a deferred annuity, but
b if sections 37 and 39 were disregarded, there would accrue on the disposal a loss of a smaller amount, a gain or neither a loss nor a gain.
8 If (disregarding those sections) a loss of a smaller amount would accrue, that smaller amount is to be taken to be the amount of the loss accruing on the disposal; and in any other case, neither a loss nor a gain is to be taken to accrue on the disposal.
9 But subsection (8) above does not affect the treatment for the purposes of tax on chargeable gains of the person who acquired rights, or an interest in rights, on the disposal.
10 The occasion of—
a the receipt of the sum or sums assured by the policy of insurance,
b the transfer of investments or other assets to the owner of the policy of insurance in accordance with the policy, or
c the surrender of the policy of insurance,
is for the purposes of tax on chargeable gains an occasion of a disposal of the rights (or of all of the interests in the rights) conferred by the policy of insurance.
11 The occasion of—
a the receipt of the first instalment of the annuity under the contract for a deferred annuity, or
b the surrender of the rights conferred by the contract for a deferred annuity,
is for the purposes of tax on chargeable gains an occasion of a disposal of the rights (or of all of the interests in the rights) conferred by the contract for a deferred annuity.
12 Where there is a disposal on the occasion of the receipt of the first instalment of the annuity under the contract for a deferred annuity—
a in the case of a disposal of the rights conferred by the contract, the consideration for the disposal is the aggregate of the amount or value of the first instalment and the market value at the time of the disposal of the right to receive the further instalments of the annuity, and
b in the case of a disposal of an interest in the rights, the consideration for the disposal is such proportion of that aggregate as is just and reasonable;
and no gain accruing on any subsequent disposal of, or of any interest in, the rights is a chargeable gain (even if subsection (3) above applies).
13 In this section “interest”, in relation to rights conferred by a policy of insurance or contract for a deferred annuity, means an interest as a co-owner of the rights (whether the rights are owned jointly or in common and whether or not the interests of the co-owners are equal).

C296210A Ring-fencing of losses

1 Section 2A(1) has effect in relation to insurance companies subject to the provisions of this section.
2 Non-BLAGAB allowable losses accruing to an insurance company are allowable as a deduction from the shareholders' share (if any) of the BLAGAB chargeable gains accruing to the company as permitted by subsection (2A) (but are not otherwise allowable as a deduction from the BLAGAB chargeable gains accruing to the company).
2A The following deductions may be made from the shareholders’ share of the BLAGAB chargeable gains accruing to the company in an accounting period—
a any available non-BLAGAB allowable losses accruing to the company in the period may be deducted under section 2A(1)(a), and
b after making any deductions within paragraph (a), any available non-BLAGAB allowable losses previously accruing to the company, which have not been allowed as a deduction from chargeable gains accruing in the period or in any previous accounting period, may (subject to section 269ZFC of CTA 2010) be deducted under section 2A(1)(b).
2B But those deductions may not reduce the shareholders’ share of BLAGAB chargeable gains below nil.
2C The amount of “available non-BLAGAB allowable losses” accruing to a company in an accounting period is the amount by which the non-BLAGAB allowable losses accruing to the company in the accounting period exceed the non-BLAGAB chargeable gains so accruing.
3 BLAGAB allowable losses accruing to an insurance company are allowable as a deduction from non-BLAGAB chargeable gains accruing to the company as permitted by the following provisions of this section (and not otherwise).
4 They are allowable as a deduction from only so much of non-BLAGAB chargeable gains accruing to the company in an accounting period as exceeds the aggregate of—
a non-BLAGAB allowable losses accruing to the company in the accounting period, and
b non-BLAGAB allowable losses previously accruing to the company which have not been allowed as a deduction from chargeable gains accruing in any previous accounting period.
5 And they are allowable as a deduction from non-BLAGAB chargeable gains accruing to the company in an accounting period only to the extent that they do not exceed the permitted amount for the accounting period.
6 The permitted amount for the first accounting period of an insurance company in relation to which this section has effect is the aggregate of—
a the F382... shareholders' share for that accounting period of BLAGAB allowable losses accruing to the company in the accounting period F656..., and
b the shareholder’s share for the immediately preceding accounting period of BLAGAB allowable losses previously accruing to the company which have not been allowed as a deduction from chargeable gains accruing in that immediately preceding accounting period or any earlier accounting period.
7 The permitted amount for any subsequent accounting period of the company is arrived at by—
a deducting from the permitted amount for the immediately preceding accounting period the amount of any BLAGAB allowable losses allowed as a deduction from non-BLAGAB chargeable gains accruing to the company in the immediately preceding accounting period, and
b adjusting the result in accordance with subsection (8) or (9) below.
8 If there are BLAGAB chargeable gains accruing to the company in the subsequent accounting period F2182..., the amount arrived at under subsection (7)(a) above is reduced by a fraction of which—
a the denominator is the BLAGAB allowable losses accruing to the company in any previous accounting period which have not been allowed as a deduction from chargeable gains accruing to the company in any previous accounting period, and
b the numerator is so many of those allowable losses as are allowed as a deduction, under step 2 of section 75(1) of FA 2012, from BLAGAB chargeable gains accruing to the company in the accounting period.
9 If there are BLAGAB allowable losses accruing to the company in the subsequent accounting period, the amount arrived at under subsection (7)(a) is increased by the shareholders’ share of the amount of those allowable losses.
10 For the purposes of this section the “shareholders' share” of BLAGAB chargeable gains or BLAGAB allowable losses accruing to an insurance company in an accounting period is determined as follows.
10A If the company has an I - E profit for the accounting period—
a find the percentage (including, if applicable, nil) of the I - E profit that is not represented by the policyholders' share of that profit as determined in accordance with section 103 of the Finance Act 2012, and
b then multiply that percentage by the amount of the BLAGAB chargeable gains or BLAGAB allowable losses.
The result is the shareholder's share of the BLAGAB chargeable gains or BLAGAB allowable losses.
10B If the company does not have an I - E profit for the accounting period, the shareholders' share of the BLAGAB chargeable gains or BLAGAB allowable losses is nil.
10C For the purposes of subsections (10A) and (10B), assume that non-BLAGAB allowable losses cannot be deducted to any extent from BLAGAB chargeable gains (and, accordingly, assume that section 95 is not included in the Finance Act 2012).
11 In arriving at the shareholders' share of chargeable gains accruing to an insurance company under subsections (10) to (10C) above there is to be ignored—
a any deduction under section 202(9) (mineral leases: capital losses),
b any reduction under section 213(3) (spreading of losses from deemed disposal of holdings of unit trust etc), and
c any amount carried back under section 389(1) of CTA 2009 (non-trading deficit on loan relationships).
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13 In this section—
  • “BLAGAB allowable losses”, in relation to an insurance company, means allowable losses referable, in accordance with Chapter 4 of Part 2 of the Finance Act 2012, to the company’s basic life assurance and general annuity business, but excluding any allowable losses deducted under step 2 of section 75(1) of FA 2012 in determining the BLAGAB chargeable gains of the company for an accounting period,
  • “BLAGAB chargeable gains”, in relation to an insurance company, means chargeable gains (as adjusted for allowable losses in accordance with section 75 of FA 2012) referable, in accordance with Chapter 4 of Part 2 of the Finance Act 2012, to the company’s basic life assurance and general annuity business,
  • “non-BLAGAB allowable losses”, in relation to an insurance company, means allowable losses of the company which are not BLAGAB allowable losses,
  • “non-BLAGAB chargeable gains”, in relation to an insurance company, means chargeable gains of the company which are not BLAGAB chargeable gains, F469...
  • F469. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C91210B Disposal and acquisition of section 119 or 120 securities

1 Subsections (2) to (4) below apply in a case where, within a period of 10 days, an insurance company disposes of a number of section 119 or 120 securities and (whether subsequently or previously) acquires a number of section 119 or 120 securities if—
a the securities disposed of decrease the size of a chargeable section 119 or 120 holding,
b the securities acquired increase the size of the same chargeable section 119 or 120 holding, and
c (apart from this section) an allowable loss would accrue on the disposal.
2 The securities disposed of shall be identified with the securities acquired.
3 The securities disposed of shall be identified with securities acquired before the disposal rather than securities acquired after the disposal and—
a in the case of securities acquired before the disposal, with those acquired later rather than those acquired earlier, and
b in the case of securities acquired after the disposal, with those acquired earlier rather than those acquired later.
4 Where securities acquired could be identified with securities disposed of either at an earlier or at a later date, they shall be identified with the former rather than the latter; and the identification of securities acquired with securities disposed of on any occasion shall preclude their identification with securities comprised in a later disposal.
5 Subsections (2) to (4) above have effect subject to section 105(1).
6 Subsections (2) to (4) above do not apply to—
a securities which are assets within section 212(1). F1148...
F1148b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Subsections (2) to (4) above do not apply if—
a the securities disposed of are assets wholly matched to BLAGAB liabilities and the assets are appropriated to a BLAGAB internal linked fund,
b the securities acquired are, on acquisition, appropriated to that or another internal linked fund, and
c the disposal and acquisition are made with a view to adjusting the value of the assets of that fund, or of those funds, in order to match its or their liabilities.
8 In this section—
  • “BLAGAB internal linked fund” means an internal linked fund all the assets appropriated to which are matched wholly to BLAGAB liabilities,
  • “chargeable section 119 or 120 holding” means a holding which is a separate holding as a result of section 119(1)(a), (c) or (d) or section 120(1)(a), (c) or (d) of the Finance Act 2012 (and section 121(1) and (2) of that Act),
  • “internal linked fund”, in relation to an insurance company, means an account—
    1. to which assets matched to the company's life assurance liabilities are appropriated by the company, and
    2. which may be divided into units the value of which is determined by the company by reference to the value of those assets, and
  • “section 119 or 120 securities” means securities within the meaning of section 119 or 120 of the Finance Act 2012 (see section 121(6)).

210C Losses on disposal of authorised investment fund assets to connected manager

1 Section 18(3) does not apply in relation to a loss accruing on the disposal by an insurance company of authorised investment fund assets to the manager of the authorised investment fund.
2 In this section—
  • “authorised investment fund assets” means assets held by the company for the purposes of its long-term business that consist of—
    1. rights under an authorised unit trust,
    2. rights under an authorised contractual scheme which is a co-ownership scheme, or
    3. shares in an open-ended investment company,
  • “the manager of the authorised investment fund” means—
    1. in the case of an authorised unit trust, the person who is the manager of the unit trust scheme for the purposes of Chapter 3 of Part 17 of the Financial Services and Markets Act 2000, F1734...
    2. in the case of an authorised contractual scheme which is a co-ownership scheme, means the person who is the operator of the scheme for the purposes of that Part, and
    3. in the case of an open-ended investment company, a director or other person having responsibility for the management of its scheme property, and
  • “open-ended investment company” means a company incorporated in the United Kingdom to which section 236 of the Financial Services and Markets Act 2000 applies.

211  Transfers of business.

C361 This section applies where an insurance business transfer scheme has effect to transfer business which consists of the effecting or carrying out of contracts of long-term insurance from one person (“the transferor”) to another (“the transferee”).
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2 Where this section applies the transferor and the transferee are treated for the purposes of corporation tax on chargeable gains as if any assets included in the transfer which—
a immediately before they are acquired by the transferee, were assets held by the transferor for the purposes of its long-term business, and
b immediately after they are so acquired are assets held by the transferee for the purposes of its long-term business,
were acquired for a consideration of such amount as would secure that neither a gain nor a loss would accrue to the transferor on the disposal.
2A The reference in subsection (2) above to assets included in the transfer does not include assets which formed part of the long-term business fixed capital of the company in question.
3 Subsection (2) above is subject to section 212.
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4 Subsection (2) does not apply in relation to assets which are referable to the long-term business of the transferor if all the income of the transferor's long-term business is chargeable to corporation tax on income under section 35 of CTA 2009.

C149211ZA Transfers of business: transfer of unused losses

1 This section applies where—
a an insurance business transfer scheme has effect to transfer business consisting of or including basic life assurance and general annuity business from one person (“the transferor”) to another (“the transferee”) or more than one others (“the transferees”), and
b the transferor has relevant unused losses.
2 For the purposes of subsection (1)(b) above the transferor has relevant unused losses if—
a BLAGAB allowable losses accrue to the transferor in the accounting period ending with the day of the transfer or have so accrued in any earlier accounting period, and
b they are not deducted from chargeable gains accruing to the transferor in that accounting period and have not been deducted from chargeable gains so accruing in any previous accounting period.
2A For the purposes of subsection (2) above, where there is no accounting period of the transferor ending with the day of the transfer—
a there is deemed to be such an accounting period,
b BLAGAB allowable losses which would have accrued to the transferor in that accounting period are deemed to have accrued to the transferor in that accounting period, and
c if those BLAGAB allowable losses would not have been deducted from chargeable gains accruing to the transferor in that accounting period, they are deemed to be relevant unused losses.
3 Subject as follows—
a for the purposes of ascertaining the transferor’s total profits for any accounting period ending after that in which the transfer takes place, the relevant unused losses are deemed not to have accrued to the transferor, but
b (instead) they are treated as accruing to the transferee (in accordance with subsection (4) below).
4 The losses treated as accruing to the transferee under subsection (3)(b) above shall be deemed to be BLAGAB allowable losses accruing to the transferee in the accounting period of the transferee in which the transfer takes place.
5 But those losses are not allowable as a deduction from chargeable gains accruing before the transfer takes place.
6 For the purposes of section 210A (ring-fencing of losses), the shareholders' share of those losses is to be taken to be the same proportion as would be the shareholders' share of them if they had remained losses of the transferor.
7 If only part of the transferor’s basic life assurance and general annuity business is transferred, subsection (3) above applies as if the references to the relevant unused losses were to such part of the relevant unused losses as is appropriate.
8 If the transfer is to more than one others, subsection (3)(b) above applies as if the reference to the relevant unused losses being treated as accruing to the transferee were to such part of the relevant unused losses as is appropriate being treated as accruing to each of the transferees.
9 Any question arising as to the operation of subsection (7) or (8) above shall be determined in the same manner as an appeal, and both the transferor and the transferee shall be entitled to be a party to any proceedings.
10 In this section “BLAGAB allowable losses” means allowable losses referable, in accordance with Chapter 4 of Part 2 of the Finance Act 2012, to the transferor’s basic life assurance and general annuity business.

211A  Gains of insurance company from venture capital investment partnership

Schedule 7AD to this Act has effect with respect to the gains of an insurance company from a venture capital investment partnership.

211B Transfers of assets to certain collective investment schemes

1 Subsection (2) applies if—
a an asset of an insurance company is made subject to a collective investment scheme which is—
i an authorised contractual scheme which is a co-ownership scheme, F2747...
ia a Reserved Investor Fund (Contractual Scheme), or
ii a relevant offshore fund,
b that is wholly in exchange for the company being issued with units in the scheme, and
c the condition in subsection (3) is met.
2 For the purposes of corporation tax on chargeable gains, the company is to be treated—
a as having disposed of the asset mentioned in subsection (1)(a) for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the company, and
b as having acquired the units mentioned in subsection (1)(b) for a consideration of the same amount.
3 The condition is that—
a immediately before the asset mentioned in subsection (1)(a) is made subject to the scheme, the asset was an asset held by the company for the purposes of its long-term business within one of the long-term business categories, and
b immediately after the asset is made subject to the scheme, the units mentioned in subsection (1)(b) are assets held by the company for the purposes of its long-term business within the same category.
4 For the purposes of subsection (3), a “long-term business category” is—
a if the company is a UK life insurance company, a long-term business category set out in section 116(2) of the Finance Act 2012 (subject to section 116(3)), or
b if the company is an overseas life insurance company, a UK long-term business category set out in section 117(2) of that Act (subject to section 117(3)).
5 In subsection (1), “relevant offshore fund” means an offshore fund that is a transparent fund within the meaning given by regulation 11 of the Offshore Funds (Tax) Regulations 2009.
F19276 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C23C135C134C344C119C197212  Annual deemed disposal of holdings of unit trusts etc.

1 Where at the end of an accounting period the assets held by an insurance company for the purposes of its long-term business include—
a rights under an authorised unit trust, or
b interests in an offshore fund F1647... , or
ba units in an authorised contractual scheme which is a co-ownership scheme, or
bb units in a Reserved Investor Fund (Contractual Scheme), or
c shares in a company which is, or is a member of, a UK REIT within the meaning of Part 12 of CTA 2010 (Real Estate Investment Trusts), or,
d shares in a company which is, or is a member of, a QAHC within the meaning of Schedule 2 to the Finance Act 2022 (qualifying asset holding companies),
then, subject to the following provisions of this section and to section 213, the company shall be deemed for the purposes of corporation tax on capital gains to have disposed of and immediately reacquired each of the assets concerned at its market value at that time.
1A For the purposes of computing the gain accruing on a deemed disposal under subsection (1) of units in an authorised contractual scheme which is a co-ownership scheme or of units in a Reserved Investor Fund (Contractual Scheme), subsections (3A) and (9) of section 103D (application of Act to tax transparent funds) do not apply.
1B But subsection (1A) does not affect the application of those subsections in the event of any other disposal of units in such a scheme by an insurance company, and in such a case—
a section 103D(3A) applies in respect of all allowances under Part 2A of CAA 2001 to which the company has been entitled during the period it has held units in the scheme, and
b section 103D(9) applies in respect of all capital allowances and renewal allowances that have been, or may be, made to expenditure incurred during that period.
F6142 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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F216 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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F4727 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
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F228 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 This section applies to an overseas life insurance company as if references in subsection (1) to assets were to such of the assets concerned as are UK assets.
10 Assets (whether situated in the United Kingdom or elsewhere) are “UK assets” if, in accordance with the provision made by or under Chapter 4 of Part 2 of CTA 2009, they fall to be attributed to the permanent establishment in the United Kingdom through which the company carries on life assurance business.

C219213  Spreading of gains and losses under section 212.

1 Any chargeable gains or allowable losses which would otherwise accrue on disposals deemed by virtue of section 212 to have been made at the end of a company’s accounting period shall be treated as not accruing to it, but instead—
a there shall be ascertained the difference (“the net amount”) between the aggregate of those gains and the aggregate of those losses, and
b one-seventh of the net amount shall be treated as a chargeable gain or, where it represents an excess of losses over gains, as an allowable loss accruing to the company at the end of the accounting period, and
c a further one-seventh shall be treated as a chargeable gain or, as the case may be, as an allowable loss accruing at the end of each succeeding accounting period until the whole amount has been accounted for.
C99C521A Subsection (1) above shall not apply to chargeable gains or allowable losses except so far as they are gains or losses which—
a are referable, in accordance with Chapter 4 of Part 2 of the Finance Act 2012, to basic life assurance and general annuity business F340...
2 For any accounting period of less than one year, the fraction of one-seventh referred to in subsection (1)(c) above shall be proportionately reduced; and where this subsection has had effect in relation to any accounting period before the last for which subsection (1)(c) above applies, the fraction treated as accruing at the end of that last accounting period shall also be adjusted appropriately.
3 Subject to subsection (8H) below, Where—
a the net amount for an accounting period of an insurance company represents an excess of gains over losses,
b the net amount for either of the next 2 accounting periods (after taking account of any reductions made by virtue of this section) represents an excess of losses over gains,
c there is (after taking account of any such reductions) no net amount for the intervening accounting period (if there is one),
ca the intervening accounting period (if there is one) is not an accounting period in which the company joined a group of companies, and
d within 2 years after the end of the later accounting period the company makes a claim for the purpose in respect of the whole or part of the net amount for that period,
the net amounts for both the earlier and the later period shall be reduced by the amount in respect of which the claim is made.
F6123A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F23743B . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Subject to subsection (5) below, where a company ceases to carry on long-term business before the end of the last of the accounting periods for which subsection (1)(c) above would apply in relation to a net amount, the fraction of that amount that is treated as accruing at the end of the accounting period ending with the cessation shall be such as to secure that the whole of the net amount has been accounted for.
4ZA Subsection (4) applies in relation to an overseas life insurance company with the insertion after “long-term business” of the words “in the United Kingdom through a permanent establishment”.
4ZB Subject to subsection (5) below, where a company—
a acquired units in a collective investment scheme where section 211B(2) applied in relation to that acquisition, and
b other than by virtue of section 212, disposes of some or all of those units during the period of three years after the end of the accounting period of the company in which the acquisition took place,
the fraction of any net amount that is treated as accruing at the end of the accounting period of the company in which the disposal occurs is to be adjusted so as to secure that the whole of the chargeable gain or allowable loss attributable to the units disposed of which has been taken into account in determining the net amount has been accounted for; and fractions of the net amount treated as accruing at the end of subsequent accounting periods are to be adjusted accordingly.
4ZC For the purposes of subsection (4ZB) (notwithstanding the provisions of Chapter 1 of Part 4 (shares, securities, options etc))—
za units in a collective investment scheme acquired as mentioned in subsection (4ZB)(a) at any time are treated as constituting a class of securities different from all other units in the scheme and from all other classes of securities arising as a result of this paragraph in respect of units acquired at different times,
a units in a collective investment scheme acquired as mentioned in subsection (4ZB)(a) are treated as being disposed of before other units in the scheme or, where there are different classes of unit in the scheme, units of the same class held by the company, and
b where units are acquired as mentioned in subsection (4ZB)(a) at different times, units acquired at a later time are treated as disposed of before units acquired at an earlier time or, where there are different classes of unit in the scheme, units of the same class acquired at an earlier time.
F12774ZD . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12774ZE . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4A The following provisions apply where an insurance business transfer scheme has effect to transfer business which consists of the effecting or carrying out of contracts of long-term insurance from one person (“the transferor”) to another (“the transferee”).
C3865 Subject to subsections (5A) to (7) below, any chargeable gain or allowable loss which (making the assumptions in subsection (5ZA) below) would have accrued to the transferor by virtue of subsection (1) above after the transfer shall instead be deemed to accrue to the transferee.
5ZA The assumptions referred to in subsection (5) above are—
a that the transferor had continued to carry on the business transferred after the transfer, and
b where there is no accounting period of the transferor ending with the day of the transfer, that for the purposes of section 212 and this section, there was such an accounting period.
5A Subsection (5) above shall not apply where the transferee is resident outside the United Kingdom unless the business to which the transfer relates is carried on by the transferee, for a period beginning with the time when the transfer takes effect, through a permanent establishment in the United Kingdom.
6 Where subsection (5) above has effect, the amount of the gain or loss accruing at the end of the first accounting period of the transferee ending after the day when the transfer takes place shall be calculated as if that accounting period began with the day after the transfer.
7 Where the transfer is of part only of the transferor’s long-term business, subsection (5) above shall apply only to such part of any amount to which it would otherwise apply as is appropriate.
8 Any question arising as to the operation of subsection (7) above shall be determined in the same manner as an appeal, and both the transferor and the transferee shall be entitled to be a party to any proceedings.
8A Subsection (8B) below applies where—
F723a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b the transferor and the transferee are, at the time of the transfer, members of the same group,
c the transferred assets net amount for the accounting period of the transferor ending with the day of the transfer, or for the immediately preceding accounting period of the transferor, (“the relevant pre-transfer period of the transferor”) represents an excess of gains over losses,
d the transferred assets net amount for the accounting period of the transferee in which the transfer takes place, or for the immediately following accounting period of the transferee, (“the relevant post-transfer period of the transferee”) represents an excess of losses over gains (after taking account of any reductions made by virtue of this section), and
e within 2 years after the end of the relevant post-transfer period of the transferee, the transferor and the transferee make a joint election in respect of the whole or part of the net amount for that period by notice to an officer of the Board.
8B Subject to subsections (8C) to (8E) and (8H) below, the transferred assets net amounts for both the relevant pre-transfer period of the transferor and the relevant post-transfer period of the transferee shall be reduced by the amount in respect of which the election is made.
8C Subsection (8B) above does not apply if—
a the relevant post-transfer period of the transferee is the accounting period immediately following that in which the transfer takes place, and
b the relevant pre-transfer period of the transferor is the accounting period immediately preceding that ending with the day of the transfer.
8D If—
a the relevant post-transfer period of the transferee is the accounting period immediately following that in which the transfer takes place, and
b the relevant pre-transfer period of the transferor is the accounting period ending with the day of the transfer,
subsection (8B) above applies only if the conditions in subsection (8F) below are satisfied in relation to the accounting period of the transferee in which the transfer takes place.
8E If—
a the relevant post-transfer period of the transferee is the accounting period in which the transfer takes place, and
b the relevant pre-transfer period of the transferor is the accounting period immediately preceding that ending with the day of the transfer,
subsection (8B) above applies only if the conditions in subsection (8F) below are satisfied in relation to the accounting period of the transferor ending with the day of the transfer.
8F The conditions referred to in subsections (8D) and (8E) above are that—
a there is (after taking account of any reductions made by virtue of this section) no transferred assets net amount for the accounting period, and
b the company whose accounting period it is did not join a group of companies in the accounting period.
8G A copy of the notice containing an election under subsection (8A)(e) above must accompany the tax return for the relevant post-transfer period of the transferee; and paragraphs 54 to 60 of Schedule 18 to the Finance Act 1998 (claims and elections for corporation tax purposes) do not apply to such an election.
8H Subsection (3) above has effect where the company, or the transferee, in question joins a group of companies in the accounting period for which the net amount represents an excess of losses over gains as if a claim or election could not be made in respect of that net amount except to the extent (if any) that the net amount would still arise even if losses accruing after the date on which the company or transferee joined the group of companies were disregarded.
8HA Subsections (8A) and (8B) above have effect where the company, or the transferee, in question joins a group of companies in the accounting period for which the transferred assets net amount represents an excess of losses over gains as if a claim or election could not be made in respect of that net amount except to the extent (if any) that the transferred assets net amount would still arise even if losses accruing after the date on which the company or transferee joined the group of companies were disregarded.
8I References in this section to a company joining a group of companies are to be construed in accordance with section 184C as if those references were contained in that section; and in subsection (8A)(b) above “group” has the same meaning as in that section.
8J “Transferred assets net amount” means a net amount ascertained in accordance with section 213(1)(a) but only in relation to those assets referred to in section 212(1) which are transferred by the insurance business transfer scheme from the transferor to the transferee.
F249 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F82110 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

213A Power to modify ss. 212 and 213 etc in case of CFCs that are offshore funds

1 The Treasury may make regulations for the purpose mentioned in subsection (2) in any case where—
a an insurance company to which the I - E rules apply is deemed to make a disposal under section 212 of an interest in an offshore fund,
b the offshore fund is a CFC, and
c there is (or, but for the regulations, would be) a CFC charge on the insurance company referable to its relevant interest in the CFC for the accounting period in which the disposal is deemed to have been made.
2 The regulations are to be made for the purpose of modifying the operation of—
a section 212 or 213,
b the CFC rules, or
c the I - E rules,
in relation to any accounting period of the insurance company so as to reduce the charge to tax.
3 The regulations may—
a make different provision for different cases or circumstances, and
b contain incidental, supplementary, consequential, transitional, transitory or saving provision.
4 The provision that may be made as a result of subsection (3)(b) includes provision modifying any other provision of the Corporation Tax Acts.
5 In this section—
  • “CFC” and “CFC charge” have the same meanings as in Part 9A of TIOPA 2010 (see section 371VA),
  • “the CFC rules” means the rules contained in that Part, and
  • “offshore fund” has the meaning given by section 355 of TIOPA 2010.

F178214  Transitional provisions.

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F1945214A Further transitional provisions.

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F547214B Modification of Act in relation to overseas life insurance companies.

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F2018214BA Interpretation

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Chapter IV  Miscellaneous cases

Re-organisations of mutual businesses

F371214C  Gains not eligible for taper relief.

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Building societies etc.

C332215  Disposal of assets on amalgamation of building societies etc.

If, in the course of or as part of an amalgamation of 2 or more building societies or a transfer of engagements from one building society to another, there is a disposal of an asset by one society to another, both shall be treated for the purposes of corporation tax on chargeable gains as if the asset were acquired from the one making the disposal for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal.

C332216  Assets transferred from society to company.

1 This section and section 217 apply where there is a transfer of the whole of a building society’s business to a company (“the successor company”) in accordance with section 97 and the other applicable provisions of the M35Building Societies Act 1986.
2 Where the society and the successor company are not members of the same group at the time of the transfer—
a they shall be treated for the purposes of corporation tax on capital gains as if any asset disposed of as part of the transfer were acquired by the successor company for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the society, and
b if because of the transfer any company ceases to be a member of the same group as the society, that event shall not cause section F2320... 179 to have effect as respects any asset acquired by the company from the society or any other member of the same group.
3 Where the society and the successor company are members of the same group at the time of the transfer but later cease to be so, that later event shall not cause section F2572... 179 to have effect as respects—
a any asset acquired by the successor company on or before the transfer from the society or any other member of the same group, or
b any asset acquired from the society or any other member of the same group by any company other than the successor company which is a member of the same group at the time of the transfer.
4 Subject to subsection (6) below, where a company which is a member of the same group as the society at the time of the transfer—
a ceases to be a member of that group and becomes a member of the same group as the successor company, and
b subsequently ceases to be a member of that group,
section F2572... 179 shall have effect on that later event as respects any relevant asset acquired by the company otherwise than from the successor company as if it had been acquired from the successor company.
5 In subsection (4) above “relevant asset” means any asset acquired by the company—
a from the society, or
b from any other company which is a member of the same group at the time of the transfer,
when the company and the society, or the company, the society and the other company, were members of the same group.
6 Subsection (4) above shall not apply if the company which acquired the asset and the company from which it was acquired (one being a 75 per cent. subsidiary of the other) cease simultaneously to be members of the same group as the successor company but continue to be members of the same group as one another.
7 For the purposes of this section “group” shall be construed in accordance with section 170.

217  Shares, and rights to shares, in successor company.

1 Where, in connection with the transfer, there are conferred on members of the society—
a any rights to acquire shares in the successor company in priority to other persons, or
b any rights to acquire shares in that company for consideration of an amount or value lower than the market value of the shares, or
c any rights to free shares in that company,
any such right so conferred on a member shall be regarded for the purposes of tax on chargeable gains as an option (within the meaning of section 144) granted to, and acquired by, him for no consideration and having no value at the time of that grant and acquisition.
2 Where, in connection with the transfer, shares in the successor company are issued by that company, or disposed of by the society, to a member of the society, those shares shall be regarded for the purposes of tax on chargeable gains—
a as acquired by the member for a consideration of an amount or value equal to the amount or value of any new consideration given by him for the shares (or, if no new consideration is given, as acquired for no consideration); and
b as having, at the time of their acquisition by the member, a value equal to the amount or value of the new consideration so given (or, if no new consideration is given, as having no value);
but this subsection is without prejudice to the operation of subsection (1) above, where applicable.
3 Subsection (4) below applies in any case where—
a in connection with the transfer, shares in the successor company are issued by that company, or disposed of by the society, to the trustees of a settlement on terms which provide for the transfer of those shares to members of the society for no new consideration; F498...
F1259b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Where this subsection applies, then, for the purposes of tax on chargeable gains—
a the shares shall be regarded as acquired by the trustees for no consideration;
b the interest of any member in the settled property constituted by the shares shall be regarded as acquired by him for no consideration and as having no value at the time of its acquisition;
c where a member becomes absolutely entitled as against the trustees to any of the settled property, both the trustees and the member shall be treated as if, on his becoming so entitled, the shares in question had been disposed of and immediately reacquired by the trustees, in their capacity as trustees within section 60(1), for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss would accrue to the trustees (and accordingly section 71 shall not apply in relation to that occasion); and
d on the disposal by a member of an interest in the settled property, other than the disposal treated as occurring for the purposes of paragraph (c) above, any gain accruing shall be a chargeable gain (and accordingly section 76(1) shall not apply in relation to the disposal).
5 Where, in connection with the transfer, the society disposes of any shares in the successor company, then, for the purposes of this Act, any gains accruing on the disposal shall not be chargeable gains.
6 In this section—
  • “free shares”, in relation to a member of the society, means any shares issued by the successor company, or disposed of by the society, to that member in connection with the transfer but for no new consideration;
  • “member”, in relation to the society, means a person who is or has been a member of it, in that capacity, and any reference to a member includes a reference to a member of any particular class or description;
  • “new consideration” means consideration other than—
    1. consideration provided directly or indirectly out of the assets of the society; or
    2. consideration derived from a member’s shares or other rights in the society.
7 References in this section to the case where a member becomes absolutely entitled to settled property as against the trustees shall be taken to include references to the case where he would become so entitled but for being an infant or otherwise under disability.

F25Friendly societies

C408217A Transfer of assets on incorporation of registered friendly society.

1 This section and section 217B apply where a registered friendly society is incorporated under the Friendly Societies Act 1992 (“the 1992 Act").
2 In this section and section 217B—
a “the registered society” means the society before the incorporation, and
b “the incorporated society” means the society after the incorporation.
3 For the purposes of corporation tax on chargeable gains—
a any asset of the registered society that by virtue of section 6(2) or (3) of the 1992 Act is transferred to the incorporated society,
b any asset of a branch of the registered society that by virtue of section 6(4) of the 1992 Act is transferred to the incorporated society, and
c any asset of a branch of the registered society that is identified in a scheme under section 6(5) of the 1992 Act,
shall be taken to be disposed of by the registered society or branch and acquired by the incorporated society on the incorporation for a consideration of such amount as to secure that on the disposal neither a gain nor a loss accrues to the registered society or branch.

217B Rights of members in registered society equated with rights in incorporated society.

1 In this section, “change of membership” means a change effected by Schedule 4 to the 1992 Act whereby a member of the registered society or of a branch of the registered society becomes a member of the incorporated society or of a branch of the incorporated society.
2 For the purposes of this Act, a change of membership shall not be taken to involve any disposal or acquisition of an asset by the member concerned, but all the interests and rights in the incorporated society or a branch of the incorporated society that he has immediately after the change, taken together, shall be treated as a single asset which—
a was acquired by the first relevant acquisition, and
b was added to by any subsequent relevant acquisitions.
3 In subsection (2) above, “relevant acquisition” means an acquisition by which the member acquired any interest or right in the registered society or a branch of the registered society that he had immediately before the change of membership.

217C Subsequent disposal of assets by incorporated society etc.

1 Where any asset acquired on a disposal to which section 217A(3) applies is subsequently disposed of by the incorporated society, section 41 shall apply as if any capital allowance made to the registered society in respect of the asset had been made to the incorporated society.
2 If the disposal by the incorporated society is in the circumstances mentioned in subsection (8) of section 41, the disposal to which section 217A(3) applies shall for the purposes of that subsection be taken to have been a previous transfer of the asset in such circumstances.

Registered societies and co-operatives

217D Disposal of assets on union, amalgamation or transfer of engagements

1 Subsection (2) applies if—
a there is a union or amalgamation of two or more relevant bodies or a transfer of engagements from one relevant body to another, and
b in the course of, or as part of, that union, amalgamation or transfer there is a disposal of an asset by one relevant body to another.
2 Both bodies are treated for the purposes of corporation tax on chargeable gains as if the asset were acquired from the body making the disposal for a consideration which is of the amount needed to secure that on the disposal neither a gain nor a loss accrues to the body making the disposal.
3 In this section “relevant body” means—
a a registered society within the meaning of the Co-operative and Community Benefit Societies Act 2014 or a society registered or treated as registered under the Industrial and Provident Societies Act (Northern Ireland) 1969,
aa a society registered as a credit union under the Credit Unions (Northern Ireland) Order 1985 (S.I. 1985/1205 (N.I. 12)),
b an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Co-Operative Society, or
c a UK agricultural or fishing co-operative, as defined in section 1058 of CTA 2010.

The Regulator of Social Housing, the Secretary of State and housing associations

C89218  Disposals of land between the Regulator of Social Housing, the Secretary of State or Scottish Homes and housing associations.

1 Where—
a in accordance with a scheme approved under section 5 of the M36Housing Act 1964 or paragraph 5 of Schedule 7 to the M37Housing Associations Act 1985, or in accordance with a requirement imposed under section 253 of the Housing and Regeneration Act 2008,, the Regulator of Social Housing acquires from a housing association the association’s interest in all the land held by the association for carrying out its objects, or
b after the Regulator of Social Housing has so acquired from a housing association all the land so held by it the Regulator disposes to a single housing association of the whole of that land (except any part previously disposed of or agreed to be disposed of otherwise than to a housing association), together with all related assets,
then both parties to the disposal of the land to or, as the case may be, by the Regulator of Social Housing shall be treated for the purposes of corporation tax in respect of chargeable gains as if the land and any related assets disposed of therewith (and each part of that land and those assets) were acquired from the party making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that party.
2 In subsection (1) above, “housing association” has the same meaning as in the M38Housing Associations Act 1985, and “related assets” means, in relation to an acquisition of land by the Regulator of Social Housing, assets acquired by the Regulator in accordance with the same scheme as that land, and in relation to a disposal of land by the Regulator of Social Housing, assets held by the Regulator for the purposes of the same scheme as that land.
3 This section shall also have effect with the substitution of the words “the Secretary of State” for the words “the Regulator of Social Housing” and “the Regulator” in each place where they occur.
4 This section shall also have effect with the substitution of the words “ Scottish Homes ” for the words “the Regulator of Social Housing” and “the Regulator” in each place where they occur.

C431219 Disposals by housing related bodies.

1 In any case where—
a a housing regulator or the Homes and Communities Agency disposes of any land to a relevant housing provider, or
b a relevant housing provider disposes of any land to another relevant housing provider, or
c in pursuance of a direction of a housing regulator given under section 167 of the Housing and Regeneration Act 2008, section 106 of the Housing (Scotland) Act 2010, Part I of the Housing Act 1996 or Part I of the Housing Associations Act 1985 (as the case may be) requiring it to do so, a relevant housing provider disposes of any of its property, other than land, to another relevant housing provider, or
d a relevant housing provider or an unregistered self-build society disposes of any land to a housing regulator, the Homes and Communities Agency or the Greater London Authority,
both parties to the disposal shall be treated for the purposes of tax on chargeable gains as if the land or property disposed of were acquired from the housing regulator, the Homes and Communities Agency, relevant housing provider or unregistered self-build society making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to the housing regulator, the Homes and Communities Agency or, as the case may be, that relevant housing provider or society.
2 In this section—
  • “housing regulator” means the Regulator of Social Housing, the Scottish Housing Regulator, the Secretary of State or Scottish Homes;
  • “relevant housing provider” means—
    1. a non-profit registered provider of social housing,
    2. a registered social landlord within the meaning of Part 1 of the Housing Act 1996, or
    3. a body registered in the register maintained under section 20(1) of the Housing (Scotland) Act 2010.
  • “unregistered self-build society” has the same meaning as in the Housing Associations Act 1985.

220  Disposals by Northern Ireland housing associations.

1 In any case where—
a a registered Northern Ireland housing association disposes of any land to another such association, or
b in pursuance of a direction of the Department of the Environment for Northern Ireland given under Chapter II of Part VII of the M39Housing (Northern Ireland) Order 1981 requiring it to do so, a registered Northern Ireland housing association disposes of any of its property, other than land, to another such association,
both parties to the disposal shall be treated for the purposes of tax on chargeable gains as if the land or property disposed of were acquired from the association making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that association.
2 In subsection (1) above “registered Northern Ireland housing association” means a registered housing association within the meaning of Part VII of the Order referred to in paragraph (b) of that subsection.

Other bodies

F2107221  Harbour authorities.

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Part VII  Other property, businesses, investments etc.

Private residences

222  Relief on disposal of private residence.

1 This section applies to a gain accruing to an individual so far as attributable to the disposal of, or of an interest in—
a a dwelling-house or part of a dwelling-house which is, or has at any time in his period of ownership been, his only or main residence, or
b land which he has for his own occupation and enjoyment with that residence as its garden or grounds up to the permitted area.
2 In this section “the permitted area” means, subject to subsections (3) and (4) below, an area (inclusive of the site of the dwelling-house) of 0.5 of a hectare.
3 Where the area required for the reasonable enjoyment of the dwelling-house (or of the part in question) as a residence, having regard to the size and character of the dwelling-house, is larger than 0.5 of a hectare, that larger area shall be the permitted area.
4 Where part of the land occupied with a residence is and part is not within subsection (1) above, then (up to the permitted area) that part shall be taken to be within subsection (1) above which, if the remainder were separately occupied, would be the most suitable for occupation and enjoyment with the residence.
5 So far as it is necessary for the purposes of this section to determine which of 2 or more residences is an individual’s main residence for any period—
a the individual may conclude that question by notice to an officer of the Board given within 2 years from the beginning of that period but subject to a right to vary that notice by a further notice to an officer of the Board as respects any period beginning not earlier than 2 years before the giving of the further notice,
F2548b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F674. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5A But a notice or further notice under subsection (5)(a) determining which of 2 or more residences is an individual’s main residence for any period may be given more than 2 years from the beginning of the period if during the period the individual has not held an interest of more than a negligible market value in more than one of the residences.
6 In the case of an individual living with his spouse or civil partner—
a there can only be one residence or main residence for both, so long as living together and, where a notice under subsection (5)(a) above affects both the individual and his spouse or civil partner, it must be given by both, F1467...
F1780b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6A Where an individual has determined, by giving notice under subsection (5)(a), that a residence is the individual's main residence, that determination does not cease to be effective at any time by reason only of the fact that, at that time, another of the individual's residences is treated by section 222B(1) as not being occupied as a residence (or, having been so treated, is no longer so treated).
7 In this section and sections 222A to 226, “the period of ownership” where the individual has had different interests at different times shall be taken to begin from the first acquisition taken into account in arriving at the expenditure which under Chapter III of Part II is allowable as a deduction in the computation of the gain to which this section applies, and in the case of an individual living with his spouse or civil partner—
a if the one disposes of, or of his or her interest in, a dwelling-house or part of a dwelling-house F1720... to the other, and in particular if it passes on death to the other as legatee, the other’s period of ownership shall begin with the beginning of the period of ownership of the one making the disposal, and
b if paragraph (a) above applies, but the dwelling-house or part of a dwelling-house was not the only or main residence of both throughout the period of ownership of the one making the disposal, account shall be taken of any part of that period during which it was his only or main residence as if it was also that of the other.
8 If at any time during an individual’s period of ownership of a dwelling-house or part of a dwelling-house he—
a resides in living accommodation which is for him job-related F2100..., and
b intends in due course to occupy the dwelling-house or part of a dwelling-house as his only or main residence,
this section and sections 223 to 226 shall apply as if the dwelling-house or part of a dwelling-house were at that time occupied by him as a residence.
C2398A Subject to subsections (8B), (8C) and (9) below, for the purposes of subsection (8) above living accommodation is job-related for a person if—
a it is provided for him by reason of his employment, or for his spouse or civil partner by reason of the spouse’s or civil partner's employment, in any of the following cases—
i where it is necessary for the proper performance of the duties of the employment that the employee should reside in that accommodation;
ii where the accommodation is provided for the better performance of the duties of the employment, and it is one of the kinds of employment in the case of which it is customary for employers to provide living accommodation for employees;
iii where, there being a special threat to the employee’s security, special security arrangements are in force and the employee resides in the accommodation as part of those arrangements;
or
b under a contract entered into at arm’s length and requiring him or his spouse or civil partner to carry on a particular trade, profession or vocation, he or his spouse or civil partner is bound—
i to carry on that trade, profession or vocation on premises or other land provided by another person (whether under a tenancy or otherwise); and
ii to live either on those premises or on other premises provided by that other person; or
c an armed forces accommodation allowance for or towards costs of the accommodation is paid to, or in respect of, the person or the person's spouse or civil partner.
C2398B If the living accommodation is provided by a company and the employee is a director of that or an associated company, subsection (8A)(a)(i) or (ii) above shall not apply unless—
a the company of which the employee is a director is one in which he or she has no material interest; and
b either—
i the employment is as a full-time working director, or
ii the company is non-profit making, that is to say, it does not carry on a trade nor do its functions consist wholly or mainly in the holding of investments or other property, or
iii the company is a charitable company.
C2398C Subsection (8A)(b) above does not apply if the living accommodation concerned is in whole or in part provided by—
a a company in which the borrower or his spouse or civil partner has a material interest; or
b any person or persons together with whom the borrower or his spouse or civil partner carries on a trade or business in partnership.
C2398D For the purposes of this section—
a a company is an associated company of another if one of them has control of the other or both are under the control of the same person; and
b “employment”, “director”, “full-time working director”, “material interest” and “control”, in relation to a body corporate, have the meanings given by Chapter 2 of Part 3 of ITEPA 2003; and
c “armed forces accommodation allowance” means an allowance which is exempt from income tax by reason of section 297D of ITEPA 2003.
9 Subsections (8A)(b) and (8C) above shall apply for the purposes of subsection (8) above only in relation to residence on or after 6th April 1983 in living accommodation which is job-related for the purposes of that subsection.
10 Apportionments of consideration shall be made wherever required by this section or sections 223 to 226 and, in particular, where a person disposes of a dwelling-house only part of which is his only or main residence.

222A Determination of main residence: non-resident CGT disposals

1 This section applies where—
a an individual (“P”) makes a disposal of, or of an interest in—
i a dwelling-house, or part of a dwelling-house, which was at any time in P's period of ownership occupied by P as a residence, or
ii land (as mentioned in section 222(1)(b)) which P had for P's own occupation and enjoyment with that residence as its garden or grounds, and
b the disposal is—
i a disposal on which a gain accrues which is chargeable to capital gains tax because of section 1A(3)(b), or
ii a disposal on which a loss accrues but is one which, had a gain accrued, would be within sub-paragraph (i).
In the remainder of this section the residence concerned is referred to as “the dwelling-house”.
2 So far as it is necessary for the purposes of section 222, P may determine, by a notice under this section, which of 2 or more residences (of which one is the dwelling-house) was P's main residence for any period within P's period of ownership of the dwelling-house.
3 A notice under this section may vary, as respects any period within P's period of ownership of the dwelling-house, a notice previously given under section 222(5)(a).See also subsections (4) and (7).
4 A notice under this section may not vary a notice previously given under section 222(5)(a) as respects any period for which the previous notice had the effect of determining whether or not a disposed of residence was P's main residence.
5 In subsection (4) “disposed of residence” means one of P's residences which was disposed of (in whole or in part) before the date of the disposal mentioned in subsection (1)(a).
6 A notice under this section—
a must be given in the return under Schedule 2 to the Finance Act 2019 in respect of the disposal mentioned in subsection (1)(a), and
b may not subsequently be varied, whether by a notice under this section or section 222(5)(a).
7 Where a notice under this section affects both P and an individual (“X”) who was, in the period to which the notice relates (“the relevant period”), P's spouse or civil partner living with P—
a in a case where each of P and X is required to make a return under Schedule 2 to the Finance Act 2019 in respect of the disposal of an interest in the dwelling-house, notice given by P under this section is effective as respects any part of the relevant period when P and X were living together as spouses or civil partners only if notice to the same effect is also given under this section by X in respect of that period;
b in any other case, notice given by P under this section is effective as respects any part of the relevant period when P and X were living together as spouses or civil partners only if it is accompanied by written notification from X agreeing to the terms of the notice in respect of that period.
8 Nothing in subsection (2) affects the application of section 222(5) in relation to P.

222B Non-qualifying tax years

1 For the purposes of sections 222 to 226 the dwelling-house or part of a dwelling-house mentioned in section 222(1) is treated as not being occupied as a residence by the individual so mentioned (“P”) at any time in P's period of ownership which falls within—
a a non-qualifying tax year, or
b a non-qualifying partial tax year.
In the remainder of this section the dwelling-house or part of a dwelling-house is referred to as “the dwelling-house”.
2 Except where the disposal mentioned in section 222(1) is a disposal falling within section 222A(1)(b) (non-resident disposals), subsection (1) does not have effect in respect of any tax year or partial tax year before the tax year 2015-16.
3 A tax year the whole of which falls within P's period of ownership is “a non-qualifying tax year” in relation to the dwelling-house if—
a neither P nor P's spouse or civil partner was resident for that tax year in the territory in which the dwelling-house is situated, and
b the day count test was not met by P with respect to the dwelling-house for that tax year (see section 222C).
4 A partial tax year is “a non-qualifying partial tax year” in relation to the dwelling-house if—
a neither P nor P's spouse or civil partner was resident for the tax year in question in the territory in which the dwelling-house is situated, and
b the day count test was not met by P with respect to the dwelling-house for that partial tax year.
5 Where part only of a tax year falls within P's period of ownership, that part is a “partial tax year” for the purposes of this section.
6 For the purposes of this section an individual is resident in a territory outside the United Kingdom (“the overseas territory”) for a tax year (“year X”) in relation to which condition A or B is met.
7 Condition A is that the individual is, in respect of a period or periods making up more than half of year X, liable to tax in the overseas territory under the law of that territory by reason of the individual's domicile or residence.
8 Condition B is that the individual would be resident in the overseas territory for year X in accordance with the statutory residence test in Part 1 of Schedule 45 to the Finance Act 2013, if in Parts 1 and 2 of that Schedule—
a any reference to the United Kingdom (however expressed) were read as a reference to the overseas territory,
b “overseas” meant anywhere outside that territory, and
c in paragraph 26 (meaning of “work”), sub-paragraphs (2) to (4), (6) and (7) were disregarded.
9 In applying the statutory residence test in accordance with subsection (8), any determination of whether—
a the individual was resident in the overseas territory for a tax year preceding year X, or
b another individual is resident in the overseas territory for year X,
is to be made in accordance with the statutory residence test, as modified by subsection (8).
10 Section 271ZA(2) (visiting forces etc) is to be disregarded in determining for the purposes of this section whether or not an individual is resident in the United Kingdom.
11 Subsection (1) is subject to—
a section 222(8) (job-related accommodation), and
b section 223(3) (absence reliefs).

222C Day count test

1 This section explains how P meets the day count test (see section 222B) with respect to the dwelling-house or part of a dwelling-house mentioned in section 222(1) for a full or partial tax year.In the remainder of this section the dwelling-house or part of a dwelling-house is referred to as “the dwelling-house”.
2 P meets that test for a tax year with respect to the dwelling-house if, during that year, P spends at least 90 days in one or more qualifying houses.
3 P meets that test for a partial tax year with respect to the dwelling-house if, during that partial tax year, P spends at least the relevant number of days in one or more qualifying houses.
4 To find the relevant number of days for the purposes of subsection (3), multiply 90 days by the relevant fraction and round up the result to the nearest whole number of days if necessary.
5 The relevant fraction is—
X Y
where—
“X” is the number of days in the partial tax year;
“Y” is the number of days in the tax year.
6 For the purposes of subsections (2) and (3) the days need not be consecutive, and days spent in different qualifying houses may be aggregated.
7 A day spent by P's spouse or civil partner in a dwelling-house or part of a dwelling-house which is a qualifying house in relation to P counts as a day spent by P in the qualifying house (but no day is to be counted twice as a result of this subsection).
8 For the purposes of this section, a day counts as a day spent by an individual in a qualifying house if—
a the individual is present at the house at the end of the day, or
b the individual—
i is present in the house for some period during the day, and
ii the next day, has stayed overnight in the house.
9 For the purposes of this section—
a the dwelling-house is a qualifying house in relation to P, and
b any other dwelling-house or part of a dwelling-house which is situated in the same territory as the dwelling-house is a qualifying house in relation to P at any particular time if at that time any of the following has an interest in it—
i P,
ii an individual who is P's spouse or civil partner at that time, and
iii an individual who is P's spouse or civil partner at the time of disposal of the dwelling-house.
10 In this section “partial tax year” has the meaning given by section 222B(5).

223  Amount of relief.

1 No part of a gain to which section 222 applies shall be a chargeable gain if the dwelling-house or part of a dwelling-house has been the individual’s only or main residence throughout the period of ownership, or throughout the period of ownership except for all or any part of the last 9 months of that period.
2 Where subsection (1) above does not apply, a fraction of the gain shall not be a chargeable gain, and that fraction shall be—
a the length of the part or parts of the period of ownership during which the dwelling-house or the part of the dwelling-house was the individual’s only or main residence, but inclusive of the last 9 months of the period of ownership in any event, divided by
b the length of the period of ownership.
3 For the purposes of sections 222(5) and 222A and subsections (1) and (2) above—
a a period of absence not exceeding 3 years (or periods of absence which together did not exceed 3 years), and in addition
b any period of absence throughout which the individual worked in an employment or office all the duties of which were performed outside the United Kingdom or lived with a spouse or civil partner who worked in such an employment or office, and in addition
c any period of absence not exceeding 4 years (or periods of absence which together did not exceed 4 years) throughout which the individual was prevented from residing in the dwelling-house or part of the dwelling-house in consequence of the situation of his place of work or in consequence of any condition imposed by his employer requiring him to reside elsewhere, being a condition reasonably imposed to secure the effective performance by the employee of his duties, and in addition,
d any period of absence not exceeding 4 years (or periods of absence which together did not exceed 4 years) throughout which the individual lived with a spouse or civil partner in respect of whom paragraph (c) applied in respect of that period (or periods),
shall be treated as if in that period of absence the dwelling-house or the part of the dwelling-house were occupied by the individual as a residence if conditions A and B are met.
3A Condition A is that before the period there was a time when the dwelling-house was the individual’s only or main residence.
3B Condition B is that after the period—
a in a case falling within paragraph (a), (b), (c) or (d) of subsection (3), there was a time when the dwelling-house was the individual’s only or main residence,
b in a case falling within paragraph (b), (c) or (d) of that subsection, the individual was prevented from resuming residence in the dwelling-house in consequence of the situation of the individual’s place of work or a condition imposed by the terms of the individual’s employment requiring the individual to reside elsewhere, being a condition reasonably imposed to secure the effective performance by the employee of his duties, or
c in a case falling within paragraph (b), (c) or (d) of that subsection, the individual lived with a spouse or civil partner to whom paragraph (b) of this subsection applied.
F16504 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7205 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F7206 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 In this section “period of ownership”—
a does not include any period before 31 March 1982, and
b where the whole or part of the gain to which section 222 applies is a gain which is chargeable to capital gains tax because of section 1A(3)(b), does not include any period before 6 April 2015 (but see subsection (7A)).
7A Paragraph (b) of the definition of “period of ownership” does not apply in a case where paragraph 8 or 14 of Schedule 4AA applies (the individual has made an election for the retrospective basis of computation to apply).
7B In this section “period of absence” means a period during which the dwelling-house or the part of the dwelling-house was not occupied by the individual as a residence.
8 This section is subject to—
a section 224 (amount of relief: further provisions),
aa section 225D (private residence of adult placement carer), F1836...
ab section 225E (disposals by disabled persons or persons in care homes etc), and
b section 226A (private residence relief: cases where relief obtained under section 260).

223ZA Amount of relief: individual’s residency delayed by certain events

1 Subsection (4) below applies where—
a a gain to which section 222 applies accrues to an individual on the disposal of, or of an interest in, a dwelling-house or part of a dwelling-house,
b the time at which the dwelling-house or the part of the dwelling-house first became the individual’s only or main residence (“the moving-in time”) was within the first 24 months of the individual’s period of ownership,
c at no time during the period beginning with the individual’s period of ownership and ending with the moving-in time was the dwelling-house or the part of the dwelling-house another person’s residence, and
d during the period beginning with the individual’s period of ownership and ending with the moving-in time a qualifying event occurred.
2 The following are qualifying events—
a the completion of the construction, renovation, redecoration or alteration of the dwelling-house or the part of the dwelling-house mentioned in subsection (1);
b the disposal by the individual of, or of an interest in, any other dwelling-house or part of a dwelling-house that immediately before the disposal was the individual’s only or main residence.
3 In determining whether and, if so, when a qualifying event within subsection (2)(b) occurred, ignore section 28 (time of disposal where asset disposed of under contract).
4 For the purposes of subsections (1) and (2) of section 223, as they have effect in relation to the gain, the dwelling-house or the part of the dwelling-house mentioned in subsection (1) above is to be treated as having been the individual’s only or main residence from the beginning of the individual’s period of ownership until the moving-in time.

223A Amount of relief: non-resident CGT disposals

1 This section applies where—
a the individual mentioned in section 223(1) (“P”) acquired the asset to which the gain mentioned in section 222(1) is attributable before 6 April 2015, and
b P's period of ownership for the purposes of section 223 begins on that date because of section 223(7)(b).
2 Times before 6 April 2015 are to be ignored in determining whether or not condition A in section 223 is met in relation to a period of absence, unless P elects that this subsection is not to apply in relation to the period.
3 An election under subsection (2)—
a must specify which day before 6 April 2015 P relies on in relation to the period of absence for the purpose of meeting condition A in section 223, and
b must be made in the return under Schedule 2 to the Finance Act 2019 in respect of the disposal.
4 Where P has made an election under subsection (2), section 223 applies as if relevant prior periods of absence counted against the maximum periods (and maximum aggregate periods) specified in subsection (3)(a), (c) and (d) of that section.
5 In relation to a maximum period (or maximum aggregate period) specified in paragraph (a), (c) or (d) of section 223(3), “relevant prior period of absence” means a period of absence which would have counted against that maximum period (or maximum aggregate period) if the bridge period were included in the period of ownership.
6 In subsection (5) “the bridge period” means the period beginning with the day specified in the election and ending with 5 April 2015.
7 In this section “period of absence” has the same meaning as in section 223.

223B Additional relief: part of private residence let out

1 Where—
a a gain to which section 222 applies accrues to an individual on the disposal of, or of an interest in, a dwelling-house or part of a dwelling-house, and
b at any time in the individual’s period of ownership the condition in subsection (2) is met in respect of the dwelling-house,
the part of the gain that is within subsection (3) is a chargeable gain only to the extent, if any, to which it exceeds the amount in subsection (4).
2 The condition is that—
a part of the dwelling-house is the individual’s only or main residence, and
b another part of the dwelling-house is being let out by the individual as residential accommodation.
3 The part of the gain that is within this subsection is the part that (but for subsection (1)) would be a chargeable gain by reason of the fact that, at the times in the individual’s period of ownership when the condition in subsection (2) is met, the individual’s only or main residence does not include the part of the dwelling-house that is being let out as residential accommodation.
4 The amount is whichever is the lesser of—
a the amount of the gain that is not a chargeable gain by virtue of section 223, and
b £40,000.
5 Where by reason of section 222(7)(a) the individual’s period of ownership mentioned in subsection (1) begins with the beginning of the period of ownership of another person, any question whether the condition in subsection (2) is met at a time that is within both those periods of ownership is to be determined as if the references in subsection (2) to the individual were to that other person.

224  Relief under sections 223 and 223B: further provisions.

1 If a gain to which section 222 applies accrues on the disposal of a dwelling-house or part of a dwelling-house part of which is used exclusively for the purpose of a trade or business, or of a profession or vocation, the gain shall be apportioned and sections 223 and 223B shall apply in relation to the part of the gain apportioned to the part which is not exclusively used for those purposes.
2 If at any time in the period of ownership there is a change in what is occupied as the individual’s residence, whether on account of a reconstruction or conversion of a building or for any other reason, or there have been changes as regards the use of part of the dwelling-house for the purpose of a trade or business, or of a profession or vocation, or for any other purpose, the relief given by sections 223 and 223B may be adjusted in a manner which is just and reasonable.
3 Sections 223 and 223B shall not apply in relation to a gain if the acquisition of, or of the interest in, the dwelling-house or the part of a dwelling-house was made wholly or partly for the purpose of realising a gain from the disposal of it, and shall not apply in relation to a gain so far as attributable to any expenditure which was incurred after the beginning of the period of ownership and was incurred wholly or partly for the purpose of realising a gain from the disposal.
4 This section is subject to section 225D (private residence of adult placement carer).

225  Private residence occupied under terms of settlement.

1 Sections 222 to 224 shall also apply in relation to a gain accruing to the trustees of a settlement on a disposal of settled property being an asset within section 222(1) where, during the period of ownership of the trustees, the dwelling-house or part of the dwelling-house mentioned in that subsection has been the only or main residence of a person (“B”) entitled to occupy it under the terms of the settlement, and in those sections as so applied—
a references to the individual shall be taken as references to the trustees except in relation to the matters dealt with in subsection (2),
b the notice which may be given to an officer of the Board under section 222(5)(a) shall be a joint notice by the trustees and B, and
c the notice which may be given by the trustees under section 222A is effective only if it is accompanied by written notification from B agreeing to the terms of the notice;
but section 223 (as so applied) shall apply only on the making of a claim by the trustees.
2 In sections 222 to 224, as applied by subsection (1), references to the individual, in relation to—
a the occupation of the dwelling-house or part of the dwelling-house,
b residence in a territory, or
c meeting the day count test,
are to be taken as references to B.

225A Private residence held by personal representatives

1 Sections 222 to 224 shall also apply in relation to a gain accruing to the personal representatives of a deceased person on a disposal of an asset within section 222 (1) if the following conditions are satisfied.
2 The first condition is that, immediately before and immediately after the death of the deceased person, the dwelling-house or part of the dwelling-house mentioned in section 222 (1) was the only or main residence of one or more individuals.
3 The second condition is that—
a that individual or one of those individuals has a relevant entitlement, or two or more of those individuals have relevant entitlements, and
b the relevant entitlement accounts for, or the relevant entitlements together account for, 75% or more of the net proceeds of disposal;
and for this purpose “relevant entitlement” means an entitlement as legatee of the deceased person to, or to an interest in possession in, the whole or any part of the net proceeds of disposal.
4 In subsection (3) above “net proceeds of disposal” means—
a the proceeds of the disposal of the asset realised by the personal representatives, less
b any incidental costs allowable as a deduction in accordance with section 38(1)(c) in computing the gain accruing to the personal representatives on that disposal,
but on the assumption that none of the proceeds is required to meet the liabilities of the deceased person’s estate (including any liability to inheritance tax).
5 In sections 222 to 224 as applied by this section—
a references to the individual shall be taken as references to the personal representatives except in relation to the matters dealt with in paragraph (aa),
aa in relation to the occupation of the dwelling-house or part of the dwelling-house, residence in a territory, or meeting the day count test, references to the individual are to be taken as references to a qualifying individual,
b the notice which may be given to an officer of the Board under section 222(5)(a) shall be a joint notice by the personal representatives and the individual or individuals entitled to occupy the dwelling-house or part of the dwelling-house and
c the notice which may be given by the personal representatives under section 222A is effective only if it is accompanied by written notification from the individual or individuals entitled to occupy the dwelling-house or part of the dwelling-house agreeing to the terms of the notice.
6 But section 223 (as so applied) shall apply only on the making of a claim by the personal representatives.
7 In subsection (5)(aa) “a qualifying individual” means an individual—
a who has a relevant entitlement, and
b by virtue of whom the first condition is met.

225B Disposals in connection with divorce, etc

1 Where an individual—
a ceases to live with his spouse or civil partner in a dwelling-house or part of a dwelling-house which is their only or main residence, and
b subsequently disposes of, or of an interest in, the dwelling-house or part to someone other than the spouse or civil partner,
then, if conditions A to C are met, sections 222 to 224 shall apply as if the dwelling-house or part continued to be the individual’s only or main residence until the disposal.
2 Condition A is that the disposal mentioned in subsection (1)(b) is pursuant to—
a an agreement between the individual and his spouse or civil partner made in contemplation of or otherwise in connection with the dissolution or annulment of the marriage or civil partnership, their judicial separation or the making of a separation order in respect of them, or their separation in other circumstances such that the separation is likely to be permanent, or
b an order of a court—
i made on granting a divorce or nullity of marriage order, a decree of divorce or nullity of marriage, an order or decree for the dissolution or annulment of the civil partnership, or an order or decree for judicial separation,
ii made in connection with the dissolution or annulment of the marriage or civil partnership or the parties’ judicial separation and which is made at any time after the granting of such an order or decree,
iii made at any time under section 22A, 23, 23A, 24 or 24A of the Matrimonial Causes Act 1973,
iv made at any time under article 25 or 26 of the Matrimonial Causes (Northern Ireland) Order 1978,
v made under section 8 of the Family Law (Scotland) Act 1985, including incidental orders made by virtue of section 14 of that Act, or
vi made at any time under any provision of Schedule 5 to the Civil Partnership Act 2004 that corresponds to any of the provisions mentioned in paragraphs (iii) and (iv).
3 Condition B is that in the period between the individual ceasing to reside in the dwelling-house or part of the dwelling-house and the disposal to someone other than the spouse or civil partner, the dwelling-house or part continues to be the only or main residence of the spouse or civil partner.
4 Condition C is that the individual has not given notice under section 222(5) or 222A that another dwelling-house or part of a dwelling-house is to be treated as the individual’s main residence for any part of that period.
5 Section 223 (as applied by this section) shall apply only on the making of a claim by the individual.

225BA Deferred payments on disposals in connection with divorce etc

1 This section applies where—
a an individual (“A”) ceases to live with A’s spouse or civil partner (“B”) in a dwelling-house or part of a dwelling-house,
b immediately before A ceases to live with B, the dwelling-house or part is A’s only or main residence,
c A disposes of, or of an interest in, that dwelling-house or part to B (“the initial disposal”), and
d the initial disposal is in accordance with a deferred sale agreement or order.
2 If—
a in accordance with the deferred sale agreement or order A receives a sum in respect of a share of any profit made by B upon B’s disposal of, or of an interest in, the dwelling-house or part, and
b the receipt of that sum would be treated (apart from this section) as a disposal falling with section 22 (disposal where capital sums derived from assets),
that receipt is to be treated for the purposes of this Act as a gain attributable to the initial disposal but accruing to A at the time the sum is received.
3 In this section, a “deferred sale agreement or order” is an agreement or order of a court which—
a is within paragraph (a) or (b), as the case may be, of section 225B(2) (agreements and orders of the court in relation to divorce etc), and
b includes a term entitling A to receive a share of any profit made by B as mentioned in subsection (2)(a).

225C Sale of private residence under certain agreements with employer, etc

1 This section applies where—
a an individual disposes of, or of an interest in, a dwelling-house or a part of a dwelling-house which is the individual’s only or main residence (“the initial disposal”),
b the individual does so as a consequence of a change to the situation of the individual’s place of work or that of a co-owner of the dwelling-house or the interest, being a change that is required by the employer of the individual or the co-owner, and
c the initial disposal is under a home purchase agreement.
2 If—
a under the terms of the agreement the individual receives, within three years of the initial disposal, a share of any profit made by the purchaser upon the purchaser’s disposal of, or of an interest in, the dwelling-house or part of the dwelling-house, and
b the receipt of that sum would be treated (apart from this section) as a disposal falling within section 22 (disposal where capital sums derived from assets),
that receipt shall be treated for the purposes of this Act as a gain attributable to the initial disposal but accruing to the individual at the time the sum is received.
3 In this section—
  • “home purchase agreement” means an agreement—
    1. made with the employer or a person operating under an agreement with the employer (“the purchaser”),
    2. which includes a term entitling the individual to receive a share of any such profit as is mentioned in subsection (2)(a);
  • “co-owner”, in relation to any individual (“A”), means another individual who holds an interest jointly or in common with A, whether or not the interests of the co-owners are equal.

225D Private residence of adult placement carer

1 This section applies where a gain to which section 222 applies accrues to an individual (“A”) and, at any time during A's period of ownership, part of the dwelling-house was occupied by another person (“B”)—
a in England F2128... , pursuant to an adult placement scheme,
aa in Wales, pursuant to arrangements which constitute or form part of an adult placement service,
b in Scotland, pursuant to arrangements which constitute or form part of an adult placement service involving the provision of accommodation for B, or
c in Northern Ireland, pursuant to arrangements made with an adult placement agency for the provision of accommodation for B.
2 For the purposes of this Part, in determining the periods during which the dwelling-house, or any part of the dwelling-house, was A's only or main residence, B's occupation of part of the dwelling-house pursuant to the scheme or arrangement is to be disregarded.
3 For the purposes of section 224, the occupation of the part of the dwelling-house by B pursuant to the scheme or arrangement does not amount to the use of that part of the dwelling-house by A exclusively for the purpose of a trade, business, profession or vocation.
4 In this section—
  • “adult placement agency” means an organisation or undertaking—
    1. that arranges for the provision of care and support (including accommodation) for persons in need, and
    2. in respect of which a requirement to register arises under Article 12 of the Health and Personal Social Services (Quality, Improvement and Regulation) (Northern Ireland) Order 2003,
  • “adult placement scheme” means a scheme—
    1. under which an individual agrees with the person carrying on the scheme to provide care and support (including accommodation) to an adult who is in need of it, and
    2. in respect of which a requirement to register arises under section 11 of the Care Standards Act 2000, and
  • “adult placement service”—
    1. in relation to Scotland, has the meaning given by paragraph 11 of Schedule 12 to the Public Services Reform (Scotland) Act 2010, and
    2. in relation to Wales, has the meaning given by paragraph 6 of Schedule 1 to the Regulation and Inspection of Social Care (Wales) Act 2016 (anaw 2).

225E Disposals by disabled persons or persons in care homes etc

1 This section applies where a gain to which section 222 applies accrues to an individual and—
a the conditions in subsection (2) are met, or
b the conditions in subsection (3) are met.
2 The conditions mentioned in subsection (1)(a) are that at the time of the disposal—
a the individual is a disabled person or a long-term resident in a care home, and
b the individual does not have any other relevant right in relation to a private residence.
3 The conditions mentioned in subsection (1)(b) are that at the time of the disposal—
a the individual's spouse or civil partner is a disabled person or a long-term resident in a care home, and
b neither the individual nor the individual's spouse or civil partner has any other relevant right in relation to a private residence.
4 Where this section applies, the references in section 223(1) and (2)(a) to 9 months are treated as references to 36 months.
5 An individual is a “long-term resident” in a care home at the time of the disposal if at that time the individual —
a is resident there, and
b has been resident there, or can reasonably be expected to be resident there, for at least three months.
6 An individual has “any other relevant right in relation to a private residence” at the time of the disposal if—
a at that time—
i the individual owns or holds an interest in a dwelling-house or part of a dwelling-house other than that in relation to which the gain accrued, or
ii the trustees of a settlement own or hold an interest in a dwelling-house or part of a dwelling-house other than that in relation to which the gain accrued, and the individual is entitled to occupy that dwelling-house or part under the terms of the settlement, and
b section 222 would have applied to any gain accruing to the individual or trustees on the disposal at that time of, or of that interest in, that dwelling house or part (or would have applied if a notice under subsection (5) of that section or under section 222A had been given).
7 In the application of this section in relation to a gain to which section 222 applies by virtue of section 225 (private residence occupied under terms of settlement)—
a the reference in subsection (1) of this section to an individual is to the trustees of the settlement;
b the references in subsections (2) to (6) of this section to the individual are to the person entitled under the terms of the settlement, as mentioned in section 225.
8 In this section—
  • “care home” means an establishment that provides accommodation together with nursing or personal care;
  • “disabled person” has the meaning given by Schedule 1A to FA 2005.

226  Private residence occupied by dependent relative before 6th April 1988.

1 Subject to subsection (3) below, this section applies to a gain accruing to an individual so far as attributable to the disposal of, or of an interest in, a dwelling-house or part of a dwelling-house which, on 5th April 1988 or at any earlier time in his period of ownership, was the sole residence of a dependent relative of the individual, provided rent-free and without any other consideration.
2 If the individual so claims, such relief shall be given in respect of it and its garden or grounds as would be given under sections 222 to 224 if the dwelling-house (or part of the dwelling-house) had been the individual’s only or main residence in the period of residence by the dependent relative, and shall be so given in addition to any relief available under those sections apart from this section.
3 If in a case within subsection (1) above the dwelling-house or part ceases, whether before 6th April 1988 or later, to be the sole residence (provided as mentioned above) of the dependent relative, any subsequent period of residence beginning on or after that date by that or any other dependent relative shall be disregarded for the purposes of subsection (2) above.
4 Not more than one dwelling-house (or part of a dwelling-house) may qualify for relief as being the residence of a dependent relative of the claimant at any one time nor, in the case of an individual and his spouse or civil partner living with him, as being the residence of a dependent relative of the claimant or of the claimant’s spouse or civil partner at any one time.
F21885 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 In this section “dependent relative” means, in relation to an individual—
a any relative of his or of his wife who is incapacitated by old age or infirmity from maintaining himself, or
b his or his wife’s mother who, whether or not incapacitated, is either widowed, or living apart from her husband, or a single woman in consequence of dissolution or annulment of marriage.
7 If the individual mentioned in subsection (6) above is a woman the references in that subsection to the individual’s wife shall be construed as references to the individual’s husband.

226A Private residence relief: cases where relief obtained under section 260

1 This section applies where—
a section 223 applies, or would apart from this section apply, in relation to a gain or part of a gain accruing to an individual or the trustees of a settlement (“the transferor”) on a disposal (the “later disposal”),
b in computing the chargeable gain which would, apart from section 223, accrue to the transferor on the later disposal, the allowable expenditure would fall to be reduced, and
c that reduction would to any extent fall to be made in consequence, directly or indirectly, of a claim or claims under section 260 in respect of one or more earlier disposals (whether or not made to the transferor).
2 If a claim for relief under section 260 in respect of—
a the earlier disposal, or
b if there were two or more such disposals, any of them,
is made on or before the making of the later disposal, section 223 shall not apply in relation to the gain or part of a gain accruing on the later disposal.
3 If a claim for relief under section 260 in respect of—
a the earlier disposal, or
b if there were two or more such disposals, any of them,
is made after the making of the later disposal and subsection (2) above does not apply, it is to be assumed for the purposes of capital gains tax that section 223 never applied in relation to the gain or part of a gain accruing on the later disposal.
4 All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to subsection (3) above (notwithstanding any limitation on the time within which any adjustment may be made).
5 Where the later disposal is made by the trustees of a settlement, the references in subsections (2) and (3) above to the making of the later disposal shall be read as references to the making of a claim for relief under section 223 in respect of the gain or part of a gain accruing on that disposal.
6 If a claim for relief under section 260 in respect of an earlier disposal is revoked, this section shall apply as if the claim had never been made.
7 This section is subject to section 226B (exception for maintenance funds for historic buildings).

226B Exception to section 226A

1 Section 226A shall not apply in relation to a later disposal made by the trustees of a settlement if the trustees have elected that section 508 of ITA 2007 (trustees’ election in respect of income arising from heritage maintenance property) shall have effect in the case of—
a the settlement, or
b any part of the settlement,
in relation to each year of assessment in which a relevant earlier disposal is made.
2 In this section “relevant earlier disposal”, in relation to a later disposal, means an earlier disposal in respect of which a claim mentioned in section 226A(1)(c) is made.
3 This section is to be construed as one with section 226A.

Employee share ownership trusts

227  Conditions for roll-over relief.

1 Relief is available under section 229(1) where each of the 6 conditions set out in subsections (2) to (7) below is fulfilled.
2 The first condition is that a person (“the claimant”) makes a disposal of shares, or his interest in shares, to the trustees of a settlement which—
a is a qualifying employee share ownership trust at the time of the disposal, and
b was established by a company (“the founding company”) which immediately after the disposal is a trading company or the holding company of a trading group.
3 The second condition is that the shares—
a are shares in the founding company,
b form part of the ordinary share capital of the company,
c are fully paid up,
d are not redeemable, and
e are not subject to any restrictions other than restrictions which attach to all shares of the same class or a restriction authorised by paragraph 7(2) of Schedule 5 to the M40Finance Act 1989.
4 The third condition is that, at any time in the entitlement period, the trustees—
a are beneficially entitled to not less than 10 per cent. of the ordinary share capital of the founding company,
b are beneficially entitled to not less than 10 per cent. of any profits available for distribution to equity holders of the founding company, and
c would be beneficially entitled to not less than 10 per cent. of any assets of the founding company available for distribution to its equity holders on a winding-up.
5 The fourth condition is that the claimant obtains consideration for the disposal and, at any time in the acquisition period, all the amount or value of the consideration is applied by him in making an acquisition of assets or an interest in assets (“replacement assets”) which—
a are, immediately after the time of the acquisition, chargeable assets in relation to the claimant, and
b are not shares in, or debentures issued by, the founding company or a company which is (at the time of the acquisition) in the same group as the founding company;
but the preceding provisions of this subsection shall have effect without the words “, at any time in the acquisition period," if the acquisition is made pursuant to an unconditional contract entered into in the acquisition period.
6 The fifth condition is that, at all times in the proscribed period, there are no unauthorised arrangements under which the claimant or a person connected with him may be entitled to acquire any of the shares, or an interest in or right deriving from any of the shares, which are the subject of the disposal by the claimant.
7 The sixth condition is that no chargeable event occurs in relation to the trustees in—
a the chargeable period in which the claimant makes the disposal,
b the chargeable period in which the claimant makes the acquisition, or
c any chargeable period falling after that mentioned in paragraph (a) above and before that mentioned in paragraph (b) above.

228  Conditions for relief: supplementary.

1 This section applies for the purposes of section 227.
2 The entitlement period is the period beginning with the disposal and ending on the expiry of 12 months beginning with the date of the disposal.
3 The acquisition period is the period beginning with the disposal and ending on the expiry of 6 months beginning with—
a the date of the disposal, or
b if later, the date on which the third condition (set out in section 227(4)) first becomes fulfilled.
4 The proscribed period is the period beginning with the disposal, and ending on—
a the date of the acquisition, or
b if later, the date on which the third condition (set out in section 227(4)) first becomes fulfilled.
5 All arrangements are unauthorised unless—
a they arise wholly from a restriction authorised by paragraph 7(2) of Schedule 5 to the M41Finance Act 1989, or
b they only allow one or both of the following as regards shares, interests or rights, namely, acquisition by a beneficiary under the settlement and appropriation under an approved profit sharing scheme.
6 An asset is a chargeable asset in relation to the claimant at a particular time if, were the asset to be disposed of at that time, any gain accruing to him on the disposal would be a chargeable gain chargeable to capital gains tax or corporation tax on gains unless (were he to dispose of the asset at that time) the claimant would fall to be regarded for the purposes of any double taxation relief arrangements as not liable in the United Kingdom to tax on any gains accruing to him on the disposal.
7 The question whether a settlement is at a particular time a qualifying employee share ownership trust shall be determined in accordance with Schedule 5 to the M42Finance Act 1989; and “chargeable event” in relation to trustees has the meaning given by section 69 of that Act.
8 The expressions “holding company”, “trading company” and “trading group” have the same meaning as in section 165 (see section 165A); and “group" (except in the expression “trading group") shall be construed in accordance with section 170.
9 “Ordinary share capital” in relation to the founding company means all the issued share capital (by whatever name called) of the company, other than capital the holders of which have a right to a dividend at a fixed rate but have no other right to share in the profits of the company.
10 Chapter 6 of Part 5 of CTA 2010 (group relief: equity holders and profits or assets available for distribution) applies for the purposes of section 227(4) as if—
a the trustees were a company, and
b references to section 151(4)(a) and (b) of that Act were references to section 227(4) above.

229  The relief.

C3831 In a case where relief is available under this subsection the claimant shall, on making a claim in the period of 2 years beginning with the acquisition, be treated for the purposes of this Act—
a as if the consideration for the disposal were (if otherwise of a greater amount or value) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him, and
b as if the amount or value of the consideration for the acquisition were reduced by the excess of the amount or value of the actual consideration for the disposal over the amount of the consideration which the claimant is treated as receiving under paragraph (a) above.
2 Relief is available under subsection (3) below where—
a relief would be available under subsection (1) above but for the fact that part only of the amount or value mentioned in section 227(5) is applied as there mentioned, and
b all the amount or value so mentioned except for a part which is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal is so applied.
C3833 In a case where relief is available under this subsection the claimant shall, on making a claim in the period of 2 years beginning with the acquisition, be treated for the purposes of this Act—
a as if the amount of the gain accruing on the disposal were reduced to the amount of the part mentioned in subsection (2)(b) above, and
b as if the amount or value of the consideration for the acquisition were reduced by the amount by which the gain is reduced under paragraph (a) above.
4 Nothing in subsection (1) or (3) above shall affect the treatment for the purposes of this Act of the other party to the disposal or of the other party to the acquisition.
5 The provisions of this Act fixing the amount of the consideration deemed to be given for a disposal or acquisition shall be applied before the preceding provisions of this section are applied.

230  Dwelling-houses: special provision.

1 Subsection (2) below applies where—
a a claim is made under section 229,
b immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, any replacement asset was a chargeable asset in relation to the claimant,
c the asset is a dwelling-house or part of a dwelling-house or land, and
d there was a time in the period beginning with the acquisition and ending with the time when section 229(1) or (3) falls to be applied such that, if the asset (or an interest in it) were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
2 In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant.
3 Subsection (4) below applies where—
a the provisions of section 229(1) or (3) have been applied,
b any replacement asset which, immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, was a chargeable asset in relation to the claimant consists of a dwelling-house or part of a dwelling-house or land, and
c there is a time after section 229(1) or (3) has been applied such that, if the asset (or an interest in it) were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
4 In such a case—
a the asset shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly, but
b any gain treated as accruing in consequence of the application of paragraph (a) above shall be treated as accruing at the time mentioned in subsection (3)(c) above or, if there is more than one such time, at the earliest of them.
5 Subsection (6) below applies where—
a a claim is made under section 229,
b immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, any replacement asset was a chargeable asset in relation to the claimant,
c the asset was an option to acquire (or to acquire an interest in) a dwelling-house or part of a dwelling-house or land,
d the option has been exercised, and
e there was a time in the period beginning with the exercise of the option and ending with the time when section 229(1) or (3) falls to be applied such that, if the asset acquired on exercise of the option were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
6 In such a case the option shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant.
7 Subsection (8) below applies where—
a the provisions of section 229(1) or (3) have been applied,
b any replacement asset which, immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, was a chargeable asset in relation to the claimant consisted of an option to acquire (or to acquire an interest in) a dwelling-house or part of a dwelling-house or land,
c the option has been exercised, and
d there is a time after section 229(1) or (3) has been applied such that, if the asset acquired on exercise of the option were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
8 In such a case—
a the option shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly, but
b any gain treated as accruing in consequence of the application of paragraph (a) above shall be treated as accruing at the time mentioned in subsection (7)(d) above or, if there is more than one such time, at the earliest of them.
9 References in this section to an individual include references to a person entitled to occupy under the terms of a settlement.

231  Shares: special provision.

1 Subsection (2) below applies where—
a a claim is made under section 229,
b immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, any replacement asset was a chargeable asset in relation to the claimant,
c the asset consists of shares, and
d in the period beginning with the acquisition and ending when section 229(1) or (3) falls to be applied relief is claimed under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 F753... in respect of the asset.
2 In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant.
3 Subsection (4) below applies where—
a the provisions of section 229(1) or (3) have been applied,
b any replacement asset which, immediately after the time of the acquisition mentioned in section 227(5) and apart from this section, was a chargeable asset in relation to the claimant consists of shares, and
c after section 229(1) or (3) has been applied relief is claimed under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 in respect of the asset.
4 In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in section 227(5), it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly.
5 Subsection (4) above shall also apply where section 33(1) or (3) of the M43Finance Act 1990 has applied and the claimant acquired the replacement asset in a chargeable period beginning before 6th April 1992.

232  Chargeable event when replacement assets owned.

1 Subsection (3) below applies where—
a the provisions of section 229(1) or (3) are applied,
b a chargeable event occurs in relation to the trustees on or after the date on which the disposal is made (and whether the event occurs before or after the provisions are applied),
c the claimant was neither an individual who died before the chargeable event occurs nor trustees of a settlement which ceased to exist before the chargeable event occurs, and
d the condition set out below is fulfilled.
2 The condition is that, at the time the chargeable event occurs, the claimant or a person then connected with him is beneficially entitled to all the replacement assets.
3 In a case where this subsection applies, the claimant or connected person (as the case may be) shall be deemed for all purposes of this Act—
a to have disposed of all the replacement assets immediately before the time when the chargeable event occurs, and
b immediately to have reacquired them,
at the relevant value.
4 The relevant value is such value as secures on the deemed disposal a chargeable gain equal to—
a the amount by which the amount or value of the consideration mentioned in section 229(1)(b) was treated as reduced by virtue of that provision (where it applied), or
b the amount by which the amount or value of the consideration mentioned in section 229(3)(b) was treated as reduced by virtue of that provision (where it applied).
5 In a case where subsection (3) above would apply if “all" read “any of" in subsection (2) above, subsection (3) shall nevertheless apply, but as if—
a in subsection (3)(a) “all the replacement assets" read “ the replacement assets concerned ”, and
b the relevant value were reduced to whatever value is just and reasonable.
6 Subsection (7) below applies where—
a subsection (3) above applies (whether or not by virtue of subsection (5) above), and
b before the time when the chargeable event occurs anything has happened as regards any of the replacement assets such that it can be said that a charge has accrued in respect of any of the gain carried forward by virtue of section 229(1) or (3).
7 If in such a case it is just and reasonable for subsection (3) above to apply as follows, it shall apply as if—
a the relevant value were reduced (or further reduced) to whatever value is just and reasonable, or
b the relevant value were such value as secures that on the deemed disposal neither a gain nor a loss accrues (if that is just and reasonable);
but paragraph (a) above shall not apply so as to reduce the relevant value below that mentioned in paragraph (b) above.
8 For the purposes of subsection (6)(b) above the gain carried forward by virtue of section 229(1) or (3) is the gain represented by the amount which by virtue of either of those provisions falls to be deducted from the expenditure allowable in computing a gain accruing on the disposal of replacement assets (that is, the amount found under subsection (4)(a) or (b) above, as the case may be).
9 In this section “chargeable event” in relation to trustees has the meaning given by section 69 of the M44Finance Act 1989.

233  Chargeable event when replacement property owned.

1 Subsection (3) below applies where—
a paragraphs (a) to (c) of section 232(1) are fulfilled, and
b the condition set out below is fulfilled.
2 The condition is that—
a before the time when the chargeable event occurs, all the gain carried forward by virtue of section 229(1) or (3) was in turn carried forward from all the replacement assets to other property on a replacement of business assets, and
b at the time the chargeable event occurs, the claimant or a person then connected with him is beneficially entitled to all the property.
3 In a case where this subsection applies, the claimant or connected person (as the case may be) shall be deemed for all purposes of this Act—
a to have disposed of all the property immediately before the time when the chargeable event occurs, and
b immediately to have reacquired it,
at the relevant value.
4 The relevant value is such value as secures on the deemed disposal a chargeable gain equal to—
a the amount by which the amount or value of the consideration mentioned in section 229(1)(b) was treated as reduced by virtue of that provision (where it applied), or
b the amount by which the amount or value of the consideration mentioned in section 229(3)(b) was treated as reduced by virtue of that provision (where it applied).
5 In a case where subsection (3) above would apply if “all the" in subsection (2) above (in one or more places) read “any of the", subsection (3) shall nevertheless apply, but as if—
a in subsection (3)(a) “all the property" read “ the property concerned ”, and
b the relevant value were reduced to whatever value is just and reasonable.
6 Subsection (7) below applies where—
a subsection (3) above applies (whether or not by virtue of subsection (5) above), and
b before the time when the chargeable event occurs anything has happened as regards any of the replacement assets, or any other property, such that it can be said that a charge has accrued in respect of any of the gain carried forward by virtue of section 229(1) or (3).
7 If in such a case it is just and reasonable for subsection (3) above to apply as follows, it shall apply as if—
a the relevant value were reduced (or further reduced) to whatever value is just and reasonable, or
b the relevant value were such value as secures that on the deemed disposal neither a gain nor a loss accrues (if that is just and reasonable);
but paragraph (a) above shall not apply so as to reduce the relevant value below that mentioned in paragraph (b) above.
8 For the purposes of subsections (2) and (6)(b) above the gain carried forward by virtue of section 229(1) or (3) is the gain represented by the amount which by virtue of either of those provisions falls to be deducted from the expenditure allowable in computing a gain accruing on the disposal of replacement assets (that is, the amount found under subsection (4)(a) or (b) above, as the case may be).
9 For the purposes of subsection (2) above a gain is carried forward from assets to other property on a replacement of business assets if, by one or more claims under sections 152 to 158, the chargeable gain accruing on a disposal of the assets is reduced, and as a result an amount falls to be deducted from the expenditure allowable in computing a gain accruing on the disposal of the other property.

234  Chargeable events when bonds owned.

1 Subsection (3) below applies where—
a paragraphs (a) to (c) of section 232(1) are fulfilled, and
b the condition set out below is fulfilled.
2 The condition is that—
a all the replacement assets were shares (new shares) in a company or companies,
b there has been a transaction to which section 116(10) applies and as regards which all the new shares constitute the old asset and qualifying corporate bonds constitute the new asset, and
c at the time the chargeable event occurs, the claimant or a person then connected with him is beneficially entitled to all the bonds.
3 In a case where this subsection applies, a chargeable gain shall be deemed to have accrued to the claimant or connected person (as the case may be); and the gain shall be deemed to have accrued immediately before the time when the chargeable event occurs and to be of an amount equal to the relevant amount.
4 The relevant amount is an amount equal to the lesser of—
a the first amount, and
b the second amount.
5 The first amount is—
a the amount of the chargeable gain that would be deemed to accrue under 116(10)(b) if there were a disposal of all the bonds at the time the chargeable event occurs, or
b nil, if an allowable loss would be so deemed to accrue if there were such a disposal.
6 The second amount is an amount equal to—
a the amount by which the amount or value of the consideration mentioned in section 229(1)(b) was treated as reduced by virtue of that provision (where it applied), or
b the amount by which the amount or value of the consideration mentioned in section 229(3)(b) was treated as reduced by virtue of that provision (where it applied).
7 In a case where subsection (3) above would apply if “all the" in subsection (2) above (in one or more places) read “ any of the ”, subsection (3) shall nevertheless apply, but as if—
a in subsection (5) above “all the bonds" read “ the bonds concerned ”,
b the second amount were reduced to whatever amount is just and reasonable, and
c the relevant amount were reduced accordingly.
8 Subsection (9) below applies where—
a subsection (3) above applies (whether or not by virtue of subsection (7) above), and
b before the time when the chargeable event occurs anything has happened as regards any of the new shares, or any of the bonds, such that it can be said that a charge has accrued in respect of any of the gain carried forward by virtue of section 229(1) or (3).
9 If in such a case it is just and reasonable for subsection (3) above to apply as follows, it shall apply as if—
a the second amount were reduced (or further reduced) to whatever amount is just and reasonable, and
b the relevant amount were reduced (or further reduced) accordingly (if the second amount is less than the first amount),
but nothing in this subsection shall have the effect of reducing the second amount below nil.
10 For the purposes of subsection (8)(b) above the gain carried forward by virtue of section 229(1) or (3) is the gain represented by the amount which by virtue of either of those provisions falls to be deducted from the expenditure allowable in computing a gain accruing on the disposal of replacement assets (that is, the amount found under subsection (6)(a) or (b) above, as the case may be).

F2565235  Information.

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236  Prevention of double charge.

1 Where a charge can be said to accrue by virtue of section 232 or 233 in respect of any of the gain carried forward by virtue of section 229(1) or (3), so much of the gain charged shall not be capable of being carried forward (from assets to other property or from property to other property) under sections 152 to 158 on a replacement of business assets.
2 For the purpose of construing subsection (1) above—
a what of the gain has been charged shall be found in accordance with what is just and reasonable;
b section 233(8) and (9) shall apply.
3 In a case where—
a section 234 applies in the case of bonds,
b subsequently a disposal of the bonds occurs as mentioned in section 116(10)(b), and
c a chargeable gain is deemed to accrue under section 116(10)(b),
the chargeable gain shall be reduced by the relevant amount found under section 234 or (if the amount exceeds the gain) shall be reduced to nil.
4 The relevant amount shall be apportioned where the subsequent disposal is of some of the bonds mentioned in subsection (3)(a) above; and subsection (3) shall apply accordingly.

Share incentive plans

236A Relief for transfers to share incentive plans

Schedule 7C (which makes provision for roll-over relief where shares are transferred to a Schedule 2 share incentive plan) shall have effect.

Employee shareholders

F69236B Exemption for employee shareholder shares

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F69236C Only first £50,000 of shares under associated agreements to be exempt

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F69236D Shares not exempt if shareholder or connected person has material interest in company

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F69236E Identification of exempt employee shareholder shares

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F69236F Reorganisation of share capital involving employee shareholder shares

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236G Relinquishment of employment rights is not disposal of an asset

1 This section applies where an individual has acquired shares in consideration of entering into an agreement by virtue of which the individual is an employee shareholder (see section 205A(1)(a) to (d) of the Employment Rights Act 1996).
2 The individual is not to be regarded as disposing of an asset by reason of the individual ceasing to have, or not acquiring, the rights mentioned in section 205A of the Employment Rights Act 1996 (rights which an employee shareholder does not have) in consequence of entering into the agreement.

Employee-ownership trusts

236H Disposals to employee-ownership trusts

1 This section applies where—
a a person other than a company (“P”) disposes of any ordinary share capital of a company (“C”) to the trustees of a settlement,
b the relief requirements are met, and
c P makes a claim under this section.
2 Where this section applies, section 17(1) (disposals and acquisitions treated as made at market value) does not apply to the disposal and, taking account of that disapplication—
a if a gain accrues, subsection (2A) applies, or
b if no gain accrues, subsection (3) applies.
2A Where this subsection applies—
a only 50% of the gain is a chargeable gain,
b the disposal is not to be regarded as a qualifying business disposal for the purposes of Chapter 3 of Part 5 (business asset disposal relief),
c the ordinary share capital disposed of is to be regarded, immediately before the disposal, as comprised wholly of excluded shares for the purposes of Chapter 5 of that Part (investors’ relief), and
d the acquisition by the trustees is to be treated for the purposes of this Act as made for the consideration for the disposal less an amount equal to so much of the gain as is not a chargeable gain as a result of paragraph (a).
3 Where this subsection applies, the disposal, and the acquisition by the trustees, are to be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.
4 “The relief requirements” are—
za that the trustees of the settlement are resident in the United Kingdom at the time of the disposal and continue to be UK resident for the remainder of the tax year in which that time falls,
a that C meets the trading requirement (see section 236I) at the time of the disposal and continues to meet that requirement for the remainder of the tax year in which that time falls,
b that the settlement meets the all-employee benefit requirement at the time of the disposal and continues to meet that requirement for the remainder of the tax year in which that time falls (see sections 236J to 236L and subsection (5) of this section),
ba that the settlement meets the trustee independence requirement (see section 236LA) at the time of the disposal and continues to meet that requirement for the remainder of the tax year in which that time falls,
c that the settlement does not meet the controlling interest requirement (see section 236M) immediately before the beginning of the tax year in which the disposal occurs, but—
i it meets that requirement at the end of that tax year, and
ii if it met the requirement at an earlier time in that tax year (whether before or after the time of the disposal) it continued to meet it throughout the remainder of that tax year,
ca that the trustees have taken all reasonable steps to secure that—
i the consideration for the disposal does not exceed the market value of the ordinary share capital at the time of the disposal, and
ii where some or all of the consideration for the disposal is deferred, that the rate of any interest payable in relation to the deferral does not exceed a reasonable commercial rate,
d that the limited participation requirement is met (see section 236N), and
e that this section does not apply in relation to any related disposal by P or a person connected with P which occurs in an earlier tax year.
5 For the purposes of subsection (4)(b)—
a unless the settlement met the all-employee benefit requirement by virtue of section 236L (cases in which all-employee benefit requirement treated as met) at the time of the disposal, that section does not apply for the purposes of determining whether the settlement continues to meet that requirement after the disposal, and
b if, at the time of the disposal, the settlement met that requirement by virtue of section 236L and later continues to meet it otherwise than by virtue of that section, it may not again meet the requirement by virtue of that section.
6 A disposal in an earlier tax year is “related” to the disposal in question if—
a both disposals are of ordinary share capital of the same company, or
b the disposal in the earlier tax year is of ordinary share capital of a company which is, or at the time of that disposal was, a member of the same group as the company whose ordinary share capital is the subject of the disposal in question.
7 A claim under this section must include—
a information to identify the settlement,
b C’s name and the address of its registered office, F2854...
ba the number of persons who at the time of the disposal are employees of—
i C, or
ii if C is the principal company of a trading group (within the meaning of section 236I(3)), any member of that group,
c the date of the disposal and the number of shares disposed of , and
d the consideration for the disposal (including amounts of consideration due after the disposal).
7A But where the person making the claim is unable to include the number of employees in the claim as required by subsection (7)(ba) because they have been unable to ascertain that number, that requirement is to be taken to be met if—
a the person has taken all reasonable steps to ascertain that number, and—
b the claim contains a statement that the person has taken such steps.
8 Section 236O makes provision about events which prevent a claim being made under this section and circumstances in which a claim is revoked.

C430C31C285C330236I Trading requirement

1 C meets the trading requirement if C is—
a a trading company which is not a member of a group, or
b the principal company of a trading group.
2 “Trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities.
3 “Trading group” means a group—
a one or more of whose members carry on trading group activities, and
b the activities of whose members, taken together, do not include to a substantial extent activities other than trading group activities.
4 In this section—
  • “trading activities” means activities carried on by the company in the course of, or for the purposes of, a trade being carried on by it;
  • “trading group activities” means activities carried on by a member of the group in the course of, or for the purposes of, a trade being carried on by any member of the group.
5 For the purposes of determining whether C is a trading company or the principal company of a trading group—
a the activities of the members of a group are to be treated as one business (with the result that activities are disregarded to the extent that they are intra-group activities), and
b a business carried on by a company in partnership with one or more other persons is to be treated as not being a trading activity or a trading group activity.

C83C133C328C163C277236J All-employee benefit requirement

1 A settlement meets the all-employee benefit requirement if the trusts of the settlement—
a do not permit any of the settled property to be applied, at any time, otherwise than for the benefit of all the eligible employees on the same terms,
b do not permit the trustees at any time to apply any of the settled property—
i by creating a trust, or
ii by transferring property to the trustees of any settlement other than by an authorised transfer,
c do not permit the trustees at any time to make loans to beneficiaries of the trusts, and
d do not permit the trustees or any other person at any time to amend the trusts in a way such that the amended trusts would not comply with one or more of paragraphs (a) to (c).
2 Section 236K makes provision about the requirement in subsection (1)(a).
3 “Eligible employee” means—
a if C meets the trading requirement by virtue of section 236I(1)(a), any individual who is employed by, or is an office-holder of, C, and
b if C meets the trading requirement by virtue of section 236I(1)(b), any individual who is employed by, or is an office-holder of, a relevant group company,
but does not include an excluded participator.
4 But where—
a C has ceased to meet the trading requirement or the trustees have ceased to hold any shares in C (or both), and
b a person was an eligible employee at any time during the period of two years ending immediately before that event (or, where both have occurred, the earlier of them),
that person continues to be an “eligible employee”.
5 “Excluded participator” means—
a a person who is a participator in C, or, where C meets the trading requirement by virtue of section 236I(1)(b), in any relevant group company,
b any other person who is a participator in any close company that has made a disposition whereby property became comprised in the same settlement, being a disposition which but for section 13 or 13A of the Inheritance Tax Act 1984 (dispositions by close companies for benefit of employees or to employee-ownership trusts) would have been a transfer of value for the purposes of inheritance tax,
c any other person who has been a participator in any company mentioned in paragraph (a) or (b) at any time on or after the look-back date, or
d any person who is connected with any person within paragraph (a), (b) or (c).
6 The participators in a company who are referred to in subsection (5) do not include any participator who—
a is not beneficially entitled to, or to rights entitling the participator to acquire, 5% or more of, or of any class of the shares comprised in, the company’s share capital, and
b on a winding-up of the company would not be entitled to 5% or more of its assets.
7 In this section—
  • “authorised transfer” means a transfer of property consisting of or including any ordinary share capital of a company (“the transferred company”) where—
    1. the transferred company meets the trading requirement, and
    2. the transfer is made to the trustees of a settlement which—
      1. meets the controlling interest requirement with respect to the transferred company immediately after the transfer, and
      2. meets the all-employee benefit requirement with respect to the transferred company (ignoring section 236L),
    and for this purpose references to “C” in sections 236I, 236M and 236T and this section are to be read as references to the transferred company,
  • “close company” and “participator” have the same meaning as in Part 4 of the Inheritance Tax Act 1984 (see section 102 of that Act), and references to a participator in a company are, in the case of a company which is not a close company, to be construed as references to a person who would be a participator in the company if it were a close company,
  • “the look-back date” means the first day of the period of 10 years ending with whichever is later of—
    1. 10 December 2013, and
    2. the day on which any property first became comprised in the settlement, and
  • “relevant group company” means C or any other company which is a member of the group of which C is the principal company.
8 In this section references to the settled property include references to any income arising from it.
9 See section 236L for cases where the all-employee benefit requirement is treated as met.

C164C45C328C204C54236K Further provision about the equality requirement

1 The requirement in section 236J(1)(a) (“the equality requirement”) is not infringed by the trusts by reason only that they—
a permit the settled property to be applied, where an eligible employee has died, as if a surviving spouse, civil partner or dependant of the deceased person were the eligible employee (and continued to be employed) for a period of 12 months, or such shorter period as the trusts may provide, starting with the time of death,
b prevent the settled property being applied for the benefit of persons who have not been eligible employees for a continuous period of 12 months or such shorter period as the trusts may provide,
c permit the trustees to comply with a written request from a person that the trustees do not apply any of the settled property for the benefit of that person, or
d prevent the settled property being applied for the benefit of all persons who are eligible employees by reason only that they are office-holders.
2 The equality requirement is not infringed by the trusts by reason only that, in addition to requiring the settled property to be applied for the benefit of all the eligible employees on the same terms, they also permit the settled property to be applied for charitable purposes.
3 Subject to subsections (1) and (2), the equality requirement is infringed by the trusts if they permit the settled property to be applied by reference to factors other than those mentioned in subsection (4).
4 The equality requirement is not infringed by the trusts by reason only that they permit the settled property to be applied for the benefit of all the eligible employees by reference to—
a an eligible employee’s remuneration,
b an eligible employee’s length of service, or
c hours worked by an eligible employee;
but this is subject to subsections (5) and (6).
5 The equality requirement is infringed by the trusts if they permit any of the settled property to be applied on terms such that some (but not all) eligible employees receive no benefits (other than by virtue of subsection (1)(b), (c) and (d)).
6 If any of the settled property is applied by reference to more than one of the factors mentioned in subsection (4), the equality requirement is infringed unless—
a each factor gives rise to a separate entitlement related to the level of remuneration, length of service or (as the case may be) hours worked, and
b the total entitlement is the sum of those separate entitlements.
7 “Eligible employee” has the same meaning as in section 236J.
8 In this section, references to the settled property include references to any income arising from it.

C55236L Cases in which all-employee benefit requirement treated as met

1 A settlement which would not otherwise meet the all-employee benefit requirement at any time is treated as meeting that requirement at that time if—
a the settlement was created before 10 December 2013,
b on that date—
i section 86 of the Inheritance Tax Act 1984 (trusts for the benefit of employees) applied to the settled property,
ii the trustees held a significant interest in C, and
iii the settlement did not meet the all-employee benefit requirement (ignoring this section), and
c the trustees of the settlement do not, during the period of 12 months ending with the time in question, do any of the following—
i apply any of the settled property otherwise than for the benefit of all eligible employees on the same terms,
ii apply any of the settled property by creating a trust,
iii apply any of the settled property by transferring property to the trustees of any settlement other than by an authorised transfer, or
iv make loans to beneficiaries of the trusts of the settlement.
2 The trustees held a significant interest in C on 10 December 2013 if on that date—
a they—
i held 10% or more of the ordinary share capital of C, and
ii had powers of voting on all questions affecting C as a whole which, if exercised, would have yielded 10% or more of the votes capable of being exercised on them,
b they were entitled to 10% or more of the profits available for distribution to the equity holders of C,
c they would have been entitled, on a winding up of C, to 10% or more of the assets of C available for distribution to equity holders, and
d there were no provisions in any agreement or instrument affecting C’s constitution or management or its shares or securities whereby the condition in paragraph (a), (b) or (c) could cease to be satisfied without the consent of the trustees.
See section 236T for further provision relating to the holding of a significant interest.
3 Subsections (3) to (8) of section 236J apply for the purposes of this section.
4 The requirement in subsection (1)(c)(i) (“the behaviour requirement”) is not infringed by reason only that the trustees of the settlement—
a apply any of the settled property, where an eligible employee has died, as if a surviving spouse, civil partner or dependant of the deceased person were the eligible employee (and continued to be employed) for a period of 12 months, or such shorter period as the trustees may determine, starting with the time of death,
b only apply the settled property for the benefit of persons who have been eligible employees for a continuous period of 12 months or such shorter period as the trustees may determine,
c comply with a written request from a person that the trustees do not apply any of the settled property for the benefit of that person, or
d have complied with the terms of the trusts of the settlement which prevent the settled property being applied for the benefit of some or all of the persons who are eligible employees by reason only that they are office-holders.
5 The behaviour requirement is not infringed by reason only that, in addition to applying any of the settled property for the benefit of all the eligible employees on the same terms, the trustees also apply any of it for charitable purposes.
6 Subject to subsections (4) and (5), the behaviour requirement is infringed by the trustees if they apply the settled property by reference to factors other than those mentioned in subsection (7).
7 The behaviour requirement is not infringed by the trustees applying the settled property for the benefit of all the eligible employees by reference to—
a an eligible employee’s remuneration,
b an eligible employee’s length of service, or
c hours worked by an eligible employee;
but this is subject to subsections (8) and (9).
8 The behaviour requirement is infringed if any of the settled property is applied by the trustees on terms such that some (but not all) eligible employees receive no benefits (other than as mentioned in subsection (4)(b), (c) and (d)).
9 If the trustees apply any of the settled property by reference to more than one of the factors mentioned in subsection (7), the behaviour requirement is infringed unless—
a each factor gives rise to a separate entitlement related to the level of remuneration, length of service or (as the case may be) hours worked, and
b the total entitlement is the sum of those separate entitlements.

236LA Trustee independence requirement

1 A settlement meets the trustee independence requirement if—
a less than 50% of the trustees are persons who are excluded participators, and
b excluded participators do not have control of the settlement.
2 In this section “excluded participator” means—
a a person that is an excluded participator within the meaning given by section 236J, other than a person who is an excluded participator only as a result of a connection falling within section 286(3) (trustees regarded as connected with settlors etc), or
b a company not falling within paragraph (a), if 50% or more of its directors are persons falling within that paragraph.
3 Excluded participators have control of the settlement if one or more excluded participators, acting alone or together without the trustees who are not excluded participators, have power under the trust instrument or by law to—
a dispose of, advance, lend, invest, pay or apply settlement property;
b vary or terminate the settlement;
c add or remove a person as a beneficiary or to or from a class of beneficiaries;
d appoint or remove trustees or give another individual control over the settlement;
e direct the exercise of a power mentioned in sub-paragraphs (a) to (d).

C329C387C327C333C130236M Controlling interest requirement

1 A settlement meets the controlling interest requirement if—
a the trustees—
i hold more than 50% of the ordinary share capital of C, and
ii have powers of voting on all questions affecting C as a whole which, if exercised, would yield a majority of the votes capable of being exercised on them,
b the trustees are entitled to more than 50% of the profits available for distribution to the equity holders of C,
c the trustees would be entitled, on a winding up of C, to more than 50% of the assets of C available for distribution to equity holders, and
d there are no provisions in any agreement or instrument affecting C’s constitution or management or its shares or securities whereby the condition in paragraph (a), (b) or (c) can cease to be satisfied without the consent of the trustees.
2 See section 236T for further provision relating to the controlling interest requirement.

236N Limited participation requirement

1 The limited participation requirement is met if Conditions A and B are met.
2 Condition A is that there was no time in the period of 12 months ending immediately after the disposal mentioned in section 236H(1) when—
a P was a participator in C, and
b the participator fraction exceeded 2/5.
3 Condition B is that the participator fraction does not exceed 2/5 at any time in the period beginning with that disposal and ending at the end of the tax year in which it occurs.
4 But a time which falls in a period during which the participator fraction exceeded 2/5 is to be disregarded for the purposes of subsection (2)(b) and (3) if—
a that period lasts no more than 6 months, and
b the fraction exceeded 2/5 during that period by reason of events outside the reasonable control of the trustees.
5 “The participator fraction” means—
NPNE
where—
  • NP is the sum of—
    1. the number of persons who at the time in question are both—
      1. participators in C, and
      2. employees of, or office-holders in, C, and
    2. the number of other persons who at that time are both—
      1. employees of, or office-holders in, C or, if C is the principal company of a trading group, any member of the group, and
      2. connected with persons within paragraph (a);
  • NE is the number of persons who at that time are employees of C or, if C is the principal company of a trading group, any member of the group.
6 The participators in C who are referred to in subsections (2) and (5) do not include any participator who—
a is not beneficially entitled to, or to rights entitling the participator to acquire, 5% or more of, or of any class of the shares comprised in, C’s share capital, and
b on a winding-up of C would not be entitled to 5% or more of its assets.
7 In this section—
a “participator” has the meaning given by section 454 of CTA 2010, and
b references to a participator in a company are, in the case of a company which is not a close company (within the meaning of Chapter 2 of Part 10 of that Act), to be construed as references to a person who would be a participator in the company if it were a close company.

236O No section 236H relief if disqualifying event in next four tax years

1 This section applies where—
a a disposal is made in circumstances where paragraphs (a) and (b) of section 236H(1) are satisfied, and
b one or more disqualifying events occur in relation to the disposal in any of the first four tax years following the tax year in which the disposal occurs.
2 A “disqualifying event” occurs in relation to the disposal if and when—
za the trustees of the settlement cease to be resident in the United Kingdom,
a C ceases to meet the trading requirement,
b the settlement ceases to meet the all-employee benefit requirement,
ba the settlement ceases to meet the trustee independence requirement,
c the settlement ceases to meet the controlling interest requirement,
d the participator fraction exceeds 2/5, or
e the trustees act in a way which the trusts, as required by the all-employee benefit requirement, do not permit.
2A Where—
a a disqualifying event falling within subsection (2)(za) occurs (trustees cease to be resident in the United Kingdom),
b the event only occurs as a result of the death of a trustee of the settlement, and
c within the period of 6 months beginning with the death of the trustee, the trustees become resident in the United Kingdom,
the disqualifying event is to be ignored.
2B Where—
a a disqualifying event falling within subsection (2)(ba) occurs (trustee independence requirement ceases to be met),
b the event only occurs as a result of—
i the death of a trustee of the settlement, or
ii the death of a director of a company that is a trustee of the settlement, and
c within the period of 6 months beginning with that death, the settlement meets the trustee independence requirement,
the disqualifying event is to be ignored.
3 No claim for relief under section 236H may be made in respect of the disposal on or after the day on which the disqualifying event (or, if more than one, the first of them) occurs.
4 Any claim for relief under section 236H made in respect of the disposal before that day is revoked, and the chargeable gains and allowable losses of any person for any chargeable period are to be calculated as if that claim had never been made.
5 Such adjustments must be made in relation to any person, whether by the making of assessments or otherwise, as are required to give effect to subsection (4) (regardless of any limitation on the time within which any adjustment may be made).
6 Section 236H(5) (restrictions on application of section 236L) applies for the purposes of subsection (2)(b).
7 Section 236N(4) applies for the purposes of subsection (2)(d) as it applies in relation to section 236N(2)(b) and (3).

236P Events which trigger deemed disposal and reacquisition by trustees

1 Where the trustees of a settlement acquire any ordinary share capital in a tax year in circumstances where section 236H applies, subsection (3) applies on the first occasion, after the end of the fourth tax year following the tax year in which the acquisition occurs, when a disqualifying event occurs in relation to the acquisition.
2 A “disqualifying event” occurs in relation to the acquisition if and when—
a C ceases to meet the trading requirement,
b the settlement ceases to meet the all-employee benefit requirement,
ba the settlement ceases to meet the trustee independence requirement,
c the settlement ceases to meet the controlling interest requirement,
d the participator fraction exceeds 2/5, or
e the trustees act in a way which the trusts, as required by the all-employee benefit requirement, do not permit.
2A Where—
a a disqualifying event falling within subsection (2)(ba) occurs (trustee independence requirement ceases to be met),
b the event only occurs as a result of—
i the death of a trustee of the settlement, or
ii the death of a director of a company that is a trustee of the settlement, and
c within the period of 6 months beginning with that death, the settlement meets the trustee independence requirement,
the disqualifying event is to be ignored.
3 The trustees are treated as having, immediately before the disqualifying event—
a disposed of any ordinary share capital of C held by the trustees which comprises shares acquired in circumstances where section 236H applied (and not subsequently disposed of and reacquired), and
b immediately reacquired that ordinary share capital,
at its market value at that time.
3A See also section 80 (trustees ceasing to be resident in U.K.), which provides for similar consequences in circumstances where the trustees of the settlement cease to be resident in the United Kingdom.
4 For the purposes of subsection (2)(b)—
a unless the settlement met the all-employee benefit requirement at the time of the acquisition by virtue of section 236L, that section does not apply for the purposes of determining whether the settlement continues to meet that requirement after the acquisition, and
b if, at the time of the acquisition, the settlement met that requirement by virtue of section 236L and later continues to meet it otherwise than by virtue of that section, it may not again meet the requirement by virtue of that section.
5 Section 236N(4) applies for the purposes of subsection (2)(d) as it applies in relation to section 236N(2)(b) and (3).

236Q Relief for deemed disposals under section 71

1 This section applies where—
a a deemed disposal arises under section 71(1) by reason of the trustees of a settlement (“the acquiring settlement”) becoming absolutely entitled to settled property as against the trustee of that settled property (“the transferring trustee”),
b that settled property consists of ordinary share capital of a company,
c the relief requirements in section 236H(4)(za) to (c) and (d) are met, and
d the transferring trustee makes a claim under this section.
2 Section 17(1) (disposals and acquisitions treated as made at market value) does not apply to the disposal.
3 The deemed disposal and acquisition by the transferring trustee under section 71(1) are to be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.
4 For the purposes of section 236P the trustees of the acquiring settlement are treated as acquiring the ordinary share capital from the transferring trustee, at the time of the deemed disposal, in circumstances where section 236H applies.
5 In applying sections 236H(4), 236I to 236P and 236T for the purposes of this section—
a references in those provisions to the settlement are to be read as references to the acquiring settlement, and
b references in those provisions to C are to be read as references to the company mentioned in subsection (1)(b).
6 A claim under this section must include—
a information to identify the acquiring settlement,
b the name of the company mentioned in subsection (1)(b) and the address of its registered office, F2868...
ba the number of persons who at the time of the disposal are employees of—
i C, or
ii if C is the principal company of a trading group (within the meaning of section 236I(3)), any member of that group,
c the date of the deemed disposal and the number of shares deemed to have been disposed of.
6A But where the person making the claim is unable to include the number of employees in the claim as required by subsection (6)(ba) because they have been unable to ascertain that number, that requirement is to be taken to be met if—
a the person has taken all reasonable steps to ascertain that number, and—
b the claim contains a statement that the person has taken such steps.
7 Section 236R makes provision about events which prevent a claim being made under this section and circumstances in which a claim is revoked.

236R No section 236Q relief if disqualifying event in next four tax years

1 This section applies where—
a a deemed disposal arises in circumstances where paragraphs (a) to (c) of section 236Q(1) are satisfied, and
b one or more disqualifying events occur in relation to the disposal in any of the first four tax years following the tax year in which the deemed disposal arises.
2 No claim for relief under section 236Q may be made in respect of the deemed disposal on or after the day on which the disqualifying event (or, if more than one, the first of them) occurs.
3 Any claim for relief under section 236Q made in respect of the deemed disposal before that day is revoked, and the chargeable gains and allowable losses of any person for any chargeable period are to be calculated as if that claim had never been made.
4 Such adjustments must be made in relation to any person, whether by the making of assessments or otherwise, as are required to give effect to subsection (3) (regardless of any limitation on the time within which any adjustment may be made).
5 “Disqualifying event” is to be construed in accordance with subsections (2), (6) and (7) of section 236O except that—
a references in those subsections to the disposal are to be read as references to the deemed disposal, and
b in applying sections 236I to 236P and 236T for this purpose—
i references in those provisions to the settlement are to be read as references to the acquiring settlement (within the meaning of section 236Q(1)), and
ii references in those provisions to C are to be read as references to the company mentioned in section 236Q(1)(b).

236S Identification of shares where section 236H or 236Q applies

1 This section applies where the trustees of a settlement hold—
a shares which were—
i acquired in circumstances where section 236H applied, or
ii the subject of a deemed acquisition under section 71(1) in circumstances where section 236Q applied,
and not subsequently disposed of and reacquired (“EOT exempt shares”), and
b other shares which, but for section 104(4A), would be shares of the same class as those shares.
2 If the trustees dispose of some, but not all, of the shares so held, they may determine what proportion of the shares disposed of are EOT exempt shares (up to the number of such shares held).
3 For the purposes of this section shares in a company are not to be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.
4 Nothing in subsection (2) applies in relation to a disposal by virtue of section 236P(3).

C353C118C128C323236T Further provision about significant and controlling interests

1 This section applies for the purposes of—
a section 236L(2) (trustees hold a significant interest in C), and
b section 236M (controlling interest requirement).
2 Chapter 6 of Part 5 of CTA 2010 (group relief: equity holders and profits or assets available for distribution) applies as it applies for the purposes of the provisions mentioned in section 157(1) of that Act.
3 The trustees are to be treated, for the purposes of section 236L(2)(b) or 236M(1)(b), as entitled to dividends on shares even if the trustees are required, or permitted, by the trusts of the settlement to waive their entitlement to those dividends.
4 In determining whether section 236L(2)(d) or 236M(1)(d) applies, ignore any provision of—
a a mortgage or charge (or, in Scotland, a charge or security) granted by the trustees to a third party to secure any debt, or
b an agreement in respect of a loan made to the trustees by a third party,
which confers any entitlement on the third party in the event of a default by the trustees in performing their obligations in relation to that debt or loan.
5 In this section—
  • “third party” means a person other than—
    1. C or a member of a group of which C is the principal company,
    2. a person who is, or has at any time in the preceding 12 months been, a participator in C or in a member of such a group, or
    3. a person connected with a person within paragraph (b);
  • “close company” and “participator” have the same meaning as in Part 4 of the Inheritance Tax Act 1984 (see section 102 of that Act), and a reference to a participator in a company is, in the case of a company which is not a close company, to be construed as a reference to a person who would be a participator in the company if it were a close company.

236U Interpretation of sections 236H to 236U

1 In sections 236H to 236T and this section—
  • “company” has the meaning given by section 170(9);
  • “ordinary share capital” has the meaning given by section 1119 of CTA 2010;
  • “trade” means any trade which is conducted on a commercial basis and with a view to the realisation of profits.
2 In those sections—
a references to a group, to membership of a group or to the principal company of a group, are to be construed in accordance with section 170, and
b references to a group are to be construed with any necessary modifications where applied to a company incorporated under the law of a country or territory outside the United Kingdom.
3 In determining whether a person is connected with another for the purposes of those sections, section 286 applies as if subsection (8) of that section also mentioned uncle, aunt, nephew and niece.

Superannuation funds, profit sharing schemes, employee trusts etc.

237  Superannuation funds, annuities and annual payments.

No chargeable gain shall accrue to any person on the disposal of a right to, or to any part of—
a any allowance, annuity or capital sum payable out of any superannuation fund, or under any superannuation scheme, established solely or mainly for persons employed in a profession, trade, undertaking or employment, and their dependants, or
F1799b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c annual payments which are due under a covenant made by any person and which are not secured on any property.

237A  Share option schemes: release and replacement of options.

1 This section applies in any case where a right to acquire shares in a body corporate (“the old right”) which was obtained by an individual by reason of his office or employment as a director or employee of that or any other body corporate is released in whole or in part for a consideration which consists of or includes the grant to that individual of another right (“the new right”) to acquire shares in that or any other body corporate.
2 As respects the person to whom the new right is granted—
a without prejudice to subsection (1) above, the new right shall not be regarded for the purposes of capital gains tax as consideration for the release of the old right;
b the amount or value of the consideration given by him or on his behalf for the acquisition of the new right shall be taken for the purposes of section 38(1) to be the amount or value of the consideration given by him or on his behalf for the old right; and
c any consideration paid for the acquisition of the new right shall be taken to be expenditure falling within section 38(1)(b).
3 As respects the grantor of the new right, in determining for the purposes of this Act the amount or value of the consideration received for the new right, the release of the old right shall be disregarded.

238  Approved profit sharing and share option schemes.

1 Notwithstanding anything in a profit sharing scheme approved under Schedule 9 of the Taxes Act or in paragraph 2(2) of that Schedule or in the trust instrument relating to that scheme, for the purposes of capital gains tax a person who is a participant in relation to that scheme shall be treated as absolutely entitled to his shares as against the trustees of the scheme.
2 For the purposes of capital gains tax—
a no deduction shall be made from the consideration for the disposal of any shares by reason only that an amount determined under section 186 or 187 of or Schedule 9 or 10 to the Taxes Act counts as employment income (or was chargeable to income tax for the year 2002-03 or an earlier year of assessment under section 186(3) or (4) of that Act;
b any charge to income tax by virtue of section 186(3) of that Act shall be disregarded in determining whether a distribution is a capital distribution within the meaning of section 122(5)(b);
c nothing in any provision of section 186 or 187 of or Schedule 9 or 10 to that Act with respect to—
i the order in which any of a participant’s shares are to be treated as disposed of for the purposes of those provisions as they have effect in relation to profit sharing schemes, or
ii the shares in relation to which an event is to be treated as occurring for any such purpose,
shall affect the rules applicable to the computation of a gain accruing on a part disposal of a holding of shares or other securities which were acquired at different times; and
d a gain accruing on an appropriation of shares to which section 186(11) of that Act applies shall not be a chargeable gain.
3 In this section “participant” and “the trust instrument” have the meanings given by section 187 of the Taxes Act.
F23044 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

238A F659... Share schemes and share incentives

1 Schedule 7D ( F1203... share schemes and share incentives) shall have effect.
2 Schedule 7D relates—
a in Part 1, to Schedule 2 share incentive plans (SIPs) (see section 488 of ITEPA 2003),
b in Part 2, to Schedule 3 SAYE option schemes (see section 516 of that Act),
c in Part 3, to Schedule 4 CSOP schemes (CSOPs) (see section 521 of that Act), F2550...
F2550d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

239 Disposals to trustees of employee trusts

1 Where—
a a close company disposes of an asset to trustees in circumstances such that the disposal is a disposition which by virtue of section 13 of the M45Inheritance Tax Act 1984 (employee trusts) is not a transfer of value for the purposes of inheritance tax, or
b an individual disposes of an asset to trustees in circumstances such that the disposal is an exempt transfer by virtue of section 28 of that Act (employee trusts: inheritance tax),
this Act shall have effect in relation to the disposal in accordance with subsections (2) and (3) below.
2 Section 17(1) shall not apply to the disposal; and if the disposal is by way of gift or is for a consideration not exceeding the sums allowable as a deduction under section 38—
a the disposal, and the acquisition by the trustees, shall be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and
b where the trustees dispose of the asset, its acquisition by the company or individual shall be treated as its acquisition by the trustees.
Paragraph (b) above also applies where section 149(1) of the 1979 Act applied on the disposal of an asset to trustees who have not disposed of it before the coming into force of this section.
3 Where the disposal is by a close company, section 125(1) shall apply to the disposal as if for the reference to market value there were substituted a reference to market value or the sums allowable as a deduction under section 38, whichever is the less.
4 Subject to subsection (5) below, this Act shall also have effect in accordance with subsection (2) above in relation to any disposal made by a company other than a close company if—
a the disposal is made to trustees otherwise than under a bargain made at arm’s length, and
b the property disposed of is to be held by them on trusts of the description specified in section 86(1) of the M46Inheritance Tax Act 1984 (that is to say, those in relation to which the said section 13 of that Act has effect) and the persons for whose benefit the trusts permit the property to be applied include all or most of either—
i the persons employed by or holding office with the company, or
ii the persons employed by or holding office with the company or any one or more subsidiaries of the company.
5 Subsection (4) above does not apply if the trusts permit any of the property to be applied at any time (whether during any such period as is referred to in the said section 86(1) or later) for the benefit of—
a a person who is a participator in the company (“the donor company”), or
b any other person who is a participator in any other company that has made a disposal of property to be held on the same trusts as the property disposed of by the donor company, being a disposal in relation to which this Act has had effect in accordance with subsection (2) above, or
c any other person who has been a participator in the donor company or any such company as is mentioned in paragraph (b) above at any time after, or during the 10 years before, the disposal made by that company, or
d any person who is connected with a person within paragraph (a), (b) or (c) above.
6 The participators in a company who are referred to in subsection (5) above do not include any participator who—
a is not beneficially entitled to, or to rights entitling him to acquire, 5 per cent. or more of, or of any class of the shares comprised in, its issued share capital, and
b on a winding-up of the company would not be entitled to 5 per cent. or more of its assets;
and in determining whether the trusts permit property to be applied as mentioned in that subsection, no account shall be taken—
i of any power to make a payment which is the income of any person for any of the purposes of income tax, or would be the income for any of those purposes of a person not resident in the United Kingdom if he were so resident, or
ii if the trusts are those of a profit sharing scheme approved under Schedule 9 to the Taxes Act of any power to appropriate shares in pursuance of the scheme.
7 In subsection (4) above “subsidiary” has the meaning given by section 1159 of and Schedule 6 to the Companies Act 2006 and in subsections (5) and (6) above “participator” has the meaning given by section 454 of CTA 2010, except that it does not include a loan creditor.
8 In this section “close company” includes a company which, if resident in the United Kingdom, would be a close company as defined in section 288.

239ZA Relief for disposals by trustees of employee trusts

1 Any gain accruing to trustees on the disposal of an asset comprised in the settled property of an employee trust shall not be a chargeable gain where the disposal is—
a a disposal to a beneficiary, or
b a deemed disposal under section 71(1),
if the conditions in subsection (2) are satisfied.
2 The conditions are that—
a an amount that is equal to or exceeds the market value of the asset is chargeable to income tax as employment income within the meaning of section 7 of ITEPA 2003 (meaning of “employment income” etc);
b neither the beneficiary nor (if different) the person who is liable for the income tax is an excluded person;
c no actual consideration (as opposed to consideration deemed to be given by any enactment relating to the taxation of chargeable gains) is given directly or indirectly to the trustees for the asset; and
d Schedule 7D does not to any extent prevent the gain being a chargeable gain.
3 The following are excluded persons—
a a participator in a company, shares in or securities of which are comprised in the settled property;
b a participator in a close company that has provided any property that has become comprised in the settled property;
c a person who was a participator in a company within paragraph (a) or (b) at any time during the 10 years before the shares, securities or other property concerned became comprised in the settled property;
d a person connected with a person within any of paragraphs (a) to (c).
4 For the purposes of subsection (3)—
a “participator” has the same meaning as in section 239 and shall, in the case of a company which is not a close company, be construed as a person who would be a participator in the company if it were a close company, but
b a person is not a participator unless either—
i that person is entitled to, or entitled to rights enabling the acquisition of, 5% or more of the share capital of the company or any class of shares in the company, or
ii that person would be entitled to 5% or more of the company’s assets on winding-up.
5 In determining whether a person is connected with another for the purposes of this section, section 286 shall apply as if subsection (8) of that section also mentioned uncle, aunt, nephew and niece.
6 In this section—
  • “beneficiary” means a person within paragraph (a) or (b) of section 86(1) of the Inheritance Tax Act 1984 (trusts for benefit of employees);
  • “close company” includes a company which, if resident in the United Kingdom, would be a close company as defined in section 288;
  • “employee trust” means a settlement of property to which section 86 of the Inheritance Tax Act 1984 applies or would apply but for subsection (3) of that section;
  • “market value” means the market value for the purposes of capital gains tax (as to which see section 272).

Registered pension schemes

239A De-registration of registered pension schemes

1 This section applies where tax is charged in accordance with section 242 of the Finance Act 2004 (de-registration charge) where the registration of a registered pension scheme is withdrawn.
2 For the purposes of this Act the assets which at the relevant time are held for the purposes of the pension scheme—
a are treated as having been acquired at the relevant time for a consideration equal to the amount on which tax is charged by virtue of section 242 of the Finance Act 2004 by the person who would be chargeable in respect of a chargeable gain accruing on a disposal of the assets at the relevant time, and
b are not to be treated as having been disposed of by any person at the relevant time.
3 In subsection (2) “the relevant time” means the time immediately before the date of withdrawal of registration of the pension scheme.

Leases

240  Leases of land and other assets.

Schedule 8 shall have effect as respects leases of land and, to the extent specified in paragraph 9 of that Schedule, as respects leases of property other than land.

F2871241 C473 UK furnished holiday lettings.

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F2872C475241A  EEA furnished holiday lettings

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Part disposals

242  Small part disposals.

1 This section applies to a transfer of land forming part only of a holding of land, where—
a the amount or value of the consideration for the transfer does not exceed one-fifth of the market value of the holding as it subsisted immediately before the transfer, and
b the transfer is not one which, by virtue of section 58 or 171(1), is treated as giving rise to neither a gain nor a loss.
2 Subject to subsection (3) below, if the transferor so claims, the transfer shall not be treated for the purposes of this Act as a disposal, but all sums which, if it had been so treated, would have been brought into account as consideration for that disposal in the computation of the gain shall be deducted from any expenditure allowable under Chapter III of Part II as a deduction in computing a gain on any subsequent disposal of the holding.
2A A claim under subsection (2) above shall be made—
a for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the transfer is made;
b for the purposes of corporation tax, within 2 years after the end of the accounting period in which the transfer is made.
3 This section shall not apply—
a if the amount or value of the consideration for the transfer exceeds £20,000, or
b where in the year of assessment in which the transfer is made, the transferor made any other disposal of land, if the total amount or value of the consideration for all disposals of land made by the transferor in that year exceeds £20,000.
4 No account shall be taken under subsection (3) above of any transfer of land to which section 243 applies.
5 In relation to a transfer which is not for full consideration in money or money’s worth “the amount or value of the consideration” in this section shall mean the market value of the land transferred.
6 For the purposes of this section the holding of land shall comprise only the land in respect of which the expenditure allowable under paragraphs (a) and (b) of section 38(1) would be apportioned under section 42 if the transfer had been treated as a disposal (that is, as a part disposal of the holding).
7 In this section references to a holding of land include references to any estate or interest in a holding of land, not being an estate or interest which is a wasting asset, and references to part of a holding shall be construed accordingly.

243  Part disposal to authority with compulsory powers.

1 This section applies to a transfer of land forming part only of a holding of land to an authority exercising or having compulsory powers where—
a the amount or value of the consideration for the transfer, or if the transfer is not for full consideration in money or money’s worth, the market value of the land transferred, is small, as compared with the market value of the holding as it subsisted immediately before the transfer, and
b the transferor had not taken any steps by advertising or otherwise to dispose of any part of the holding or to make his willingness to dispose of it known to the authority or others.
2 If the transferor so claims, the transfer shall not be treated for the purposes of this Act as a disposal, but all sums which, if it had been so treated, would have been brought into account as consideration for that disposal in the computation of the gain shall be deducted from any expenditure allowable under Chapter III of Part II as a deduction in computing a gain on any subsequent disposal of the holding.
2A A claim under subsection (2) above shall be made—
a for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the transfer is made;
b for the purposes of corporation tax, within 2 years after the end of the accounting period in which the transfer is made.
3 For the purposes of this section the holding of land shall comprise only the land in respect of which the expenditure allowable under paragraphs (a) and (b) of section 38(1) would be apportioned under section 42 if the transfer had been treated as a disposal (that is, as a part disposal of the holding).
4 In this section references to a holding of land include references to an estate or interest in a holding of land, not being an estate or interest which is a wasting asset, and references to part of a holding shall be construed accordingly.
5 In this section “authority exercising or having compulsory powers” means, in relation to the land transferred, a person or body of persons acquiring it compulsorily or who has or have been, or could be, authorised to acquire it compulsorily for the purposes for which it is acquired, or for whom another person or body of persons has or have been, or could be, authorised so to acquire it.

244  Part disposal: consideration exceeding allowable expenditure.

1 The provisions of sections 242(2) and 243(2) shall have effect subject to this section.
2 Where the allowable expenditure is less than the consideration for the part disposal (or is nil)—
a the said provisions shall not apply, and
b if the recipient so elects (and there is any allowable expenditure)—
i the consideration for the part disposal shall be reduced by the amount of the allowable expenditure, and,
ii none of that expenditure shall be allowable as a deduction in computing a gain accruing on the occasion of the part disposal or on any subsequent occasion.
In this subsection “allowable expenditure” means expenditure which, immediately before the part disposal, was attributable to the holding of land under paragraphs (a) and (b) of section 38(1).
3 An election under subsection (2)(b) above shall be made—
a for the purposes of capital gains tax, on or before the first anniversary of the 31st January next following the year of assessment in which the part disposal is made;
b for the purposes of corporation tax, within 2 years after the end of the accounting period in which the part disposal is made.

Compulsory acquisition

245  Compensation paid on compulsory acquisition.

1 Where land or an interest in or right over land is acquired and the acquisition is, or could have been, made under compulsory powers, then in considering whether, under section 52(4), the purchase price or compensation or other consideration for the acquisition should be apportioned and treated in part as a capital sum within section 22(1)(a), whether as compensation for loss of goodwill or for disturbance or otherwise, or should be apportioned in any other way, the fact that the acquisition is or could have been made compulsorily, and any statutory provision treating the purchase price or compensation or other consideration as exclusively paid in respect of the land itself, shall be disregarded.
2 In any case where land or an interest in land is acquired as mentioned in subsection (1) above from any person and the compensation or purchase price includes an amount in respect of severance of the land comprised in the acquisition or sale from other land in which that person is entitled in the same capacity to an interest, or in respect of that other land as being injuriously affected, there shall be deemed for the purposes of this Act to be a part disposal of that other land.

246  Time of disposal and acquisition.

Where an interest in land is acquired, otherwise than under a contract, by an authority possessing compulsory purchase powers, the time at which the disposal and acquisition is made is the time at which the compensation for the acquisition is agreed or otherwise determined (variations on appeal being disregarded for this purpose) F610... .

247  Roll-over relief on compulsory acquisition.

1 This section applies where—
a land (“the old land”) is disposed of by any person (“the landowner”) to an authority exercising or having compulsory powers; and
b the landowner did not take any steps, by advertising or otherwise, to dispose of the old land or to make his willingness to dispose of it known to the authority or others; and
c the consideration for the disposal is applied by the landowner in acquiring other land (“the new land”) not being land excluded from this paragraph by section 248.
2 Subject to section 248, in a case where the whole of the consideration for the disposal was applied as mentioned in subsection (1)(c) above, the landowner, on making a claim as respects the consideration so applied, shall be treated for the purposes of this Act—
a as if the consideration for the disposal of the old land were (if otherwise of a greater amount or value) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him; and
b as if the amount or value of the consideration for the acquisition of the new land were reduced by the excess of the amount or value of the actual consideration for the disposal of the old land over the amount of the consideration which he is treated as receiving under paragraph (a) above.
3 If part only of the consideration for the disposal of the old land was applied as mentioned in subsection (1)(c) above, then, subject to section 248, if the part of the consideration which was not so applied (“the unexpended consideration”) is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal of the old land, the landowner, on making a claim as respects the consideration which was so applied, shall be treated for the purposes of this Act—
a as if the amount of the gain so accruing were reduced to the amount of the unexpended consideration (and, if not all chargeable gain, with a proportionate reduction in the amount of the chargeable gain); and
b as if the amount or value of the consideration for the acquisition of the new land were reduced by the amount by which the gain is reduced (or, as the case may be, the amount by which the chargeable gain is proportionately reduced) under paragraph (a) above.
4 Nothing in subsection (2) or subsection (3) above affects the treatment for the purposes of this Act of the authority by whom the old land was acquired or of the other party to the transaction involving the acquisition of the new land.
5 For the purposes of this section—
a subsection (2) of section 152 shall apply in relation to subsection (2)(a) and subsection (2)(b) above as it applies in relation to subsection (1)(a) and subsection (1)(b) of that section; and
b subsections (3) and (4) of that section shall apply as if any reference to the new assets were a reference to the new land, any reference to the old assets were a reference to the old land and any reference to that section were a reference to this.
5A Subsections (2A) and (2C) of section 175 shall apply in relation to this section as they apply in relation to section 152 (but as if the reference in subsection (2C) to the new assets were a reference to the new land).
6 Where this section applies, any such amount as is referred to in subsection (2) of section 245 shall be treated as forming part of the consideration for the disposal of the old land and, accordingly, so much of that subsection as provides for a deemed disposal of other land shall not apply.
7 The provisions of this Act fixing the amount of the consideration deemed to be given for the acquisition or disposal of assets shall be applied before this section is applied.
8 In this section—
  • “land” includes any interest in or right over land; and
  • “authority exercising or having compulsory powers” shall be construed in accordance with section 243(5).

247A  Provisional application of section 247.

1 This section applies where a person who disposes of land (“the old land”) to an authority exercising or having compulsory powers declares, in his return for the chargeable period in which the disposal takes place—
a that the whole or any specified part of the consideration for the disposal will be applied in the acquisition of other land (“the new land”);
b that the acquisition will take place as mentioned in subsection (3) of section 152; and
c that the new land will not be land excluded from section 247(1)(c) by section 248.
2 Until the declaration ceases to have effect, section 247 shall apply as if the acquisition had taken place and the person had made a claim under that section.
3 For the purposes of this section, subsections (3) to (5) of section 153A shall apply as if the reference to section 152 or 153 were a reference to section 247 and the reference to the old assets were a reference to the old land.
4 In this section “land” and “authority exercising or having compulsory powers” have the same meaning as in section 247.

248  Provisions supplementary to section 247.

1 Land is excluded from paragraph (c) of subsection (1) of section 247 if—
a it is a dwelling-house or part of a dwelling-house (or an interest in or right over a dwelling-house), and
b by virtue of, or of any claim under, any provision of sections 222 to 226 the whole or any part of a gain accruing on a disposal of it by the landowner at a material time would not be a chargeable gain;
and for the purposes of this subsection “a material time” means any time during the period of 6 years beginning on the date of the acquisition referred to in the said paragraph (c).
2 If, at any time during the period of 6 years referred to in subsection (1) above, land which at the beginning of that period was not excluded from section 247(1)(c) by virtue of that subsection becomes so excluded, the amount of any chargeable gain accruing on the disposal of the old land shall be redetermined without regard to any relief previously given under section 247 by reference to the amount or value of the consideration for the acquisition of that land; and all such adjustments of capital gains tax, whether by way of assessment or otherwise, may be made at any time, notwithstanding anything in section 34 of the Management Act (time limit for assessments).This subsection also applies where the period of 6 years referred to above began before the commencement of this section (and accordingly the references to section 247 include references to section 111A of the 1979 Act).
3 Where the new land is a depreciating asset, within the meaning of section 154, that section has effect as if—
a any reference in subsection (1) or subsection (4) to section 152 or 153 were a reference to subsection (2) or subsection (3) respectively of section 247; and
b paragraph (b) of subsection (2) were omitted; and
c the reference in subsection (5) to section 152(3) were a reference to that provision as applied by section 247(5).
4 No claim may be made under section 243 in relation to a transfer which constitutes a disposal in respect of which a claim is made under section 247.
5 Expressions used in this section have the same meaning as in section 247.

Joint interests in land

248A Roll-over relief on disposal of joint interests in land: conditions

1 Section 248B applies where conditions A to E are met.
2 Condition A is that a person (“the landowner”) and one or more other persons jointly hold—
a a holding of land, or
b two or more separate holdings of land.
3 Condition B is that the landowner disposes of an interest (“the relinquished interest”) in—
a the holding, or
b one or more of the holdings,
to the co-owner or to one or more of the co-owners.
4 Condition C is that the consideration for the disposal is or includes an interest (“the acquired interest”) in a holding of land held jointly by the landowner and one or more of the co-owners.
5 Condition D is that as a consequence of the disposal (taken together with any related disposals) the landowner and each of the co-owners become—
a in a case falling within subsection (2)(a), the sole owner of part of the holding, or
b in a case falling within subsection (2)(b), the sole owner of one or more of the holdings.
6 Condition E is that the acquired interest is not an interest in excluded land (see section 248C).
7 For the purposes of this section—
a references to a holding of land include references to an estate or interest in a holding of land, and are to be read in accordance with section 243(3);
b references to holding land jointly are to holding land—
i in England and Wales, as joint tenants or tenants in common,
ii in Scotland, as joint owners or owners in common, or
iii in Northern Ireland, as joint tenants, tenants in common or coparceners;
c “co-owner” means any person who holds a holding of land jointly with the landowner;
d a related disposal (in relation to a disposal mentioned in condition B) is a disposal of an interest in the holding, or in one or more of the holdings, which is made—
i by the landowner to a co-owner, or
ii by a co-owner to the landowner or another co-owner,
at the same time as the disposal mentioned in that condition;
e spouses who are living together, or civil partners who are living together, are together treated as a landowner or a co-owner.
8 Section 248B applies in relation to cases where, immediately before the disposal, the land is held by a partnership comprising the landowner and the co-owner or co-owners (whether the partnership is formed in Scotland or elsewhere) as it applies in relation to other cases (and the partners are regarded as the landowner and the co-owner or co-owners for the purposes of this section and section 248B).

248B Calculation of relief

1 If the amount or value of the consideration for the disposal of the relinquished interest is equal to or less than the amount or value of the consideration for the acquired interest, the landowner, on making a claim, is to be treated for the purposes of this Act—
a as if the consideration for the disposal of the relinquished interest were of such amount as would secure that on the disposal neither a gain nor a loss accrues to the landowner, and
b as if the amount or value of the consideration for the acquired interest were reduced by the excess of the amount or value of the consideration for the disposal of the relinquished interest over the amount of the consideration which the landowner is treated as receiving under paragraph (a).
2 Where the amount or value of the consideration for the disposal of the relinquished interest exceeds the amount or value of the consideration for the acquired interest, then if the excess (“the unexpended consideration”) is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal of the relinquished interest, the landowner on making a claim is to be treated for the purposes of this Act—
a as if the amount of the gain so accruing were reduced to the amount of the unexpended consideration (and, if not all chargeable gain, with a proportionate reduction in the amount of the chargeable gain), and
b as if the amount or value of the consideration for the acquired interest were reduced by the amount by which the gain is reduced (or, as the case may be, the amount by which the chargeable gain is proportionately reduced) under paragraph (a).
3 Subsections (1) and (2) are subject to section 248C(3).
4 Nothing in subsection (1) or (2) affects the treatment for the purposes of this Act of a co-owner (within the meaning given by section 248A(7)).
5 Where subsection (1)(a) applies to exclude a gain which, in consequence of Schedule 2 (assets held on 6th April 1965) is not all chargeable gain, the amount of the reduction to be made under subsection (1)(b) shall be the amount of the chargeable gain, and not the whole amount of the gain.

248C Excluded land

1 Land is excluded land to the extent that—
a it is a dwelling-house or part of a dwelling-house (or an interest in or right over a dwelling-house), and
b by virtue of, or of any claim under, any provision of sections 222 to 226 (private residences) the whole or any part of a gain accruing on a disposal of it by the landowner at a material time would not be a chargeable gain.
2 In subsection (1)(b), “a material time” means any time during the period of 6 years beginning on the date of the acquisition of the acquired interest.
3 If land was not excluded land at the date of the acquisition of the acquired interest but becomes excluded land within 6 years of the acquisition, the amount of any chargeable gain accruing on the disposal of the relinquished interest shall be re-determined without regard to any relief previously given under section 248B by reference to the amount or value of the consideration for the acquisition of the interest in that land.
4 Any adjustments of capital gains tax in accordance with subsection (3), whether by way of assessment or otherwise, may be made at any time, despite anything in section 34 of the Management Act (time limit for assessments).
5 Expressions used in this section have the same meaning as in section 248A.

248D Milk quotas

1 This section applies where—
a section 248B applies to a holding (or holdings) of land, and
b milk quota is associated with the holding in which the relinquished interest is held and with the holding in which the acquired interest is held.
2 Section 248B(1), (2) and (4) apply—
a to the disposal of quota associated with the holding in which the relinquished interest is held as they apply to the disposal of that interest, and
b to the acquisition of quota associated with the holding in which the acquired interest is held as they apply to the acquisition of that interest.

248E Relief on disposal of joint interests in private residence

1 This section applies where conditions A to E are met.
2 Condition A is that a person (“the landowner”) and one or more other persons jointly hold an interest in two or more dwelling–houses.
3 Condition B is that the landowner disposes of an interest (“the relinquished interest”) in one or more of the dwelling-houses to the co-owner or to one or more of the co-owners.
4 Condition C is that the consideration for the disposal is or includes an interest (“the acquired interest”) in one of the other dwelling–houses.
5 Condition D is that as a consequence of the disposal (taken together with any related disposals)—
a the dwelling-house in which the landowner acquires an interest becomes the only or main residence of the landowner, and
b each of the other dwelling-houses becomes the only or main residence of one (and only one) of the co-owners.
6 Condition E is that if each dwelling-house were disposed of immediately after the disposal (or disposals) mentioned in subsection (5) then by virtue of sections 222, 223 and 223B (private residences) no part of the gain accruing on each of those disposals would be a chargeable gain.
7 The landowner, on making a claim jointly with the co-owner or co-owners, shall be treated for the purposes of this Act—
a as if the consideration for the disposal of the relinquished interest were of such amount as would secure that on the disposal neither a gain nor a loss accrues, and
b as if the acquired interest were acquired by the landowner—
i at the time it was acquired jointly by the landowner and the co-owner or co-owners, and
ii for a consideration equal to the amount of the sums that would have been allowable under section 38(1)(a) and (b) (acquisition and disposal costs etc) as a deduction in the computation of any gain on a disposal of the acquired interest by the co-owner or co-owners.
8 For the purposes of this section—
a “co-owner” means any person who holds an interest in a dwelling-house jointly with the landowner;
b references to holding land jointly are to holding land—
i in England and Wales, as joint tenants or tenants in common,
ii in Scotland, as joint owners or owners in common, or
iii in Northern Ireland, as joint tenants, tenants in common or coparceners;
c a related disposal (in relation to a disposal mentioned in condition B) is a disposal of an interest in a dwelling-house which is made—
i by the landowner to a co-owner, or
ii by a co-owner to the landowner or another co-owner,
at the same time as the disposal mentioned in that condition;
d spouses who are living together, or civil partners who are living together, are together treated as a landowner or a co-owner.
9 This section applies in relation to cases where, immediately before the disposal, the land is held by a partnership comprising the landowner and the co-owner or co-owners (whether the partnership is formed in Scotland or elsewhere) as it applies in relation to other cases (and the partners are regarded as the landowner and the co-owner or co-owners for the purposes of this section).

Woodlands

F1339249  Grants for giving up agricultural land.

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250  Woodlands.

1 Consideration for the disposal of trees standing or felled or cut on woodlands managed by the occupier on a commercial basis and with a view to the realisation of profits shall be excluded from the computation of the gain if the person making the disposal is the occupier.
2 Capital sums received under a policy of insurance in respect of the destruction of or damage or injury to trees by fire or other hazard on such woodlands shall be excluded from the computation of the gain if the person making the disposal is the occupier.
3 Subsection (2) above has effect notwithstanding section 22(1).
4 In the computation of the gain so much of the cost of woodland in the United Kingdom shall be disregarded as is attributable to trees growing on the land.
5 In the computation of the gain accruing on a disposal of woodland in the United Kingdom so much of the consideration for the disposal as is attributable to trees growing on the land shall be excluded.
6 References in this section to trees include references to saleable underwood.

Debts

251  General provisions.

1 Where a person incurs a debt to another, whether in sterling or in some other currency, no chargeable gain shall accrue to that (that is the original) creditor or his personal representative or legatee on a disposal of the debt, except in the case of the debt on a security (as defined in section 132).
2 Subject to the provisions of sections 132, 135 and 136 and subject to subsection (1) above, the satisfaction of a debt or part of it (including a debt on a security as defined in section 132) shall be treated as a disposal of the debt or of that part by the creditor made at the time when the debt or that part is satisfied.
3 Where property is acquired by a creditor in satisfaction of his debt or part of it, then subject to the provisions of sections 132, 135 and 136 the property shall not be treated as disposed of by the debtor or acquired by the creditor for a consideration greater than its market value at the time of the creditor’s acquisition of it; but if under subsection (1) above (and in a case not falling within section 132, 135 or 136) no chargeable gain is to accrue on a disposal of the debt by the creditor (that is the original creditor), and a chargeable gain accrues to him on a disposal by him of the property, the amount of the chargeable gain shall (where necessary) be reduced so as not to exceed the chargeable gain which would have accrued if he had acquired the property for a consideration equal to the amount of the debt or that part of it.
4 A loss accruing on the disposal of a debt acquired by the person making the disposal from the original creditor or his personal representative or legatee at a time when the creditor or his personal representative or legatee is a person connected with the person making the disposal, and so acquired either directly or by one or more purchases through persons all of whom are connected with the person making the disposal, shall not be an allowable loss.
5 Where the trustees of a settlement are the original creditor, subsections (1) and (4) above shall apply as if for the references to the original creditor’s personal representative or legatee there were substituted references to any person becoming absolutely entitled, as against the trustees, to the debt on its ceasing to be settled property, and to that person’s personal representative or legatee.
5A References in this section to the disposal of a debt include the disposal of an interest in a debt (and, in the case of an interest in a debt, the reference in subsection (3) to the amount of the debt is to the amount of the person's interest in the debt).
6 For the purposes of this section a debenture issued by any company on or after 16th March 1993 shall be deemed to be a security (as defined in section 132) if—
a it is issued on a reorganisation (as defined in section 126(1)) or in pursuance of its allotment on any such reorganisation;
b it is issued in exchange for shares in or debentures of another company and in a case to which section 135 applies and which is unaffected by section 137(1);
c it is issued under any such arrangements as are mentioned in subsection (1)(a) of section 136 and in a case unaffected by section 137 where section 136 requires shares or debentures in another company to be treated as exchanged for, or for anything that includes, that debenture; or
d it is issued in pursuance of rights attached to any debenture issued on or after 16th March 1993 and falling within paragraph (a), (b) or (c) above
and any debenture which results from a conversion of securities within the meaning of section 132, or is issued in pursuance of rights attached to such a debenture, shall be deemed for the purposes of this section to be a security (as defined in that section).
7 Where any instrument specified in subsection (8) below is not a security (as defined in section 132), that instrument shall be deemed to be such a security for the purposes of this section, other than the purposes of determining what is or is not an allowable loss in any case.
C2988 The instruments mentioned in subsection (7) above are—
F1364a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b any instrument which F2267... is not a loan relationship of a company but which would be a deeply discounted security for the purposes of Chapter 8 of Part 4 of ITTOIA 2005 if section 432(2) of that Act (excluded indexed securities) were omitted.

252  Foreign currency bank accounts.

1 Section 251(1) does not apply in relation to a gain accruing to a person on a disposal of a foreign currency debt (or an interest in such a debt) unless that person is—
a an individual,
b the trustees of a settlement, or
c the personal representatives of a deceased person.
2 A “foreign currency debt” is a debt—
a owed by a bank in a currency other than sterling, and
b represented by a sum standing to the credit of an account-holder in an account in that bank.

F1098252A Foreign currency bank accounts and the remittance basis

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C51C394C371253  Relief for loans to traders.

1 In this section “a qualifying loan” means a loan in the case of which—
a the money lent is used by the borrower wholly for the purposes of a trade carried on by him, not being a trade which consists of or includes the lending of money, and
b if the loan is made before 24 January 2019, the borrower is resident in the United Kingdom, and
c the borrower’s debt is not a debt on a security as defined in section 132;
and for the purposes of paragraph (a) above money used by the borrower for setting up a trade which is subsequently carried on by him shall be treated as used for the purposes of that trade.
2 In subsection (1) above references to a trade include references to a profession or vocation; and where money lent to a company is lent by it to another company in the same group, being a trading company, that subsection shall apply to the money lent to the first-mentioned company as if it had used it for any purpose for which it is used by the other company while a member of the group.
3 Where a person who has made a qualifying loan makes a claim and at that time—
a any outstanding amount of the principal of the loan has become irrecoverable, and
b the claimant has not assigned his right to recover that amount, and
c the claimant and the borrower were not each other’s spouses or civil partners, or companies in the same group, when the loan was made or at any subsequent time,
then, to the extent that that amount is not an amount which, in the case of the claimant, falls to be brought into account as a debit given for the purposes of Part 5 of CTA 2009 (loan relationships), this Act shall have effect as if an allowable loss equal to that amount had accrued to the claimant at the time of the claim or (subject to subsection (3A) below) any earlier time specified in the claim.
3A For the purposes of subsection (3) above, an earlier time may be specified in the claim if:
a the amount to which that subsection applies was also irrecoverable at the earlier time; and either
b for capital gains tax purposes the earlier time falls not more than two years before the beginning of the year of assessment in which the claim is made; or
c for corporation tax purposes the earlier time falls on or after the first day of the earliest accounting period ending not more than two years before the time of the claim.
C187C2544 Where a person who has guaranteed the repayment of a loan which is, or but for subsection (1)(c) above would be, a qualifying loan makes a claim and at that time—
a any outstanding amount of, or of interest in respect of, the principal of the loan has become irrecoverable from the borrower, and
b the claimant has made a payment under the guarantee (whether to the lender or a co-guarantor) in respect of that amount, and
c the claimant has not assigned any right to recover that amount which has accrued to him (whether by operation of law or otherwise) in consequence of his having made the payment, and
d the lender and the borrower were not each other’s spouses or civil partners, or companies in the same group, when the loan was made or at any subsequent time and the claimant and the borrower were not each other’s spouses or civil partners, and the claimant and the lender were not companies in the same group, when the guarantee was given or at any subsequent time,
this Act shall have effect as if an allowable loss had accrued to the claimant when the payment was made; and the loss shall be equal to the payment made by him in respect of the amount mentioned in paragraph (a) above less any contribution payable to him by any co-guarantor in respect of the payment so made.
4A A claim under subsection (4) above shall be made—
a for the purposes of capital gains tax, not more than 4 years after the end of the year of assessment in which the payment was made;
b for the purposes of corporation tax, within 4 years after the end of the accounting period in which the payment was made.
5 Where an allowable loss has been treated under subsection (3) or (4) above as accruing to any person and the whole or any part of the outstanding amount mentioned in subsection (3)(a) or, as the case may be, subsection (4)(a) is at any time recovered by him, this Act shall have effect as if there had accrued to him at that time a chargeable gain equal to so much of the allowable loss as corresponds to the amount recovered.
6 Where—
a an allowable loss has been treated under subsection (4) above as accruing to any person, and
b the whole or any part of the amount of the payment mentioned in subsection (4)(b) is at any time recovered by him,
this Act shall have effect as if there had accrued to him at that time a chargeable gain equal to so much of the allowable loss as corresponds to the amount recovered.
C3167 Where—
a an allowable loss has been treated under subsection (3) above as accruing to a company (“the first company”), and
b the whole or any part of the outstanding amount mentioned in subsection (3)(a) is at any time recovered by a company (“the second company”) in the same group as the first company,
this Act shall have effect as if there had accrued to the second company at that time a chargeable gain equal to so much of the allowable loss as corresponds to the amount recovered.
C3168 Where—
a an allowable loss has been treated under subsection (4) above as accruing to a company (“the first company”), and
b the whole or any part of the outstanding amount mentioned in subsection (4)(a), or the whole or any part of the amount of the payment mentioned in subsection (4)(b), is at any time recovered by a company (“the second company”) in the same group as the first company,
this Act shall have effect as if there had accrued to the second company at that time a chargeable gain equal to so much of the allowable loss as corresponds to the amount recovered.
C3069 For the purposes of subsections (5) to (8) above, a person shall be treated as recovering an amount if he (or any other person by his direction) receives any money or money’s worth in satisfaction of his right to recover that amount or in consideration of his assignment of the right to recover it; and where a person assigns such a right otherwise than by way of a bargain made at arm’s length he shall be treated as receiving money or money’s worth equal to the market value of the right at the time of the assignment.
C39610 No amount shall be treated under this section as giving rise to an allowable loss or chargeable gain in the case of any person if it falls to be taken into account in computing his income for the purposes of income tax or corporation tax.
11 Where an allowable loss has been treated as accruing to a person under subsection (4) above by virtue of a payment made by him at any time under a guarantee—
a no chargeable gain shall accrue to him otherwise than under subsection (5) above, and
b no allowable loss shall accrue to him under this Act,
on his disposal of any rights that have accrued to him (whether by operation of law or otherwise) in consequence of his having made any payment under the guarantee at or after that time.
12 References in this section to an amount having become irrecoverable do not include references to cases where the amount has become irrecoverable in consequence of the terms of the loan, of any arrangements of which the loan forms part, or of any act or omission by the lender or, in a case within subsection (4) above, the guarantor.
C24713 For the purposes of subsections (7) and (8) above, 2 companies are in the same group if they were in the same group when the loan was made or have been in the same group at any subsequent time.
14 In this section—
a “spouses” means spouses who are living together (construed in accordance with section 288(3)),
aa “civil partners” means civil partners who are living together (construed in accordance with section 288(3)),
b “trading company” has the same meaning as in section 165 (see section 165A), and
c “group” shall be construed in accordance with section 170.
15 Subsection (3) above does not apply where the loan was made before 12th April 1978 and subsection (4) above does not apply where the guarantee was given before that date.

F1656254  Relief for debts on qualifying corporate bonds.

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F1656255  Provisions supplementary to section 254.

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Investments in social enterprises

255A Hold-over relief for gains re-invested in social enterprises

Schedule 8B to this Act (which provides relief in respect of gains re-invested in social enterprises) has effect.

255B Gains and losses on investments in social enterprises

1 For the purpose of determining the gain or loss on any disposal of an asset by an individual where—
a an amount of SI relief is attributable to the asset, and
b apart from this subsection there would be a loss,
treat the consideration given by the individual for the acquisition of the asset as reduced by the amount of the SI relief.
2 If—
a an individual disposes of an asset,
b an amount of SI relief is attributable to the asset,
c the disposal takes place after the end of the 3 years beginning with the day when the individual acquired the asset, and
d apart from this subsection, there would be a gain on the disposal,
the gain is not a chargeable gain, subject to section 255C.
3 Despite section 16(2), subsection (2) above does not apply to a disposal on which a loss accrues.
4 Any question as to—
a which of any assets acquired by an individual at different times a disposal relates to, being assets to which SI relief is attributable, or
b whether a disposal relates to assets to which SI relief is attributable or to other assets,
is to be determined for the purposes of capital gains tax as provided by section 257TA of ITA 2007.
5 Chapter 1 of this Part has effect subject to subsection (4).
6 Sections 104, 105 and 106A do not apply to assets to which SI relief is attributable.
7 There are to be made all such adjustments of capital gains tax, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of SI relief being given or withdrawn.
8 In this section and sections 255C to 255E “SI relief” means relief under Part 5B of ITA 2007 (income tax relief for investments in social enterprises).
9 That Part applies for the purposes of this section and sections 255C to 255E to determine whether SI relief is attributable to any asset and, if so, the amount of SI relief so attributable.

255C Application of section 255B(2) where maximum SI relief not obtained

1 Subsection (2) applies if—
a an individual's liability to income tax has been reduced (or treated by virtue of section 257T of ITA 2007 (spouses or civil partners) as reduced) for any tax year under section 257JA of ITA 2007 (SI relief) in respect of the acquisition of an asset,
b the amount of the reduction (“D”) is less than the amount given by—
I × R
where—
I is the amount on which the individual has SI relief in the case of the asset, and
R is the SI rate for the tax year for which the SI relief was obtained, and
c D is not within paragraph (b) solely by virtue of section 29(2) and (3) of ITA 2007.
2 If the individual disposes of the asset and there is a gain on the disposal, section 255B(2) has effect in relation to the gain as if it were reduced by multiplying it by—
D I × R
3 In this section “SI rate” has the meaning given by section 257JA(5) of ITA 2007.

255D Application of section 255B(2) where SI relief has been reduced

1 Subsection (2) applies if before a disposal of an asset—
a value is received in circumstances where SI relief attributable to the asset is reduced by an amount under section 257Q(1)(a) of ITA 2007, or
b there is a repayment, redemption, repurchase or payment in circumstances where SI relief attributable to the asset is reduced by an amount under section 257QJ(2)(a) of ITA 2007, or
c paragraphs (a) and (b) both apply.
2 If section 255B(2) applies on the disposal but section 255C does not, section 255B(2) applies only to so much of the gain as remains after deducting so much of it as is found by multiplying it by the fraction—
A B
where—
A is equal to the amount by which the SI relief given in respect of the asset is reduced as mentioned in subsection (1) above, and
B is equal to the amount of the SI relief given in respect of the asset.
3 If sections 255B(2) and 255C apply on the disposal, section 255B(2) applies only to so much of the gain as is found by—
a taking the part of the gain found under section 255C, and
b deducting from that part so much of it as is found by multiplying it by the fraction mentioned in subsection (2).
4 If the SI relief given in respect of the asset is reduced as mentioned in subsection (1) by more than one amount, the amount referred to as A in subsection (2) is to be taken to be equal to the aggregate of those amounts.
5 The amount referred to in subsection (2) as B is to be found without regard to any reduction mentioned in subsection (1).

255E Reorganisations involving shares to which SI relief is attributable

1 Subsection (2) applies if an individual holds shares which form part of the ordinary share capital of a company and include shares of more than one of the following kinds—
a shares to which SI relief is attributable and to which subsection (3) applies,
b shares to which SI relief is attributable and to which subsection (3) does not apply, and
c shares to which SI relief is not attributable and to which subsection (3) does not apply.
2 If there is a reorganisation within the meaning of section 126 affecting the shares listed in subsection (1), section 127 applies separately to those shares so that shares of each kind are treated as a separate holding of original shares and identified with a separate new holding.
3 This subsection applies to any shares if—
a expenditure on the shares has been set under Schedule 8B to this Act against the whole or part of any gain, and
b in relation to the shares there has been no chargeable event for the purposes of that Schedule.
4 If—
a an individual holds shares (“the existing holding”) which form part of the ordinary share capital of a company,
b there is, by virtue of any such allotment for payment as is mentioned in section 126(2)(a), a reorganisation affecting the existing holding, and
c immediately following the reorganisation, SI relief is attributable to the existing holding or the allotted shares,
sections 127 to 130 do not apply in relation to the existing holding.
5 Subject to subsection (6), sections 135 and 136 do not apply in respect of shares to which SI relief is attributable.
6 Subsection (5) does not have effect to disapply section 135 or 136 in a case where the original shares are shares to which SI relief is attributable if—
a the new holding consists of new ordinary shares which meet conditions A and B of section 257L of ITA 2007,
b the new shares are issued after the end of three years beginning with the day on which the original shares were acquired,
c before issuing the new shares, the company had issued shares which met conditions A and B of section 257L of ITA 2007, and
d the company issued a compliance certificate in relation to those earlier shares for the purposes of section 257PA(1) of ITA 2007 and in accordance with sections 257PB and 257PC of ITA 2007.
7 In subsection (6) “new holding” is to be construed in accordance with sections 126, 127, 135 and 136.
8 In this section—
  • “ordinary share capital” has the meaning given in section 989 of ITA 2007;
  • “ordinary shares”, in relation to a company, means shares forming part of its ordinary share capital.

Charities and gifts of non-business assets etc.

256  Charities.

1 Subject to F841... the following provisions of this section, a gain shall not be a chargeable gain if it accrues to a charity and is applicable and applied for charitable purposes.
2 If property held on charitable trusts ceases to be subject to charitable trusts—
a the trustees shall be treated as if they had disposed of, and immediately reacquired, the property for a consideration equal to its market value, any gain on the disposal being treated as not accruing to a charity, and
b if and so far as any of that property represents, directly or indirectly, the consideration for the disposal of assets by the trustees, any gain accruing on that disposal shall be treated as not having accrued to a charity,
and an assessment to capital gains tax chargeable by virtue of paragraph (b) above may be made at any time not more than 3 years after the end of the year of assessment in which the property ceases to be subject to charitable trusts.
3 Subsection (4) below applies if a charitable trust has a non-exempt amount under section 540 of ITA 2007 for a year of assessment.
3A Subsection (4) below also applies if a charitable company has a non-exempt amount under section 493 of CTA 2010 for an accounting period.
C2324 Gains accruing—
a to the charitable trust in the year of assessment, or
b to the charitable company in the accounting period,
are treated as being, and always having been, chargeable gains so far as they are attributed to the non-exempt amount under section 256A (in the case of a charitable trust) or section 256C (in the case of a charitable company).
5 For restrictions on exemptions under Part 10 of ITA 2007 (special rules about charitable trusts etc) see section 539 of that Act.
F22786 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 For restrictions on exemptions under Part 11 of CTA 2010 (charitable companies etc) see section 492 of that Act.
F7798 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

256A Attributing gains to the non-exempt amount: charitable trusts

1 This section applies if a charitable trust has a non-exempt amount under section 540 of ITA 2007 for a year of assessment.
2 Attributable gains of the charitable trust for the year of assessment may be attributed to the non-exempt amount but only so far as the non-exempt amount has not been used up.
3 The non-exempt amount can be used up (in whole or in part) by—
a attributable gains being attributed to it under this section, or
b attributable income being attributed to it under section 541 of ITA 2007.
4 The whole of the non-exempt amount must be used up by—
a attributable gains being attributed to the whole of it under this section,
b attributable income being attributed to the whole of it under section 541 of ITA 2007, or
c a combination of attributable gains being attributed to some of it under this section and attributable income being attributed to the rest of it under section 541 of ITA 2007.
5 See section 256B for the way in which gains are to be attributed to the non-exempt amount under this section.
6 In this section and section 256B a charitable trust's “attributable income”, and “attributable gains”, for a tax year have the same meaning as in Part 10 of ITA 2007 (see section 540 of that Act).

256B How gains are attributed to the non-exempt amount: charitable trusts

1 This section is about the ways in which attributable gains can be attributed to a non-exempt amount under section 256A.
2 The trustees of the charitable trust may specify the attributable gains that are to be attributed to the non-exempt amount.
3 A specification under subsection (2) is made by notice to an officer of Revenue and Customs.
4 Subsection (6) applies if—
a an officer of Revenue and Customs requires the trustees of a charitable trust to make a specification under this section, and
b the trustees have not given notice under subsection (3) of the specification before the end of the required period.
5 The required period is 30 days beginning with the day on which the officer made the requirement.
6 An officer of Revenue and Customs may determine the attributable gains that are to be attributed to the non-exempt amount.

256C Attributing gains to the non-exempt amount: charitable companies

1 This section applies if a charitable company has a non-exempt amount under section 493 of CTA 2010 for an accounting period.
2 Attributable gains of the charitable company for the period may be attributed to the non-exempt amount but only so far as the non-exempt amount has not been used up.
3 The non-exempt amount can be used up (in whole or in part) by—
a attributable gains being attributed to it under this section, or
b attributable income being attributed to it under section 494 of CTA 2010.
4 The whole of the non-exempt amount must be used up by—
a attributable gains being attributed to the whole of it under this section,
b attributable income being attributed to the whole of it under section 494 of CTA 2010, or
c a combination of attributable gains being attributed to some of it under this section and attributable income being attributed to the rest of it under section 494 of CTA 2010.
5 In this section and section 256D a charitable company's “attributable income” and “attributable gains” for an accounting period have the same meaning as in Part 11 of CTA 2010 (see section 493 of that Act).
F26556 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

256D How gains are attributed to the non-exempt amount: charitable companies

1 This section is about the ways in which attributable gains can be attributed to a non-exempt amount under section 256C.
2 The charitable company may specify the attributable gains that are to be attributed to the non-exempt amount.
3 A specification under subsection (2) is made by notice to an officer of Revenue and Customs.
4 Subsection (6) applies if—
a an officer of Revenue and Customs requires a charitable company to make a specification under this section, and
b the charitable company has not given notice under subsection (3) of the specification before the end of the required period.
5 The required period is 30 days beginning with the day on which the officer made the requirement.
6 An officer of Revenue and Customs may determine the attributable gains that are to be attributed to the non-exempt amount.
F21017 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C126257  Gifts to charities etc.

1 Subsection (2) below shall apply where a disposal of an asset is made otherwise than under a bargain at arm’s length—
a to a charity or a registered club, or
b to any bodies mentioned in Schedule 3 to the M47Inheritance Tax Act 1984 (gifts for national purposes, etc)
and the disposal is not one in relation to which section 151A(1) has effect.
2 Sections 17(1) and 258(3) shall not apply; but if the disposal is by way of gift (including a gift in settlement) or for a consideration not exceeding the sums allowable as a deduction under section 38, then—
a the disposal and acquisition shall be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and
b where, after the disposal, the asset is disposed of by the person who acquired it under the disposal, its acquisition by the person making the earlier disposal shall be treated for the purposes of this Act as the acquisition of the person making the later disposal.
2A Subsection (2B) applies if relief is available under Chapter 3 of Part 8 of ITA 2007 or as a result of Chapter 3 of Part 6 of CTA 2010 (gifts of shares, securities and real property to charities) in relation to the disposal of a qualifying investment to a charity (whether or not a claim for relief is actually made).
2B The consideration for which the charity's acquisition of the qualifying investment is treated by virtue of subsection (2) above as having been made—
a is reduced by the relievable amount within the meaning of Chapter 3 of Part 8 of ITA 2007 if relief in relation to the disposal is available only under that Chapter,
b is reduced by the relievable amount within the meaning of Chapter 3 of Part 6 of CTA 2010 if relief in relation to the disposal is available only as a result of that Chapter,
c is reduced by the relievable amount within the meaning of Chapter 3 of Part 8 of ITA 2007 if relief in relation to the disposal is available both under that Chapter and as a result of Chapter 3 of Part 6 of CTA 2010 because of section 442 of ITA 2007 and section 214 of CTA 2010, or
d is reduced to nil if that consideration is less than the amount referred to in paragraph (a), (b) or (c) (as the case may be).
2C In subsections (2A) and (2B)—
  • “qualifying investment” has the same meaning as in Chapter 3 of Part 8 of ITA 2007 (see section 432 of that Act),
  • F809. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • F809. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Where—
a otherwise than on the termination of a life interest (within the meaning of section 72) by the death of the person entitled thereto, any assets or parts of any assets forming part of settled property are, under section 71, deemed to be disposed of and reacquired by the trustee, and
b the person becoming entitled as mentioned in section 71(1) is a charity, a registered club or a body mentioned in Schedule 3 to the Inheritance Tax Act 1984 (gifts for national purposes, etc),
then, if no consideration is received by any person for or in connection with any transaction by virtue of which the charity, registered club or other body becomes so entitled, the disposal and reacquisition of the assets to which the charity, registered club or other body becomes so entitled shall, notwithstanding section 71, be treated for the purposes of this Act as made for such consideration as to secure that neither a gain nor a loss accrues on the disposal.
4 In subsection (2)(b) above the first reference to a disposal includes a disposal to which section 146(2) of the 1979 Act applied where the person who acquired the asset on that disposal disposes of the asset after the coming into force of this section.
5 For the purposes of this section “registered club” has the same meaning as in Chapter 9 of Part 13 of CTA 2010.

257A Tainted charity donations

1 Section 257 does not apply in relation to a relievable charity donation that becomes a tainted donation in the same tax year in which it is made.
2 Subsection (3) applies if—
a a person makes a relievable charity donation in a tax year (“the donation year”),
b the donation becomes a tainted donation in a later tax year (“the tainting year”), and
c if the donation had become a tainted donation in the donation year, the liability to tax for the donation year of the person who made the donation would have been greater than it in fact was for the donation year.
3 The liability to tax for the tainting year of the person that made the donation is increased by an amount equal to the difference between—
a the amount of tax for which the person would have been liable for the donation year had the donation become a tainted donation in the donation year, and
b the amount of tax for which the person was in fact liable for the donation year.
4 Section 101 of FA 2009 (interest on CGT etc) has effect in relation to capital gains tax for which a person is liable by virtue of subsection (3) as though the tax had become due and payable on 1 February in the tax year following the donation year.
5 Section 87A of TMA 1970 (interest on overdue corporation tax etc) has effect in relation to corporation tax for which a company is liable by virtue of subsection (3) as though the tax had become due and payable on the day following the expiry of 9 months from the end of the accounting period of the company in which the donation mentioned in subsection (2)(a) was made.
6 In this section—
  • “relievable charity donation” means a relievable charity donation within the meaning of Chapter 8 of Part 13 of ITA 2007 or Part 21C of CTA 2010;
  • “tainted donation” means a tainted donation within the meaning of Chapter 8 of Part 13 of ITA 2007 or Part 21C of CTA 2010;
  • “tax” means—
    1. in relation to a company, corporation tax on chargeable gains;
    2. otherwise, capital gains tax;
and a reference to a donation “becoming” a tainted donation is to be read with section 809ZJ(1)(b) of ITA 2007 and 939C(1)(b) of CTA 2010.
7 In relation to any donation made by a company, references in this section to a tax year are to be read as references to an accounting period.

257B Associated donations in relation to tainted charity donations

1 This section applies where—
a a person makes a relievable charity donation that becomes a tainted donation, and
b a person makes an associated donation in relation to the tainted donation.
2 If the donation mentioned in subsection (1)(a) becomes a tainted donation before the end of the tax year in which the associated donation is made, section 257 does not apply in relation to the associated donation.
3 Subsection (4) applies where—
a the donation mentioned in subsection (1)(a) becomes a tainted donation after the end of the tax year in which the associated donation is made, and
b if the donation had become a tainted donation before the end of that tax year, the liability to tax for that tax year of the person who made the associated donation would have been greater than it in fact was for that tax year.
4 The liability to tax of the person who made the associated donation, for the tax year in which the donation mentioned in subsection (1)(a) becomes a tainted donation, is increased by an amount equal to the difference between—
a the amount of tax for which the person would have been liable for the tax year in which the associated donation was made had the donation mentioned in subsection (1)(a) become a tainted donation before the end of that tax year, and
b the amount of tax for which the person was in fact liable for the tax year in which the associated donation was made.
5 Subsection (4) does not apply in relation to an associated donation if the person who makes the associated donation—
a is already liable for tax by virtue of that subsection by reference to the tax year in which the associated donation was made, or
b is liable for tax by virtue of section 257A(3) by reference to that tax year,
and for that purpose the tax year “by reference to which” a person is liable for tax is the earlier tax year for which the person’s liability falls to be considered under (as the case may be) subsection (4)(a) and (b) or section 257A(3)(a) and (b).
6 Section 101 of FA 2009 (interest on CGT etc) has effect in relation to capital gains tax for which a person is liable by virtue of subsection (4) as though the tax had become due and payable on 1 February in the tax year following the tax year in which the associated donation was made.
7 Section 87A of TMA 1970 (interest on overdue corporation tax etc) has effect in relation to corporation tax for which a company is liable by virtue of subsection (4) as though the tax had become due and payable on the day following the expiry of 9 months from the end of the accounting period of the company in which the associated donation was made.
8 In this section—
  • “associated donation” means an associated donation within the meaning of section 809ZMB of ITA 2007 or section 939FB of CTA 2010;
  • “relievable charity donation” means a relievable charity donation within the meaning of Chapter 8 of Part 13 of ITA 2007 or Part 21C of CTA 2010;
  • “tainted donation” means a tainted donation within the meaning of Chapter 8 of Part 13 of ITA 2007 or Part 21C of CTA 2010;
  • “tax” means—
    1. in relation to a company, corporation tax on chargeable gains;
    2. otherwise, capital gains tax;
and a reference to a donation “becoming” a tainted donation is to be read with section 809ZJ(1)(b) of ITA 2007 and 939C(1)(b) of CTA 2010.
9 Where the associated donation mentioned in subsection (1)(b) is made by a company, references in this section to a tax year are to be read as references to an accounting period of the company.

258  Works of art etc.

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1A A gain is not a chargeable gain if it accrues on a disposal made in the circumstances described in paragraph 1 of Schedule 14 to the Finance Act 2012 (gifts to the nation).
2 A gain shall not be a chargeable gain if it accrues on the disposal of an asset which is property which has been or could be designated under section 31 of the Inheritance Tax Act 1984 (“the 1984 Act”) (designation and undertakings) and—
a the disposal is by way of sale by private treaty to a body mentioned in Schedule 3 to the 1984 Act (museums, etc.), or is to such a body otherwise than by sale, or
b the disposal is to the Board in pursuance of section 230 of the 1984 Act F1508... (acceptance of property in satisfaction of tax).
3 Subsection (4) below shall have effect in respect of the disposal of any asset which is property which has been or could be designated under section 31 of the 1984 Act, being—
a a disposal by way of gift, including a gift in settlement, or
b a disposal of settled property by the trustee on an occasion when, under section 71(1), the trustee is deemed to dispose of and immediately reacquire settled property (other than any disposal on which by virtue of section 73 no chargeable gain or allowable loss accrues to the trustee),
if the requisite undertaking described in section 31 of the 1984 Act (maintenance, preservation and access) is given by such person as the Board think appropriate in the circumstances of the case.
4 The person making a disposal to which subsection (3) above applies and the person acquiring the asset on the disposal shall be treated for all the purposes of this Act as if the asset was acquired from the one making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal.
5 If—
a there is a sale of the asset and inheritance tax is chargeable under section 32 of the 1984 Act (or would be chargeable if an inheritance tax undertaking as well as an undertaking under this section had been given), or
b the Board are satisfied that at any time during the period for which any such undertaking was given it has not been observed in a material respect,
the person selling that asset or, as the case may be, the owner of the asset shall be treated for the purposes of this Act as having sold the asset for a consideration equal to its market value, and, in the case of a failure to comply with the undertaking, having immediately reacquired it for a consideration equal to its market value.
6 The period for which an undertaking under this section is given shall be until the person beneficially entitled to the asset dies or it is disposed of, whether by sale or gift or otherwise; and if the asset subject to the undertaking is disposed of—
a otherwise than on sale, and
b without a further undertaking being given under this section,
subsection (5) above shall apply as if the asset had been sold to an individual.References in this subsection to a disposal shall be construed without regard to any provision of this Act under which an asset is deemed to be disposed of.
7 Where under subsection (5) above a person is treated as having sold for a consideration equal to its market value any asset within section 31(1)(c), (d) or (e) of the 1984 Act, he shall also be treated as having sold and immediately reacquired for a consideration equal to its market value any asset associated with it; but the Board may direct that the preceding provisions of this subsection shall not have effect in any case in which it appears to them that the entity consisting of the asset and any assets associated with it has not been materially affected.For the purposes of this subsection 2 or more assets are associated with each other if one of them is a building falling within section 31(1)(c) of the 1984 Act and the other or others such land or objects as, in relation to that building, fall within section 31(1)(d) or (e) of the 1984 Act.
8 If in pursuance of subsection (5) above a person is treated as having on any occasion sold an asset and inheritance tax becomes chargeable on the same occasion, then, in determining the value of the asset for the purposes of that tax, an allowance shall be made for the capital gains tax chargeable on any chargeable gain accruing on that occasion.
8A Section 35A of the 1984 Act (variation of undertakings) shall have effect in relation to an undertaking given under this section as it has effect in relation to an undertaking given under section 30 of that Act.
9 In this section “inheritance tax undertaking” means an undertaking under Chapter II of Part II or section 78 of, or Schedule 5 to, the 1984 Act.

259  Gifts to housing associations.

1 Subsection (2) below shall apply where—
a a disposal of an estate or interest in land in the United Kingdom is made to a relevant housing provider otherwise than under a bargain at arm’s length, and
b a claim for relief under this section is made by the transferor and the relevant housing provider.
2 Section 17(1) shall not apply; but if the disposal is by way of gift or for a consideration not exceeding the sums allowable as a deduction under section 38, then—
a the disposal and acquisition shall be treated for the purposes of this Act as being made for such consideration as to secure that neither a gain nor a loss accrues on the disposal, and
b where, after the disposal, the estate or interest is disposed of by the relevant housing provider, its acquisition by the person making the earlier disposal shall be treated for the purposes of this Act as the acquisition of the relevant housing provider.
3 In this section “relevant housing provider” means—
a a non-profit registered provider of social housing,
b a registered social landlord within the meaning of Part 1 of the Housing Act 1996,
c a body registered in the register maintained under section 20(1) of the Housing (Scotland) Act 2010, or
d a registered housing association within the meaning of Part 2 of the Housing (Northern Ireland) Order 1992.
4 In subsection (2)(b) above the first reference to a disposal includes a disposal to which section 146A(2) of the 1979 Act applied where the association which acquired the estate or interest in land on that disposal disposes of it after the coming into force of this section.

C363260  Gifts on which inheritance tax is chargeable etc.

1 If—
a an individual or the trustees of a settlement (“the transferor”) make a disposal within subsection (2) below of an asset,
b the asset is acquired by an individual or the trustees of a settlement (“the transferee”), and
c a claim for relief under this section is made by the transferor and the transferee or, where the trustees of a settlement are the transferee, by the transferor alone,
then, subject to subsection (6) below and sections 169, 169B, 169C, 261 and 261ZA, subsection (3) below shall apply in relation to the disposal.
2 A disposal is within this subsection if it is made otherwise than under a bargain at arm’s length and—
a is a chargeable transfer within the meaning of the M48Inheritance Tax Act 1984 (or would be but for section 19 of that Act) and is not a potentially exempt transfer (within the meaning of that Act),
b is an exempt transfer by virtue of—
i section 24 of that Act (transfers to political parties),
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iii section 27 of that Act (transfers to maintenance funds for historic buildings etc.), or
iv section 30 of that Act (transfers of designated property),
c is a disposition to which section 57A of that Act applies and by which the property disposed of becomes held on trusts of the kind referred to in subsection (1)(b) of that section (maintenance funds for historic buildings etc.),
d by virtue of subsection (4) of section 71 of that Act (accumulation and maintenance trusts) does not constitute an occasion on which inheritance tax is chargeable under that section,
da by virtue of subsection (2) of section 71B of that Act (trusts for bereaved minors) does not constitute an occasion on which inheritance tax is chargeable under that section,
db by virtue of subsection (2) of section 71E of that Act (age 18-to-25 trusts) does not constitute an occasion on which inheritance tax is charged under that section,
e by virtue of section 78(1) of that Act (transfers of works of art etc.) does not constitute an occasion on which tax is chargeable under Chapter III of Part III of that Act, or
f is a disposal of an asset comprised in a settlement where, as a result of the asset or part of it becoming comprised in another settlement, there is no charge, or a reduced charge, to inheritance tax by virtue of paragraph 9, 16 or 17 of Schedule 4 to that Act (transfers to maintenance funds for historic buildings etc.).
3 Where this subsection applies in relation to a disposal—
a the amount of any chargeable gain which, apart from this section, would accrue to the transferor on the disposal, and
b the amount of the consideration for which, apart from this section, the transferee would be regarded for the purposes of capital gains tax as having acquired the asset in question,
shall each be reduced by an amount equal to the held-over gain on the disposal.
4 Subject to subsection (5) below, the reference in subsection (3) above to the held-over gain on a disposal is a reference to the chargeable gain which would have accrued on that disposal apart from this section.
5 In any case where—
a there is actual consideration (as opposed to the consideration equal to the market value which is deemed to be given by virtue of any provision of this Act) for a disposal in respect of which a claim for relief is made under this section, and
b that actual consideration exceeds the sums allowable as a deduction under section 38,
the held-over gain on the disposal shall be reduced by the excess referred to in paragraph (b) above F454... .
6 Subsection (3) above does not apply in relation to a disposal of assets within section 115(1) on which a gain is deemed to accrue by virtue of section 116(10)(b).
6ZA Subsections (6ZB) and (6ZC) apply in any case where—
a the disposal is a direct or indirect disposal of UK land which meets the non-residence condition, and
b the transferee is resident in the United Kingdom.
6ZB Subsections (3) and (4) have effect in relation to the disposal as if the reference to “chargeable gain” were a reference to “so much of any gain accruing on the disposal as falls to be dealt with as mentioned in subsection (6ZD)(a) or (b)”.
6ZC Subsection (5) has effect in relation to the disposal as if the reference to “the excess referred to in paragraph (b) above” were a reference to “so much of the gain mentioned in subsection (6ZB) which, ignoring this section and section 17(1), would accrue to the transferor on the disposal”.
6ZD For the purposes of subsections (6ZA) to (6ZC) a disposal is a “direct or indirect disposal of UK land which meets the non-residence condition” if it is—
a a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or
b a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c).
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7 In the case of a disposal within subsection (2)(a) above (whether or not subsection (3) above applies in relation to it) there shall be allowed as a deduction in computing the chargeable gain accruing to the transferee on the disposal of the asset in question an amount equal to whichever is the lesser of—
a the inheritance tax attributable to the value of the asset; and
b the amount of the chargeable gain as computed apart from this subsection.
8 Where an amount of inheritance tax is varied after it has been taken into account under subsection (7) above, all necessary adjustments shall be made, whether by the making of an assessment to capital gains tax or by the discharge or repayment of such tax.
9 Where subsection (3) above applies in relation to a disposal which is deemed to occur by virtue of section 71(1) or 72(1), subsection (5) above shall not apply.
10 Where a disposal is partly within subsection (2) above, or is a disposal within paragraph (f) of that subsection on which there is a reduced charge such as is mentioned in that paragraph, the preceding provisions of this section shall have effect in relation to an appropriate part of the disposal.

261  Section 260 relief: gifts to non-residents.

1 Subject to section 261ZA, section 260(3) shall not apply where the transferee is not resident in the United Kingdom.
2 Section 260(3) shall not apply where the transferee is an individual who—
a though resident F125... in the United Kingdom, is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and
b by virtue of the arrangements would not be liable in the United Kingdom to tax on a gain arising on a disposal of the asset occurring immediately after its acquisition.

261ZA Gifts of direct or indirect interests in UK land to non-residents

1 This section applies where the disposal in relation to which a claim could be made under section 260 is a disposal of an asset within section 1A(3)(b) or (c) to a transferee who is not resident in the United Kingdom and, ignoring section 260—
a a gain would accrue to the transferor on the disposal, and
b on the assumption that the disposal is a direct or indirect disposal of UK land which meets the non-residence condition (whether or not that is the case), that gain would be a relevant gain (see subsections (6) and (7)).
2 Section 260(3) has effect in relation to the disposal as if it read—
3 Where the disposal is a direct or indirect disposal of UK land which meets the non-residence condition—
a section 260(3), as modified by subsection (2) of this section, and section 260(4) have effect in relation to the disposal as if the references to “chargeable gain” were references to “relevant gain”, and
b section 260(5) has effect in relation to the disposal as if the reference to “the excess referred to in paragraph (b) above” were a reference to “the relevant gain which, ignoring this section and section 17(1), would accrue to the transferor on the disposal”.
4 Where a claim for relief is made under section 260 in relation to the disposal mentioned in subsection (1), on a subsequent disposal by the transferee of the whole or part of the asset within section 1A(3)(b) or (c) which is the subject of the disposal mentioned in subsection (1), the whole or a corresponding part of the held-over gain (see section 260(4))—
a is deemed to accrue to the transferee (in addition to any gain or loss that actually accrues on that subsequent disposal), and
b (if that would not otherwise be the case) is to be treated as a relevant gain accruing on a direct or indirect disposal of UK land which meets the non-residence condition.
5 Where the subsequent disposal mentioned in subsection (4) is a disposal within section 260(2)(a), subsection (7) of that section has effect in relation to the disposal as if—
a the reference to “the chargeable gain accruing to the transferee on the disposal of the asset” were a reference to the chargeable gain accruing on the disposal as computed apart from subsection (4), and
b the reference in section 260(7)(b) to “the chargeable gain” were a reference to—
i the chargeable gain (or, where the disposal is a direct or indirect disposal of UK land which meets the non-residence condition, the relevant gain) accruing on the disposal, and
ii the held-over gain deemed to accrue under subsection (4).
6 For the purposes of this section, a disposal is a “direct or indirect disposal of UK land which meets the non-residence condition” if it is—
a a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection, or
b a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c).
7 For the purposes of this section, a “relevant gain” means so much of any chargeable gain accruing on a disposal as falls to be dealt with as mentioned in subsection (6)(a) or (b).

Know-how

261A Disposal of know-how as part of disposal of all or part of a trade

1 This section applies if—
a a person carrying on a trade receives consideration for the disposal of know-how which has been used in the trade, and
b the know-how is disposed of as part of the disposal of all or part of the trade.
2 If, as a result of section 194 of ITTOIA 2005, the consideration is treated for income tax purposes as—
a a capital receipt for goodwill (in relation to the person disposing of the know-how), or
b a capital payment for goodwill (in relation to the person acquiring the know-how),
the consideration is treated for capital gains tax purposes in the same way.
3 This section has effect as if it were contained in Chapter 14 of Part 2 of ITTOIA 2005.

Deduction of trading losses or post-cessation expenditure etc

261B Treating trade loss etc as CGT loss

1 A person may make a claim under this section if—
a relief is available to the person under section 64 or 128 of ITA 2007 (trade or employment loss relief against general income) for a tax year in relation to an amount of loss, and
b the person makes a claim under that section for the amount to be deducted in calculating the person's net income for the tax year.
2 A person may also make a claim under this section if—
a relief is available to the person as mentioned in subsection (1)(a) for a tax year in relation to an amount of loss, but
b the person's total income for the tax year is nil or does not include any income from which the amount can be deducted.
3 A claim under this section is for determining so much of the amount of the loss (“the relevant amount”) as—
a is not deducted in calculating the person's net income for the tax year, and
b has not already been taken into account for the purposes of any relief for any other tax year or any year of assessment (whether under ITA 2007, this section or otherwise).
4 When the relevant amount can no longer be varied—
a by the tribunal on appeal, or
b on the order of a court,
it is treated for the purposes of capital gains tax as an allowable loss accruing to the person in the year of assessment corresponding to the tax year.
5 But so much of the relevant amount as exceeds the maximum amount (see section 261C) is not to be treated for the purposes of capital gains tax as an allowable loss.
6 The excess may, however, be used in giving effect to any other loss relief under Part 4 of ITA 2007 (depending on the terms of the relief).
7 The amount treated as an allowable loss under this section—
a is no longer to be regarded as an amount available for income tax relief, and
b is not to be deductible from chargeable gains accruing to a person in any year of assessment that begins after the person has permanently ceased to carry on the trade, profession, vocation, employment or office in which the loss was made.
8 A claim under this section must be made on or before the first anniversary of the normal self-assessment filing date for the tax year in which the loss was made in the trade, profession, vocation, employment or office.
9 In this section “normal self-assessment filing date”, “tax year” and “total income” have the same meaning as in the Income Tax Acts (see section 989 of ITA 2007).

261C Meaning of “the maximum amount” for purposes of section 261B

1 For the purposes of section 261B “the maximum amount” is the amount on which the person would be chargeable to capital gains tax for the year of assessment if—
a the provisions mentioned below were ignored, and
b no account were taken of the event mentioned below.
2 The provisions are—
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b section 1K(1) (annual exempt amount), and
c section 261B.
3 The event is any event—
a which occurs after the date on which the relevant amount (see section 261B(3)) can no longer be varied by the tribunal on appeal or on the order of a court, and
b in consequence of which the amount chargeable to capital gains tax is reduced as a result of an enactment relating to capital gains tax.

261D Treating excess post-cessation trade or property relief as CGT loss

1 A person may make a claim under this section if—
a relief is available to the person under section 96 or 125 of ITA 2007 (post-cessation trade or property relief) for a tax year in relation to an amount, and
b the person makes a claim under that section to deduct the amount in calculating the person's net income for the tax year.
2 A person may also make a claim under this section if—
a relief is available to the person as mentioned in subsection (1)(a) for a tax year in relation to an amount, but
b the person's total income for the tax year is nil.
3 A claim under this section is for treating for the purposes of capital gains tax so much of the amount as is not deducted in calculating the person's net income for the tax year (“the relevant amount”) as an allowable loss accruing to the person in the year of assessment corresponding to the tax year.
4 But so much of the relevant amount as exceeds the maximum amount (see section 261E) is not to be treated for the purposes of capital gains tax as an allowable loss.
5 The relevant amount is no longer to be regarded as an amount available for income tax relief.
6 A claim under this section must be made on or before the first anniversary of the normal self-assessment filing date for the tax year mentioned in subsection (1) or (2) (as the case may be).
7 In this section “normal self-assessment filing date”, “tax year” and “total income” have the same meaning as in the Income Tax Acts (see section 989 of ITA 2007).

261E Meaning of “the maximum amount” for purposes of section 261D

1 For the purposes of section 261D “the maximum amount” is the amount on which the person would be chargeable to capital gains tax for the year of assessment if the following were ignored.
2 The matters to be ignored are—
a any allowable losses falling to be carried forward to that year from a previous year for the purposes of section 1(3),
b section 1K(1) (annual exempt amount), and
c any relief under section 261B or 261D.

Repurchase price under repos

261F Deemed manufactured payments: effect on repurchase price

1 This section applies if —
a the repurchase price of UK shares, UK securities or overseas securities is treated by section 604(2), (4) or (5) of ITA 2007 (deemed increase in repurchase price: repos and options) as increased for the purposes of section 607 of that Act (treatment of price differences under repos),
b condition A or B is met, and
c section 263A does not apply.
2 Condition A is that, as a result of the increase, there is no difference for the purposes of section 607 of that Act between the sale price and the repurchase price.
3 Condition B is that, as a result of an exception in section 608 of that Act, section 607 of that Act does not apply.
4 The deemed increase of the repurchase price also has effect for capital gains tax purposes.
5 Expressions used in this section and in section 605 of ITA 2007 (deemed increase in repurchase price: other income tax purposes) have the same meanings in this section as in that section.

261G Price differences under repos: effect on repurchase price

1 Subsections (2) and (3) apply if—
a section 607 of ITA 2007 (treatment of price differences under repos) applies,
b an amount is treated under that section as a payment of interest, and
c section 263A does not apply.
2 If the repurchase price is more than the sale price, the repurchase price is treated for capital gains tax purposes as reduced by the amount of the payment of interest.
3 If the sale price is more than the repurchase price, the repurchase price is treated for capital gains tax purposes as increased by the amount of the payment of interest.
4 Expressions used in this section and in section 609 of ITA 2007 (additional income tax consequences of price differences under repos) have the same meanings in this section as in that section.

261H Power to modify section 261G in non-arm's length case

1 The Treasury may by regulations provide for section 261G to apply with modifications if the exception in section 608(2) of ITA 2007 (agreement not at arm's length) would otherwise prevent it from applying.
2 Regulations under this section may make different provision for different cases.
3 Regulations under this section may contain incidental, supplemental, consequential and transitional provision and savings.
4 The incidental, supplemental, and consequential provision may include modifications of section 261F (deemed manufactured payments: effect on repurchase price).
5 In this section “modifications” includes exceptions and omissions.
6 Accordingly, the power in subsection (1) includes power to provide for any provision of section 261G not to apply in relation to the case mentioned in that subsection.

Miscellaneous reliefs and exemptions

262  Chattel exemption.

1 Subject to this section a gain accruing on a disposal of an asset which is tangible movable property shall not be a chargeable gain if the amount or value of the consideration for the disposal does not exceed £6,000.
2 Where the amount or value of the consideration for the disposal of an asset which is tangible movable property exceeds £6,000, there shall be excluded from any chargeable gain accruing on the disposal so much of it as exceeds five-thirds of the difference between—
a the amount or value of the consideration, and
b £6,000.
3 Subsections (1) and (2) above shall not affect the amount of an allowable loss accruing on the disposal of an asset, but for the purposes of computing under this Act the amount of a loss accruing on the disposal of tangible movable property the consideration for the disposal shall, if less than £6,000, be deemed to be £6,000 and the losses which are allowable losses shall be restricted accordingly.
4 If 2 or more assets which have formed part of a set of articles of any description all owned at one time by one person are disposed of by that person, and—
a to the same person, or
b to persons who are acting in concert or who are connected persons,
whether on the same or different occasions, the 2 or more transactions shall be treated as a single transaction disposing of a single asset, but with any necessary apportionments of the reductions in chargeable gains, and in allowable losses, under subsections (2) and (3) above.
5 If the disposal is of a right or interest in or over tangible movable property—
a in the first instance subsections (1), (2) and (3) above shall be applied in relation to the asset as a whole, taking the consideration as including the market value of what remains undisposed of, in addition to the actual consideration,
b where the sum of the actual consideration and that market value exceeds £6,000, the part of any chargeable gain that is excluded from it under subsection (2) above shall be so much of the gain as exceeds five-thirds of the difference between that sum and £6,000 multiplied by the fraction equal to the actual consideration divided by the said sum, and
c where that sum is less than £6,000 any loss shall be restricted under subsection (3) above by deeming the consideration to be the actual consideration plus the said fraction of the difference between the said sum and £6,000.
6 This section shall not apply—
a in relation to a disposal of commodities of any description by a person dealing on a terminal market or dealing with or through a person ordinarily engaged in dealing on a terminal market, or
b in relation to a disposal of currency of any description.

263  Passenger vehicles.

A mechanically propelled road vehicle constructed or adapted for the carriage of passengers, except for a vehicle of a type not commonly used as a private vehicle and unsuitable to be so used, shall not be a chargeable asset; and accordingly no chargeable gain or allowable loss shall accrue on its disposal.

263AZA Renewables obligation certificates for domestic microgeneration

1 A gain accruing to an individual on a disposal of a renewables obligation certificate is not a chargeable gain if—
a the individual acquired the certificate in connection with the generation of electricity by a microgeneration system,
b the system is installed at or near domestic premises occupied by the individual, and
c the individual intends that the amount of electricity generated by it will not significantly exceed the amount of electricity consumed in those premises.
2 In subsection (1)—
  • “domestic premises” means premises used wholly or mainly as a separate private dwelling,
  • “microgeneration system” means any plant (including any equipment, apparatus or appliance) or system of plant for generating electricity or producing heat—
    1. which, in generating electricity or (as the case may be) producing heat, relies wholly or mainly on a source of energy or a technology mentioned in subsection (7) of section 82 of the Energy Act 2004, and
    2. whose capacity to generate electricity or (as the case may be) to produce heat does not exceed the capacity mentioned in subsection (8) of that section,
  • “renewables obligation certificate” means a certificate issued under section 32B of the Electricity Act 1989 or Article 54 of the Energy (Northern Ireland) Order 2003.

263ZA Former employees: employment-related liabilities

1 This section applies if—
a a deduction of the amount of one or more deductible payments may be made under section 555 of ITEPA 2003 (former employee entitled to deduction in calculating net income in respect of liabilities related to the former employment) in calculating a former employee's net income for a tax year, and
b the total amount which may be deducted exceeds the remaining total income for that year.
2 In this section “excess relief” means the amount of the difference between—
a the total amount which may be deducted, and
b the remaining total income.
2A In this section “the remaining total income”, in relation to a tax year, means the former employee's total income for the tax year less reliefs already deducted for the tax year at Step 2 of the calculation in section 23 of ITA 2007 for the purpose of calculating the former employee's income tax liability.
3 The amount of the excess relief may be treated as an allowable loss accruing to the former employee for that tax year.This subsection applies only if the former employee makes a claim for the purpose.
4 But no relief is available under subsection (3) in respect of any amount of the excess relief that exceeds the maximum amount.
5 For the purposes of this section the “maximum amount”, in relation to the excess relief for a tax year, means the amount on which the former employee would be chargeable to capital gains tax for that year if the following were disregarded—
a any relief available under this section,
b any allowable losses falling to be carried forward to that year from a previous year for the purposes of section 1(3),
c section 1K(1) (the annual exempt amount),
d any relief under section 261B (deduction of trading losses), and
e any relief under section 261D (relief for post-cessation expenditure).
6 A former employee may make a claim under subsection (3) and a claim under section 555(3) of ITEPA 2003 in the same notice.

C186C39263A  Agreements for sale and repurchase of securities: capital gains tax

A1 For the purposes of this section there is a repo in respect of securities if—
a a person (“the original owner”) has agreed to sell the securities to another person (“the interim holder”), and
b the original owner or a person connected with the original owner—
i is required to buy back the securities by the agreement or a related agreement,
ii is required to buy back the securities as a result of the exercise of an option acquired under the agreement or a related agreement, or
iii exercises an option to buy back the securities which was acquired under the agreement or a related agreement.
C131C2461 Subject to subsections (3) and (4) below, in any case where under a repo in respect of securities the original owner has transferred the securities to the interim holder—
a the acquisition of the securities in question by the interim holder and the disposal of those securities by him to the repurchaser, and
b except where the repurchaser is or may be different from the original owner, the disposal of those securities by the original owner and any acquisition of those securities by the original owner as the repurchaser,
shall be disregarded for the purposes of capital gains tax.
1A If, at any time after the acquisition mentioned in subsection (1)(a) above, it becomes apparent that the interim holder will not dispose of the securities to the repurchaser, the interim holder shall be treated for the purposes of capital gains tax as acquiring them at that time for a consideration equal to their market value at that time.
1B If, at any time after the disposal mentioned in subsection (1)(b) above, it becomes apparent that the original owner will not acquire the securities as the repurchaser, the original owner shall be treated for the purposes of capital gains tax as disposing of them at that time for a consideration equal to their market value at that time.
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3 Subsection (1) above does not apply if—
a the agreement or agreements under which provision is made for the sale and repurchase are not such as would be entered into by persons dealing with each other at arm’s length; or
b any of the benefits or risks arising from fluctuations, before the repurchase takes place, in the market value of the securities sold accrues to, or falls on, the interim holder.
4 Subsection (1) above does not apply in relation to any disposal or acquisition of qualifying corporate bonds in a case where the securities disposed of by the original owner or those acquired by him, or by any other person, as the repurchaser are not such bonds.
F4245 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 This section does not apply for the purposes of corporation tax in respect of chargeable gains.

263AA Section 263A: interpretation

1 Subsections (2) to (7) apply for the purposes of section 263A.
2 References to buying back securities include references to—
a buying similar securities, and
b in the case of a person connected with the person who is the original owner under the repo, buying the securities sold by the original owner or similar securities.
3 Subsection (2) applies even if the person buying the securities has not held them before.
4 References to repurchase or a repurchaser are to be read accordingly.
5 For the purposes of subsection (2) securities are similar if they give their holders—
a the same rights against the same persons as to capital and distributions, interest and dividends, and
b the same remedies to enforce those rights.
6 Subsection (5) applies even if there is a difference in—
a the total nominal amounts of the securities,
b the form in which they are held, or
c the manner in which they can be transferred.
7 Agreements are related if they are entered into in pursuance of the same arrangement (regardless of the date on which either agreement is entered into).
8 In section 263A and this section “securities” means—
a shares in a company wherever resident,
b loan stock or other securities of—
i the government of the United Kingdom,
ii a local authority in the United Kingdom,
iii another public authority in the United Kingdom,
iv a company resident in the United Kingdom or other body resident in the United Kingdom, or
c shares, loan stock, stock or other securities issued by—
i a government, local authority or other public authority of a territory outside the United Kingdom, or
ii another body of persons not resident in the United Kingdom.

C301263B  Stock lending arrangements.

1 In this section “stock lending arrangement” means so much of any arrangements between two persons (“the borrower” and “the lender”) as are arrangements under which—
a the lender transfers securities to the borrower otherwise than by way of sale; and
b a requirement is imposed on the borrower to transfer those securities back to the lender otherwise than by way of sale.
2 Subject to the following provisions of this section and sections 263C(2) and 263CA(3) and (5), the disposals and acquisitions made in pursuance of any stock lending arrangement shall be disregarded for the purposes of capital gains tax.
3 Where—
a the borrower under any stock lending arrangement disposes of any securities transferred to him under the arrangement,
b that disposal is made otherwise than in the discharge of the requirement for the transfer of securities back to the lender, and
c that requirement, so far as it relates to the securities disposed of, has been or will be discharged by the transfer of securities other than those transferred to the borrower,
any question relating to the acquisition of the securities disposed of shall be determined (without prejudice to the provisions of Chapter I of Part IV) as if the securities disposed of were the securities with which that requirement (so far as relating to the securities disposed of) has been or will be discharged.
4 Where, in the case of any stock lending arrangement, it becomes apparent, at any time after the making of the transfer by the lender, that the requirement for the borrower to make a transfer back to the lender will not be complied with—
a the lender shall be deemed for the purposes of this Act to have made a disposal at that time of the securities transferred to the borrower for a consideration equal to their market value at that time;
b the borrower shall be deemed to have acquired them at that time for that consideration; and
c subsection (3) above shall have effect in relation to any disposal before that time by the borrower of securities transferred to him by the lender as if the securities deemed to have been acquired by the borrower in accordance with paragraph (b) above were to be used for discharging a requirement to transfer securities back to the lender.
This subsection does not apply where section 263CA (insolvency of borrower) applies.
5 References in this section, in relation to a person to whom securities are transferred, to the transfer of those securities back to another person shall be construed as if the cases where those securities are taken to be transferred back to that other person included any case where securities of the same description as those securities are transferred to that other person either—
a in accordance with a requirement to transfer securities of the same description; or
b in exercise of a power to substitute securities of the same description for the securities that are required to be transferred back.
6 For the purposes of this section securities shall not be taken to be of the same description as other securities unless they are in the same quantities, give the same rights against the same persons and are of the same type and nominal value as the other securities.
7 In this section “securities” has the meaning given by section 263AA.

263C  Stock lending involving redemption.

1 In section 263B references to the transfer back to a person of securities transferred by him shall be taken to include references to the payment to him, in pursuance of an obligation arising on any person’s becoming entitled to receive an amount in respect of the redemption of those securities, of an amount equal to the amount of the entitlement.
2 Where, in pursuance of any such obligation, the lender under any stock lending arrangement is paid any amount in respect of the redemption of any securities to which the arrangement relates—
a that lender shall be deemed for the purposes of this Act to have disposed, for that amount, of the securities in respect of whose redemption it is paid (“the relevant lent securities”);
b the borrower shall not, in respect of the redemption, be taken for the purposes of this Act to have made any disposal of the relevant lent securities; and
c section 263B(3) shall have effect in relation to disposals of any of the relevant lent securities made by the borrower before the redemption as if—
i the amount paid to the lender were an amount paid for the acquisition of securities, and
ii the securities acquired were to be used by the borrower for discharging a requirement under the arrangement to transfer the relevant lent securities back to the lender.
3 Expressions used in this section and section 263B have the same meanings in this section as in that section.

263CA Stock lending: insolvency etc of borrower

1 This section applies where, in the case of any stock lending arrangement—
a the borrower (B) becomes insolvent after the lender (L) has transferred the securities,
b as a result of the insolvency, the requirement for B to make a transfer back to L will not be complied with as regards some or all of the securities,
c collateral is used (whether directly or indirectly) to enable L to acquire securities (“replacement securities”) of the same description as the securities which will not be transferred back, and
d the replacement securities are acquired before the end of the period of 30 days beginning with the day on which B becomes insolvent (“the insolvency date”).
2 In accordance with section 263B(2), the transfer of the securities under the arrangement is not to be regarded as a disposal by L for the purposes of this Act (but this is subject to subsection (5)).
3 B is to be treated for the purposes of this Act as having acquired the securities which will not be transferred back to L; and that acquisition is to be treated—
a as being made on the insolvency date, and
b as being for a consideration equal to their market value on that date.
4 The acquisition of the replacement securities is to be treated, as regards L, as if it were a transfer back of securities in accordance with the arrangement (so that, in accordance with section 263B(2), that acquisition is not regarded as an acquisition by L for the purposes of this Act).
5 If the number of replacement securities is less than the number of securities which B is treated as having acquired, L is to be treated for the purposes of this Act as having made a disposal, at the insolvency date, of the difference (“the deemed disposal”).
6 The consideration for the deemed disposal is—
a where all the collateral is used to enable L to acquire replacement securities, nil, and
b where not all the collateral is so used, the difference between—
i the market value (at the insolvency date) of the number of securities which could have been acquired using the collateral, and
ii the market value (at that date) of the number of securities which were in fact so acquired.
7 But if L at any time receives any amount (whether arising out of B's insolvency or otherwise) in respect of B's liability to L in respect of the securities which are treated under subsection (5) as having been disposed of by L that amount is to be treated as a chargeable gain accruing at that time to L.
8 The liability mentioned in subsection (7) is not to be treated as giving rise to a relevant non-lending relationship for the purposes of Part 6 of CTA 2009 (relationships treated as loan relationships etc).
9 For the purposes of this section, B becomes insolvent—
a if a company voluntary arrangement takes effect under Part 1 of the Insolvency Act 1986,
b if an administration application (within the meaning of Schedule B1 to that Act) is made or a receiver or manager, or an administrative receiver, is appointed,
c on the commencement of a creditor's voluntary winding up (within the meaning of Part 4 of that Act) or a winding up by the court under Chapter 6 of that Part,
d if an individual voluntary arrangement takes effect under Part 8 of that Act,
e on bankruptcy application made or the presentation of a bankruptcy petition (within the meaning of Part 9 of that Act),
f if a compromise or arrangement takes effect under Part 26 or 26A of the Companies Act 2006,
g if a bank insolvency order takes effect under Part 2 of the Banking Act 2009,
h if a bank administration order takes effect under Part 3 of that Act, or
i on the occurrence of any corresponding event which has effect under or as a result of the law of Scotland or Northern Ireland or a country or territory outside the United Kingdom.
10 In this section—
a “collateral” means an amount of money or other property which—
i is provided under the arrangement (or under arrangements of which the arrangement forms part), and
ii is payable to or made available for the benefit of L for the purpose of securing the discharge of the requirement to transfer any or all of the securities back to L, and
b any expression used in this section and in section 263B has the same meaning as in that section.

F2415263D Gains accruing to persons paying manufactured dividends

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263E Structured finance arrangements

1 This section applies if—
a section 809BZB or 809BZC of ITA 2007 or section 759 or 760 of CTA 2010 (disregard of intended effects of arrangement involving disposals of assets) applies in relation to a structured finance arrangement,
b the borrower or a person connected with the borrower makes a disposal of any security at any time under the arrangement to or for the benefit of the lender or a person connected with the lender, and
c condition A or B is met.
2 Condition A is that the person making the disposal (and no-one else) has the right or obligation under the arrangement to acquire the asset disposed of by that disposal at any subsequent time (whether or not the right or obligation is subject to any conditions).
3 Condition B is that—
a the asset disposed of by that disposal will subsequently cease to exist at any time, and
b it is intended that that asset will be held by the lender, or a person connected with the lender, from the time of the disposal until that time.
4 The disposal of the security by the borrower or a person connected with the borrower is to be disregarded for the purposes of this Act.
4A If, at any time after that disposal, it becomes apparent that—
a the person making the disposal will not subsequently acquire under the arrangement the asset disposed of by that disposal, or
b that asset will not be held as mentioned in subsection (3)(b),
that person is to be treated for the purposes of this Act as disposing of that asset at that time for a consideration equal to its market value at that time.
5 Except in a case falling within subsection (4A), any subsequent acquisition by the person making the disposal of the asset disposed of by that disposal is to be disregarded for the purposes of this Act.
6 In this section—
  • “the borrower”, in relation to a structured finance arrangement, means the person who is the borrower under the arrangement for the purposes of the defining section,
  • “the defining section” in relation to a structured finance arrangement—
    1. means section 809BZA of ITA 2007 if it is section 809BZB or 809BZC of ITA 2007 that applies in relation to the arrangement, and
    2. means section 758 of CTA 2010 if it is section 759 or 760 of CTA 2010 that applies in relation to the arrangement,
  • “the lender”, in relation to a structured finance arrangement, means the person who is the lender under the arrangement for the purposes of the defining section,
  • “security” means any such asset as is mentioned in subsection (2)(b) and (c) of the defining section.
7 For the purposes of this section—
a references to a person connected with the borrower do not include the lender, and
b references to a person connected with the lender do not include the borrower.

263F Power to modify repo provisions: non-standard repo cases

1 The Treasury may by regulations provide for—
a section 261F (deemed manufactured payments: effect on repurchase price),
b section 261G (price differences under repos: effect on repurchase price),
c section 263A (agreements for sale and repurchase of securities), or
F1964d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
e any of those sections,
to apply with modifications in relation to non-standard repo cases.
2 The power in subsection (1) to make provision for section 263A F1287... to apply with modifications is exercisable only so far as the section applies to any case mentioned in section 263A(1).
3 A case is a non-standard repo case if—
a there is a repo in respect of securities,
b under the repo there has been a sale (“the original sale”) of the securities by the original owner to the interim holder, and
c any of conditions A to E is met in relation to the repo.
4 Condition A is that—
a the obligation to buy back the securities is not performed, or
b the option to buy them back is not exercised.
5 Condition B is that provision is made by or under an agreement for different or additional UK shares, UK securities or overseas securities to be treated as (or as included with) representative securities.
6 Condition C is that provision is made by or under an agreement for any UK shares, UK securities or overseas securities to be treated as not included with representative securities.
7 Condition D is that provision is made by or under an agreement for the sale price or repurchase price to be decided or varied wholly or partly by reference to post-agreement fluctuations.
8 Condition E is that provision is made by or under an agreement for a person to be required, in a case where there are post-agreement fluctuations, to make a payment in the period—
a beginning immediately after the making of the agreement for the original sale, and
b ending when the repurchase price becomes due.
9 “Post-agreement fluctuations” are fluctuations in the value of—
a securities transferred in pursuance of the original sale, or
b representative securities,
which occur in the period after the making of the agreement for the original sale.
10 “Representative securities” are securities which, for the purposes of the repurchase, are to represent securities transferred in pursuance of the original sale.

263G Power to modify repo provisions: redemption arrangements

1 The Treasury may by regulations provide for—
a section 261F (deemed manufactured payments: effect on repurchase price),
b section 261G (price differences under repos: effect on repurchase price),
c section 263A (agreements for sale and repurchase of securities),
F2211d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . or
e any of those sections,
to apply with modifications in relation to cases involving redemption arrangements.
2 The power in subsection (1) to make provision for section 263A F2409... to apply with modifications is exercisable only so far as the section applies to any case mentioned in section 263A(1).
3 A case involves redemption arrangements if—
a arrangements, corresponding to those made in cases where there is a repo, are made by an agreement, or one or more related agreements, in relation to securities that are to be redeemed in the period after their sale,
b the securities are UK shares, UK securities or overseas securities, and
c the arrangements are such that the seller or a person connected with the seller (instead of being required to repurchase the securities or acquiring an option to do so) is granted rights in respect of the benefits that will result from the redemption.
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263H Sections 263F and 263G: supplementary provisions

1 Regulations under section 263F or 263G may make different provision for different cases.
2 Regulations under either section may contain incidental, supplemental, consequential and transitional provision and savings.
3 The incidental, supplemental and consequential provision may include—
a in the case of regulations about section 261G, modifications of section 261F, and
b in the case of regulations about section 263A F1775..., modifications of the operation of this Act in relation to cases where, by virtue of the regulations, any acquisition or disposal is excluded from those which are to be ignored for the purposes of capital gains tax.
4 In this section and sections 263F and 263G “modifications” includes exceptions and omissions.
5 Accordingly, a power in sections 263F and 263G to provide for a provision to apply with modifications in relation to a particular case includes power to provide for the provision not to apply in relation to that case.

263I Powers about manufactured overseas dividends

1 The Treasury may by regulations make provision as mentioned in subsection (2) about prescribed cases where a person—
a pays or receives an amount (a “manufactured overseas dividend”) which is representative of an overseas dividend on overseas securities where the payment or receipt is required to be made under an arrangement for the transfer of the securities, or
b is treated as doing so for any purposes of the Tax Acts.
2 The regulations may provide for adjusting a relevant amount by reference to a provision which has effect under the law of a territory outside the United Kingdom.
3 A “relevant amount” is an amount which is treated for prescribed capital gains tax purposes as the amount paid or payable to a person in respect of a relevant transaction.
4 A “relevant transaction” is a sale, repurchase or other transfer of the overseas securities to which the manufactured overseas dividend relates.
5 In this section “prescribed” means prescribed in regulations under this section.
6 In this section—
a “overseas securities” means shares, stock or other securities issued by—
i a government, local authority or other public authority of a territory outside the United Kingdom, or
ii another body of persons not resident in the United Kingdom,
b “overseas securities” includes shares in a company which is not resident in the United Kingdom,
c “overseas dividend” means any interest, dividend or other annual payment payable in respect of overseas securities, and
d “securities” includes loan stock or any similar security.

264  Relief for local constituency associations of political parties on reorganisation of constituencies.

1 In this section “relevant date” means the date of coming into operation of an Order in Council under the M49Parliamentary Constituencies Act 1986 (orders specifying new parliamentary constituencies) and, in relation to any relevant date—
a “former parliamentary constituency” means an area which, for the purposes of parliamentary elections, was a constituency immediately before that date but is no longer such a constituency after that date; and
b “new parliamentary constituency” means an area which, for the purposes of parliamentary elections, is a constituency immediately after that date but was not such a constituency before that date.
2 In this section “local constituency association” means an unincorporated association (whether described as an association, a branch or otherwise) whose primary purpose is to further the aims of a political party in an area which at any time is or was the same or substantially the same as the area of a parliamentary constituency or 2 or more parliamentary constituencies and, in relation to any relevant date—
a “existing association” means a local constituency association whose area was the same, or substantially the same, as the area of a former parliamentary constituency or 2 or more such constituencies; and
b “new association” means a local constituency association whose area is the same, or substantially the same, as the area of a new parliamentary constituency or 2 or more such constituencies.
3 For the purposes of this section, a new association is a successor to an existing association if any part of the existing association’s area is comprised in the new association’s area.
4 In any case where, before, on or after a relevant date—
a an existing association disposes of land to a new association which is a successor to the existing association, or
b an existing association disposes of land to a body (whether corporate or unincorporated) which is an organ of the political party concerned and, as soon as practicable thereafter, that body disposes of the land to a new association which is a successor to the existing association,
the parties to the disposal or, where paragraph (b) above applies, to each of the disposals, shall be treated for the purposes of tax on chargeable gains as if the land disposed of were acquired from the existing association or the body making the disposal for a consideration of such an amount as would secure that on the disposal neither a gain nor a loss accrued to that association or body.
5 In a case falling within subsection (4) above, the new association shall be treated for the purposes of Schedule 2 as if the acquisition by the existing association of the land disposed of as mentioned in that subsection had been the new association’s acquisition of it.
6 In any case where—
a before, on or after a relevant date, an existing association disposes of any land which was used and occupied by it for the purposes of its functions, and
b the existing association transfers the whole or part of the proceeds of the disposal to a new association which is a successor to the existing association,
then, subject to subsection (7) below, this Act (and, in particular, the provisions of sections 152 to 158) shall have effect as if, since the time it was acquired by the existing association, the land disposed of had been the property of the new association and, accordingly, as if the disposal of it had been by the new association.
7 If, in a case falling within subsection (6) above, only part of the proceeds of the disposal is transferred to the new association, that subsection shall apply—
a as if there existed in the land disposed of as mentioned in paragraph (a) of that subsection a separate asset in the form of a corresponding undivided share in that land, and subject to any necessary apportionments of consideration for an acquisition or disposal of, or of an interest in, that land; and
b as if the references in that subsection (other than paragraph (a) thereof) to the land disposed of and the disposal of it were references respectively to the corresponding undivided share referred to in paragraph (a) above and the disposal of that share;
and for this purpose a corresponding undivided share in the land disposed of is a share which bears to the whole of that land the same proportion as the part of the proceeds transferred bears to the whole of those proceeds.
8 In this section “political party” means a political party which qualifies for exemption under section 24 of the M50Inheritance Tax Act 1984 (gifts to political parties).

265  Designated international organisations.

1 Where—
a the United Kingdom or any of the Communities is a member of an international organisation; and
b the agreement under which it became a member provides for exemption from tax, in relation to the organisation, of the kind for which provision is made by this section;
the Treasury may by order designate that organisation for the purposes of this section.
2 The Treasury may by order designate any of the Communities or the European Investment Bank for the purposes of this section.
3 Where an organisation has been designated for the purposes of this section, then any security issued by the organisation shall be taken, for the purposes of this Act, to be situated outside the United Kingdom.

266  Inter-American Development Bank.

A security issued by the Inter-American Development Bank shall be taken for the purposes of this Act to be situated outside the United Kingdom.

267  Sharing of transmission facilities.

1 This section applies to any agreement relating to the sharing of transmission facilities—
a to which the parties are national broadcasting companies,
b which is entered into on or after 25th July 1991 (the day on which the M51Finance Act 1991 was passed) and before 1st January 1992 or such later date as may be specified for the purposes of this paragraph by the Secretary of State, and
c in relation to which the Secretary of State has certified that it is expedient that this section should apply.
2 Where under an agreement to which this section applies one party to the agreement disposes of an asset to another party to the agreement, both parties shall be treated for the purposes of corporation tax on chargeable gains as if the asset acquired by the party to whom the disposal is made were acquired for a consideration of such amount as would secure that on the other’s disposal neither a gain nor a loss would accrue to that other.
3 Where under an agreement to which this section applies one party to the agreement disposes of an asset to another party to the agreement and the asset is one which the party making the disposal acquired on a part disposal by the party to whom the disposal under the agreement is made, then in applying subsection (2) above—
a section 42 shall be deemed to have had effect in relation to the part disposal with the omission of subsection (4),
b the amount or value of the consideration for the part disposal shall be taken to have been nil, and
c if the disposal under the agreement is one to which section 35(2) applies, the market value of the asset on 31st March 1982 shall be taken to have been nil.
4 In this section “national broadcasting company” means a body corporate engaged in the broadcasting for general reception by means of wireless telegraphy of radio or television services or both on a national basis.

268  Decorations for valour or gallant conduct.

A gain shall not be a chargeable gain if accruing on the disposal by any person of a decoration awarded for valour or gallant conduct which he acquired otherwise than for consideration in money or money’s worth.

268A Victims of National-Socialist persecution

1 A gain accruing on a disposal is not a chargeable gain if it accrues on—
a a disposal of the right to receive the whole or any part of a qualifying payment in respect of National-Socialist persecution, or
b a disposal of an interest in any such right.
2 A payment is a qualifying payment in respect of National-Socialist persecution if it is payable as mentioned in paragraphs (a) to (c) of section 756A(1) of ITTOIA 2005 (income tax exemption for payments to or in respect of victims of National-Socialist persecution).
3 In this section “interest”, in relation to any right, means an interest as a co-owner of the right.
4 It does not matter—
a whether the right is owned jointly or in common, or
b whether or not the interests of the co-owners are equal.

268B Compensation for deprivation of foreign assets

1 A gain is not a chargeable gain if—
a it accrues to a person on receipt of a capital sum paid by way of compensation for the deprivation of a foreign asset,
b no legal redress was available when the deprivation occurred, and
c the sum is paid as the result of a relevant compensation award.
2 A relevant compensation award is an award or distribution made—
a under—
i an Order in Council made under the Foreign Compensation Act 1950, or
ii arrangements established by the government of a territory outside the United Kingdom that are equivalent in effect to such an Order,
b as a result of a recommendation of—
i the Spoliation Advisory Panel, or
ii a body outside the United Kingdom whose purposes and functions are equivalent to those of the Panel, or
c in settlement of a legal claim to the effect that the deprivation was unlawful or in accordance with an order to that effect made by a court, tribunal or other competent authority with jurisdiction to decide such a claim.
3 Reference in this section to the payment of a capital sum by way of compensation for the deprivation of a foreign asset includes—
a payment as a result of the abandonment or extinguishment of rights in respect of the deprivation;
b return of the asset itself.
4 In the case of a gain accruing to a person other than the original owner—
a subsection (1) does not apply if consideration had been given at any time (whether by that person or someone else) for the right to receive the compensation, but
b consideration given on an acquisition falling within section 58(1) or 171(1) is to be ignored for these purposes.
5 If the capital sum is paid (or the foreign asset returned) to a person to whom an allowable loss has accrued as a result of—
a the deprivation of the foreign asset, or
b the abandonment or extinguishment of rights in respect of the deprivation,
subsection (1) applies only to so much of any gain as exceeds that loss.
6 For a person to obtain relief under this section, the person must make a claim.
7 If the capital sum is paid by means of the transfer of an asset (or the foreign asset is returned), that asset is to be treated for the purposes of computing a gain or a loss on its subsequent disposal as if it were acquired for a consideration equal to its market value at the time of the transfer.
8 In this section—
  • “capital sum” means money or money’s worth;
  • “deprivation”, in relation to a foreign asset, includes deprivation resulting from—
    1. the seizure, confiscation, forfeiture, destruction or expropriation of the asset,
    2. the disposal of the asset by a sale under duress for less than market value;
  • “foreign asset” means an asset which was situated outside the United Kingdom at the time of the deprivation;
  • “legal redress”, in relation to the deprivation of a foreign asset, means a right to recover the asset or to receive compensation for the deprivation;
  • “original owner” means the person who owned the foreign asset at the time of the deprivation;
  • “Spoliation Advisory Panel” includes any successor to that Panel.
9 This section does not apply in relation to a gain to which section 268A applies.

269  Foreign currency for personal expenditure.

A gain shall not be a chargeable gain if accruing on the disposal by an individual of currency of any description acquired by him for the personal expenditure outside the United Kingdom of himself or his family or dependants (including expenditure on the provision or maintenance of any residence outside the United Kingdom).

270  Chevening Estate.

The enactments relating to capital gains tax (apart from this section) shall not apply in respect of property held on the trusts of the trust instrument set out in the Schedule to the M52Chevening Estate Act 1959.

C303C231271  Other miscellaneous exemptions.

1 The following gains shall not be chargeable gains—
a gains accruing on the disposal of stock—
i transferred, in pursuance of any Act of Parliament, to accounts in the books of the Bank of England in the name of the Treasury or the National Debt Commissioners;
ia transferred, in pursuance of any Act of Parliament, to the Treasury or the National Debt Commissioners and in respect of which the Treasury or those Commissioners are entered as holder in the registers kept by the Registrar of Government Stock; or
ii belonging to the Crown, in whatever name it may stand in the books of the Bank of England or in the registers kept by the Registrar of Government Stock;
b any gain accruing to a person from his acquisition and disposal of assets held by him as part of the Fund mentioned in section 613(4) of the Taxes Act (House of Commons Members’ Fund);
c any gain accruing to a person from his acquisition and disposal of assets held by him as part of a fund—
i mentioned in section 614(2) of the Taxes Act,
ii to which section 615(3) of the Taxes Act applies, or
iii mentioned in section 648, 649, 650, 651 or 653 of ITEPA 2003;
F2016d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
e any gain accruing on the disposal by the trustees of any settled property held on trusts in accordance with directions which are valid and effective under section 9 of the M53Superannuation and Trust Funds (Validation) Act 1927 (trust funds for the reduction of the National Debt);
ea any gain accruing on the disposal by the trustees of an asbestos compensation settlement of any property comprised in the settlement;
f any gain accruing to a consular officer or employee, within the meaning of section 771 of ITTOIA 2005, of any foreign state to which that section applies on the disposal of assets which at the time of the disposal were situated outside the United Kingdom;
F2653g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F275h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F965j . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F277. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1ZA In subsection (1)(ea) above “asbestos compensation settlement” means a settlement—
a the sole or main purpose of which is making compensation payments to or in respect of individuals who have, or had before their death, an asbestos-related condition, and
b which is made before 24 March 2010 in pursuance of an arrangement within subsection (1ZB) below.
1ZB An arrangement is within this subsection if it is—
a a voluntary arrangement that has taken effect under Part 1 of the Insolvency Act 1986 or Part 2 of the Insolvency (Northern Ireland) Order 1989,
b a compromise or arrangement that has taken effect under section 425 of the Companies Act 1985, Article 418 of the Companies (Northern Ireland) Order 1986 or Part 26 of the Companies Act 2006, or
c an arrangement or compromise of a kind corresponding to any of those mentioned in paragraph (a) or (b) above that has taken effect under, or as a result of, the law of a country or territory outside the United Kingdom.
1A A gain accruing to a person on a disposal of investments held for the purposes of a registered pension scheme or an overseas pension scheme is not a chargeable gain.
1B But subsection (1A) does not prevent such a gain from being treated as a chargeable gain for the purposes of sections 185F to 185I of the Finance Act 2004 (scheme chargeable payments: gains from taxable property).
F16392 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 A local authority, a local authority association and a health service body shall be exempt from capital gains tax. In this subsection—
  • “health service body” has the meaning given by section 986 of CTA 2010, and
  • “local authority association” has the meaning given by section 1000 of ITA 2007.
4 Any interest to which section 702 of ITTOIA 2005 (certified SAYE savings arrangements) applies shall be disregarded for all purposes of the enactments relating to capital gains tax.In any case where there is a transfer to which section 216 applies, this subsection shall have effect in relation to any interest payable after the transfer under a savings arrangement which immediately before the transfer was a certified SAYE savings arrangement notwithstanding that it ceased to be such a arrangement by reason of the transfer. In this subsection “certified SAYE savings arrangement” has the meaning given by section 703 of ITTOIA 2005.
5 A signatory to the Operating Agreement made pursuant to the Convention on the International Maritime Satellite Organisation which came into force on 16th July 1979, other than a signatory designated for the purposes of the Agreement by the United Kingdom in accordance with the Convention, shall be exempt from capital gains tax in respect of any payment received by that signatory from the Organisation in accordance with the Agreement.
6 The following shall, on a claim made in that behalf to the Board, be exempt from tax in respect of all chargeable gains—
a the Trustees of the British Museum and the Trustees of the Natural History Museum; and
b an association (in the sense that word has in section 469(1)(a) of CTA 2010) which meets conditions A and B in that section (conditions for qualifying as a scientific research association).
7 The Historic Buildings and Monuments Commission for England and, the Trustees of the National Heritage Memorial Fund F1011... F2714... F2680... shall be exempt from tax in respect of chargeable gains F2676...
7A Chargeable gains are exempt from tax if they accrue to a bank, or issue department of a bank, to which this subsection applies for the time being.
7B Her Majesty may by Order in Council direct that subsection (7A) applies to a bank or its issue department if it appears to Her Majesty that the bank—
a is not resident in the United Kingdom, and
b is entrusted by the government of a territory outside the United Kingdom with the custody of the territory's principal foreign exchange reserves.
7C No recommendation may be made to Her Majesty in Council to make an order under subsection (7B) unless a draft of the order has been laid before and approved by a resolution of the House of Commons.
8 There shall be exempt from tax any chargeable gains accruing to the issue department of the Reserve Bank of India constituted under an Act of the Indian legislature called the Reserve Bank of India Act 1934, or to the issue department of the State Bank of Pakistan constituted under certain orders made under section 9 of the M54Indian Independence Act 1947.
F10899 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10 In subsection (1A) above—
  • “investments” includes futures contracts and options contracts;
  • “overseas pension scheme” has the same meaning as in Part 4 of the Finance Act 2004 (see section 150(7) of that Act).
11 For the purposes of subsection (10) above a contract is not prevented from being a futures contract or an options contract by the fact that any party is or may be entitled to receive or liable to make, or entitled to receive and liable to make, only a payment of a sum (as opposed to a transfer of assets other than money) in full settlement of all obligations.
12 Subsections (1)(b) and (c) and (1A) above do not apply to gains accruing to a person from the acquisition and disposal by him of assets held as a member of a property investment LLP.

Visiting forces and official agents etc

271ZA Visiting forces and staff of designated allied headquarters

1 This section applies for the purposes of capital gains tax if section 833 of ITA 2007 (visiting forces and staff of designated allied headquarters) applies to an individual throughout a period.
2 The period is not a period of residence in the United Kingdom.
3 The period does not create a change of the individual's residence or domicile.

271ZB Official agents of Commonwealth countries or Republic of Ireland etc

1 An individual who is entitled to immunity from income tax as a result of section 841 of ITA 2007 (official agents of Commonwealth countries or Republic of Ireland etc) is entitled to the same immunity from capital gains tax as that to which a member of the staff of a mission is entitled under the Diplomatic Privileges Act 1964.
2 The reference here to a member of the staff of a mission is to be read in accordance with the Diplomatic Privileges Act 1964.

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

1 This Chapter provides for a branch or agency to be treated as the UK representative of a non-UK resident in respect of certain amounts chargeable to capital gains tax.
2 For obligations and liabilities in relation to capital gains tax imposed on a branch or agency which under this Chapter is treated as the UK representative of a non-UK resident, see Chapter 2.

Branches and agencies

271B Branch or agency treated as UK representative

1 This section applies if—
a a non-UK resident carries on (alone or in partnership) any trade, profession or vocation through a branch or agency in the United Kingdom, and
b the branch or agency is to be treated under Chapter 2B of Part 14 of ITA 2007 as the UK representative of the non-UK resident in relation to amounts within section 835E(2) of that Act.
2 The branch or agency is the UK representative of the non-UK resident in relation to amounts which, by reference to the branch or agency, are chargeable to capital gains tax as a result of section 1A(3)(a) above.
3 The following rules are to be applied for the purposes of subsection (2) and Chapter 2 in relation to an amount within that subsection.
  • Rule 1 The UK representative continues to be the UK representative of the non-UK resident in relation to the amount even after ceasing to be a branch or agency through which the non-UK resident carries on the trade, profession or vocation concerned.
  • Rule 2 The UK representative is treated in relation to the amount as a distinct and separate person from the non-UK resident (if the representative would not otherwise be so treated).
  • Rule 3 If the branch or agency is carried on by persons in partnership, the partnership, as such, is treated in relation to the amount as the UK representative of the non-UK resident.
4 For further rules that apply where a trade or profession carried on by a non-UK resident in the United Kingdom is carried on in partnership, see section 271C.

271C Trade or profession carried on in partnership

1 Subsection (2) applies if a trade or profession carried on by a non-UK resident through a branch or agency in the United Kingdom is carried on by the non-UK resident in partnership.
2 The trade or profession carried on through the branch or agency is, for the purposes of section 271B and Chapter 2, to be treated as including the notional trade or profession.
3 Subsection (4) applies (in addition to subsection (2) if that subsection also applies) if—
a a trade or profession carried on by a non-UK resident in the United Kingdom is carried on by the non-UK resident in partnership, and
b any member of the partnership is resident in the United Kingdom.
4 The notional trade or profession is, for the purposes of section 271B and Chapter 2, to be treated as being a trade carried on in the United Kingdom through the partnership as such.
5 In this section “the notional trade or profession” means the notional trade from which the non-UK resident's share in the partnership's profits or losses is treated for the purposes of section 852 of ITTOIA 2005 as deriving.

271D Interpretation of Chapter

In this Chapter—
  • “branch or agency” means any factorship, agency, receivership, branch or management, and
  • “non-UK resident” means a person who is not resident in the United Kingdom.

Chapter 2 Capital gains tax obligations and liabilities imposed on UK representatives

271E Introduction to Chapter

1 This Chapter applies to the enactments contained in—
a this Act,
b the Tax Acts, and
c subordinate legislation made under this Act or the Tax Acts,
so far as they make provision for or in connection with the assessment, collection and recovery of tax, or of interest on tax.
2 Those enactments have effect in accordance with section 271F in relation to amounts in respect of which a branch or agency is to be treated as the UK representative of a non-UK resident under Chapter 1.
3 In this section “subordinate legislation” has the same meaning as in the Interpretation Act 1978.

271F Obligations and liabilities of UK representative

1 The obligations and liabilities of a non-UK resident are to be treated, for the purposes of the enactments to which this Chapter applies, as if they were also the obligations and liabilities of the UK representative of the non-UK resident.
2 Subsection (3) applies if—
a the UK representative of a non-UK resident discharges an obligation or liability imposed by this section that corresponds to one to which the non-UK resident is subject, or
b a non-UK resident discharges an obligation or liability that corresponds to one to which the non-UK resident's UK representative is subject by virtue of this section.
3 The corresponding obligation or liability—
a of the non-UK resident (in a case within subsection (2)(a)), or
b of the UK representative (in a case within subsection (2)(b)),
is discharged.
4 A non-UK resident is bound, as if they were the non-UK resident's own, by acts or omissions of the non-UK resident's UK representative in the discharge of the obligations and liabilities imposed on the representative by this section.
5 This section is subject to sections 271G and 271H.

271G Exceptions: notices and information

1 An obligation or liability attaching to a non-UK resident (“X”) by reason of a notice or other document having been given or served on X does not also attach to the UK representative of X by virtue of section 271F unless the notice or other document (or a copy of it) has been given to or served on the representative.
2 An obligation or liability attaching to X by reason of a request or demand having been received by X does not also attach to the UK representative of X by virtue of section 271F unless the representative has been notified of the request or demand.
3 Subsection (4) applies to obligations relating to the provision of information that are imposed on the UK representative of X by section 271F in a case where the representative is X's independent agent.
4 The obligations do not require the UK representative to do anything except so far as it is practicable for the representative to do so.
5 For this purpose, the representative must act to the best of the representative's knowledge and belief after taking all reasonable steps to obtain the necessary information.
6 An obligation of X to provide information is not discharged by virtue of section 271F in a case where the UK representative of X has discharged the obligation only so far as required by subsection (4) of this section.
7 X is not bound by virtue of section 271F by mistakes in information provided by the UK representative of X in discharging, so far as required under subsection (4) of this section, an obligation imposed on the representative by section 271F unless—
a the mistake is the result of an act or omission of X, or
b the mistake is one to which X consented or in which X connived.
8 In this section “information” includes anything contained in a return, self-assessment, account, statement or report required to be provided to the Commissioners for Her Majesty's Revenue and Customs or to any officer of Revenue and Customs.

271H Exceptions: criminal offences and penalties etc

1 A person is not by virtue of section 271F liable to be proceeded against for a criminal offence unless the person—
a committed the offence, or
b consented to or connived in its commission.
2 An independent agent of a non-UK resident is not by virtue of section 271F liable to any civil penalty or surcharge in respect of an act or omission if conditions A and B are met.
3 Condition A is that the act or omission is not—
a an act or omission of the independent agent, or
b an act or omission to which the agent consented or in which the agent connived.
4 Condition B is that the independent agent is able to show that the amount of the penalty or surcharge will not be recoverable out of the sums mentioned in section 271I(3) (after being indemnified for any other liabilities under section 271I).

271I Indemnities

1 An independent agent of a non-UK resident is entitled to be indemnified for the amount of any liability of the non-UK resident which the agent has discharged by virtue of section 271F.
2 An independent agent of a non-UK resident is entitled to retain, from the sums mentioned in subsection (3), amounts sufficient to meet any liabilities which by virtue of section 271F the agent has discharged or to which the agent is subject.
3 The sums are those which—
a (ignoring subsection (2)) are due from the independent agent to the non-UK resident, or
b are received by the independent agent on behalf of the non-UK resident.

271J Meaning of “non-UK resident” and “independent agent”

1 In this Chapter “non-UK resident” means a person who is not resident in the United Kingdom.
2 In this Chapter “independent agent”, in relation to a non-UK resident (“X”), means a person who is the UK representative of X in respect of any agency in which the person is acting on behalf of X in an independent capacity.
3 For this purpose a person does not act in an independent capacity on behalf of X unless the relationship between them, having regard to its legal, financial and commercial characteristics, is a relationship between persons carrying on independent businesses dealing with each other at arm's length.

Part VIII  Supplemental

C255C311C313C228C103C308272  Valuation: general.

1 In this Act “market value” in relation to any assets means the price which those assets might reasonably be expected to fetch on a sale in the open market.
C242 In estimating the market value of any assets no reduction shall be made in the estimate on account of the estimate being made on the assumption that the whole of the assets is to be placed on the market at one and the same time.
C243 The Treasury may make regulations as to the manner for determining for the purposes of this Act—
a the market value at any time of shares or securities which are included in the official UK list, and
b the market value at any time of shares or securities which are listed on a recognised stock exchange outside the United Kingdom.
C244 The regulations may—
a make different provision for different cases, and
b contain incidental, supplemental, consequential and transitional provision and savings.
C3155 In this Act “market value” in relation to any rights of unit holders in any unit trust scheme the buying and selling prices of which are published regularly by the managers of the scheme shall mean an amount equal to the buying price (that is the lower price) so published on the relevant date, or if none were published on that date, on the latest date before.
5AA) In this Act “market value” in relation to shares of a given class in an open-ended investment company the prices of which are published regularly by the authorised corporate director of that company (whether or not those shares are also quoted in The Stock Exchange Daily Official List) shall mean an amount equal to the price so published on the relevant date, or if no price was published on that date, on the latest date before that date.
5AB In subsection (5AA) “authorised corporate director” has the meaning given by subsection (10) of section 468 of the Taxes Act, read with subsections (16) and (17) of that section, as those subsections are added by regulation 10(4) of the Open-ended Investment Companies (Tax) Regulations 1997; and accordingly the reference in subsection (16) of that section to “the Tax Acts” shall be construed as if it included a reference to this Act.
6 The provisions of this section, with sections 273 and 274, have effect subject to sections 25A and 41A and Part I of Schedule 11.

C308273  Unquoted shares and securities.

1 The provisions of subsection (3) below shall have effect in any case where, in relation to an asset to which this section applies, there falls to be determined by virtue of section 272(1) the price which the asset might reasonably be expected to fetch on a sale in the open market.
2 The assets to which this section applies are shares and securities which are not listed on a recognised stock exchange at the time as at which their market value for the purposes of tax on chargeable gains falls to be determined.
C253 For the purposes of a determination falling within subsection (1) above, it shall be assumed that, in the open market which is postulated for the purposes of that determination, there is available to any prospective purchaser of the asset in question all the information which a prudent prospective purchaser of the asset might reasonably require if he were proposing to purchase it from a willing vendor by private treaty and at arm’s length.

C308274  Value determined for inheritance tax.

Where on the death of any person inheritance tax is chargeable on the value of his estate immediately before his death and the value of an asset forming part of that estate has been ascertained (whether in any proceedings or otherwise) for the purposes of the application of that tax to the estate, the value so ascertained shall be taken for the purposes of this Act to be the market value of that asset at the date of the death.

C26C468275  Location of assets.

1 For the purposes of this Act—
a the situation of rights or interests (otherwise than by way of security) in or over immovable property is that of the immovable property,
b subject to the following provisions of this subsection, the situation of rights or interests (otherwise than by way of security) in or over tangible movable property is that of the tangible movable property,
c subject to the following provisions of this subsection, a debt, secured or unsecured, is situated in the United Kingdom if and only if the creditor is resident in the United Kingdom,
d shares or debentures issued by any municipal or governmental authority, or by any body created by such an authority, are situated in the country of that authority,
da subject to paragraph (d) above, shares in or debentures of a company incorporated in any part of the United Kingdom are situated in the United Kingdom,
e subject to paragraphs (d) and (da) above, registered shares or debentures are situated where they are registered and, if registered in more than one register, where the principal register is situated,
f a ship or aircraft is situated in the United Kingdom if and only if the owner is then resident in the United Kingdom, and an interest or right in or over a ship or aircraft is situated in the United Kingdom if and only if the person entitled to the interest or right is resident in the United Kingdom,
g the situation of good-will as a trade, business or professional asset is at the place where the trade, business or profession is carried on,
C220h patents, trade marks, registered designs and corresponding rights are situated where they are registered, and if registered in more than one register, where each register is situated, and licences or other rights in respect of any such rights are situated in the United Kingdom if they or any right derived from them are exercisable in the United Kingdom,
j copyright, design right, franchises and corresponding rights, and licences or other rights in respect of any such rights, are situated in the United Kingdom if they or any right derived from them are exercisable in the United Kingdom,
k a judgment debt is situated where the judgment is recorded,
F2874l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 In subsection (1) above—
a in paragraphs (d), (da) and (e), the references to shares or debentures, in relation to a company that has no share capital, include any interests in the company possessed by members of the company, and
b in paragraphs (d) and (e), the references to debentures, in relation to a person other than a company, include securities.
3 In subsection (1) above, in each of paragraphs (h) and (j), “corresponding rights” means any rights under the law of a country or territory outside the United Kingdom that correspond or are similar to those within that paragraph.
F28733A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Subsection (1) above is subject to—
  • section 265(3) (securities issued by designated international organisations to be taken to be situated outside UK),
  • section 266 (securities issued by Inter-American Development Bank to be taken to be situated outside UK), and
  • section 275C (location of assets: interests of co-owners).

C468275A Location of certain intangible assets

1 This section applies for the purpose of determining whether the situation of an intangible asset (“asset A”) is in the United Kingdom if the situation of asset A is not otherwise determined (see section 275B(1)).
2 In this section “intangible asset” means—
a intangible or incorporeal property and includes a thing in action, or
b anything that under the law of a country or territory outside the United Kingdom corresponds or is similar to intangible or incorporeal property or a thing in action.
3 If asset A is subject to UK law (see section 275B(2)) at the time it is created, it shall be taken for the purposes of this Act to be situated in the United Kingdom at all times.
4 Subsections (5) to (9) below have effect if asset A—
a is a future or option (see section 275B(3)), and
b is not subject to UK law at the time it is created.
5 If, as a result of the application of the rule in subsection (6) below in relation to asset A or any other asset or assets, asset A falls to be treated as being subject to UK law at the time it is created, it shall be taken for the purposes of this Act to be situated in the United Kingdom at all times.
6 That rule is that where, in the case of any intangible asset,—
a the asset is a future or option,
b the underlying subject matter (see section 275B(4)) of the asset consists of or includes an asset which is an intangible asset, and
c either—
i that intangible asset is subject to UK law at the time it is created and, on the assumption that there were no rights or interests in or over that asset, the situation of that asset would not be otherwise determined, or
ii that intangible asset is treated by this subsection as being so subject at that time,
the intangible asset mentioned in paragraph (a) above is to be treated for the purposes of subsection (5) above and this subsection as being so subject at the time it is created.
7 If—
a asset A is not taken to be situated in the United Kingdom by virtue of subsection (5) above, and
b as a result of the application of the rule in subsection (8) below in relation to asset A or any other asset or assets, asset A falls to be treated as being situated in the United Kingdom at any time,
it shall be taken for the purposes of this Act to be situated in the United Kingdom at that time.
8 That rule is that where, in the case of any intangible asset,—
a the asset is a future or option, and
b the underlying subject matter of the asset consists of or includes an asset—
i which is, by virtue of subsection (9) below or of any provision of this Act apart from this section, situated in the United Kingdom at any time, or
ii which is treated by this subsection as being so situated at any time,
the intangible asset mentioned in paragraph (a) above is to be treated for the purposes of subsection (7) above and this subsection as being so situated at that time.
9 Where—
a the underlying subject matter of a future or option consists of or includes shares or debentures issued by a company incorporated in any part of the United Kingdom, but
b at the time the future or option is created, those shares or debentures have not been issued,
the underlying subject matter of the future or option, so far as consisting of or including those shares or debentures, is to be taken, for the purposes of subsection (8) above, to consist of or include an asset which is situated in the United Kingdom at all times.

C468275B Section 275A: supplementary provisions

1 For the purposes of section 275A, the situation of an asset is not otherwise determined if, apart from that section, this Act does not make any provision for determining—
a the situation of the asset, or
b whether the situation of the asset is in the United Kingdom.
2 For the purposes of section 275A, an intangible asset is subject to UK law at a particular time if any right or interest which comprises or forms part of the asset is, at that time,—
a governed by, or otherwise subject to, or
b enforceable under,
the law of any part of the United Kingdom.
3 In section 275A—
  • “future” has the meaning given by section 581 of CTA 2009, and
  • “option” has the meaning given by section 580 of that Act.
4 For the purposes of section 275A—
a the underlying subject matter of a future is the property which, if the future were to run to delivery, would fall to be delivered at the date and price agreed when the contract is made, and
b the underlying subject matter of an option is the property which would fall to be delivered if the option were exercised.
5 Section 275A is subject to section 275C (location of assets: interests of co-owners).
6 This section is to be construed as one with section 275A.

C468275C Location of assets: interests of co-owners

1 This section applies for determining for the purposes of this Act—
a the situation of an interest (see subsection (4)) in an asset, or
b whether the situation of an interest in an asset is in the United Kingdom.
2 The situation of the interest in the asset shall be taken to be the same as the situation of the asset, as determined in accordance with subsection (3) below.
3 The situation of the asset for the purposes of subsection (2) above shall be determined on the assumption that the asset is wholly-owned by the person holding the interest in the asset.
4 In this section “interest”, in relation to an asset, means an interest as a co-owner of the asset (whether the asset is owned jointly or in common and whether or not the interests of the co-owners are equal).

276  The territorial sea and the continental shelf.

1 The territorial sea of the United Kingdom shall for all purposes of the taxation of chargeable gains (including the following provisions of this section) be deemed to be part of the United Kingdom.
2 In this section—
a “exploration or exploitation activities” means activities carried on in connection with the exploration or exploitation of so much of the seabed and subsoil and their natural resources as is situated in the United Kingdom or a designated area; and
b “exploration or exploitation rights” means rights to assets to be produced by exploration or exploitation activities or to interests in or to the benefit of such assets; and
c references to the disposal of exploration or exploitation rights include references to the disposal of shares deriving their value or the greater part of their value directly or indirectly from such rights, other than shares listed on a recognised stock exchange; and
d “shares” includes stock and any security as defined in section 1117(1) of CTA 2010; and
e “designated area” means an area designated by Order in Council under section 1(7) of the M55Continental Shelf Act 1964.
3 Any gains accruing on the disposal of exploration or exploitation rights shall be treated for the purposes of this Act as gains accruing on the disposal of assets situated in the United Kingdom.
4 Gains accruing on the disposal of—
a exploration or exploitation assets which are situated in a designated area, or
b unquoted shares deriving their value or the greater part of their value directly or indirectly from exploration or exploitation assets situated in the United Kingdom or a designated area or from such assets and exploration or exploitation rights taken together,
shall be treated for the purposes of this Act as gains accruing on the disposal of assets situated in the United Kingdom.
5 For the purposes of this section, an asset disposed of is an exploration or exploitation asset if either—
a it is not a mobile asset and it is being or has at some time been used in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area; or
b it is a mobile asset which has at some time been used in connection with exploration or exploitation activities so carried on and is dedicated to an oil field in which the person making the disposal, or a person connected with him, is or has been a participator;
and expressions used in paragraphs (a) and (b) above have the same meaning as if those paragraphs were included in Part I of the M56Oil Taxation Act 1975.
6 In subsection (4)(b) above “unquoted shares” means shares other than those which are listed on a recognised stock exchange; and references in subsections (7) and (8) below to exploration or exploitation assets include references to unquoted shares falling within subsection (4)(b).
C587 Gains accruing to a person not resident in the United Kingdom on the disposal of exploration or exploitation rights or of exploration or exploitation assets shall, for the purposes of capital gains tax or corporation tax on chargeable gains, be treated as gains accruing on the disposal of assets used for the purposes of a trade carried on by that person in the United Kingdom through a branch or agency.
8 The provisions specified in subsection (9) below shall apply in relation to a disposal of exploration or exploitation rights or exploration or exploitation assets if (and only if) the disposal is—
a by a company resident in a territory outside the United Kingdom to a company resident in the same territory,
b by a company resident in the United Kingdom to another company which is so resident, or
c by a company which is not resident in the United Kingdom to another company which is resident there.
9 Those provisions are—
a section 41(8),
b section 171 (except subsections (1)(b) and (1A)),
c section 173 (with the omission of the words “to which this section applies" in subsections (1)(a) and (2)(a) and “such" in subsections (1)(c) and (2)(c) and with the omission of subsection (3)),
d section 174(4) (with the substitution of “at a time when both were members of the group" for “in a transfer to which section 171(1) applied”),
e section 179 (except subsections (1)(b) and (1A)), and
f section 181.
10 The provisions specified in subsection (9) above shall apply in accordance with subsection (8) above with the following modifications—
a for the purposes of paragraph (a) of subsection (9) above, section 41(8) applies as if section 170 applied, for the purposes of section 171, with the omission of subsection (9), and
b for the purposes of paragraphs (b) to (f) of subsection (9) above, the provisions specified in those paragraphs apply as if in section 170 subsection (9) were omitted.

276A No gain/no loss: foreign permanent establishment exemption

1 On a no gain/no loss disposal by a company in relation to which an election under section 18A of CTA 2009 (exemption for profits or losses of foreign permanent establishments) has effect, the amount of the consideration which would secure that neither a gain nor a loss would accrue to the company on the disposal is to be arrived at after taking account of the operation of the provisions of Chapter 3A of Part 2 of that Act (with the result that that amount includes the amount which for the purposes of that Chapter would in the case of the company be the foreign permanent establishments amount attributable to the disposal for the accounting period in which it was made if the disposal were not a no gain/no loss disposal).
2 For the purposes of this section a no gain/no loss disposal is one on which by virtue of section 152 or any of the no gain/no loss provisions neither a gain nor a loss accrues to the company making the disposal.

F936277  Double taxation relief.

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F128278  Allowance for foreign tax.

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279  Foreign assets: delayed remittances.

1 Subsection (2) below applies where—
a chargeable gains accrue from the disposal of assets situated outside the United Kingdom, and
b the person charged or chargeable makes a claim, and
c the conditions set out in subsection (3) below are, so far as applicable, satisfied as respects those gains (“the qualifying gains”);
and subsection (2)(b) also applies where a claim has been made under section 13 of the 1979 Act.
2 For the purposes of capital gains tax—
a the amount of the qualifying gains shall be deducted F440... from the amounts on which the claimant is assessed to capital gains tax for the year in which the qualifying gains accrued to the claimant, but
b the amount so deducted shall be assessed to capital gains tax on the claimant (or his personal representatives) as if it were an amount of chargeable gains accruing in the year of assessment in which the conditions set out in subsection (3) below cease to be satisfied.
3 The conditions are—
a that the claimant was unable to transfer the qualifying gains to the United Kingdom, and
b that that inability was due to the laws of the territory where the assets were situated at the time of the disposal, or to the executive action of its government, or to the impossibility of obtaining foreign currency in that territory, and
c that the inability was not due to any want of reasonable endeavours on the part of the claimant.
4 Where under an agreement entered into under arrangements made by the Secretary of State in pursuance of section 1 of the M57Overseas Investment and Export Guarantees Act 1972 or section 11 of the M58Export Guarantees and Overseas Investment Act 1978 any payment is made by the Exports Credits Guarantee Department in respect of any gains which cannot be transferred to the United Kingdom, then, to the extent of the payment, the gains shall be treated as gains with respect to which the conditions mentioned in subsection (3) above are not satisfied (and accordingly cannot cease to be satisfied).
5 No claim under this section in respect of a chargeable gain shall be made—
a in the case of a claim for the purposes of capital gains tax, more than 4 years after the end of the year of assessment in which the gain accrues; or
b in the case of a claim for the purposes of corporation tax, more than 4 years after the end of the accounting period in which the gain accrues.
6 The personal representatives of a deceased person may make any claim which he might have made under this section if he had not died.
7 Where—
a a claim under this section is made (or has been made under section 13 of the 1979 Act) by a man in respect of chargeable gains accruing to his wife before 6th April 1990, and
b by virtue of this section the amount of the gains falls to be assessed to capital gains tax as if it were an amount of gains accruing in the year 1992-93 or a subsequent year of assessment,
it shall be assessed not on the claimant (or his personal representatives) but on the person to whom the gains accrued (or her personal representatives).
8 In relation to disposals before 19th March 1991 subsection (3)(b) above shall have effect with the substitution of the words “income arose" for the words “ assets were situated at the time of the disposal ”.

279A Deferred unascertainable consideration: election for treatment of loss

1 Where—
a a person (“the taxpayer”) makes a disposal of a right to which this section applies (see subsection (2) below),
b on that disposal an allowable loss (“the relevant loss”) would, apart from section 279C, accrue to him in any year (“the year of the loss”), and
c the year of the loss is a year in which the taxpayer is within the charge to capital gains tax (see section 279B(1)),
the taxpayer may make an election under this section for the relevant loss to be treated as accruing in an earlier year in accordance with section 279C if condition 1 in subsection (3) below and condition 2 in subsection (5) below are satisfied.
2 This section applies to a right if each of the following conditions is satisfied—
a the right was, in whole or in part, acquired by the taxpayer as the whole or part of the consideration for a disposal (the “original disposal”) by him of another asset (the “original asset”),
b the original disposal was made in a year (“the year of the original disposal”) earlier than the year in which the disposal mentioned in subsection (1)(a) above is made (“the year of the right’s disposal”),
c where the right was acquired by the taxpayer as the whole or part of the consideration for two or more disposals (each of which is accordingly an “original disposal”), the condition in paragraph (b) above is satisfied with respect to each of those disposals (the “original disposals”),
d on the taxpayer’s acquisition of the right, there was no corresponding disposal of it,
e the right is a right to unascertainable consideration (see section 279B(2) to (6)).
3 Condition 1 for making an election in relation to the relevant loss is that a chargeable gain accrued to the taxpayer on any one or more of the following events—
a the original disposal,
b an earlier disposal of the original asset by the taxpayer in the year of the original disposal,
c a later disposal of the original asset by the taxpayer in a year earlier than the year of the right’s disposal,
or would have so accrued but for paragraph 2(2)(a) of Schedule 5B or 5C (postponement of original gain). This subsection is subject to subsection (4) below.
4 If the right to which this section applies was acquired by the taxpayer as the whole or part of the consideration for two or more original disposals (including cases where there are two or more original assets (the “original assets”))—
a any reference in subsection (3) above to the original disposal is a reference to any of the original disposals,
b any reference in that subsection to the original asset is a reference to the asset which is the original asset in relation to that original disposal, and
c any reference in that subsection to the year of the original disposal shall be construed accordingly.
5 Condition 2 for making an election in relation to the relevant loss is that there is a year (an “eligible year”)—
a which is earlier than the year of the loss but not earlier than the year 1992-93,
b in which a chargeable gain falling within subsection (3) above or subsection (6) below accrued to the taxpayer, and
c for which, immediately before the election, there remains a relevant amount on which capital gains tax is chargeable (see subsection (7) below).
6 A chargeable gain falling within this subsection accrues to the taxpayer in a year if—
a in that year a chargeable gain (the “revived gain”) is treated as accruing to the taxpayer in accordance with paragraphs 4 and 5 of Schedule 5B or 5C (chargeable gain accruing to person on chargeable event), and
b the gain which, in determining the amount of the revived gain in accordance with those paragraphs, is the original gain consists of or represents the whole or some part of a gain that would have accrued as mentioned in subsection (3) above but for paragraph 2(2)(a) of Schedule 5B or 5C.
7 For the purposes of subsection (5)(c) above, a year is one for which, immediately before an election, there remains a relevant amount on which capital gains tax is chargeable if, immediately before the making of that election, there remains an amount in respect of which the taxpayer is chargeable to capital gains tax for the year—
a after taking account of any previous elections made by the taxpayer under this section,
F2875b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c on the assumption that no part of the relevant loss (or of any other loss in respect of which an election under this section may be, but has not been, made) falls to be deducted in consequence of an election under this section from the chargeable gains accruing to the taxpayer in that year.
8 In this section “year” means year of assessment.
9 This section and sections 279B to 279D are to be construed as one.

279B Provisions supplementary to section 279A

1 For the purposes of section 279A(1)(c) a person is within the charge to capital gains tax in any year if—
a he is chargeable to capital gains tax in respect of chargeable gains accruing to him in that year, or
b the person would be so chargeable if—
i chargeable gains accrued to the person in the year, and
ii the amount calculated under section 1(3) for the year in relation to the person exceeded the exempt amount for the year (within the meaning of section 1K).
2 Subsections (3) to (6) below have effect for the purposes of section 279A(2)(e) (right to unascertainable consideration).
3 A right is a right to unascertainable consideration if, and only if,—
a it is a right to consideration the amount or value of which is unascertainable at the time when the right is conferred, and
b that amount or value is unascertainable at that time on account of its being referable, in whole or in part, to matters which are uncertain at that time because they have not yet occurred.
This subsection is subject to subsections (4) to (6) below.
4 The amount or value of any consideration is not to be regarded as being unascertainable by reason only—
a that the right to receive the whole or any part of the consideration is postponed or contingent, if the consideration or, as the case may be, that part of it is, in accordance with section 48, brought into account in the computation of the gain accruing to the taxpayer on the disposal of an asset, or
b in a case where the right to receive the whole or any part of the consideration is postponed and is to be, or may be, to any extent satisfied by the receipt of property of one description or property of some other description, that some person has a right to select the property, or the description of property, that is to be received.
5 A right is not to be taken to be a right to unascertainable consideration by reason only that either the amount or the value of the consideration has not been fixed, if—
a the amount will be fixed by reference to the value, and the value is ascertainable, or
b the value will be fixed by reference to the amount, and the amount is ascertainable.
6 A right which is by virtue of subsection (2) or (4) of section 138A (use of earn-out rights for exchange of securities) assumed in accordance with subsection (3)(a) of that section to be a security, within the definition in section 132, is not to be regarded as a right to unascertainable consideration.
7 For the purposes of section 279A, any question as to—
a whether a chargeable gain or a loss is one that accrues (or would, apart from any particular provision, accrue) on a particular disposal or a disposal of any particular description, or
b the time at which, or year in which, any particular disposal takes place,
is to be determined without regard to section 1M (chargeable gains and losses accruing during temporary non-residence to be treated as accruing in period of return). This subsection is subject to subsection (8) below.
8 Subsection (7) above does not affect the determination of any question—
a as to the period in which the chargeable gain or loss is, by virtue of section 1M, to be treated as accruing (apart from section 279C), or
b where (apart from section 279C) a loss is to be treated by virtue of section 1M as accruing in a particular period, whether the loss is an allowable loss.

279C Effect of election under section 279A

1 This section applies where an election is made under section 279A by the taxpayer for the relevant loss to be treated as accruing in an earlier year in accordance with this section.
2 Where this section applies, the relevant loss shall be treated for the purposes of capital gains tax as if it were a loss accruing to the taxpayer in the earliest year which is an eligible year (the “first eligible year”), instead of in the year of the loss (but subject to, and in accordance with, the following provisions of this section).
3 The amount of the relevant loss that falls to be deducted (in accordance with section 1(3)(a)) from the chargeable gains of the first eligible year is limited to the first year limit.
4 The first year limit is the amount calculated under section 1(3) F702... for the first eligible year.The amount so found is the first year limit in a case where section 2(5)(aa) applies in relation to the first eligible year.
4A For the purpose of making that calculation—
a no account is to be taken of the relevant loss, but
b the effect of any previous election under section 279A is to be taken into account.
5 As respects any later year before the year of the loss, the relevant loss (so far as not previously allowed as a deduction from chargeable gains accruing in any previous year) falls to be deducted in accordance with section 1(3)(b) only if that later year is an eligible year.
6 The amount of the relevant loss that falls to be deducted from chargeable gains of that later eligible year in accordance with section 1(3)(b) is limited to the amount (the “later year limit”) in respect of which the taxpayer would be chargeable to capital gains tax for that later year—
a on the assumption in subsection (7) below, and
b taking account of any previous elections under section 279A, F2876...
F2876 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 The assumption is that no part of—
a the relevant loss, or
b any loss in respect of which an election under section 279A may be, but has not been, made,
falls to be deducted, in consequence of an election under section 279A, from any chargeable gains accruing to the taxpayer in that later eligible year.The assumption falls to be made immediately after the making of the election in respect of the relevant loss.
F10608 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 All such adjustments shall be made, whether by discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to the election under section 279A made by the taxpayer for the relevant loss to be treated as accruing in an earlier year in accordance with this section.
F161410 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

279D Elections under section 279A

1 An election under section 279A is irrevocable.
2 Any election under that section must be made by giving a notice in accordance with this section.
3 The notice must be given to an officer of the Board.
4 Subsections (5) to (8) below have effect in relation to the notice given by the taxpayer in respect of the relevant loss.
5 The notice must specify each of the following—
a the amount of the relevant loss;
b the right disposed of;
c the year of the right’s disposal;
d the year of the loss (if different from the year of the right’s disposal);
e the year in which the right was acquired;
f the original asset or assets.
6 The notice must also specify each of the following—
a the eligible year in which the relevant loss is to be treated in accordance with section 279C(2) as accruing to the taxpayer;
b the first year limit (see section 279C(3) and (4));
c how much of the relevant loss falls to be deducted in accordance with section 1(3)(a) from chargeable gains accruing to the taxpayer in that year.
7 If, in accordance with section 279C, any part of the relevant loss falls to be deducted in accordance with section 1(3)(b) from chargeable gains accruing to the taxpayer in any later eligible year, the notice must also specify—
a each such year;
b in the case of each such year, the later year limit (see section 279C(6));
c how much of the relevant loss falls to be deducted in accordance with section 1(3)(b) in each such year from chargeable gains accruing to the taxpayer in that year.
8 The notice must be given on or before the first anniversary of the 31st January next following the year of the loss.
9 An election under section 279A is made on the date on which the notice of the election is given.
10 Different notices must be given in respect of different losses.
11 Where a person makes two or more elections under section 279A on the same day, the notices must specify the order in which the elections are made.
12 For the purposes of any provisions of sections 279A to 279C whose operation is affected by the order in which any elections under section 279A are made, elections made by a person on the same day shall be treated as made at different times and in the order specified in accordance with subsection (11) above.

280  Consideration payable by instalments.

If the consideration, or part of the consideration, taken into account in the computation of the gain is payable by instalments over a period beginning not earlier than the time when the disposal is made, being a period exceeding 18 months, then, at the option of the person making the disposal, the tax on a chargeable gain accruing on the disposal may be paid by such instalments as the Board may allow over a period not exceeding 8 years and ending not later than the time at which the last of the first-mentioned instalments is payable.

281  Payment by instalments of tax on gifts.

1 Subsection (2) below applies where—
a the whole or any part of any assets to which this section applies is disposed of by way of gift or is deemed to be disposed of under section 71(1) or 72(1), and
b the disposal is one—
i to which neither section 165(4) nor section 260(3) applies (or would apply if a claim were duly made), or
ii to which either of those sections does apply but on which the held-over gain (within the meaning of the section applying) is less than the chargeable gain which would have accrued on that disposal apart from that section.
2 Where this subsection applies, the capital gains tax chargeable on a gain accruing on the disposal may, if the person paying it by notice to an officer of the Board so elects, be paid by 10 equal yearly instalments.
3 The assets to which this section applies are—
a land or an estate or interest in land,
b any shares or securities of a company which, immediately before the disposal, gave control of the company to the person by whom the disposal was made or deemed to be made, and
c any shares or securities of a company not falling under paragraph (b) above and not listed on a recognised stock exchange F2289... .
4 Where tax is payable by instalments by virtue of this section, the first instalment shall be due on the day on which the tax would be payable apart from this section.
5 Subject to the following provisions of this section—
a tax payable by instalments by virtue of this section carries interest in accordance with Part IX of the Management Act as that Part applies where no election is made under subsection (2) above, and
b the interest on the unpaid portion of the tax shall be added to each instalment and paid accordingly.
6 Tax payable by instalments by virtue of this section which is for the time being unpaid, with interest (determined in accordance with subsection (5)(a) above) to the date of payment, may be paid at any time.
7 Tax which apart from this subsection would be payable by instalments by virtue of this section and which is for the time being unpaid, with interest (determined in accordance with subsection (5)(a) above as if the tax were tax payable by instalments by virtue of this section) to the date of payment, shall become due and payable immediately if—
a the disposal was by way of gift to a person connected with the donor or was deemed to be made under section 71(1) or 72(1), and
b the assets are disposed of for valuable consideration under a subsequent disposal (whether or not the subsequent disposal is made by the person who acquired them under the first disposal).
8 Subsection (2) above applies in relation to a chargeable gain accruing to a transferor under section 169C(7) (clawback of relief under section 165 or 260 if settlement becomes settlor-interested etc) as it applies in relation to a gain accruing to a person on a disposal if—
a the relevant disposal (within the meaning of section 169C) in question was a disposal of the whole or any part of any assets to which this section applies, and
b at the material time (within the meaning of that section), no part of the subject-matter of that relevant disposal has been disposed of for valuable consideration under a subsequent disposal (whether made by the trustees to whom that relevant disposal was made or by some other person).
9 Where subsection (2) above so applies, subsections (4) to (7) above apply accordingly but as if for paragraphs (a) and (b) of subsection (7) there were substituted “any part of the subject-matter of the relevant disposal in question is disposed of for valuable consideration under a subsequent disposal (whether made by the trustees to whom that relevant disposal was made or by some other person).”.

282  Recovery of tax from donee.

1 If in any year of assessment a chargeable gain accrues to any person on the disposal of an asset by way of gift and any amount of capital gains tax assessed on that person for that year of assessment is not paid within 12 months from the date when the tax becomes payable, the donee may, by an assessment made not later than 2 years from the date when the tax became payable, be assessed and charged (in the name of the donor) to capital gains tax on an amount not exceeding the amount of the chargeable gain so accruing, and not exceeding the grossed up amount of that capital gains tax unpaid at the time when he is so assessed, grossing up at the marginal rate of tax, that is to say, taking capital gains tax on a chargeable gain at the amount which would not have been chargeable but for that chargeable gain.
2 A person paying any amount of tax in pursuance of this section shall be entitled to recover a sum of that amount from the donor.
3 References in this section to a donor include, in the case of an individual who has died, references to his personal representatives.
4 In this section references to a gift include references to any transaction otherwise than by way of a bargain made at arm’s length so far as money or money’s worth passes under the transaction without full consideration in money or money’s worth, and “donor” and “donee” shall be construed accordingly; and this section shall apply in relation to a gift made by 2 or more donors with the necessary modifications and subject to any necessary apportionments.
5 This section applies in relation to a chargeable gain accruing to a transferor under section 169C(7) (clawback of relief under section 165 or 260 if settlement becomes settlor-interested etc) as it applies in relation to a chargeable gain accruing to a person on the disposal of an asset by way of gift.
6 For the purposes of this section as applied by subsection (5) above—
a the transferor shall be taken to be the donor, and
b the trustees to whom the relevant disposal (within the meaning of section 169C) in question was made shall be taken to be the donee.

C222283  Repayment supplements.

1 Subject to the provisions of this section, where in the case of capital gains tax paid by or on behalf of an individual for a year of assessment a repayment of that tax is made by the Board or an officer of the Board, the repayment shall be increased under this section by an amount (“a repayment supplement”) equal to interest on the amount repaid at the rate applicable under section 178 of the M59Finance Act 1989 for the period (if any) between the relevant time and the date on which the order for the repayment is issued.
C2372 For the purposes of subsection (1) above, the relevant time is the date on which the tax was paid.
3 A repayment supplement shall not be payable under this section in respect of a repayment or payment made in consequence of an order or judgment of a court having power to allow interest on the repayment or payment.
4 Subsections (1) to (3) above shall apply in relation to the trustees of a settlement or the personal representatives of a deceased person F198... as they apply in relation to an individual.
F26435 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

284  Income tax decisions.

Any assessment to income tax or decision on a claim under the Income Tax Acts, and any decision on an appeal under the Income Tax Acts against such an assessment or decision, shall be conclusive so far as, under any provision of this Act, liability to tax depends on the provisions of the Income Tax Acts.

284A  Concessions that defer a charge.

1 This section applies where—
a a person (“the original taxpayer”) has at any time obtained for any chargeable period (“the first chargeable period”) the benefit of any capital gains relief to which he had no statutory entitlement;
b the benefit of the relief was obtained in reliance on any concession;
c the concession was first published by the Board before 9th March 1999 or (having been published on or after that date) replaced a concession satisfying the requirements of this paragraph with a concession to the same or substantially the same effect; and
d the concession involved the application (with or without modifications), to a case to which they would not otherwise have applied, of the provisions of any enactment (“the relevant statutory provisions”).
2 This section applies only if, at the time when the original taxpayer obtained the benefit of the relief, the concession was one available generally to any person falling within its terms.
3 If the benefit obtained for the first chargeable period by the original taxpayer is repudiated for any later chargeable period (whether by the original taxpayer or by another person), the enactments relating to the taxation of chargeable gains shall have effect as if a chargeable gain equal to the amount of that benefit accrued in the later chargeable period to the person repudiating the benefit.
4 For the purposes of this section—
a a capital gains relief for any chargeable period is a relief (of whatever description) the effect of which is that the amount of the chargeable gains taken to have accrued to that person in that period is less than it otherwise would have been; and
b the amount of the benefit of any such relief is the amount by which, as a consequence of that relief, those gains are less than they otherwise would have been.
5 Where, without applying a specific enactment, any concession has the effect that—
a any asset is treated as the same as another asset and as acquired as the other asset was acquired,
b any two or more assets are treated as a single asset, or
c any disposal is treated as having been a disposal on which neither a gain nor a loss accrued,
that concession shall be assumed for the purposes of this section to have involved the application, to a case to which it would not otherwise have applied, of the provisions of an enactment to the corresponding effect.
6 For the purposes of this section the benefit of any relief obtained by the original taxpayer for the first chargeable period is repudiated by a person for a later chargeable period if—
a circumstances arise such that, had the equivalent circumstances arisen in the case of the corresponding relief under the relevant statutory provisions, the whole or a part of the benefit of that relief would have fallen to be recouped from that person in the later chargeable period;
b apart from this section, the recoupment in the actual circumstances of the whole or a part of the benefit obtained by the original taxpayer is prevented by the fact that the original taxpayer relied on a concession (rather than on the relevant statutory provisions) to obtain that benefit; and
c the person from whom, in the equivalent circumstances, the amount of the benefit or any part of it would have fallen to be recouped is not precluded by subsection (8) below from relying on that fact in relation to that amount or part.
7 For the purposes of this section an amount of the benefit of a capital gains relief is recouped from any person in a chargeable period to the extent that an amount is so brought into account in his case for that period as to secure that—
a the amount of his chargeable gains for that period is taken to be more than it otherwise would have been by an amount directly or indirectly representing the whole or a part of the amount of the benefit; or
b the amount of his allowable losses for that period is taken to be less than it otherwise would have been by an amount directly or indirectly representing the whole or a part of the amount of the benefit.
8 Where—
a any such circumstances as are mentioned in subsection (6)(a) above have arisen in relation to the relief the benefit of which has been obtained by the original taxpayer,
b the person from whom, in the equivalent circumstances, the whole or any part of the amount of the benefit would have fallen to be recouped has accepted that, in the actual circumstances, the whole or a part of the benefit obtained by the original taxpayer may be recouped from him, and
c that acceptance is indicated in writing to the Board (whether by the making or amendment of a self-assessment or otherwise),
that person’s rights subsequently to amend, appeal against or otherwise challenge any assessment shall not be exercised in any manner inconsistent with his acceptance of that matter (which shall be irrevocable).
9 In this section “concession” includes any practice, interpretation or other statement in the nature of a concession.

284B  Provisions supplementary to section 284A.

F25831 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 The total amount of chargeable gains that are treated as accruing to any person under subsection (3) of section 284A in respect of any such benefit as is referred to in that subsection shall not exceed the amount of that benefit.
3 Where, after any assessment to tax has been made on the basis that any chargeable gain is treated as having accrued to any person under section 284A(3)—
a the person assessed, within any of the periods allowed by subsection (4) below, gives an indication for the purposes of section 284A(8), or
b a final determination of the original taxpayer’s liability to tax for the first chargeable period is made on the basis that the original taxpayer did not, or was not entitled to, rely on the concession in question,
all such adjustments shall be made (whether by way of assessment, amendment of an assessment, repayment of tax or otherwise) as are necessary to secure that no person is subjected to any greater liability by virtue of section 284A(3) than he would have been had the indication been given, or the final determination made, before the making of the assessment.
4 The periods allowed by this subsection are—
a the period of twelve months beginning with the making of the assessment;
b the period within which the person is entitled to amend his self-assessment or company tax return for the chargeable period in which the chargeable gain under section 284A(3) is treated as having accrued to him;
c where the person makes a claim for any further relief against the amount that may be recouped from him by virtue of his indication under section 284A(8), the period allowed for making that claim.
5 Subsection (3) above has effect notwithstanding any time limits relating to the making or amendment of an assessment for any chargeable period.

F1932285  Recognised investment exchanges.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

285A  UK Economic Interest Groupings European Economic Interest Groupings

1 The following rules about UK Economic Interest Groupings and European Economic Interest Groupings apply for the purposes of charging tax in respect of chargeable gains—
  • Rule 1
    A grouping is treated as acting as the agent of its members.
  • Rule 2
    The activities of a grouping are treated as those of its members acting jointly.
  • Rule 3
    Each member of a grouping is treated as having a share of the grouping's property, rights and liabilities.
  • Rule 4
    Any trade or profession carried on by the grouping is treated as carried on in partnership by members of the grouping.
  • Rule 5
    A person is to be regarded as acquiring or disposing of a share of the assets of the grouping not only where there is an acquisition or disposal of assets by the grouping while he is a member of it, but also where he becomes or ceases to be a member of a grouping or there is a change in his share of the property of the grouping.
2 For the purposes of Rule 3, a member's share of any property, rights or liabilities of a grouping is determined according to the contract under which the grouping is established.
3 If the contract does not provide for this, the member's share is determined by reference to the share of the profits of the grouping to which the member is entitled under the contract.
4 If the contract does not provide for this either, the members are treated as having equal shares of the property, rights and liabilities of the grouping.
5 “European Economic Interest Grouping” means a grouping registered in a member State and formed in pursuance of Council Regulation (EEC) No. 2137/85 of 25 July 1985 on the European Economic Interest Grouping as it has effect in EU law.

C326286  Connected persons: interpretation.

1 Any question whether a person is connected with another shall for the purposes of this Act be determined in accordance with the following subsections of this section (any provision that one person is connected with another being taken to mean that they are connected with one another).
2 A person is connected with an individual if that person is the individual’s spouse or civil partner, or is a relative, or the spouse or civil partner of a relative, of the individual or of the individual’s spouse or civil partner.
3 A person, in his capacity as trustee of a settlement, is connected with—
a any individual who in relation to the settlement is a settlor,
b any person who is connected with such an individual, F648...
c any body corporate which is connected with that settlement,
d if the settlement is the principal settlement in relation to one or more sub-fund settlements, the trustees of the sub-fund settlements, and
e if the settlement is a sub-fund settlement in relation to a principal settlement, the trustees of any other sub-fund settlements in relation to the principal settlement.
F1298. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3ZA For the purpose of subsection (3) above—
a “settlement” has the same meaning as in section 620 of ITTOIA 2005, and
b “trustee”, in relation to a settlement in relation to which there would be no trustees apart from this paragraph, means any person in whom the settled property or its management is for the time being vested.
3A For the purpose of subsection (3) above a body corporate is connected with a settlement if—
a it is a close company (or only not a close company because it is not resident in the United Kingdom) and the participators include the trustees of the settlement; or
b it is controlled (within the meaning of section 1124 of CTA 2010) by a company falling within paragraph (a) above.
4 Except in relation to acquisitions or disposals of partnership assets pursuant to bona fide commercial arrangements, a person is connected with any person with whom he is in partnership, and with the spouse or civil partner or a relative of any individual with whom he is in partnership.
5 A company is connected with another company—
a if the same person has control of both, or a person has control of one and persons connected with him, or he and persons connected with him, have control of the other, or
b if a group of 2 or more persons has control of each company, and the groups either consist of the same persons or could be regarded as consisting of the same persons by treating (in one or more cases) a member of either group as replaced by a person with whom he is connected.
6 A company is connected with another person, if that person has control of it or if that person and persons connected with him together have control of it.
7 Any 2 or more persons acting together to secure or exercise control of a company shall be treated in relation to that company as connected with one another and with any person acting on the directions of any of them to secure or exercise control of the company.
8 In this section “relative” means brother, sister, ancestor or lineal descendant.

286A Residence of companies

Chapter 3 of Part 2 of CTA 2009 (rules for determining residence of companies) applies for the purposes of—
a this Act (so far as relating to capital gains tax), and
b any other enactment relating to capital gains tax,
as it applies for the purposes of the Corporation Tax Acts.

287  Orders and regulations made by the Treasury or the Board.

1 Subject to subsections (2) and (2A) below, any power of the Treasury or the Board to make any order or regulations under this Act or any other enactment relating to the taxation of chargeable gains passed after this Act shall be exercisable by statutory instrument.
2 Subsection (1) above shall not apply in relation to any power conferred by section 288(6).
2A Subsection (1) above shall not apply in relation to any power conferred by TIOPA 2010 (see instead section 499 of that Act).
C3783 Subject to subsection (4) below and to any other provision to the contrary, any statutory instrument to which subsection (1) above applies shall be subject to annulment in pursuance of a resolution of the House of Commons.
4 Subsection (3) above shall not apply in relation to an order or regulations made under section F2192... 265 or paragraph 1 of Schedule 9, or—
a if any other Parliamentary procedure is expressly provided; or
b if the order or regulations provide for any provision of an enactment relating to the taxation of chargeable gains to come into force or have effect in accordance with the order or regulations.

288  Interpretation.

1 In this Act, unless the context otherwise requires—
  • “the 1979 Act” means the M60Capital Gains Tax Act 1979;
  • F952. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “allowable loss” shall be construed in accordance with sections 8(2) , 16 , 16A , 261B, 261D and 263ZA;
  • F1093. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “the Board” means the Commissioners of Inland Revenue;
  • “building society” has the same meaning as in the M61Building Societies Act 1986;
  • “the Capital Allowances Act” means the Capital Allowances Act 2001;
  • “chargeable period” means a year of assessment or an accounting period of a company for purposes of corporation tax;
  • “class”, in relation to shares or securities, means a class of shares or securities of any one company;
  • “close company” shall be construed in accordance with Chapter 2 of Part 10 of CTA 2010 (see in particular section 439) (subject to section 138ZA(6));
  • “collective investment scheme” has the meaning given by section 235 of the Financial Services and Markets Act 2000 (subject to section 99A);
  • “company” includes any body corporate or unincorporated association but does not include a partnership, and shall be construed in accordance with section 99;
  • “control” shall be construed in accordance with sections 450 and 451 of CTA 2010;
  • “CTA 2009” means the Corporation Tax Act 2009;
  • “CTA 2010” means the Corporation Tax Act 2010;
  • “disposal of a UK residential property interest” has the meaning given by Schedule B1;
  • “double taxation relief arrangements”—
    1. in relation to a company means arrangements that have effect under section 2(1) of TIOPA 2010 except so far as they have effect in relation to petroleum revenue tax, and
    2. in relation to any other person means arrangements that have effect under section 2(1) of TIOPA 2010 but only so far as they have effect in relation to capital gains tax;
  • “dual resident investing company” has the meaning given by section 404 of the Taxes Act;
  • “foreign employment election” means a claim under section 41M of ITEPA 2003;
  • “foreign gain claim” means a claim under paragraph 1 of Schedule D1;
  • “foreign income claim” means a claim under section 845A of ITTOIA 2005;
  • “inspector” means any inspector of taxes;
  • “investment trust” has the meaning given by section 1158 of CTA 2010;
  • “ITEPA 2003” means the Income Tax (Earnings and Pensions) Act 2003;
  • “ITTOIA 2005” means the Income Tax (Trading and Other Income) Act 2005;
  • “ITA 2007” means the Income Tax Act 2007;
  • “land” includes messuages, tenements, and hereditaments, houses and buildings of any tenure;
  • “local authority” has the meaning given by section 999 of ITA 2007;
  • “the Management Act” means the M62Taxes Management Act 1970;
  • “net income” has the same meaning as in the Income Tax Acts (see section 989 of ITA 2007);
  • F2581. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “notice” means notice in writing;
  • F1859 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • F181. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • F1376. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “NRCGT return” has the meaning given by section 12ZB(2) of the Management Act;
  • “offshore fund” has the meaning given in section 355 of TIOPA 2010 (but where two or more offshore funds make up a collective investment scheme they are to be treated as a single offshore fund subject to section 99A of this Act));
  • “participant”, in relation to a collective investment scheme, has the meaning given by section 103C(10);
  • “period of account” has the meaning given by section 989 of ITA 2007;
  • “permanent establishment”, in relation to a company, is to be read in accordance with Chapter 2 of Part 24 of CTA 2010;
  • “personal representatives” has the same meaning as in the Corporation Tax Acts (see section 1119 of CTA 2010);
  • “property investment LLP” has the meaning given by section 1004 of ITA 2007;
  • “qualifying new resident” has the meaning given by section 845B of ITTOIA 2005 (which sets out the circumstances in which an individual will be a qualifying new resident following a period of 10 years of non-residence);
  • “recognised stock exchange” has the meaning given by section 1005 of ITA 2007;
  • “registered pension scheme” has the meaning given by section 150(2) of the Finance Act 2004;
  • “Registrar of Government Stock” means the person or persons appointed in accordance with regulations under section 47(1)(b) of the Finance Act 1942 (see regulation 3 of the Government Stock Regulations 2004);
  • F2098. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “resident” means resident in accordance with the statutory residence test in Part 1 of Schedule 45 to the Finance Act 2013;
  • “shares” includes stock;
  • “split year”, as respects an individual, means a tax year that, as respects that individual, is a split year within the meaning of Part 3 of Schedule 45 to the Finance Act 2013 (statutory residence test: split year treatment);
  • “stepchild”, in relation to a civil partner, shall be construed in accordance with section 246 of the Civil Partnership Act 2004;
  • “the Taxes Act” means the M63Income and Corporation Taxes Act 1988;
  • “TIOPA 2010” means the Taxation (International and Other Provisions) Act 2010;
  • “trade” has the same meaning as in the Income Tax Acts;
  • “trading stock” has the meaning given by section 163 of CTA 2009;
  • “the tribunal” means the First-tier Tribunal or, where determined by or under Tribunal Procedure Rules, the Upper Tribunal;
  • “UK property business” means—
    1. a UK property business within the meaning of the Income Tax Acts (see section 989 of ITA 2007), or
    2. a UK property business within the meaning of the Corporation Tax Acts (see section 1119 of CTA 2010);
  • “venture capital trust” has the same meaning as in Part 6 of ITA 2007;
  • “wasting asset” has the meaning given by section 44 and paragraph 1 of Schedule 8;
  • “year of assessment” means tax year;
and any reference to a particular section, Part or Schedule is a reference to that section or Part of, or that Schedule to, this Act.
1ZA In this Act and other enactments relating to capital gains tax “tax year” means a year beginning on 6 April and ending on the following 5 April; and “the tax year 2008-09” means the tax year beginning on 6 April 2008 (and any corresponding expression in which two years are similarly mentioned is to be read in the same way).
1ZB A reference in this Act to “the overseas part” or “the UK part” of a split year is to be read in accordance with Part 3 of Schedule 45 to the Finance Act 2013 (statutory residence test: split year treatment).
1A If any employment-related securities option would not otherwise be regarded as an option for the purposes of this Act, it shall be so regarded; and the acquisition of securities by an associated person pursuant to an employment-related securities option is to be treated for the purposes of this Act as the exercise of the option. In this subsection “employment-related securities option” means a securities option within the meaning of Chapter 5 of Part 7 of ITEPA 2003 (see section 420(8) of that Act) to which that Chapter applies F2104... (see section 471 of that Act); and other expressions used in this subsection and that Chapter have the same meaning in this subsection as in that Chapter.
2 In this Act “retail prices index” has the same meaning as in the Income Tax Acts and, accordingly, any reference in this Act to the retail prices index shall be construed in accordance with section 989 of ITA 2007.
2A In this Act “consumer prices index” means the all items consumer prices index published by the Statistics Board.
3 References in this Act to an individual living with his spouse or civil partner (however expressed) shall be construed in accordance with section 1011 of ITA 2007.
C339C643A For the purposes of this Act, the following are “the no gain/no loss provisions”—
a sections 58, 73, 139, 140A, 140E, 171, 211, 211B, 215, 216, 217A, 217D, 218 to 220, 257(3), 258(4), 264 and 267(2) of this Act;
b section 148 of the 1979 Act;
c section 148 of the Finance Act 1982;
d section 130(3) of the Transport Act 1985;
F2277e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
f paragraph 2(1) of Schedule 7 to the Broadcasting Act 1996;
g paragraphs 3 and 9 of Schedule 26 to the Transport Act 2000;
h paragraphs 3, 18, 29 and 32 of Schedule 9 to the Energy Act 2004;
i paragraph 9 of Schedule 4 to the Consumers, Estate Agents and Redress Act 2007;
j Schedule 7 to the Housing and Regeneration Act 2008;
k paragraph 4 of Schedule 4 to the Budget Responsibility and National Audit Act 2011;
l paragraph 1(2) or 4 of Schedule 2 to the Postal Services Act 2011;
m paragraph 6(1) of Schedule 24 to the Localism Act 2011.
F18124 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 For the purposes of this Act, shares or debentures comprised in any letter of allotment or similar instrument shall be treated as issued unless the right to the shares or debentures thereby conferred remains provisional until accepted and there has been no acceptance.
5A References in this Act to shares or securities which are listed on a recognised stock exchange shall be construed in accordance with subsections (3) and (4) of section 1005 of ITA 2007.
5B References in this Act to shares or securities which are included in the official UK list shall be construed in accordance with subsection (5) of that section.
6 In this Act “recognised futures exchange” means the London International Financial Futures Exchange and any other futures exchange which is for the time being designated for the purposes of this Act by order made by the Board.
7 An order made by the Board under subsection (6) above—
a may designate a futures exchange by name or by reference to any class or description of futures exchanges, including, in the case of futures exchanges in a country outside the United Kingdom, a class or description framed by reference to any authority or approval given in that country; and
b may contain such transitional and other supplemental provisions as appear to the Board to be necessary or expedient.
7A In the application of this Act to Scotland “surrender” includes renunciation.
7B For the purposes of this Act, a person is Treaty non-resident at any time if, at that time, he falls to be regarded as resident in a territory outside the United Kingdom for the purposes of double taxation relief arrangements having effect at that time.
8 The Table below indexes other general definitions in this Act.
Expression definedReference
“Absolutely entitled as against the trustee"S.60(2)
Authorised contractual scheme s 103D(2)
“Authorised corporate director” S.272(5AB) (as that provision is inserted by regulation 22(b) of the Open-ended Investment Companies (Tax) Regulations 1997)
“Authorised unit trust"S.99
“Branch or agency" s 1B(5)
“Chargeable gain"S.15(2)
“Connected", in references to persons being connected with one anotherS.286
Co-ownership scheme s 103D(2)
“Court investment fund"S.100
“Gilt-edged securities"Sch.9
“Indexation allowance"S.53
“Lease" and cognate expressionsSch.8 para.10(1)
“Legatee"S.64(2),(3)
“Market value"S.272 to 274 and Sch.11
“Open-ended investment company” S.99 (as that section is modified by regulation 20 of the Open-ended Investment Companies (Tax) Regulations 1997)
“Part disposal"S.21(2)
“Principal settlement” Sch.4ZA para. 1
“Qualifying corporate bond"S.117
“Relevant allowable expenditure"S.53
“Reserved Investor Fund (Contractual Scheme)” s 103D(2)
F981. . .F981. . .
“Settled property"S.68
“Settlor” S.68A
“Settlor of property”S.68A
“Sub-fund”Sch.4ZA para. 1
“Sub-fund election”Sch.4ZA para. 2
“Sub-fund settlement”Sch.4ZA para. 1
“Unit trust scheme" and “unit holder” ss 99, 99A and 151W(a)

289  Commencement.

1 Except where the context otherwise requires, this Act has effect in relation to tax for the year 1992-93 and subsequent years of assessment, and tax for other chargeable periods beginning on or after 6th April 1992, and references to the coming into force of this Act or any provision in this Act shall be construed accordingly.
2 The following provisions of this Act, that is—
a so much of any provision of this Act as authorises the making of any order or other instrument, and
b except where the tax concerned is all tax for chargeable periods to which this Act does not apply, so much of any provision of this Act as confers any power or imposes any duty the exercise or performance of which operates or may operate in relation to tax for more than one chargeable period,
shall come into force for all purposes on 6th April 1992 to the exclusion of the corresponding enactments repealed by this Act.

290  Savings, transitionals, consequential amendments and repeals.

1 Schedules 10 (consequential amendments) and 11 (transitory provisions and savings) shall have effect.
2 No letters patent granted or to be granted by the Crown to any person, city, borough or town corporate of any liberty, privilege, or exemption from subsidies, tolls, taxes, assessments or aids, and no statute which grants any salary, annuity or pension to any person free of any taxes, deductions or assessments, shall be construed or taken to exempt any person, city, borough or town corporate, or any inhabitant of the same, from tax chargeable in pursuance of this Act.
3 Subject to Schedule 11, the enactments and instruments mentioned in Schedule 12 to this Act are hereby repealed to the extent specified in the third column of that Schedule (but Schedule 12 shall not have effect in relation to any enactment in so far as it has previously been repealed subject to a saving which still has effect on the coming into force of this section).
4 The provisions of this Part of this Act are without prejudice to the provisions of the M64Interpretation Act 1978 as respects the effect of repeals.

291  Short title.

This Act may be cited as the Taxation of Chargeable Gains Act 1992.

SCHEDULES

F631SCHEDULE A1 

Application of taper relief

F631 Introductory

F6311. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Period for which an asset is held and relevant period of ownership

F6312. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Rules for determining whether a gain is a gain on the disposal of a business asset or non-business asset

F6313. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Conditions for shares to qualify as business assets

F6314. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Conditions for other assets to qualify as business assets

F6315. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Companies which are qualifying companies

F6316. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631Meaning of “material interest”

F6316A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Persons who are eligible beneficiaries

F6317. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Cases where there are non-qualifying beneficiaries

F6318. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Cases where an asset is used at the same time for different purposes

F6319. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Periods of limited exposure to fluctuations in value not to count

F63110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Periods of share ownership not to count where there is a change of activity by the company

F63111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631Periods of share ownership not to count if company is not active

F63111A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Periods of share ownership not to count in a case of value shifting

F63112. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Rules for options

F63113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Further rules for assets derived from other assets

F63114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Special rules for assets transferred between spouses or civil partners

F63115. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Special rules for postponed gains

F63116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Special rule for property settled by a company

F63117. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Special rules for assets acquired in the reconstruction of mutual businesses et ceteralaetc.

F63118. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Special rule for ancillary trust funds

F63119. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 General rules for settlements

F63120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 General rule for apportionments under this Schedule

F63121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631 Interpretation of Schedule

F63122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631Meaning of “trading company”

F63122A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631Meaning of “trading group”

F63122B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631Qualifying shareholdings in joint venture companies

F63123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F631Joint enterprise companies: relevant connection

F63124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050SCHEDULE B1 

Disposals of UK residential property interests

F1050Meaning of “disposal of a UK residential property interest”

F10501. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050 “Interest in UK land”

F10502. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050Grants of options

F10503. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050Meaning of “dwelling”

F10504. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050Power to modify meaning of “use as a dwelling”

F10505. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050Damage to a dwelling

F10506. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050Demolition of a building

F10507. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050Disposal of a building that has undergone works

F10508. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1050Interpretation

F105010. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F514SCHEDULE BA1 

Disposals of non-UK residential property interests

Section 4BB.

F514Meaning of “disposal of a non-UK residential property interest”

F5141. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F514 “Interest in non-UK land”

F5142. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F514Grants of options

F5143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F514Meaning of “dwelling”

F5144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F514Interpretation

F5145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F689SCHEDULE C1 

Section 14F: meaning of “closely-held company” and “widely-marketed scheme”

F689PART 1 Meaning of “closely-held company”

F689Introduction

F6891. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F689Main definition

F6892. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6893. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6894. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6895. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6896. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F689Meaning of “control”

F6897. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6898. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F689Interpretation

F6899. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F689PART 2 Unit trust schemes and OEICs: widely-marketed schemes

F689Introduction

F68910. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F689Widely-marketed schemes

F68911. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F689Interpretation

F68912. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Schedule D1 

Relief for new residents on foreign gains

Section 1A(2)(za)

1 Claim for relief for qualifying new residents

1 An individual may make a claim for relief for a tax year under this paragraph (a “foreign gain claim”) if the individual is a qualifying new resident for that tax year.
2 Paragraphs 2, 3 and 4 set out the reliefs that may be obtained by making a foreign gain claim.
3 A foreign gain claim must be made in a return.
4 A foreign gain claim in relation to a tax year must be made before the end of the period of 12 months beginning with 31 January after the end of that tax year.
5 A foreign gain claim may not be made as a consequential claim (within the meaning of section 43C(5) of the Management Act) if the circumstances which give rise to the consequential claim result from a loss of tax brought about carelessly or deliberately by the individual or a person acting on the individual’s behalf.
6 For the purposes of this paragraph—
a “return” means a return under section 8 of the Management Act (personal return),
b references to a claim being included in a return include a claim being so included as a result of an amendment of the return, and
c subsections (5) to (7) of section 118 of the Management Act (loss of tax brought about carelessly or deliberately) apply as they apply for the purposes of that Act.

2 Relief for qualifying foreign gains

1 Where an individual makes a foreign gain claim for a tax year, the individual is entitled to relief for each qualifying foreign gain accruing to the individual in that year that is identified in the claim.
2 The relief is given by deducting an amount equal to the sum of those gains from the total amount of qualifying foreign gains accruing to the individual in that tax year.

3 Relief in respect of deemed gains under section 86

1 This paragraph applies if—
a an amount of chargeable gains would (but for this paragraph) be treated as accruing to an individual in a tax year under section 86(4) (attribution of gains to settlors of non-resident settlements),
b a qualifying foreign gain accrued in that tax year to the trustees of the settlement concerned (or would have done on the assumption in section 86(3)), and
c the individual identifies the gain mentioned in paragraph (b) in a foreign gain claim for that tax year.
2 For the purposes of section 86(1)(e) as it applies to the individual, the following are to be disregarded (in that tax year and in later tax years)—
a the gain mentioned in sub-paragraph (1)(b);
b any qualifying foreign loss that accrued to the trustees in that tax year (or that would have so accrued on the assumption in section 86(3)).

4 Relief in respect of deemed gains under sections 87 and 89(2) and Schedule 4C

1 This paragraph applies if—
a a settlement is for a tax year—
i one to which section 87 or 89(2) applies (attribution of gains to beneficiaries of settlements), or
ii a relevant settlement in relation to a Schedule 4C pool, within the meaning of paragraph 8A of Schedule 4C (transfers of value: attribution of gains etc),
b a beneficiary of the settlement receives a capital payment from the trustees in that tax year, and
c the individual identifies the capital payment in a foreign gain claim for that tax year.
2 The capital payment is to be disregarded (in that tax year and in later tax years) for the purposes of sections 87, 87A and 89(2) and paragraph 8 of Schedule 4C.
3 The following apply for the purposes of this paragraph as they apply for the purposes of section 87—
a section 87G (which provides for capital payments made to a close member of the settlor’s family to be treated in certain cases as received by the settlor);
b section 97 (which makes provision about the construction of “capital payment”, “settlement”, “trustees” and “beneficiary”).

5 Other effects of claim

For other effects of making a foreign gain claim, see—
a section 1K(6)(b) (annual exempt amount), which provides that where a foreign gain claim has effect in relation to an individual for a tax year, the individual has no entitlement to an annual exempt amount for that year,
b section 16(4) (computation of losses), which provides that where a foreign gain claim has effect in relation to an individual for a tax year, qualifying foreign losses accruing to the individual in that year are not allowable losses, and
c sections 845C to 845E of ITTOIA 2005, which set out some income tax consequences of making a foreign gain claim.

6 Interpretation of Schedule

In this Schedule—
  • “qualifying foreign asset” means an asset that—
    1. is situated outside the United Kingdom, and
    2. does not derive at least 75% of its value from UK land (see Schedule 1A);
  • “qualifying foreign gain” means—
    1. a chargeable gain accruing on the disposal of a qualifying foreign asset,
    2. a chargeable gain treated as accruing as a result of section 3 (gains of non-UK resident close companies attributed to UK residents) where the gain accruing to the non-UK resident close company to which the deemed gain relates accrued on the disposal of a qualifying foreign asset, or
    3. a qualifying QAHC gain,
    but a chargeable gain falling within paragraph (a) or (b) is not a qualifying foreign gain if it is a gain to which paragraph 1(2) of Schedule 1 applies (pre-2025-26 gains subject to the remittance basis);
  • “qualifying foreign loss” means a loss accruing on the disposal of an asset that is a qualifying foreign asset;
  • “qualifying QAHC gain” means the foreign proportion (see paragraph 46(4) to (6) of Schedule 2 to FA 2022) of a chargeable gain accruing to an individual who provided investment management services in connection with investment arrangements to which a QAHC is party on the disposal of shares in the QAHC that were acquired during the course of the provision of those services;
  • “QAHC” and “investment management services” have the meanings they have in that Schedule.

SCHEDULE 1 

UK resident individuals to whom the remittance basis applied

Section 3.

Foreign gains treated as accruing when remitted to UK

1
1 This paragraph applies in the case of an individual to whom the remittance basis applied for a tax year if—
a in that year the individual disposes of foreign assets,
b chargeable gains accrue to the individual on the disposal of those assets, and
c the gains are not taken outside the charge to capital gains tax as a result of section 1G (cases where tax year is a split year).
C471C4702 The gains are treated as accruing to the individual only so far as, and at the time when, they are remitted to the United Kingdom.
3 The amount treated as accruing is equal to the full amount remitted to the United Kingdom at that time.

Use of allowable losses against foreign gains remitted in later year

F28802. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Matching rules for relieving allowable losses

F28813. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rules for matching losses to chargeable gains

F28824. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Definitions

5
1 For the purposes of this Schedule “foreign asset” means an asset situated outside the United Kingdom.
2 For the purposes of this Schedule any reference to “the remittance basis” applying to an individual for a tax year is to section 809B, 809D or 809E of ITA 2007 applying to the individual for the year.
3 For the purposes of this Schedule any question as to whether, and when, amounts are “remitted to the United Kingdom” is determined in accordance with the rules in Chapter A1 of Part 14 of ITA 2007.

SCHEDULE 1A 

Assets deriving 75% of value from UK land etc

PART 1 Introduction

1This Schedule makes provision, for the purposes of section 1A(3)(c) or 2B(4)(b) or paragraph 6 of Schedule D1, for determining in the case of any disposal of any asset—
a whether the asset derives at least 75% of its value from UK land (see Part 2 of this Schedule), and
b whether the person making the disposal has a substantial indirect interest in the UK land (see Part 3 of this Schedule).
2The provision made by this Schedule needs to be read together with—
a paragraph 5 of Schedule 5AAA (which treats units in a CoACS as shares for the purposes of this Schedule), and
b paragraph 6 of that Schedule (which treats certain disposals of interests in collective investment vehicles as meeting the conditions in Part 3 of this Schedule).

C466PART 2 Whether asset derives at least 75% of its value from UK land

The basic rule

3
1 An asset derives at least 75% of its value from UK land if—
a the asset consists of a right or an interest in a company, and
b at the time of the disposal, at least 75% of the total market value of the company's qualifying assets derives (directly or indirectly) from interests in UK land.
2 Market value may be traced through any number of companies, partnerships, trusts and other entities or arrangements but may not be traced through a normal commercial loan.
3 It is irrelevant whether the law under which a company, partnership, trust or other entity or an arrangement is established or has effect is—
a the law of any part of the United Kingdom, or
b the law of any territory outside the United Kingdom.
4 The assets held by a company, partnership or trust or other entity or arrangement must be attributed to the shareholders, partners, beneficiaries or other participants at each stage in whatever way is appropriate in the circumstances.
5 For the purposes of this paragraph—
  • “normal commercial loan” means a loan which is a normal commercial loan for the purposes of section 158(1)(b) or 159(4)(b) of CTA 2010, and
  • “qualifying assets” has the meaning given by paragraph 4.
6 The provision made by this paragraph is subject to exceptions provided by—
a paragraph 5 (interests in UK land used for trading purposes), and
b paragraph 6 (certain disposals of rights or interests in connected companies).

Meaning of “qualifying assets”

4
1 Subject as follows, all of the assets of the company are qualifying assets.
2 An asset of the company is not a qualifying asset so far as it is matched to a related party liability.
3 But an interest in UK land is a qualifying asset of the company even if it is matched to any extent to a related party liability.
4 An asset of the company is matched to a related party liability if—
a the asset consists of a right under a transaction (for example, a right under a loan relationship or derivative contract),
b the right entitles the company to require another person to meet a liability arising under the transaction, and
c the other person is relevant to the paragraph 3 tracing exercise or is a related party of the company on the day of the disposal.
5 For the purposes of this paragraph a person is relevant to the paragraph 3 tracing exercise if—
a the person has assets that fall to be taken into account in the tracing exercise mentioned in paragraph 3, or
b the person has obligations (whether as a trustee or otherwise) in relation to the holding of assets comprised in any trust or other arrangement that fall to be taken into account in that exercise.
6 Whether, for the purposes of this paragraph, a person is a related party of the company on any day is determined in accordance with the rules in Part 8ZB of CTA 2010 but as if, in section 356OT(4) of that Act, the words “, within the period of 6 months beginning with that day” were omitted.
7 In this paragraph a liability includes a contingent liability (such as one arising as a result of the giving of a guarantee, indemnity or other form of financial assistance).

Exception in relation to interests in UK land used for trading purposes

5
1 A disposal of a right or interest in a company is not to be regarded as a disposal of an asset deriving at least 75% of its value from UK land if it is reasonable to conclude that, so far as the market value of the company's qualifying assets derives (directly or indirectly) from interests in UK land—
a all of the interests in UK land are used for trading purposes, or
b all of the interests in UK land would be used for those purposes if low-value non-trade interests in UK land were left out of account.
2 An interest in UK land is “used for trading purposes” for the purposes of this paragraph if (and only if), at the time of the disposal—
a it is being used in, or for the purposes of, a qualifying trade, or
b it has been acquired for use in, or for the purposes of, a qualifying trade.
3 A trade is a “qualifying” trade for the purposes of this paragraph if—
a it has been carried on by the company, or by a person connected with the company, throughout the period of one year ending with the time of the disposal on a commercial basis with a view to the realisation of profits, and
b it is reasonable to conclude that the trade will continue to be carried on (for more than an insignificant period of time) on a commercial basis with a view to the realisation of profits.
4 For the purposes of this paragraph, “low-value non-trade interests in UK land” means interests in UK land—
a which are not used for trading purposes, and
b the total market value of which is, at the time of the disposal, no more than 10% of the total market value at that time of the interests in UK land that are used for trading purposes.

Exception for certain disposals of rights or interests under same arrangements etc

6
1 This paragraph applies if—
a there are two or more disposals of rights or interests in companies,
b the disposals are linked with each other,
c some but not all of the disposals would, apart from this paragraph, be disposals of assets deriving at least 75% of their value from UK land, and
d if one of the companies included all of the assets of the others, a disposal of a right or interest in it would not be a disposal of an asset deriving at least 75% of its value from UK land.
2 None of the disposals are to be regarded as disposals of assets deriving at least 75% of their value from UK land.
3 In determining whether the condition in sub-paragraph (1)(d) is met in the case of a disposal of a right or interest in a company, it is to be assumed that, for the purposes of paragraph 4, each of the other companies in which rights or interest are disposed of is (so far as this would not otherwise be the case) a related party of the company on the day of the disposal.
4 For the purposes of this paragraph a disposal of a right or interest in a company is linked with a disposal of a right or interest in another company if—
a the disposals are made under the same arrangements,
b the disposals are made by the same person or by persons connected with each other,
c the disposals are made to the same person or to persons connected with each other, and
d in the case of each disposal, the person making the disposal is connected with the company in which the right or interest is disposed of.
5 For the purposes of this paragraph, the question whether or not a person is connected with another is to be determined immediately before the arrangements are entered into.
6 Section 286 (connected persons: interpretation) has effect for the purposes of this paragraph as if, in subsection (4), the words “Except in relation to acquisitions or disposals of partnership assets pursuant to bona fide commercial arrangements,” were omitted.

Meaning of “interest in UK land”

7For the purposes of this Part of this Schedule “interest in UK land” has the meaning given by section 1C.

PART 3 Whether person has substantial indirect interest in UK land

Basic rule

8
1 If—
a a person disposes of an asset consisting of a right or an interest in a company, and
b the asset derives at least 75% of its value from UK land,
the person has a substantial indirect interest in UK land if, at any time in the period of 2 years ending with the time of the disposal, the person has a 25% investment in the company.
2 But a person is not to be regarded as having a 25% investment in the company at times falling in the person's qualifying ownership period if, having regard to the length of that period, the times (taken as whole) constitute an insignificant proportion of that period.
3 The “person's qualifying ownership period” means the period throughout which the person has held an asset consisting of a right or an interest in the company, but excluding times that fall before the beginning of the 2 year period mentioned in sub-paragraph (1).

Meaning of “25% investment”

C76C4659
1 A person (“P”) has a 25% investment in a company (“C”) if—
a P possesses or is entitled to acquire 25% or more of the voting power in C,
b in the event of a disposal of the whole of the equity in C, P would receive 25% or more of the proceeds,
c in the event that the income in respect of the equity in C were distributed among the equity holders in C, P would receive 25% or more of the amount so distributed, or
d in the event of a winding-up of C or in any other circumstances, P would receive 25% or more of C's assets which would then be available for distribution among the equity holders in C in respect of the equity in C.
2 In this paragraph references to the equity in C are to—
a the shares in C other than restricted preference shares, or
b loans to C other than normal commercial loans.
3 For this purpose “shares in C” includes—
a stock, and
b any other interests of members in C.
4 For the purposes of this paragraph a person is an equity holder in C if the person possesses any of the equity in C.
5 For the purposes of this paragraph—
  • “normal commercial loan” means a loan which is a normal commercial loan for the purposes of section 158(1)(b) or 159(4)(b) of CTA 2010, and
  • “restricted preference shares” means shares which are restricted preference shares for the purposes of section 160 of CTA 2010.
6 In a case where C is a company which does not have share capital, in applying for the purposes of this paragraph the definitions of “normal commercial loan” and “restricted preference shares”—
a sections 160(2) to (7) and 161 to 164 of CTA 2010, and
b any other relevant provisions of that Act,
have effect with the necessary modifications.
7 In this paragraph references to a person receiving any proceeds, amount or assets include—
a the direct or indirect receipt of the proceeds, amount or assets, and
b the direct or indirect application of the proceeds, amount or assets for the person's benefit,
and it does not matter whether the receipt or application is at the time of the disposal, distribution, winding-up or other circumstances or at a later time.
8 If—
a there is a direct receipt or direct application of any proceeds, amount or assets by or for the benefit of a person (“A”), and
b another person (“B”) directly or indirectly owns a percentage of the equity in A,
there is, for the purposes of sub-paragraph (7), an indirect receipt or indirect application of that percentage of the proceeds, amount or assets by or for the benefit of B.
9 For this purpose the percentage of the equity in A directly or indirectly owned by B is to be determined by applying the rules in sections 1155 to 1157 of CTA 2010 with such modifications (if any) as may be necessary.
10 Sub-paragraph (7) is not to result in a person being regarded as having a 25% investment in another person merely as a result of their being parties to a normal commercial loan.
11 Any reference in this paragraph, in the case of a person who is a member of a partnership, to the proceeds, amount or assets of the person includes the person's share of the proceeds, amount or assets of the partnership (apportioning those things between the partners on a just and reasonable basis).

Attribution of rights and interests

C7610
1 In determining for the purposes of paragraph 9 the investment that a person (“P”) has in a company, P is to be taken to have all of the rights and interests of any person connected with P.
2 A person is not to be regarded as connected with another person for the purposes of this paragraph merely as a result of their being parties to a loan that is a normal commercial loan for the purposes of paragraph 9.
3 Section 286 (connected persons: interpretation) has effect for the purposes of this paragraph—
a as if, in subsection (2), for the words from “, or is a relative” to the end there were substituted “ or is a lineal ancestor or lineal descendant of the individual or of the individual's spouse or civil partner ”, and
b as if subsections (4) and (8) were omitted.

PART 4 Cell companies and anti-avoidance

Cell companies

10A
1 In the application of this Schedule in relation to the disposal of an asset consisting of a right or an interest in a cell company, each cell of the company is to be treated as if it were an individual company.
2 For the purposes of this paragraph—
a a company is a “cell company” if under the law under which the company is formed, under the company’s articles of association or other document regulating the company or under arrangements entered into by or in relation to the company—
i some or all of the assets of the company are available primarily, or only, to meet particular liabilities of the company, and
ii some or all of the members of the company, and some or all of its creditors, have rights primarily, or only, in relation to particular assets of the company;
b “cell”, in relation a cell company, means an identifiable part of the company that carries on distinct business activities and to which particular assets and liabilities of the company are primarily or wholly attributable.

Anti-avoidance

11
1 This paragraph applies if a person has entered into any arrangements the main purpose, or one of the main purposes, of which is to obtain a tax advantage for the person as a result (wholly or partly) of—
a a provision of this Schedule applying or not applying, or
b double taxation arrangements having effect despite a provision of this Schedule in a case where the advantage is contrary to the object and purpose of the double taxation arrangements.
2 The tax advantage is to be counteracted by the making of such adjustments as are just and reasonable.
3 The adjustments may be made (whether by an officer of Revenue and Customs or the person) by way of an assessment, the modification of an assessment, amendment or disallowance of a claim, or otherwise.
4 The counteraction has effect in a treaty shopping case regardless of section 6(1) of TIOPA 2010.
5 This paragraph applies by reference to—
a arrangements entered into on or after 22 November 2017 in a treaty shopping case, and
b arrangements entered into on or after 6 July 2018 in any other case.
6 In this paragraph—
  • “arrangements” (except in the expression “double taxation arrangements”) includes any agreement, understanding, scheme, transaction or series of transactions (whether or not legally enforceable),
  • “double taxation arrangements” means arrangements that have effect under section 2(1) of TIOPA 2010,
  • “tax” means capital gains tax or corporation tax,
  • “tax advantage” includes—
    1. relief or increased relief from tax,
    2. repayment or increased repayment of tax,
    3. avoidance or reduction of a charge to tax or an assessment to tax,
    4. avoidance of a possible assessment to tax,
    5. deferral of a payment of tax or advancement of a repayment of tax, and
    6. avoidance of an obligation to deduct or account for tax, and
  • “treaty shopping case” means a case where this paragraph applies as a result of sub-paragraph (1)(b).

F2771SCHEDULE 1B 

Residential property gains

Meaning of “residential property gain”

1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attribution of gain to residential property

2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disposing of residential property

3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Interest in land

4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dwelling: basic meaning

5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Building temporarily unsuitable for use as a dwelling

6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disposal of a building that has undergone works

7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Other definitions

8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Power to modify meaning of “use as a dwelling”

9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Regulations

10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 1C 

Annual exempt amount in cases involving settled property

Introductory

1
1 This Schedule provides for the application of section 1K (in some cases with modifications) in relation to the trustees of a settlement for a tax year.
2 The application of this Schedule depends on (among other things) whether or not—
a a settlement is for the benefit of a disabled person, and
b a settlement is a qualifying UK settlement.
3 For the definitions of those expressions, see paragraphs 3 and 7 respectively.
4 In this Schedule any reference to the application of section 1K in relation to an individual for a tax year is to its application in relation to an individual to whom subsection (6) of that section does not apply.

Settlements for the benefit of disabled persons

2
1 In the case of a settlement for the benefit of a disabled person for a tax year, section 1K applies in relation to the trustees of the settlement for the year as it applies in relation to an individual for the year.
2 This paragraph needs to be read with—
a paragraph 6 (cases where settlement is a qualifying UK settlement comprised in a group), and
b paragraph 8 (sub-fund settlements).
3
1 A settlement is a “settlement for the benefit of a disabled person” for a tax year if, for the whole or part of that year, settled property is held on trusts which secure that, during the lifetime of a disabled person, the property and income tests are met.
2 The property test is met if any of the property which is applied for the benefit of a beneficiary is applied for the disabled person's benefit.
3 The income test is met if either—
a the disabled person is entitled to all of the income (if any) arising from any of the property, or
b if any income arising from any of the property is applied for the benefit of a beneficiary, it is applied for the disabled person's benefit.
4 A settlement is not prevented from being a settlement for the benefit of a disabled person for a tax year just because—
a the trustees have power to apply amounts (of any nature) not exceeding the de minimis threshold for that year,
b the trustees have the powers of advancement conferred by section 32 of the Trustee Act 1925 or section 33 of the Trustee Act (Northern Ireland) 1958,
c the trustees have those powers but free from, or subject to a less restrictive limitation than, the limitation imposed by—
i proviso (a) of section 32(1) of the Trustee Act 1925, or
ii section 33(1)(a) of the Trustee Act (Northern Ireland) 1958, or
d the trustees have powers to the same effect as the powers mentioned in paragraph (b) or (c).
5 For the purposes of sub-paragraph (4)(a) “the de minimis threshold” means—
a £3,000, or
b 3% of the maximum value of the settled property during the tax year,
whichever is the lower.
6 In this paragraph “disabled person” has the meaning given by Schedule 1A to the Finance Act 2005.
7 If the income from settled property is held for the benefit of a disabled person (“D”) on trusts of the kind described in section 33 of the Trustee Act 1925 (protective trusts), the reference in this paragraph to D's lifetime is to be read as a reference to the period during which the income is held on trust for D.
8 This paragraph applies for the purposes of this Schedule.
4
1 The Treasury may by order—
a specify circumstances in which paragraph 3(4)(a) is, or is not, to apply, and
b amend the definition of “the de minimis threshold” in paragraph 3(5).
2 The order may—
a make different provision for different purposes, and
b contain transitional and saving provision.
3 A statutory instrument containing an order under this paragraph which reduces the annual exempt amount in any case may not be made unless a draft of the instrument has been laid before, and approved by a resolution of, the House of Commons.

Other settlements

5
1 This paragraph applies if settlement is not a settlement for the benefit of a disabled person for a tax year.
2 Section 1K applies in relation to the trustees of the settlement for the year as it applies in relation to an individual for the year but as if the annual exempt amount for the year were one-half of the amount available for the individual for the year.
3 This paragraph needs to be read be with—
a paragraph 6 (cases where settlement is qualifying UK settlement comprised in a group), and
b paragraph 8 (sub-fund settlements).

Special rules for qualifying UK settlements comprised in groups

6
1 This paragraph reduces the annual exempt amount for trustees of a settlement for a tax year if the settlement is one of two or more qualifying UK settlements comprised in a group.
2 In the case of a settlement for the benefit of a disabled person for the year, the annual exempt amount for the year is to be reduced so that it is equal to—
a one-tenth of an individual's amount for that year, or
b the amount resulting from dividing the individual's amount for that year by the number of settlements in the group,
whichever is the greater.
3 In the case of any other settlement, the annual exempt amount for the year is to be reduced so that it is equal to—
a one-tenth of an individual's amount for that year, or
b the amount resulting from dividing half of an individual's amount for that year by the number of settlements in the group,
whichever is the greater.
4 In this paragraph “an individual's amount”, in relation to a tax year, means the annual exempt amount applying to an individual for the year under section 1K.
5 For the purposes of this paragraph all qualifying UK settlements in relation to which the same person is the settlor constitute a group.
6 If—
a two or more persons are settlors in relation to a settlement, and
b a settlement is consequently comprised in two or more groups comprising different numbers of settlement,
sub-paragraphs (2)(b) and (3)(b) have effect by reference to the largest group.
7
1 In this Schedule “qualifying UK settlement”, in relation to a tax year, means any settlement in relation to which both of the following conditions are met—
a the trustees of the settlement are resident in the United Kingdom during any part of the tax year, and
b the property comprised in the settlement is not held for a charitable or pensions purpose.
2 Property comprised in a settlement is held for a charitable purpose if (and only if)—
a it is held for charitable purposes only, and
b it cannot become applicable for other purposes.
3 Property comprised in a settlement is held for a pensions purpose if (and only if) it is held for the purposes of—
a a registered pension scheme,
b a superannuation fund to which section 615(3) of the Taxes Act applies, or
c an occupational pension scheme (within the meaning of section 150(5) of the Finance Act 2004) that is not a registered pension scheme.
4 For this purposes of any provision of this Schedule other than paragraph 8 a settlement is not a qualifying UK settlement if—
a in the case of one for the benefit of a disabled person, it was made before 10 March 1981, or
b in any other case, it was made before 6 June 1978.

Special rules for principal settlements and sub-funds

8
1 This paragraph—
a applies if the trustees of a settlement (“the principal settlement”) have made an election under paragraph 1 of Schedule 4ZA the effect of which is that one or more other settlements (“sub-fund settlements”) are treated as created, and
b provides for the annual exempt for the trustees of each of the affected settlements to be determined by reference to the assumed annual amount.
2 For this purposes of this paragraph—
a the principal settlement and each of the sub-fund settlements is an “affected settlement”, and
b the “assumed annual amount” means the amount which would be the annual exempt for the trustees of the principal settlement on the assumption that no election had been made under paragraph 1 of Schedule 4ZA.
3 The annual exempt amount for the trustees of each of the affected settlements is the assumed annual amount unless there are two or more qualifying UK settlements in the affected settlements.
4 In that case, the annual exempt amount for the trustees of each of the affected settlements is the assumed annual amount divided by the number of qualifying UK settlements in the affected settlements.

C200C426C136SCHEDULE 2 

Assets held on 6th April 1965

Section 35.

Part I  Quoted securities

Deemed acquisition at 6th April 1965 value

1
1 This paragraph applies—
a to shares and securities which on 6th April 1965 had quoted market values on a recognised stock exchange, or which had such quoted market values at any time in the period of 6 years ending on 6th April 1965, and
b to rights of unit holders in any unit trust scheme the prices of which are published regularly by the managers of the scheme.
2 For the purposes of this Act it shall be assumed, wherever relevant, that any assets to which this paragraph applies were sold by the owner, and immediately reacquired by him, at their market value on 6th April 1965.
F4463 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restriction of gain or loss by reference to actual cost

2
1 Subject to paragraph 4 below and section 109(4), paragraph 1(2) above shall not apply in relation to a disposal of assets—
a if on the assumption in paragraph 1(2) a gain would accrue on that disposal to the person making the disposal and either a smaller gain or a loss would so accrue if paragraph 1(2) did not apply, or
b if on the assumption in paragraph 1(2) a loss would so accrue and either a smaller loss or a gain would accrue if paragraph 1(2) did not apply,
and accordingly the amount of the gain or loss accruing on the disposal shall be computed without regard to the preceding provisions of this Schedule except that in a case where this sub-paragraph would otherwise substitute a loss for a gain or a gain for a loss it shall be assumed, in relation to the disposal, that the relevant assets were sold by the owner, and immediately reacquired by him, for a consideration such that, on the disposal, neither a gain nor a loss accrued to the person making the disposal.
2 For the purpose of—
a identifying shares or securities held on 6th April 1965 with shares or securities previously acquired, and
b identifying the shares or securities held on that date with shares or securities subsequently disposed of, and distinguishing them from shares or securities acquired subsequently,
so far as that identification is needed for the purposes of sub-paragraph (1) above, and so far as the shares or securities are of the same class, shares or securities acquired at a later time shall be deemed to be disposed of before shares or securities acquired at an earlier time.
3 Sub-paragraph (2) above has effect subject to section 105.
3
1 Where—
a a disposal was made out of quoted securities before 20th March 1968, and
b by virtue of paragraph 2 of Schedule 7 to the M65Finance Act 1965 some of the quoted securities out of which the disposal was made were acquired before 6th April 1965 and some later,
then in computing the gain accruing on any disposal of quoted securities the question of what remained undisposed of on the earlier disposal shall be decided on the footing that paragraph 2 of that Schedule did not apply as respects that earlier disposal.
2 The rules of identification in paragraph 2(2) above shall apply for the purposes of this paragraph as they apply for the purposes of that paragraph.

Election for pooling

4
1 This paragraph applies in relation to quoted securities as respects which an election under paragraphs 4 to 7 of Schedule 5 to the 1979 Act had not been made before the operative date, within the meaning of Part II of Schedule 13 to the M66Finance Act 1982, (so that they do not constitute a 1982 holding within the meaning of section 109), but does not apply in relation to relevant securities within the meaning of section 108.
2 If a person so elects, quoted securities covered by the election shall be excluded from paragraph 2 above, so that paragraph 1(2) above is not excluded by that paragraph as respects those securities, and sub-paragraphs (3) to (7) (which re-enact section 65 of the 1979 Act) apply.
3 Subject to section 105, any number of quoted securities of the same class held by one person in one capacity shall for the purposes of this Act be regarded as indistinguishable parts of a single asset (in this paragraph referred to as a holding) growing or diminishing on the occasions on which additional securities of the class in question are acquired, or some of the securities of the class in question are disposed of.
4 Without prejudice to the generality of sub-paragraph (3) above, a disposal of quoted securities in a holding, other than the disposal outright of the entire holding, is a disposal of part of an asset and the provisions of this Act relating to the computation of a gain accruing on a disposal of part of an asset shall apply accordingly.
5 Securities shall not be treated for the purposes of this paragraph as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on such a stock exchange, but shall be treated in accordance with this paragraph notwithstanding that they are identified in some other way by the disposal or by the transfer or delivery giving effect to it.
F836 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Nothing in this paragraph shall be taken as affecting the manner in which the market value of any asset is to be ascertained.
8 An election made by any person under this paragraph shall be as respects all disposals made by the person at any time, including disposals made before the election but after 19th March 1968—
a of quoted securities of kinds other than fixed-interest securities and preference shares, or
b of fixed-interest securities and preference shares,
and references to the quoted securities covered by an election shall be construed accordingly.Any person may make both of the elections.
9 An election under this paragraph shall not cover quoted securities which the holder acquired on a disposal after 19th March 1968 in relation to which section 171(1) applies, but this paragraph shall apply to the quoted securities so held if the person who made the original disposal (that is to say F1824... the other member of the group of companies) makes an election covering quoted securities of the kind in question.For the purpose of identifying quoted securities disposed of by the holder with quoted securities acquired by the holder on a disposal in relation to which section 171(1) applies, so far as they are of the same class, quoted securities acquired at an earlier time shall be deemed to be disposed of before quoted securities acquired at a later time.
10 For the avoidance of doubt it is hereby declared—
a that where a person makes an election under this paragraph as respects quoted securities which the person holds in one capacity, that election does not cover quoted securities which the person holds in another capacity, and
b that an election under this paragraph is irrevocable.
11 An election under this paragraph shall be made by notice to an officer of the Board given—
F1101a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b F1056... not later than the expiration of 2 years from the end of the accounting period in which the first relevant disposal is made; or
c F725... within such further time as the Board may allow.
12 Subject to paragraph 5 below, in this paragraph the “first relevant disposal”, in relation to each of the elections referred to in sub-paragraph (8) of this paragraph, means the first disposal after 19th March 1968 by the person making the election of quoted securities of the kind covered by that election.
13 All such adjustments shall be made, whether by way of discharge or repayment of tax, or the making of assessments or otherwise, as are required to give effect to an election under this paragraph.

Election by principal company of group

5
1 In the case of companies which at the relevant time are members of a group of companies—
a an election under paragraph 4 above by the company which at that time is the principal company of the group shall have effect also as an election by any other company which at that time is a member of the group, and
b no election under that paragraph may be made by any other company which at that time is a member of the group.
2 In this paragraph “the relevant time”, in relation to a group of companies, and in relation to each of the elections referred to in paragraph 4(8) above, is the first occasion after 19th March 1968 when any company which is then a member of a group disposes of quoted securities of a kind covered by that election, and for the purposes of paragraph 4(11) above that occasion is, in relation to the group, “the first relevant disposal".
3 This paragraph shall not apply in relation to quoted securities of either kind referred to in paragraph 4(8) above which are owned by a company which, in some period after 19th March 1968 and before the relevant time, was not a member of the group if in that period it had made an election under paragraph 4 above in relation to securities of that kind (or was treated by virtue of this paragraph, in relation to another group, as having done so), or had made a disposal of quoted securities of that kind and did not make an election within the time limited by paragraph 4(11) above.
4 This paragraph shall apply notwithstanding that a company ceases to be a member of the group at any time after the relevant time.
5 In this paragraph “company” and “group” shall be construed in accordance with section 170(2) to (9).

Pooling at value on 6th April 1965: exchange of securities etc.

6
1 Where a person who has made only one of the elections under paragraph 4 above disposes of quoted securities which, in accordance with Chapter II of Part IV, are to be regarded as being or forming part of a new holding, the election shall apply according to the nature of the quoted securities disposed of, notwithstanding that under that Chapter the new holding is to be regarded as the same asset as the original holding and that the election would apply differently to the original holding.
2 Where the election does not cover the disposal out of the new holding but does cover quoted securities of the kind comprised in the original holding, then in computing the gain accruing on the disposal out of the new holding (in accordance with paragraph 3 above) the question of what remained undisposed of on any disposal out of the original holding shall be decided on the footing that paragraph 3 above applied to that earlier disposal.
3 In the converse case (that is to say, where the election covers the disposal out of the new holding, but does not cover quoted securities of the kind comprised in the original holding) the question of how much of the new holding derives from quoted securities held on 6th April 1965 and how much derives from other quoted securities, shall be decided as it is decided for the purposes of paragraph 3 above.

Underwriters

7No election under paragraph 4 above shall cover quoted securities comprised in any underwriter’s premiums trust fund, or premiums trust fund deposits, or personal reserves, being securities comprised in funds to which section 206 applies.

Interpretation of paragraphs 3 to 7

8
1 In paragraphs 3 to 7 above—
  • “quoted securities” means assets to which paragraph 1 above applies,
  • “fixed interest security” means any security as defined by section 132,
  • “preference share” means any share the holder whereof has a right to a dividend at a fixed rate, but has no other right to share in the profits of the company.
2 If and so far as the question whether at any particular time a share was a preference share depends on the rate of dividends payable on or before 5th April 1973, the reference in the definition of “preference share” in sub-paragraph (1) above to a dividend at a fixed rate includes a dividend at a rate fluctuating in accordance with the standard rate of income tax.

Part II  Land reflecting development value

9
1 Subject to paragraph 17(2) of Schedule 11, this Part of this Schedule shall apply in relation to a disposal of an asset which is an interest in land situated in the United Kingdom—
a if, but for this paragraph, the expenditure allowable as a deduction in computing the gain accruing on the disposal would include any expenditure incurred before 6th April 1965, and
b if the consideration for the asset acquired on the disposal exceeds the current use value of the asset at the time of the disposal, or if any material development of the land has been carried out after 17th December 1973 since the person making the disposal acquired the asset.
2 For the purposes of this Act, it shall be assumed that, in relation to the disposal and, if it is a part disposal, in relation to any subsequent disposal of the asset which is an interest in land situated in the United Kingdom, that asset was sold by the person making the disposal, and immediately reacquired by him, at its market value on 6th April 1965.
3 Sub-paragraph (2) above shall apply also in relation to any prior part disposal of the asset and, if tax has been charged, or relief allowed, by reference to that part disposal on a different footing, all such adjustments shall be made, whether by way of assessment or discharge or repayment of tax, as are required to give effect to the provisions of this sub-paragraph.
4 Sub-paragraph (2) above shall not apply in relation to a disposal of assets—
a on the assumption in that sub-paragraph a gain would accrue on that disposal to the person making the disposal and either a smaller gain or a loss would so accrue (computed in accordance with the provisions of this Act) if it did not apply, or
b if on the assumption in sub-paragraph (2) a loss would so accrue and either a smaller loss or a gain would accrue if that sub-paragraph did not apply,
and accordingly the amount of the gain or loss accruing on the disposal shall be computed without regard to the provisions of this Schedule except that in a case where this sub-paragraph would otherwise substitute a loss for a gain or a gain for a loss it shall be assumed, in relation to the disposal, that the relevant assets were sold by the owner, and immediately reacquired by him, for a consideration such that, on the disposal, neither a gain nor a loss accrued to the person making the disposal.
5 For the purposes of this Part of this Schedule—
a “interest in land” means any estate or interest in land, any right in or over land or affecting the use or disposition of land, and any right to obtain such an estate, interest or right from another which is conditional on that other’s ability to grant the estate, interest or right in question, except that it does not include the interest of a creditor (other than a creditor in respect of a rentcharge) whose debt is secured by way of a mortgage, an agreement for a mortgage or a charge of any kind over land, or, in Scotland, the interest of a creditor in a charge or security of any kind over land; and
b “land” includes buildings.
10
1 For the purposes of this Part of this Schedule, the current use value of an interest in land shall be ascertained in accordance with the following provisions of this Part, and in this Part the time as at which current use value is to be ascertained is referred to as “the relevant time”.
2 Subject to the following provisions of this Part of this Schedule, the current use value of an interest in land at the relevant time is the market value of that interest at that time calculated on the assumption that it was at that time, and would continue to be, unlawful to carry out any material development of the land other than any material development thereof which, being authorised by planning permission in force at that time, was begun before that time.In relation to any material development which was begun before 18th December 1973 this sub-paragraph shall have effect with the omission of the words from “other than" to “before that time".
3 In this paragraph “planning permission” has the same meaning as in the M67Town and Country Planning Act 1990, or, in Scotland, the M68Town and Country Planning (Scotland) Act 1972, or, in Northern Ireland, the Planning Act (Northern Ireland) 2011, and in determining for the purposes of this paragraph what material development of any land was authorised by planning permission at a time when there was in force in respect of the land planning permission granted on an outline application (that is to say, an application for planning permission subject to subsequent approval on any matters), any such development of the land which at that time—
a was authorised by that permission without any requirement as to subsequent approval; or
b not being so authorised, had been approved in the manner applicable to that planning permission,
but no other material development, shall for those purposes be taken to have been authorised by that permission at that time.
4 Where the value to be ascertained is the current use value of an interest in land which has been disposed of by way of a part disposal of an asset (“the relevant asset”) consisting of an interest in land, the current use value at the relevant time of the interest disposed of shall be the relevant fraction of the current use value of the relevant asset at that time, calculated on the same assumptions as to the lawfulness or otherwise of any material development as fall to be made under this Part in calculating the current use value at that time of the interest disposed of.
5 For the purposes of sub-paragraph (4) above “the relevant fraction” means that fraction of the sums mentioned in paragraph (6) below which under subsection (2) of section 42 is, or would but for subsection (4) of that section be, allowable as a deduction in computing the amount of the gain accruing on the part disposal.
6 The sums referred to in sub-paragraph (5) above are the sums which, if the entire relevant asset had been disposed of at the time of the part disposal, would be allowable by virtue of section 38(1)(a) and (b) as a deduction in computing the gain accruing on that disposal of the relevant asset.
7 Sub-paragraphs (4) to (6) above shall not apply—
a in the case of a disposal of an interest in land by way of a part disposal if, on making the disposal, the person doing so no longer has any interest in the land which is subject to that interest; or
b in a case to which the following provisions of this paragraph apply.
8 In computing any gain accruing to a person on a part disposal of an interest in land resulting under subsection (1) of section 22 from the receipt as mentioned in paragraph (a), (c) or (d) of that subsection of a capital sum, the current use value at the relevant time of the interest out of which the part disposal was made shall be taken to be what it would have been at that time if the circumstances which caused the capital sum to be received had not arisen.
11
1 The current use value of an interest in land which is either—
a a freehold interest which is subject to a lease or an agreement for a lease, or
b an interest under a lease or agreement for a lease,
shall be ascertained without regard to any premium required under the lease or agreement for a lease or any sublease, or otherwise under the terms subject to which the lease or sublease was or is to be granted, but with regard to all other rights under the lease or prospective lease (and, for the current use value of an interest under a lease subject to a sublease, under the sublease).
2 If under sub-paragraph (1) above an interest under a lease or agreement for a lease would have a negative value, the current use value of the interest shall be nil.
3 If a lease is granted out of any interest in land after 17th December 1973, then, in computing any gain accruing on any disposal of the reversion on the lease made while the lease subsists, the current use value of the reversion at any time after the grant of the lease shall not exceed what would have been at that time the current use value of the interest in the land of the person then owning the reversion if that interest had not been subject to the lease.
4 In the application of this paragraph to Scotland, “freehold” means the estate or interest of the proprietor of the dominium utile or, in the case of property other than feudal property, of the owner, and “reversion” means the interest of the landlord in property subject to a lease.
12In computing any gain accruing to a person on a disposal of a lease which is a wasting asset, the current use value of the lease at the time of its acquisition by the person making the disposal shall be the fraction—
AB
  • of what its current use value at that time would be apart from this paragraph,
  • where—
    • A is equal to so much of the expenditure attributable to the lease under section 38(1)(a) and (b) as is not under paragraph 1 of Schedule 8 excluded therefrom for the purposes of the computation of the gain accruing on the disposal, and
    • B is equal to the whole of the expenditure which would be so attributable to the lease for those purposes apart from the said paragraph 1.
13
1 In this Part of this Schedule, “material development”, in relation to any land, means the making of any change in the state, nature or use of the land, but the doing of any of the following things in the case of any land shall not be taken to involve material development of the land, that is to say—
a the carrying out of works for the maintenance, improvement, enlargement or other alteration of any building, so long as the cubic content of the original building is not exceeded by more than one-tenth;
b the carrying out of works for the rebuilding, as often as occasion may require, of any building which was in existence at the relevant time, or of any building which was in existence in the period of 10 years immediately preceding the day on which that time falls but was destroyed or demolished before the relevant time, so long as (in either case) the cubic content of the original building is not exceeded by more than one-tenth;
c the use of any land for the purposes of agriculture or forestry, the use for any of those purposes of any building occupied together with land so used, and the carrying out on any land so used of any building or other operations required for the purposes of that use;
d the carrying out of operations on land for, or the use of land for, the display of an advertisement, announcement or direction of any kind;
e the carrying out of operations for, or the use of the land for, car parking, provided that such use shall not exceed 3 years;
f in the case of a building or other land which at the relevant time was used for a purpose falling within any class specified in sub-paragraph (4) below or which, being unoccupied at that time, was last used for any such purpose, the use of that building or land for any other purpose falling within the same class;
g in the case of a building or other land which at the relevant time was in the occupation of a person by whom it was used as to part only for a particular purpose, the use for that purpose of any additional part of the building or land not exceeding one-tenth of the cubic content of the part of the building used for that purpose at the relevant time or, as the case may be, one-tenth of the area of the land so used at that time;
h in the case of land which at the relevant time was being temporarily used for a purpose other than the purpose for which it was normally used, the resumption of the use of the land for the last-mentioned purpose;
i in the case of land which was unoccupied at the relevant time, the use of the land for the purpose for which it was last used before that time.
References in this paragraph to the cubic content of a building are references to that content as ascertained by external measurement.
2 For the purposes of sub-paragraph (1)(a) and (b)—
a where 2 or more buildings are included in a single development the whole of that development may be regarded as a single building, and where 2 or more buildings result from the redevelopment of a single building the new buildings may together be regarded as a single building, but 2 or more buildings shall not be treated as included in a single development unless they are or were comprised in the same curtilage; and
b in determining whether or not the cubic content of the original building has been exceeded by more than one-tenth, the cubic content of the building after the carrying out of the works in question shall be treated as reduced by the amount (if any) by which so much of that cubic content as is attributable to one or more of the matters mentioned in sub-paragraph (3) below exceeds so much of the cubic content of the original building as was attributable to one or more of the matters so mentioned.
3 The matters referred to in sub-paragraph (2)(b) are the following, that is to say—
a means of escape in case of fire;
b car-parking or garage space;
c accommodation for plant providing heating, air-conditioning or similar facilities.
4 The classes of purposes mentioned in sub-paragraph (1)(f) are the following—
  • Class A—Use as a dwelling-house or for the purpose of any activities which are wholly or mainly carried on otherwise than for profit, except use for a purpose falling within Class B, C or E.
  • Class B—Use as an office or retail shop.
  • Class C—Use as a hotel, boarding-house or guest-house, or as premises licensed for the sale of intoxicating liquors for consumption on the premises.
  • Class D—Use for the purpose of any activities wholly or mainly carried on for profit, except—
a use as a dwelling-house or for the purposes of agriculture or forestry; and
b use for a purpose falling within Class B, C or E.
Class E—Use for any of the following purposes, namely—
a the carrying on of any process for or incidental to any of the following purposes, namely—
i the making of any article or of any part of any article, or the production of any substance;
ii the altering, repairing, ornamenting, finishing, cleaning, washing, packing or canning, or adapting for sale, or breaking up or demolishing of any article; or
iii without prejudice to (i) or (ii) above, the getting, dressing or treatment of minerals,
being a process carried on in the course of a trade or business other than agriculture or forestry, but excluding any process carried on at a dwelling-house or retail shop;
b storage purposes (whether or not involving use as a warehouse or repository) other than storage purposes ancillary to a purpose falling within Class B or C.
14
1 For the purposes of this Part, material development shall be taken to be begun on the earliest date on which any specified operation comprised in the material development is begun.
2 In this paragraph “specified operation” means any of the following, that is to say—
a any work of construction in the course of the erection of a building;
b the digging of a trench which is to contain the foundations, or part of the foundations, of a building;
c the laying of any underground main or pipe to the foundations, or part of the foundations, of a building or to any such trench as is mentioned in (b) above;
d any operation in the course of laying out or constructing a road or part of a road;
e any change in the use of any land.
3 Subject to sub-paragraph (4) below, material development shall for the purposes of this Part of this Schedule not be treated as carried out after a particular date if it was begun on or before that date.
4 If, in the case of any land—
a material development thereof was begun on or before 17th December 1973 but was not completed on or before that date, and
b the development was on that date to any extent not authorised by planning permission (within the meaning of paragraph 10(3) above) then in force,
then, for the purposes of this Part of this Schedule, so much of the development carried out after that date as was not so authorised on that date shall be treated as begun on the earliest date after 17th December 1973 on which any specified operation comprised therein is begun, and shall accordingly be treated as material development of the land carried out after 17th December 1973.
15In this Part of this Schedule, unless the context otherwise requires—
  • “agriculture” includes horticulture, fruit growing, seed growing, dairy farming, the keeping and breeding of livestock (including any creature kept for the production of food, wool, skins or fur, or for the purpose of its use in the farming of land), the use of land as grazing land, meadow land, osier land, market gardens and nursery grounds, and the use of land for woodlands where that use is ancillary to the farming of land for other agricultural purposes, and “agricultural” shall be construed accordingly;
  • “article” means an article of any description;
  • “building” includes part of a building and references to a building may include references to land occupied therewith and used for the same purposes;
  • “forestry” includes afforestation;
  • “minerals” includes all minerals and substances in or under land of a kind ordinarily worked for removal by underground or surface working;
  • “retail shop” includes any premises of a similar character where retail trade or business (including repair work) is carried on;
  • “substance” means any natural or artificial substance or material, whether in solid or liquid form or in the form of a gas or vapour.

Part III  Other assets

Apportionment by reference to straightline growth of gain or loss over period of ownership

16
1 This paragraph applies subject to Parts I and II of this Schedule.
2 On the disposal of assets by a person whose period of ownership began before 6th April 1965 only so much of any gain accruing on the disposal as is under this paragraph to be apportioned to the period beginning with 6th April 1965 shall be a chargeable gain.
3 Subject to the following provisions of this Schedule, the gain shall be assumed to have grown at a uniform rate from nothing at the beginning of the period of ownership to its full amount at the time of the disposal so that, calling the part of that period before 6th April 1965, P, and the time beginning with 6th April 1965 and ending with the time of the disposal T, the fraction of the gain which is a chargeable gain is—
TP+T.
4 If any of the expenditure which is allowable as a deduction in the computation of the gain is within section 38(1)(b)—
a the gain shall be attributed to the expenditure, if any, allowable under section 38(1)(a) as one item of expenditure, and to the respective items of expenditure under section 38(1)(b) in proportion to the respective amounts of those items of expenditure,
b sub-paragraph (3) of this paragraph shall apply to the part of the gain attributed to the expenditure under section 38(1)(a),
c each part of the gain attributed to the items of expenditure under section 38(1)(b) shall be assumed to have grown at a uniform rate from nothing at the time when the relevant item of expenditure was first reflected in the value of the asset to the full amount of that part of the gain at the time of the disposal,
so that, calling the respective proportions of the gain E(0), E(1), E(2) and so on (so that they add up to unity) and calling the respective periods from the times when the items under section 38(1)(b) were reflected in the value of the asset to 5th April 1965 P(1), P(2) and so on, and employing also the abbreviations in sub-paragraph (3) above, the fraction of the gain which is a chargeable gain is—
E(0)TP+T+E(1)TP(1)+T+E(2)TP(2)+Tandsoon.
5 In a case within sub-paragraph (4) above where there is no initial expenditure (that is no expenditure under section 38(1)(a)) or that initial expenditure is, compared with any item of expenditure under section 38(1)(b), disproportionately small having regard to the value of the asset immediately before the subsequent item of expenditure was incurred, the part of the gain which is not attributable to the enhancement of the value of the asset due to any item of expenditure under section 38(1)(b) shall be deemed to be attributed to expenditure incurred at the beginning of the period of ownership and allowable under section 38(1)(a), and the part or parts of the gain attributable to expenditure under section 38(1)(b) shall be reduced accordingly.
6 The beginning of the period over which a gain, or part of a gain, is under sub-paragraphs (3) and (4) above to be treated as growing shall not be earlier than 6th April 1945, and this sub-paragraph shall have effect notwithstanding any provision in this Schedule or elsewhere in this Act.
7 If in pursuance of section 42 an asset’s market value at a date before 6th April 1965 is to be ascertained, sub-paragraphs (3) to (5) above shall have effect as if that asset had been on that date sold by the owner, and immediately reacquired by him, at that market value.
8 If in pursuance of section 42 an asset’s market value at a date on or after 6th April 1965 is to be ascertained sub-paragraphs (3) to (5) above shall have effect as if—
a the asset on that date had been sold by the owner, and immediately reacquired by him, at that market value, and
b accordingly, the computation of any gain on a subsequent disposal of that asset shall be computed—
i by apportioning in accordance with this paragraph the gain or loss over a period ending on that date (the date of the part disposal), and
ii by bringing into account the entire gain or loss over the period from the date of the part disposal to the date of subsequent disposal.
9 For the purposes of this paragraph the period of ownership of an asset shall, where under section 43 account is to be taken of expenditure in respect of an asset from which the asset disposed of was derived, or where it would so apply if there were any relevant expenditure in respect of that other asset, include the period of ownership of that other asset.
10 If under this paragraph part only of a gain is a chargeable gain, the fraction in section 223(2) shall be applied to that part instead of to the whole of the gain.

Election for valuation at 6th April 1965

17
1 If the person making a disposal so elects, paragraph 16 above shall not apply in relation to that disposal and it shall be assumed, both for the purposes of computing the gain accruing to that person on the disposal, and for all other purposes both in relation to that person and other persons, that the assets disposed of, and any assets of which account is to be taken in relation to the disposal under section 43, being assets which were in the ownership of that person on 6th April 1965, were on that date sold, and immediately reacquired, by him at their market value on 6th April 1965.
2 Sub-paragraph (1) above shall not apply in relation to a disposal of assets if on the assumption in that sub-paragraph a loss would accrue on that disposal to the person making the disposal and either a smaller loss or a gain would accrue if sub-paragraph (1) did not apply, but in a case where this sub-paragraph would otherwise substitute a gain for a loss it shall be assumed, in relation to the disposal, that the relevant assets were sold by the owner, and immediately reacquired by him, for a consideration such that, on the disposal, neither a gain nor a loss accrued to the person making the disposal.The displacement of sub-paragraph (1) above by this sub-paragraph shall not be taken as bringing paragraph 16 above into operation.
3 An election under this paragraph shall be made by notice to an officer of the Board given—
F427a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b F2197... within 2 years from the end of the accounting period in which the disposal is made; or
c F2578... within such further time as the Board may by notice allow.
4 For the avoidance of doubt it is hereby declared that an election under this paragraph is irrevocable.
5 An election may not be made under this paragraph as respects, or in relation to, an asset the market value of which at a date on or after 6th April 1965, and before the date of the disposal to which the election relates, is to be ascertained in pursuance of section 42.

Unquoted shares, commodities etc.

18
1 This paragraph has effect as respects shares held by any person on 6th April 1965 other than quoted securities within the meaning of paragraph 8 above and shares as respects which an election is made under paragraph 17 above.
2 For the purpose of—
a identifying the shares so held on 6th April 1965 with shares previously acquired, and
b identifying the shares so held on that date with shares subsequently disposed of, and distinguishing them from shares acquired subsequently,
so far as the shares are of the same class, shares bought at a later time shall be deemed to have been disposed of before shares bought at an earlier time.
3 Sub-paragraph (2) above has effect subject to section 105.
4 Shares shall not be treated for the purposes of this paragraph as being of the same class unless if dealt with on a recognised stock exchange they would be so treated, but shall be treated in accordance with this paragraph notwithstanding that they are identified in a different way by a disposal or by the transfer or delivery giving effect to it.
5 This paragraph, without sub-paragraph (4), shall apply in relation to any assets, other than shares, which are of a nature to be dealt with without identifying the particular assets disposed of or acquired.

Reorganisation of share capital, conversion of securities etc.

19
1 For the purposes of this Act, it shall be assumed that any shares or securities held by a person on 6th April l965 (identified in accordance with paragraph 18 above) which, in accordance with Chapter II of Part IV, are to be regarded as being or forming part of a new holding were sold and immediately reacquired by him on 6th April 1965 at their market value on that date.
2 If, at any time after 5th April 1965, a person comes to have, in accordance with Chapter II of Part IV, a new holding, paragraph 16(3) to (5) above shall have effect as if—
a the new holding had at that time been sold by the owner, and immediately reacquired by him, at its market value at that time, and
b accordingly, the amount of any gain on a disposal of the new holding or any part of it shall be computed—
i by apportioning in accordance with paragraph 16 above the gain or loss over a period ending at that time, and
ii by bringing into account the entire gain or loss over the period from that time to the date of the disposal.
3 This paragraph shall not apply in relation to a reorganisation of a company’s share capital if the new holding differs only from the original shares in being a different number, whether greater or less, of shares of the same class as the original shares.

Part IV  Miscellaneous

Capital allowances

20If under any provision in this Schedule it is to be assumed that any asset was on 6th April 1965 sold by the owner, and immediately reacquired by him, sections 41 and 47 shall apply in relation to any capital allowance or renewals allowance made in respect of the expenditure actually incurred by the owner in providing the asset, and so made for the year 1965-66 or for any subsequent year of assessment, as if it were made in respect of the expenditure which, on that assumption, was incurred by him in reacquiring the asset on 7th April 1965.

Assets transferred to close companies

21
1 This paragraph has effect where—
a at any time, including a time before 7th April 1965, any of the persons having control of a close company, or any person who is connected with a person having control of a close company, has transferred assets to the company, and
b paragraph 16 above applies in relation to a disposal by one of the persons having control of the company of shares or securities in the company, or in relation to a disposal by a person having, up to the time of disposal, a substantial holding of shares or securities in the company, being in either case a disposal after the transfer of the assets.
2 So far as the gain accruing to the said person on the disposal of the shares is attributable to a profit on the assets so transferred, the period over which the gain is to be treated under paragraph 16 above as growing at a uniform rate shall begin with the time when the assets were transferred to the company, and accordingly a part of a gain attributable to a profit on assets transferred on or after 6th April 1965 shall all be a chargeable gain.
3 This paragraph shall not apply where a loss, and not a gain, accrues on the disposal.

Spouses and civil partners

F238422. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Compensation and insurance money

23Where section 23(4)(a) applies to exclude a gain which, in consequence of this Schedule, is not all chargeable gain, the amount of the reduction to be made under section 23(4)(b) shall be the amount of the chargeable gain and not the whole amount of the gain; and in section 23(5)(b) for the reference to the amount by which the gain is reduced under section 23(5)(a) there shall be substituted a reference to the amount by which the chargeable gain is proportionately reduced under section 23(5)(a).

SCHEDULE 3 

Assets held on 31st March 1982

Section 35.

Previous no gain/no loss disposals

1
1 For the purposes of corporation tax, where—
a a person makes a disposal, not being a no gain/no loss disposal, of an asset which the person acquired after 31st March 1982, and
b the disposal by which the person acquired the asset and any previous disposal of the asset after 31st March 1982 was a no gain/no loss disposal,
the person shall be treated for the purposes of section 35 as having held the asset on 31st March 1982.
2 For the purposes of this paragraph a no gain/no loss disposal is one on which by virtue of any of the no gain/no loss provisions or any of sections 195B, 195C or 195E neither a gain nor a loss accrues to the person making the disposal.
1A
1 This paragraph applies where—
a paragraph 1(1) applies to a disposal of shares in or securities of a company that are of a class,
b accordingly, the shares or securities constitute or form part of a holding which the person making the disposal (“P”) is treated as having held on 31st March 1982 (“the deemed 1982 holding”),
c the disposal by which P acquired the shares or securities, and any previous disposal of them after 31st March 1982, was a disposal to which section 171(1) (transfers within a group) applied,
d some or all of the shares or securities constituting the deemed 1982 holding were in fact held on 31st March 1982 by a person other than P, and
e in the hands of that person on that date they formed part of a holding which—
i consisted of shares or securities of the same class as the shares or securities disposed of, and
ii was larger than the deemed 1982 holding.
2 If P makes a claim, then for the purposes of section 35(2) the market value on 31st March 1982 of the shares or securities disposed of is to be treated as being—
VLH×NDONLH
where—
  • VLH is the market value on 31st March 1982 of the larger holding mentioned in sub-paragraph (1)(e) (in the hands of the person who in fact held it on that date),
  • NDO is the number of shares or securities disposed of, and
  • NLH is the number of shares or securities comprised in the larger holding on that date.
3 Sub-paragraph (4) applies where sub-paragraph (1)(d) and (e) are met by two or more persons holding the shares or securities as two or more holdings or parts of holdings (“the original holdings”).
4 Sub-paragraph (2) applies for the purpose of calculating the market value on 31st March 1982 of the shares or securities disposed of, except that—
a VLH is the market value on 31st March 1982 of the largest of the original holdings, and
b NLH is the number of shares or securities comprised in that holding.
5 A claim under sub-paragraph (2) must be made on or before the second anniversary of the end of the accounting period of P in which the disposal takes place.
6 Shares in or securities of a company shall not be treated as being of the same class unless they are so treated by the practice of a recognised stock exchange or would be so treated if dealt with on a recognised stock exchange.
2
1 Sub-paragraph (2) below applies where a person makes a disposal of an asset acquired by him on or after 6th April 1988 in circumstances in which section F2254... 171 applied.
2 Where this sub-paragraph applies—
a an election under section 35(5) by the person making the disposal shall not cover the disposal, but
b the making of such an election by the person from whom the asset was acquired shall cause the disposal to fall outside subsection (3) of that section (so that subsection (2) of that section is not excluded by it) whether or not the person making the disposal makes such an election.
3 Where the person from whom the asset was acquired by the person making the disposal himself acquired it on or after 6th April 1988 in circumstances in which section F1967... 171 applied, an election made by him shall not have the effect described in sub-paragraph (2)(b) above but an election made by—
a the last person by whom the asset was acquired after 5th April 1988 otherwise than in such circumstances, or
b if there is no such person, the person who held the asset on 5th April 1988,
shall have that effect.

Capital allowances

3If under section 35 it is to be assumed that any asset was on 31st March 1982 sold by the person making the disposal and immediately reacquired by him, sections 41 and 47 shall apply in relation to any capital allowance or renewals allowance made in respect of the expenditure actually incurred by him in providing the asset as if it were made in respect of expenditure which, on that assumption, was incurred by him in reacquiring the asset on 31st March 1982.

Part disposals etc.

4
1 Where, in relation to a disposal to which section 35(2) applies, section 42 has effect by reason of an earlier disposal made after 31st March 1982 and before 6th April 1988, the sums to be apportioned under section 42 shall for the purposes of the later disposal be ascertained on the assumption stated in section 35(2).
2 In any case where—
a subsection (2) of section 35 applies in relation to the disposal of an asset,
b if that subsection did not apply, section 23(2), 122(4), 133(4) or 244 would operate to disallow expenditure as a deduction in computing a gain accruing on the disposal, and
c the disallowance would be attributable to the reduction of the amount of the consideration for a disposal made after 31st March 1982 but before 6th April 1988,
the amount allowable as a deduction on the disposal shall be reduced by the amount which would be disallowed if section 35(2) did not apply.

Assets derived from other assets

5Section 35 shall have effect with the necessary modifications in relation to a disposal of an asset which on 31st March 1982 was not itself held by the person making the disposal, if its value is derived from another asset of which account is to be taken in relation to the disposal under section 43.

Apportionment of pre-1965 gains and losses

6In a case where because of paragraph 16 of Schedule 2 only part of a gain or loss is a chargeable gain or allowable loss, section 35(3)(a) and (b) shall have effect as if the amount of the gain or loss that would accrue if subsection (2) did not apply were equal to that part.

Elections under section section 35(5): excluded disposals

7
1 An election under section 35(5) shall not cover disposals such as are specified in sub-paragraph (2) below.
2 The disposals mentioned in sub-paragraph (1) above are disposals of, or of an interest in—
a plant or machinery,
b an asset which the person making the disposal has at any time held for the purposes of or in connection with—
i a trade consisting of the working of a source of mineral deposits, or
ii where a trade involves (but does not consist of) such working, the part of the trade which involves such working, or
c a licence under Part I of the Petroleum Act 1998 or the M69Petroleum (Production) Act (Northern Ireland) 1964; or
d shares which, on 31st March 1982, were unquoted and derived their value, or the greater part of their value, directly or indirectly from oil exploration or exploitation assets situated in the United Kingdom or a designated area or from such assets and oil exploration or exploitation rights taken together;
but a disposal does not fall within paragraph (a) or (b) above unless a capital allowance in respect of any expenditure attributable to the asset has been made to the person making the disposal or would have been made to him had he made a claim.
3 For the purposes of sub-paragraph (2)(d) above,—
a “shares” includes stock and any security, as defined in section 1117(1) of CTA 2010; and
b shares (as so defined) were unquoted on 31st March 1982 if, on that date, they were neither quoted on a recognised stock exchange nor dealt in on the Unlisted Securities Market;
but nothing in this paragraph affects the operation, in relation to such unquoted shares, of sections 126 to 130.
4 In sub-paragraph (2)(d) above—
  • “designated area” means an area designated by Order in Council under section 1(7) of the M70Continental Shelf Act 1964;
  • “oil exploration or exploitation assets” shall be construed in accordance with sub-paragraphs (5) and (6) below; and
  • “oil exploration or exploitation rights” means rights to assets to be produced by oil exploration or exploitation activities (as defined in sub-paragraph (6) below) or to interests in or to the benefit of such assets.
5 For the purposes of sub-paragraph (2)(d) above an asset is an oil exploration or exploitation asset if either—
a it is not a mobile asset and is being or has at some time been used in connection with oil exploration or exploitation activities carried on in the United Kingdom or a designated area; or
b it is a mobile asset which has at some time been used in connection with oil exploration or exploitation activities so carried on and is dedicated to an oil field in which the company whose shares are disposed of by the disposal, or a person connected with that company, is or has been a participator;
and, subject to sub-paragraph (6) below, expressions used in paragraphs (a) and (b) above have the same meaning as if those paragraphs were included in Part I of the M71Oil Taxation Act 1975.
6 In the preceding provisions of this paragraph “oil exploration or exploitation activities” means activities carried on in connection with—
a the exploration of land (including the seabed and subsoil) in the United Kingdom or a designated area, as defined in sub-paragraph (4) above, with a view to searching for or winning oil; or
b the exploitation of oil found in any such land;
and in this sub-paragraph “oil” has the same meaning as in Part I of the M72Oil Taxation Act 1975.
7 Where the person making the disposal acquired the asset on a no gain/no loss disposal, the references in sub-paragraph (2) above to that person are references to the person making the disposal, the person who last acquired the asset otherwise than on a no gain/no loss disposal or any person who subsequently acquired the asset on such a disposal.
8 In this paragraph—
a “source of mineral deposits” shall be construed in accordance with section 394 of the Capital Allowances Act, and
b references to a no gain/no loss disposal shall be construed in accordance with paragraph 1 above.

Elections under section 35(5): groups of companies

8
1 A company may not make an election under section 35(5) at a time when it is a member but not the principal company of a group unless the company did not become a member of the group until after the relevant time.
2 Subject to sub-paragraph (3) below, an election under section 35(5) by a company which is the principal company of a group shall have effect also as an election by any other company which at the relevant time is a member of the group.
3 Sub-paragraph (2) above shall not apply in relation to a company which, in some period after 5th April 1988 and before the relevant time, is not a member of the group if—
a during that period the company makes a disposal to which section 35 applies, and
b the period during which an election under subsection (5) of that section could be made expires without such an election having been made.
4 Sub-paragraph (2) above shall apply in relation to a company notwithstanding that the company ceases to be a member of the group at any time after the relevant time except where—
a the company is an outgoing company in relation to the group, and
b the election relating to the group is made after the company ceases to be a member of the group.
5 In relation to a company which is the principal company of a group the reference in section 35(6) to the first relevant disposal is a reference to the first disposal to which that section applies by a company which is—
a a member of the group but not an outgoing company in relation to the group, or
b an incoming company in relation to the group.
9
1 In paragraph 8 above “the relevant time”, in relation to a group of companies, is—
a the first time when any company which is then a member of the group, and is not an outgoing company in relation to the group, makes a disposal to which section 35 applies,
b the time immediately following the first occasion when a company which is an incoming company in relation to the group becomes a member of the group,
c the time when an election is made by the principal company,
whichever is earliest.
2 In paragraph 8 above and this paragraph—
  • “incoming company”, in relation to a group of companies, means a company which—
    1. makes its first disposal to which section 35 applies at a time when it is not a member of the group, and
    2. becomes a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made, and
  • “outgoing company”, in relation to a group of companies, means a company which ceases to be a member of the group before the end of the period during which an election under section 35(5) could be made in relation to it and at a time when no such election has been made.
3 Section 170 shall have effect for the purposes of paragraph 8 above and this paragraph as for those of sections 170 to 181.

SCHEDULE 4 

Deferred charges on gains before 31st March 1982

Section 36.

Application of Schedule

A1This Schedule applies only for the purposes of corporation tax.

Reduction of deduction or gain

1Where this Schedule applies—
a in a case within paragraph 2 below, the amount of the deduction referred to in that paragraph, and
b in a case within paragraph 3 or 4 below, the amount of the gain referred to in that paragraph,
shall be one half of what it would be apart from this Schedule.

Charges rolled-over or held-over

2
1 Subject to sub-paragraphs (2) to (4) below, this Schedule applies on a disposal, not being a no gain/no loss disposal, of an asset if—
a the person making the disposal acquired the asset after 31st March 1982,
b a deduction falls to be made by virtue of any of the enactments specified in sub-paragraph (5) below from the expenditure which is allowable in computing the amount of any gain accruing on the disposal, and
c the deduction is attributable (whether directly or indirectly and whether in whole or in part) to a chargeable gain accruing on the disposal before 6th April 1988 of an asset acquired before 31st March 1982 by the person making that disposal.
2 This Schedule does not apply where, by reason of the previous operation of this Schedule, the amount of the deduction is less than it otherwise would be.
3 This Schedule does not apply if the amount of the deduction would have been less had relief by virtue of a previous application of this Schedule been duly claimed.
4 Where—
a the asset was acquired on or after 19th March 1991,
b the deduction is partly attributable to a claim by virtue of section 154(4), and
c the claim applies to the asset,
this Schedule does not apply by virtue of this paragraph.
5 The enactments referred to in sub-paragraph (1) above are sections 23(4) and (5), 152 F167... and 247 F2339... .
3
1 This paragraph applies where this Schedule would have applied on a disposal but for paragraph 2(4) above.
2 This Schedule applies on the disposal if paragraph 4 below would have applied had—
a section 154(2) continued to apply to the gain carried forward as a result of the claim by virtue of section 154(4), and
b the time of the disposal been the time when that gain was treated as accruing by virtue of section 154(2).

Postponed charges

4
1 Subject to sub-paragraphs (3) to (5) below, this Schedule applies where—
a a gain is treated as accruing by virtue of any of the enactments specified in sub-paragraph (2) below, and
b that gain is attributable (whether directly or indirectly and whether in whole or in part) to the disposal before 6th April 1988 of an asset acquired before 31st March 1982 by the person making that disposal.
2 The enactments referred to in sub-paragraph (1) above are sections 116(10) and (11), 134, 140, 154(2), F824... F2025... and 248(3).
F8633 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 Where a gain is treated as accruing in consequence of an event, this Schedule does not apply if—
a the gain is attributable (whether directly or indirectly and whether in whole or part) to the disposal of an asset on or after 6th April 1988, or
b the amount of the gain would have been less had relief by virtue of a previous application of this Schedule been duly claimed.
5 None of sections 134, 140(4), 154(2) and 248(3) shall apply in consequence of an event occurring on or after 6th April 1988 if its application would be directly attributable to the disposal of an asset on or before 31st March 1982.

Previous no gain/no loss disposals

5Where—
a a person makes a disposal of an asset which he acquired on or after 31st March 1982, and
b the disposa1 by which he acquired the asset and any previous disposal of the asset on or after 31st March 1982 was a no gain/no loss disposal,
he shall be treated for the purposes of paragraphs 2(1)(c) and 4(1)(b) above as having acquired the asset before 31st March 1982.
6
1 Sub-paragraph (2) below applies where—
a a person makes a disposal of an asset which he acquired on or after 31st March 1982,
b the disposal by which he acquired the asset was a no gain/no loss disposal, and
c a deduction falling to be made as mentioned in paragraph (b) of sub-paragraph (1) of paragraph 2 above which was attributable as mentioned in paragraph (c) of that sub-paragraph was made—
i on that disposal, or
ii where one or more earlier no gain/no loss disposals of the asset have been made on or after 31st March 1982 and since the last disposal of the asset which was not a no gain/no loss disposal, on any such earlier disposal.
2 Where this sub-paragraph applies the deduction shall be treated for the purposes of paragraph 2 above as falling to be made on the disposal mentioned in sub-paragraph (1)(a) above and not on the no gain/no loss disposal.
7For the purposes of this Schedule a no gain/no loss disposal is one on which by virtue of any of the no gain/no loss provisions neither a gain nor a loss accrues to the person making the disposal.

Assets derived from other assets

8The references in paragraphs 2(1)(c) and 4(1)(b) above to the disposal of an asset acquired by a person before 31st March 1982 include references to the disposal of an asset which was not acquired by the person before that date if its value is derived from another asset which was so acquired and of which account is to be taken in relation to the disposal under section 43.

Claims

9
1 No relief shall be given under this Schedule unless a claim is made—
F915a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b F1316... within the period of 2 years beginning at the end of the F120... accounting period in which the disposal in question is made, or the gain in question is treated as accruing,
F238c . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
or within such longer period F1681... as the Board may by notice allow.
2 A claim under sub-paragraph (1) above shall be supported by such particulars as the inspector may require for the purpose of establishing entitlement to relief under this Schedule and the amount of relief due.

F2239SCHEDULE 4ZZA 

Relevant high value disposals: gains and losses

F2239Introductory

F22391. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2239Assets held on 5 April 2013, 5 April 2015 or 5 April 2016: no paragraph 5 election

F22392. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F22393. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F22394. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2239Election for paragraph 2 to 4 not to apply to a chargeable interest

F22395. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2239Cases where election made or or none of Cases 1 to 3 apply

F22396. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2239Special rule for certain disposals to which both this Schedule and Schedule 4ZZB relate

F22396A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2239Adjustments of ATED chargeable days

F22397. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2239Wasting assets

F22398. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F2239Capital allowances

F22399. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479SCHEDULE 4ZZB 

Non-resident CGT disposals: gains and losses

F1479PART 1 Introduction

F14791. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479PART 2 Elections for alternative methods of computation

F14792. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14793. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479PART 3 Main computation rules

F1479Disposals to which this Part applies

F14794. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Introduction to paragraphs 6 to 8

F14795. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Assets held at 5 April 2015: default method

F14796. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14797. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Modified application of paragraphs 5 to 7 where election made for straight-line time apportionment

F14798. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Cases where asset acquired after 5 April 2015 or election made under paragraph 2(1)(b)

F14799. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Interest subsisting under contract for off-plan purchase

F147910. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479PART 4 Cases involving relevant high value disposals

F1479Overview

F147911. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Disposal involving one or more relevant high value disposals

F147912. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Assets held at 5 April 2015 (where no election made and no rebasing in 2016 required)

F147913. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Asset acquired after 5 April 2015 or election made under paragraph 2(1)(b) (but no rebasing in 2016 required)

F147914. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Certain disposals after 5 April 2016 (computation involving additional rebasing in 2016)

F147915. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Amount of gain or loss that is neither ATED-related nor an NRCGT gain or loss

F147916. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F147917. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F147918. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F147919. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Where relevant high value disposal and “other” disposal are comprised in the disposal of land

F147920. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Interest subsisting under contract for off-plan purchase

F147921. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479PART 5 Special rules for companies

F147922. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Indexation

F147923. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479PART 6 Miscellaneous provisions

F1479Wasting assets

F147924. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479Capital allowances

F147925. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1479PART 7 Interpretation

F147926. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663SCHEDULE 4ZZC 

Disposals of residential property interests: gains and losses

Section 57C

F1663PART 1 Introduction and interpretation

F1663Introduction

F16631. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Interpretation

F16632. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663PART 2  RPI disposals not involving relevant high value disposals

F1663Application of Part

F16633. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of residential property gains and losses

F16634. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of balancing gains and loses

F16635. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Interest subsisting under contract for off-plan purchase

F16636. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663PART 3  RPI disposals involving relevant high value disposals

F1663Application of Part

F16637. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Interpretation of Part

F16638. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of residential property gains or losses on the RPI disposal

F16639. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of residential property gains or losses on relevant high value disposal not within Case 1, 2 or 3 (or where an election is made)

F166310. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of residential property gains and losses on relevant high value disposal within Case 1, 2 or 3 (and no election made)

F166311. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F166312. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F166313. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F166314. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F166315. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of balancing gains or losses on the RPI disposal

F166316. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of balancing gains or losses on relevant high value disposal not within Case 1, 2 or 3 (or where an election is made)

F166317. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Computation of balancing gains or losses on relevant high value disposal within Case 1, 2 or 3 (and no election made)

F166318. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Relevant high value disposal and “other” disposal are comprised in the disposal of land

F166319. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1663Interest subsisting under contract for off-plan purchase

F166320. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 4ZA 

Sub-fund settlements

Making a sub-fund election

1The trustees of a settlement (the “principal settlement”) may elect that a fund or other specified portion of the settled property (the “sub-fund”) be treated, unless the context otherwise requires, as a separate settlement (the “sub-fund settlement”) for the purposes of this Act, and the election shall have effect.
2
1 An election under paragraph 1 (a “sub-fund election”) must specify the date on which it is to be treated as having taken effect, which must not be later than the date on which it is made.
2 The election shall be treated as having taken effect—
a at the beginning of the specified date, or
b if there is a deemed disposal of an asset by the trustees of the principal settlement under section 71(1) (by virtue of paragraph 19) or section 80(2) (by virtue of paragraph 18(2)), on the specified date immediately after the deemed disposal.
3Trustees may make a sub-fund election only if—
a Conditions 1 to 4 are satisfied when the election is made, and
b Conditions 2 to 4 were satisfied throughout the period beginning with the time when the election is to be treated as having taken effect and ending immediately before the election is made.
4Condition 1 is that the principal settlement is not itself a sub-fund settlement.
5Condition 2 is that the sub-fund is not the whole of the property comprised in the principal settlement.
6Condition 3 is that, if the sub-fund election had taken effect, the sub-fund settlement would not consist of or include an interest in an asset any other interest in which would be comprised in the principal settlement.
7For the purpose of Condition 3—
a section 104(1) shall not have effect, and
b “interest”, in relation to any asset, means an interest as a co-owner of the asset (whether the asset is owned jointly or in common and whether or not the interests of the co-owners are equal).
8Condition 4 is that, if the sub-fund election had taken effect, no person would be a beneficiary under both the sub-fund settlement and the principal settlement.
9
1 For the purpose of Condition 4 a person is a beneficiary under a settlement—
a if—
i any property which is or may at any time be comprised in the settlement, or
ii any derived property,
is, or will or may become, payable to him or applicable for his benefit in any circumstances whatsoever, or
b if he enjoys a benefit deriving directly or indirectly from—
i any property which is comprised in the settlement, or
ii any derived property.
2 But for the purpose of Condition 4 a person is not to be regarded as a beneficiary under a settlement if property comprised in the settlement, or any derived property, will or may become payable to him or applicable for his benefit by reason only of—
a his marrying, or entering into a civil partnership with, a beneficiary under the settlement,
b the death of a beneficiary under the settlement,
c the exercise by the trustees of the settlement of—
i a power conferred by section 32 of the Trustee Act 1925 (c. 19) or section 33 of the Trustee Act (Northern Ireland) 1958 (c. 23 (N.I.)) (powers of advancement),
ii a power conferred by the law of a jurisdiction other than England and Wales or Northern Ireland which makes provision similar to the provisions specified in sub-paragraph (i), or
iii a power of advancement which is conferred by the instrument creating the principal settlement, or by another instrument made in accordance with the terms of the principal settlement, and which is subject to the same restrictions as those specified in section 32(1)(a) and (c) of the Trustee Act 1925, or
d the failure or determination of trusts of the kind described in section 33 of the Trustee Act 1925 (protective trusts).
3 In this paragraph “derived property”, in relation to any property, means—
a income from that property,
b property directly or indirectly representing—
i proceeds of that property, or
ii proceeds of income from that property, or
c income from property which is derived property by virtue of paragraph (b).

Sub-fund elections: procedure

10A sub-fund election must be made—
a by notice to an officer of Revenue and Customs, and
b in such form as the Commissioners for Her Majesty's Revenue and Customs may require.
11A sub-fund election may not be made after the second 31st January after the year of assessment in which the date on which the election is to be treated as having taken effect falls.
12A sub-fund election must contain—
a a declaration by each trustee of the principal settlement that he consents to the election,
b a statement by the trustees of the principal settlement that the requirement in paragraph 3 is satisfied,
c such information as the Commissioners for Her Majesty's Revenue and Customs may require in relation to the principal settlement (which may, in particular, include information relating to the trustees, the trusts, property which is or has been comprised in the settlement, the settlors or the beneficiaries),
d a declaration by the trustees of the principal settlement that the information given in the election is correct, to the best of their knowledge and belief, and
e such other declarations as the Commissioners for Her Majesty's Revenue and Customs may require.
13A sub-fund election may not be revoked.

Power to make enquiries

F93514. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F93515. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F93516. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Consequences of a sub-fund election

17The sub-fund settlement shall be treated, for the purposes of this Act, as having been created at the time when the sub-fund election is treated as having taken effect.
18
1 Each trustee of the trusts on which the property comprised in the sub-fund settlement is held shall be treated as a trustee of the sub-fund settlement for the purposes of this Act.
2 A person who is a trustee of the sub-fund settlement shall be treated for the purposes of this Act, from the time when the election is treated as having taken effect, as having ceased to be a trustee of the principal settlement unless he is also a trustee of trusts on which property comprised in the principal settlement is held.
3 A person who is a trustee of the principal settlement shall not be treated for the purposes of this Act as a trustee of the sub-fund settlement unless he is also a trustee of trusts on which property comprised in the sub-fund settlement is held.
19The trustees of the sub-fund settlement shall be treated for the purposes of this Act as having become absolutely entitled, at the time when the sub-fund election is treated as having taken effect, to the property comprised in that settlement as against the trustees of the principal settlement.
20
1 A deemed disposal by the trustees of the principal settlement of an asset under section 71(1) (by virtue of paragraph 19) or section 80(2) (by virtue of paragraph 18(2)) shall be treated as having been made at the beginning of the date on which the sub-fund election is treated as having taken effect.
2 If the trustees of the sub-fund settlement have acquired an asset of which the trustees of the principal settlement are deemed to have disposed under section 71(1) (by virtue of paragraph 19), they shall be deemed to have acquired it at the time when the election is treated as having taken effect.
3 The trustees of the principal settlement shall not be treated as having disposed of an asset under section 80(2) by virtue of paragraph 18(2) if they are treated as having disposed of the same asset under section 71(1) by virtue of paragraph 19.
21If the trustees of the sub-fund settlement are treated by virtue of paragraph 19 as having become absolutely entitled to money expressed in sterling, for the purposes of this Act—
a the trustees of the principal settlement shall be treated as having disposed of the money at the beginning of the day on which the sub-fund election is treated as having taken effect, and
b the trustees of the sub-fund settlement shall be treated as having acquired the money at the time when the election is treated as having taken effect.
22
1 If the trustees of the principal settlement are deemed to have disposed of an asset under section 71(1) (by virtue of paragraph 19), the trustees of the principal settlement shall be treated for the purposes of sections 90 and 94 as having transferred the asset to the trustees of the sub-fund settlement.
2 Sub-paragraph (1) also applies where the trustees of the principal settlement would be deemed to have disposed of money expressed in sterling under subsection (1) of section 71 if in that subsection—
a the reference to “assets” were a reference to “property”, and
b for “their” there were substituted “ its ”.

SCHEDULE 4A 

Disposal of interest in settled property: deemed disposal of underlying assets

Circumstances in which this Schedule applies

1This Schedule applies where there is a disposal of an interest in settled property for consideration.

Meaning of “interest in settled property”

2
1 For the purposes of this Schedule an “interest in settled property” means any interest created by or arising under a settlement.
2 This includes any right to, or in connection with, the enjoyment of a benefit—
a created by or arising directly under a settlement, or
b arising as a result of the exercise of a discretion or power—
i by the trustees of a settlement, or
ii by any person in relation to settled property.

Meaning of “for consideration”

3
1 For the purposes of this Schedule a disposal is “for consideration” if consideration is given or received by any person for, or otherwise in connection with, any transaction by virtue of which the disposal is effected.
2 In determining for the purposes of this Schedule whether a disposal is for consideration there shall be disregarded any consideration consisting of another interest under the same settlement that has not previously been disposed of by any person for consideration.
3 In this Schedule “consideration” means actual consideration, as opposed to consideration deemed to be given by any provision of this Act.

Deemed disposal of underlying assets

4
1 Where this Schedule applies and the following conditions are met—
a the condition as to UK residence of the trustees (see paragraph 5),
b the condition as to UK residence of the settlor (see paragraph 6), and
c the condition as to settlor interest in the settlement (see paragraph 7),
the trustees of the settlement are treated for all purposes of this Act as disposing of and immediately reacquiring the relevant underlying assets.This is referred to below in this Schedule as the “deemed disposal”.
2 In paragraphs 5, 6 and 7 “the relevant year of assessment” means the year of assessment in which the disposal of the interest in settled property is made.
3 The deemed disposal is treated as taking place when the disposal of the interest in settled property is made.This is subject to paragraph 13(3)(a) where the beginning of the disposal and its effective completion fall in different years of assessment.

Condition as to UK residence of trustees

5
1 The condition as to UK residence of the trustees is that the trustees of the settlement were resident F502... in the United Kingdom during any part of the year.
2 For this purpose the trustees shall not be regarded as resident F502... in the United Kingdom at any time when they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
3 This paragraph has effect subject to paragraph 13(3)(b) where the beginning of the disposal and its effective completion fall in different years of assessment.

Condition as to UK residence of settlor

6
1 The condition as to UK residence of the settlor is that as respects the relevant year of assessment, or any of the previous five years of assessment, a person who is a settlor in relation to the settlement was UK resident for the tax year (as determined in accordance with Chapter 1 of Part 1 of this Act).
2 Sub-paragraph (1) has effect subject to paragraph 13(3)(c) where the beginning of the disposal and its effective completion fall in different years of assessment.
3 No account shall be taken for the purposes of this paragraph of any year of assessment before the year 1999-00.

Condition as to settlor interest in the settlement

7
1 The condition as to settlor interest in the settlement is that at any time in the relevant period the settlement—
a was a settlor-interested settlement, or
b comprised property derived, directly or indirectly, from a settlement that at any time in that period was a settlor-interested settlement.
2 The relevant period for this purpose is the period—
a beginning two years before the beginning of the relevant year of assessment, and
b ending with the date of the disposal of the interest in settled property.This is subject to paragraph 13(3)(d) where the beginning of the disposal and its effective completion fall in different years of assessment.
3 The relevant period shall not be treated as beginning before 6th April 1999.If the rule in sub-paragraph (2) (or, where relevant, that in paragraph 13(3)(d)) would produce that result, the relevant period shall be treated as beginning on that date.
4 For the purposes of this paragraph a “settlor-interested settlement” means a settlement in which a person who is a settlor in relation to the settlement has an interest or had an interest at any time in the relevant period.The provisions of section 169F(2) to (6) apply to determine for the purposes of this paragraph whether a settlor has (or had) an interest in the settlement.
5 The condition as to settlor interest in the settlement is treated as not met in a year of assessment—
a where the settlor dies during the year, F1701...
b in a case where the settlor is regarded as having an interest in the settlement by reason only of—
i the fact that property is, or will or may become, payable to or applicable for the benefit of his spouse or civil partner, or
ii the fact that a benefit is enjoyed by his spouse or civil partner,
where the spouse or civil partner dies, or the settlor and the spouse or civil partner cease to be married or to be civil partners of each other, during the year, or
c in a case where the settlor is regarded as having an interest in a settlement by reason only of—
i the fact that property is, or will or may become, payable to or applicable for the benefit of a dependent child of his, or
ii the fact that a benefit is enjoyed by such a child,
where the settlor ceases during the year to have (and does not in that year subsequently come to have) any dependent child in relation to whom section 169F(3A)(a) or (b) applies.

The relevant underlying assets

8
1 Where the interest disposed of is a right in relation to a specific fund or other defined part of the settled property, the deemed disposal is of the whole or part of each of the assets comprised in that fund or part.In any other case the deemed disposal is of the whole or part of each of the assets comprised in the settled property.
2 Where the interest disposed of is an interest in a specific fraction or amount of the income or capital of—
a the settled property, or
b a specific fund or other defined part of the settled property,
the deemed disposal is of a corresponding part of each of the assets comprised in the settled property or, as the case may be, each of the assets comprised in that fund or part.In any other case the deemed disposal is of the whole of each of the assets so comprised.
3 Sub-paragraphs (1) and (2) have effect subject to paragraph 13(4)(a) where the identity of the underlying assets changes during the period between the beginning of the disposal and its effective completion.
4 Where part only of an asset is comprised in a specific fund or other defined part of the settled property, that part of the asset shall be treated for the purposes of this Schedule as if it were a separate asset.

Character of deemed disposal

9
1 The deemed disposal shall be taken—
a to be for a consideration equal to the whole or, as the case may be, a corresponding part of the market value of each of the assets concerned, and
b to be a disposal under a bargain at arm’s length.
2 Sub-paragraph (1)(a) shall be read with paragraph 13(4)(b) where the value of the assets changes during the period between the beginning of the disposal and its effective completion.

Avoidance of double-counting

10
1 The provisions of this paragraph have effect to prevent there being both a deemed disposal under this Schedule in relation to the disposal of an interest in settled property and a chargeable disposal of the interest itself.A “chargeable disposal” means one in relation to which section 76(1) does not apply.
2 If there would be a chargeable gain on the disposal of the interest in the settlement, then—
a if—
i the chargeable gain on the disposal of the interest would be greater than the net chargeable gain on the deemed disposal, or
ii there would be no net chargeable gain on the deemed disposal,
the provisions of this Schedule as to a deemed disposal do not apply; and
b in any other case, the provisions of this Schedule as to a deemed disposal apply and no chargeable gain is treated as accruing on the disposal of the interest in the settlement.
3 If there would be an allowable loss on the disposal of the interest in the settlement, then—
a if there would be a greater net allowable loss on the deemed disposal, the provisions of this Schedule as to a deemed disposal do not apply; and
b in any other case, the provisions of this Schedule as to a deemed disposal apply and no allowable loss is treated as accruing on the disposal of the interest in the settlement.
4 If there would be neither a chargeable gain nor an allowable loss on the disposal of the interest in the settlement, then—
a if there would be a net allowable loss on the deemed disposal, the provisions of this Schedule as to a deemed disposal do not apply; and
b in any other case, the provisions of this Schedule as to a deemed disposal apply.
5 For the purposes of this paragraph—
a there is a net chargeable gain on a deemed disposal if the aggregate of the chargeable gains accruing to the trustees in respect of the assets involved exceeds the aggregate of the allowable losses so accruing; and
b there is a net allowable loss on a deemed disposal if the aggregate of the allowable losses accruing to the trustees in respect of the assets involved exceeds the aggregate of the chargeable gains so accruing.

Recovery of tax from person disposing of interest

11
1 This paragraph applies where chargeable gains accrue to the trustees on the deemed disposal and—
a tax becomes chargeable on and is paid by the trustees in respect of those gains, or
b a person who is a settlor in relation to the settlement recovers from the trustees under section 78 an amount of tax in respect of those gains.
2 The trustees are entitled to recover the amount of the tax referred to in sub-paragraph (1)(a) or (b) from the person who disposed of the interest in the settlement.
3 For this purpose the trustees may require an inspector to give that person a certificate specifying—
a the amount of the gains in question, and
b the amount of tax that has been paid.Any such certificate shall be conclusive evidence of the facts stated in it.

Meaning of “settlor”

12The provisions of paragraphs 7 and 8(1), (3), (6) and (7) of Schedule 5 (meaning of “settlor”) apply for the purposes of this Schedule as they apply for the purposes of section 86.

Cases where there is a period between the beginning of the disposal and its effective completion

13
1 This paragraph applies in a case where there is a period between the beginning of the disposal of an interest in settled property and the effective completion of the disposal.
2 For the purposes of this Schedule—
a the beginning of the disposal is—
i in the case of a disposal involving the exercise of an option, when the option is granted, and
ii in any other case of a disposal under a contract, when the contract is entered into; and
b the effective completion of the disposal means the point at which the person acquiring the interest becomes for practical purposes unconditionally entitled to the whole of the intended subject matter of the disposal.
3 Where this paragraph applies and the beginning of the disposal and its effective completion fall in different years of assessment—
a the deemed disposal is treated as taking place in the year of assessment in which the disposal is effectively completed;
b the condition in paragraph 5 (condition as to residence of trustees) is treated as met if it is met in relation to either of those years of assessment or any intervening year;
c the condition in paragraph 6 (condition as to residence of settlor) is treated as met if it is met in relation to either or both of those years of assessment or any intervening year; and
d the relevant period for the purposes of paragraph 7 (condition as to settlor interest) is the period—
i beginning two years before the beginning of the first of those years of assessment, and
ii ending with the effective completion of the disposal.
4 If the identity or value of the underlying assets changes during the period between the beginning of the disposal and its effective completion, the following provisions apply—
a an asset is treated as comprised in the settled property and, where relevant, in any specific fund or other defined part of the settled property to which the deemed disposal relates if it is so comprised at any time in that period;
b the market value of any asset for the purposes of the deemed disposal is taken to be its highest market value at any time during that period.
5 The provisions in sub-paragraph (4) do not apply to an asset if during that period it is disposed of by the trustees under a bargain at arm’s length and is not reacquired.

Exception: maintenance funds for historic buildings

14If the trustees of a settlement have elected that 508 of ITA 2007 (trustees' election in respect of income arising from heritage maintenance property) shall have effect in the case of a settlement or part of a settlement in relation to a year of assessment, this Schedule does not apply in relation to the settlement or part for that year.

SCHEDULE 4AA 

Re-basing for non-residents in respect of UK land etc held on 5 April 2019

PART 1 Introduction

1
1 Part 2, 3 or 4 of this Schedule applies on the first occasion on which a person disposes of an asset that the person held on 5 April 2019 where—
a the disposal is either a direct or indirect disposal of UK land, and
b the disposal is made by a non-resident or a UK resident in the overseas part of a tax year.
2 See also paragraph 16 (non-UK resident company holding UK land becoming resident in UK after 5 April 2019).
3 For the purposes of this Schedule—
a a disposal is a “direct disposal of UK land” if it is a disposal of an interest in UK land, and
b a disposal by a person is an “indirect disposal of UK land” if it is a disposal of an asset (other than an interest in UK land) deriving at least 75% of its value from UK land where the person has a substantial indirect interest in that land.
4 For the purposes of this paragraph, the disposal is made by a non-resident or a UK resident in the overseas part of a tax year if it is—
a a disposal on which a gain accrues that falls to be dealt with by section 1A(3) because the asset disposed of is within paragraph (b) or (c) of that subsection,
b a disposal on which a gain accrues that falls to be dealt with by section 1A(1) in accordance with section 1G(2) because the asset disposed of is within section 1A(3)(b) or (c),
c a disposal on which a gain accrues that falls to be dealt with by section 2B(4), or
d a disposal of an asset on which a gain does not accrue but which, had a gain accrued, would fall to be dealt with as mentioned in any of the preceding paragraphs of this sub-paragraph.

PART 2 Indirect disposals and direct disposals not chargeable before 6 April 2019

Introduction

2
1 This Part of this Schedule applies to—
a all indirect disposals of UK land,
b direct disposals of UK land that were not fully residential before 6 April 2019, and
c direct disposals of UK land by persons who were not chargeable before 6 April 2019.
2 For the purposes of this paragraph a direct disposal of UK land made by a person was “not fully residential before 6 April 2019” if in the period—
a beginning with the day on which the person acquired the interest in land being disposed of or, if later, 6 April 2015, and
b ending with 5 April 2019,
there was no day on which the land to which the disposal relates consisted of or included a dwelling.
3 If the disposal is of an interest in land subsisting under a contract for the acquisition of land that, at any time before 6 April 2019, consisted of or included a building to be constructed or adapted for use as a dwelling, the disposal is taken to be fully residential before that date.
4 For the purposes of this paragraph, a disposal is made by a person who was not chargeable before 6 April 2019 if, immediately before that date, the person was—
a a company which was not a closely-held company (see sub-paragraph (5)),
b a widely-marketed scheme (see sub-paragraph (6)), or
c a company carrying on life assurance business (as defined in section 56 of the Finance Act 2012) where the interest in UK land was, immediately before that date, held for the purpose of providing benefits to policyholders in the course of that business.
5 The question as to whether a company is “a closely-held company” is determined in accordance with Part 1 of Schedule C1; but if—
a the company is a divided company within the meaning of section 14G, and
b the company would not otherwise be regarded as a closely-held company,
the company is to be so regarded if the conditions in subsection (3) of that section are met.
6 A person is a “widely-marketed scheme” if—
a the person is a scheme within the meaning of section 14F, and
b condition A or B in that section is met,
reading the reference in subsection (8)(a) of that section to the non-resident CGT disposal as a reference to the disposal mentioned in paragraph 1(1).
7 In determining for the purposes of this paragraph whether or not—
a a person is a closely-held company, or
b a person is a widely-marketed scheme,
arrangements are to be ignored if the main purpose of, or one of the main purposes of, them is to secure a tax advantage as a result of the person not being a closely-held company or the person being a widely-marketed scheme.
8 In this paragraph—
a “arrangements” and “tax advantage” have the same meaning as in section 16A, and
b any reference to section 14F, 14G or Schedule C1 are to those provisions as they had effect on 5 April 2019 (before their repeal by Schedule 1 to the Finance Act 2019).

Re-basing to 5 April 2019

3
1 In calculating the gain or loss accruing on the disposal it is be assumed that the asset was on 5 April 2019 sold by the person, and immediately reacquired by the person, at its market value on that date.
2 This paragraph has effect subject to any election made by the person under paragraph 4 (retrospective basis of calculation).

Election for retrospective basis of calculation

4
1 The person may make an election under this paragraph for the assumption that the asset is sold and reacquired as mentioned in paragraph 3 not to apply.
2 If, in the case of an indirect disposal of UK land—
a a person makes an election under this paragraph, and
b a loss accrues on the disposal,
the loss is not an allowable loss.

Calculation of residential property gain if election made under paragraph 4

F28855. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 3 Direct disposals of Pre-April 2015 assets fully chargeable before 6 April 2019

Introduction

6
1 This Part of this Schedule applies to any direct disposal of UK land if—
a the person held the interest in UK land being disposed of throughout the period beginning with 6 April 2015 and ending with the disposal, and
b the disposal was fully residential before 6 April 2019.
2 For this purpose a direct disposal of UK land made by a person is “fully residential before 6 April 2019” if in the period—
a beginning with 6 April 2015, and
b ending with 5 April 2019,
every day on which the land to which the disposal relates consisted of a dwelling.
3 If the disposal is of an interest in land subsisting under a contract for the acquisition of land that, at any time in that period, did not consist of a building to be constructed or adapted for use as a dwelling, the disposal is taken to be not fully residential before 6 April 2019.
4 This Part of this Schedule does not apply to a direct disposal of UK land made by a person who was not chargeable before 6 April 2019, as determined for the purposes of paragraph 2.

Re-basing to 5 April 2015

7
1 In calculating the gain or loss accruing on the disposal it is be assumed that the asset was on 5 April 2015 sold by the person, and immediately reacquired by the person, at its market value on that date.
2 This paragraph has effect subject to any election made by the person under either—
a paragraph 8 (retrospective basis of calculation), or
b paragraph 9 (straight-line time apportionment),
(and an election may be made under only one of those paragraphs).

Election for retrospective basis of calculation

8The person may make an election under this paragraph for the assumption that the asset is sold and reacquired as mentioned in paragraph 7 not to apply.

Election for straight-line time apportionment

9
1 The person may make an election under this paragraph—
a for the assumption that the asset is sold and reacquired as mentioned in paragraph 7 not to apply, and
b for the gain or loss accruing on the disposal to be apportioned so that only the post-5 April 2015 proportion of it is treated as accruing on the disposal.
2 The “post-5 April 2015 proportion” is the proportion that the days in the post-5 April 2015 period bear to the days in the ownership period.
3 For this purpose—
  • “the post-5 April 2015 period” means the day beginning with 6 April 2015 and ending with the day on which the disposal is made, and
  • “the ownership period” means the period beginning with the day on which the person acquired the interest disposed of or, if later, 31 March 1982 and ending with the day on which the disposal is made.

Calculation of residential property gain if election made under paragraph 8 or 9

F288610. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F288711. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 4 Direct disposals of assets partly chargeable before 6 April 2019

Introduction

12
1 This Part of this Schedule applies to any direct disposal of UK land if—
a neither Part 2 nor Part 3 of this Schedule applies to the disposal, and
b the interest in UK land being disposed of was not a post-April 2015 asset that was fully residential before 6 April 2019.
2 For this purpose—
a the interest in UK land being disposed of is a “post-April 2015 asset” if it was acquired by the person after 5 April 2015, and
b the asset “was fully residential before 6 April 2019” if, in the period beginning with the day on which it was acquired and ending with 5 April 2019, every day on which the land to which the disposal relates consisted of a dwelling.
3 If the disposal is of an interest in land subsisting under a contract for the acquisition of land that, at any time in that period, did not consist of a building to be constructed or adapted for use as a dwelling, the disposal is taken to be not fully residential before 6 April 2019.

Re-basing to 5 April 2015 and 5 April 2019

13
1 In calculating the gain or loss accruing on the disposal (“the actual disposal”) it is be assumed that—
a the asset was on 5 April 2015 sold by the person, and immediately reacquired by the person, at its market value on that date (but see sub-paragraph (3)), and
b in addition, the asset was on 5 April 2019 sold by the person, and immediately reacquired by the person, at its market value on that date.
2 In the case of the assumed sale on 5 April 2019, the gain or loss accruing on that sale is treated as accruing on the actual disposal (in addition to the gain or loss that actually accrues on the actual disposal).
3 If the asset was acquired by the person after 5 April 2015, the assumption that it is sold, and immediately reacquired, on 5 April 2015 is not to apply.
4 This paragraph has effect subject to any election made by the person under paragraph 14 (retrospective basis of calculation).

Election for retrospective basis of calculation

14The person may make an election under this paragraph for the assumptions that the asset is sold and reacquired as mentioned in paragraph 13 not to apply.

Calculation of residential property gain if election made under paragraph 14

F288815. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

PART 5 Miscellaneous

Companies with UK land becoming UK resident after 5 April 2019

16
1 This paragraph applies in any case where—
a a company becomes resident in the United Kingdom after 5 April 2019,
b the company makes a direct or indirect disposal of UK land after that date, and
c (ignoring this paragraph) Part 2, 3 or 4 of this Schedule would have applied to the disposal but for the fact that it is made at a time when the company is resident in the United Kingdom.
2 In that case, Part 2, 3 or 4 of this Schedule applies in relation to the disposal (regardless of paragraph 1(1)(b)).

Persons with UK land ceasing to be UK resident after 5 April 2019

17
1 This paragraph applies in any case where—
a the trustees of a settlement cease to be resident in the United Kingdom after 5 April 2019,
b after that date the trustees dispose of an asset held by them on that date, and
c the disposal is a direct or indirect disposal of UK land.
2 Nothing in Part 2, 3 or 4 of this Schedule applies to the disposal.
3 The asset that is disposed of is excepted from the application of section 80(2) (deemed disposal of assets on trustees ceasing to be resident in UK).
18
1 This paragraph applies in any case where—
a a company ceases to be resident in the United Kingdom after 5 April 2019,
b after that date the company disposes of an asset held by it on that date, and
c the disposal is a direct or indirect disposal of UK land.
2 Nothing in Part 2, 3 or 4 of this Schedule applies to the disposal.
3 The asset that is disposed of is excepted from the application of section 185(2) and (3) (deemed disposal of assets on company ceasing to be resident in UK).

Wasting assets

19
1 This paragraph applies if, in calculating a gain or loss accruing to a person in a case where paragraph 3, 7 or 13 is applicable, it is necessary to make a wasting asset determination in relation to the asset disposed of.
2 The assumption that the asset was acquired on a date mentioned in paragraph 3, 7 or 13 (as the case may be) is to be ignored in making that determination.
3 In this paragraph “a wasting asset determination” means a determination whether or not an asset is a wasting asset, as defined for the purposes of Chapter 2 of Part 2 of this Act.

Capital allowances

20
1 This paragraph applies if, in calculating a gain or loss accruing to a person in a case where paragraph 3, 7 or 13 is applicable, it is to be assumed that the asset disposed of was acquired on a particular date for a consideration equal to its market value on that date.
2 For the purposes of that calculation—
a section 41 (restriction of losses by reference to capital allowances and renewals allowances), and
b section 47 (wasting assets qualifying for capital allowances),
are to apply in relation to any allowance made in respect of the expenditure actually incurred in acquiring or providing the asset as if it were made in respect of the expenditure assumed to have been incurred.
3 In this paragraph “allowance” means any capital allowance or renewals allowance.

Making of elections

21
1 An election under any provision of this Schedule must (regardless of section 42(2) of the Management Act) be made by being included in a relevant return relating to the disposal.
2 For the purposes of this paragraph a “relevant return” means—
a an ordinary tax return, or
b a return under Schedule 2 to the Finance Act 2019.
3 An election under any provision of this Schedule which is made by being included in a return under Schedule 2 to the Finance Act 2019 may be subsequently revoked by provision included in an ordinary tax return which is delivered on or before the filing date for the ordinary tax return.
4 Subject to that, an election under any provision of this Schedule is irrevocable.
5 All such adjustments are to be made, whether by way of discharge or repayment of tax, the making of assessments or otherwise, as are required to give effect to an election under any provision of this Schedule.
6 For the purposes of this paragraph, in the case of a person other than a company—
  • “ordinary tax return” means a return under section 8 or 8A of the Management Act, and
  • “the filing date”, in relation to that return, has the meaning given by section 9A(6) of that Act.
7 For the purposes of this paragraph, in the case of a company—
  • “ordinary tax return” means a company tax return under Schedule 18 to the Finance Act 1998, and
  • “the filing date”, in relation to that return, has the meaning given by paragraph 14 of that Schedule.
8 For the purposes of this paragraph—
a the reference to an election being included in a relevant return includes its being included as a result of an amendment of the return, and
b the reference to the revocation of an election being included in an ordinary tax return includes its being included as a result of an amendment of the return.

Interpretation

22
1 In this Schedule—
a any reference to an interest in UK land is to be read in accordance with section 1C (and any reference to land is to be read in accordance with that section), and
b any reference to an asset (other than an interest in UK land) deriving at least 75% of its value from UK land where a person has a substantial indirect interest in that land is to be read in accordance with Schedule 1A.
2 If an interest in UK land disposed of by a person results from interests in UK land acquired by the person at different times, the person is regarded for the purposes of this Schedule as having acquired the interest disposed of at the time of the first acquisition.
3 For the purposes of this Schedule, whether a building is a dwelling is determined in accordance with paragraphs 16E to 16H of Schedule 2 to the Finance Act 2019.

SCHEDULE 4B 

Transfers of value by trustees linked with trustee borrowing

General scheme of this Schedule

1
1 This Schedule applies where trustees of a settlement—
a make a transfer of value (see paragraph 2) in a year of assessment in which the settlement is within section F372... 86 or 87 (see paragraph 3), and
b in accordance with this Schedule the transfer of value is treated as linked with trustee borrowing (see paragraphs 4 to 9).
2 Where this Schedule applies the trustees are treated as disposing of and immediately reacquiring the whole or a proportion of each of the chargeable assets that continue to form part of the settled property (see paragraphs 10 to 13).

Transfers of value

2
1 For the purposes of this Schedule trustees of a settlement make a transfer of value if they—
a lend money or any other asset to any person,
b transfer an asset to any person and receive either no consideration or a consideration whose amount or value is less than the market value of the asset transferred, or
c issue a security of any description to any person and receive either no consideration or a consideration whose amount or value is less than the value of the security.
2 References in this Schedule to “the material time”, in relation to a transfer of value, are to the time when the loan is made, the transfer is effectively completed or the security is issued.The effective completion of a transfer means the point at which the person acquiring the asset becomes for practical purposes unconditionally entitled to the whole of the intended subject matter of the transfer.
3 In the case of a loan, the amount of value transferred is taken to be the market value of the asset.
4 In the case of a transfer, the amount of value transferred is taken to be—
a if any part of the value of the asset is attributable to trustee borrowing, the market value of the asset;
b if no part of the value of the asset is attributable to trustee borrowing, the market value of the asset reduced by the amount or value of any consideration received for it.Paragraph 12 below explains what is meant by the value of an asset being attributable to trustee borrowing.
5 In the case of the issue of a security, the amount of value transferred shall be taken to be the value of the security reduced by the amount or value of any consideration received by the trustees for it.
6 References in this paragraph to the value of an asset are to its value immediately before the material time, unless the asset does not exist before that time in which case its value immediately after that time shall be taken.

Settlements within section F1314... 86 or 87

3
1 This paragraph explains what is meant in this Schedule by a settlement being “within section F2328... 86 or 87” in a year of assessment.
F3532 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 A settlement is “within section 86” in a year of assessment if, assuming—
a that there were chargeable gains accruing to the trustees by virtue of disposals of any of the settled property originating from the settlor, and
b that the other elements of the condition in subsection (1)(e) of that section were met,
chargeable gains would, under that section, be treated as accruing to the settlor in that year.Expressions used in this sub-paragraph have the same meaning as in section 86.
4 A settlement is “within section 87” for a tax year if—
a section 87 applies to the settlement for that year, or
b chargeable gains would be treated under section 89(2) as accruing in that year to a beneficiary who received a capital payment from the trustees of the settlement in that year.
5 The reference in subsection (4)(b) to chargeable gains treated as accruing includes offshore income gains treated as arising.

Trustee borrowing

4
1 For the purposes of this Schedule trustees of a settlement are treated as borrowing if—
a money or any other asset is lent to them, or
b an asset is transferred to them and in connection with the transfer the trustees assume a contractual obligation (whether absolute or conditional) to restore or transfer to any person that or any other asset.In the following provisions of this Schedule “loan obligation” includes any such obligation as is mentioned in paragraph (b).
2 The amount borrowed (the “proceeds” of the borrowing) is taken to be—
a in the case of a loan, the market value of the asset;
b in the case of a transfer, the market value of the asset reduced by the amount or value of any consideration received for it.
3 References in this paragraph to the market value of an asset are to its market value immediately before the loan is made, or the transfer is effectively completed, unless the asset does not exist before that time in which case its market value immediately after that time shall be taken.The effective completion of a transfer means the point at which the person acquiring the asset becomes for practical purposes unconditionally entitled to the whole of the intended subject matter of the transfer.

Transfer of value linked with trustee borrowing

5
1 For the purposes of this Schedule a transfer of value by trustees is treated as linked with trustee borrowing if at the material time there is outstanding trustee borrowing.
2 For the purposes of this Schedule there is outstanding trustee borrowing at any time to the extent that—
a any loan obligation is outstanding, and
b there are proceeds of trustee borrowing that have not been either—
i applied for normal trust purposes, or
ii taken into account under this Schedule in relation to an earlier transfer of value.
3 An amount of trustee borrowing is “taken into account” under this Schedule in relation to a transfer of value if the transfer of value is in accordance with this Schedule treated as linked with trustee borrowing.The amount so taken into account is—
a the amount of the value transferred by that transfer of value, or
b if less, the amount of outstanding trustee borrowing at the material time in relation to that transfer of value.

Application of proceeds of borrowing for normal trust purposes

6
1 For the purposes of this Schedule the proceeds of trustee borrowing are applied for normal trust purposes in the following circumstances, and not otherwise.
2 They are applied for normal trust purposes if they are applied by the trustees in making a payment in respect of an ordinary trust asset and the following conditions are met—
a the payment is made under a transaction at arm’s length or is not more than the payment that would be made if the transaction were at arm’s length;
b the asset forms part of the settled property immediately after the material time or, if it does not do so, the alternative condition in paragraph 8 below is met; and
c the sum paid is (or but for section 17 or 39 would be) allowable under section 38 as a deduction in computing a gain accruing to the trustees on a disposal of the asset.
3 They are applied for normal trust purposes if—
a they are applied by the trustees in wholly or partly discharging a loan obligation of the trustees, and
b the whole of the proceeds of the borrowing connected with that obligation (or all but an insignificant amount) have been applied by the trustees for normal trust purposes.
4 They are applied for normal trust purposes if they are applied by the trustees in making payments to meet bona fide current expenses incurred by them in administering the settlement or any of the settled property.

Ordinary trust assets

7
1 The following are “ordinary trust assets” for the purposes of this Schedule—
a shares or securities;
b tangible property, whether movable or immovable, or a lease of such property;
c property not within paragraph (a) or (b) which is used for the purposes of a trade, profession or vocation carried on—
i by the trustees, or
ii by a beneficiary who has an interest in possession in the settled property;
d any right in or over, or any interest in, property of a description within paragraph (b) or (c).
2 In sub-paragraph (1)(a) “securities” has the same meaning as in section 132.

The alternative condition for assets no longer part of the settled property

8
1 The alternative condition referred to in paragraph 6(2)(b) in relation to an asset which no longer forms part of the settled property is that—
a the asset is treated as having been disposed of by virtue of section 24(1), or
b one or more ordinary trust assets which taken together directly or indirectly represent the asset—
i form part of the settled property immediately after the material time, or
ii are treated as having been disposed of by virtue of section 24(1).
2 Where there has been a part disposal of the asset, the condition in paragraph 6(2)(b) and the provisions of sub-paragraph (1) above may be applied in any combination in relation to the subject matter of the part disposal and what remains.
3 References in this paragraph to an asset include part of an asset.

Normal trust purposes: power to make provision by regulations

9
1 The Treasury may make provision by regulations as to the circumstances in which the proceeds of trustee borrowing are to be treated for the purposes of this Schedule as applied for normal trust purposes.
2 The regulations may—
a add to, amend or repeal any of the provisions of paragraphs 6 to 8 above,
b make different provision for different cases, and
c contain such supplementary, incidental, consequential and transitional provision as the Treasury may think fit.

Deemed disposal of remaining chargeable assets

10
1 Where in accordance with this Schedule a transfer of value by trustees is treated as linked with trustee borrowing, the trustees are treated for all purposes of this Act—
a as having at the material time disposed of, and
b as having immediately reacquired,
the whole or a proportion (see paragraph 11) of each of the chargeable assets that form part of the settled property immediately after the material time (“the remaining chargeable assets”).
2 The deemed disposal and reacquisition shall be taken—
a to be for a consideration equal to the whole or, as the case may be, a proportion of the market value of each of those assets, and
b to be under a bargain at arm’s length.
3 For the purposes of sub-paragraph (1) an asset is a chargeable asset if a gain on a disposal of the asset by the trustees at the material time would be a chargeable gain.

Whether deemed disposal is of whole or a proportion of the assets

11
1 This paragraph provides for determining whether the deemed disposal and reacquisition is of the whole or a proportion of each of the remaining chargeable assets.
2 If the amount of value transferred—
a is less than the amount of outstanding trustee borrowing, and
b is also less than the effective value of the remaining chargeable assets,
the deemed disposal and reacquisition is of the proportion of each of the remaining chargeable assets given by:
VTEV
where—
  • VT is the amount of value transferred, and
  • EV is the effective value of the remaining chargeable assets.
3 If the amount of value transferred—
a is not less than the amount of outstanding trustee borrowing, but
b is less than the effective value of the remaining chargeable assets,
the deemed disposal and reacquisition is of the proportion of each of the remaining chargeable assets given by:
TBEV
where—
  • TB is the amount of outstanding trustee borrowing, and
  • EV is the effective value of the remaining chargeable assets.
4 In any other case the deemed disposal and reacquisition is of the whole of each of the remaining chargeable assets.
5 For the purposes of this paragraph the effective value of the remaining chargeable assets means the aggregate market value of those assets reduced by so much of that value as is attributable to trustee borrowing.
6 References in this paragraph to amounts or values, except in relation to the amount of value transferred, are to amounts or values immediately after the material time.

Value attributable to trustee borrowing

12
1 For the purposes of this Schedule the value of an asset is attributable to trustee borrowing to the extent determined in accordance with the following rules.
2 Where the asset itself has been borrowed by trustees, the value of the asset is attributable to trustee borrowing to the extent that the proceeds of that borrowing have not been applied for normal trust purposes.This is in addition to any extent to which the value of the asset may be attributable to trustee borrowing by virtue of sub-paragraph (3).
3 The value of any asset is attributable to trustee borrowing to the extent that—
a the trustees have applied the proceeds of trustee borrowing in acquiring or enhancing the value of the asset, or
b the asset represents directly or indirectly an asset whose value was attributable to the trustees having so applied the proceeds of trustee borrowing.
4 For the purposes of this paragraph an amount is applied by the trustees in acquiring or enhancing the value of an asset if it is applied wholly and exclusively by them—
a as consideration in money or money’s worth for the acquisition of the asset,
b for the purpose of enhancing the value of the asset in a way that is reflected in the state or nature of the asset,
c in establishing, preserving or defending their title to, or to a right over, the asset, or
d where the asset is a holding of shares or securities that is treated as a single asset, by way of consideration in money or money’s worth for additional shares or securities forming part of the same holding.
5 Trustees are treated as applying the proceeds of borrowing as mentioned in sub-paragraph (4) if and to the extent that at the time the expenditure is incurred there is outstanding trustee borrowing.
6 In sub-paragraph (4)(d) “securities” has the same meaning as in section 132.

Assets and transfers

13
1 In this Schedule any reference to an asset includes money expressed in sterling.References to the value or market value of such an asset are to its amount.
2 Subject to sub-paragraph (3), references in this Schedule to the transfer of an asset include anything that is or is treated as a disposal of the asset for the purposes of this Act, or would be if sub-paragraph (1) above applied generally for the purposes of this Act.
3 References in this Schedule to a transfer of an asset do not include a transfer of an asset that is created by the part disposal of another asset.

C392C224C66SCHEDULE 4C 

Transfers of value: attribution of gains to beneficiaries

Introduction

1
1 This Schedule applies where the trustees of a settlement (“the transferor settlement”) make a transfer of value to which Schedule 4B applies (“the original transfer”).
2 The transferor settlement is regarded for the purposes of this Schedule as having a “Schedule 4C pool”.
3 The Schedule 4C pool contains the section 1(3) amounts for the settlement that are outstanding at the end of the tax year in which the original transfer is made (see paragraph 1A).
3A The section 1(3) amount for that tax year is increased by—
a the amount of Schedule 4B trust gains accruing by virtue of the original transfer (see paragraphs 3 to 7), and
b the total amount of any further Schedule 4B trust gains accruing by virtue of any further transfers of value to which that Schedule applies that are made by the trustees in that tax year.
4 Paragraphs 8 to 9 provide for the attribution of gains in a settlement’s Schedule 4C pool.
5 References in this Schedule to a transfer to which Schedule 4B applies include any such transfer, whether or not any chargeable gain or allowable loss accrues under that Schedule by virtue of the transfer.

Outstanding section 1(3) amounts

1A
1 The following steps are to be taken for the purpose of calculating the section 1(3) amounts for a settlement that are outstanding at the end of a tax year (“the relevant tax year”).
  • Step 1
    Find the section 1(3) amount for the settlement for the relevant tax year and earlier tax years, as reduced under section 87A as it applies for the relevant tax year and earlier tax years.
  • Step 2
    This Step applies if, directly or indirectly by virtue of the matching of the section 1(3) amount for the settlement for a tax year (“the applicable year”) with a capital payment, chargeable gains are treated under section 87, 87K, 87L or 89(2) as accruing in the relevant tax year to an individual who is not chargeable to tax for that year.
    Increase the section 1(3) amount for the applicable year (found under Step 1) by the amount of the chargeable gains.
2 For the purposes of Step 1 of sub-paragraph (1) take into account the effect of section 90 in relation to any transfer of settled property from or to the trustees of the settlement made in or before the relevant tax year.
3 For the purposes of this Schedule an individual is “chargeable to tax” for a tax year if, as respects that year, the individual is UK resident for the tax year (as determined in accordance with Chapter 1 of Part 1 of this Act).

Computation of Schedule 4B trust gains

3
1 This paragraph explains what is meant for the purposes of this Schedule by “Schedule 4B trust gains”.
2 The Schedule 4B trust gains are computed in relation to each transfer of value to which that Schedule applies.
3 In relation to a transfer of value the amount of the Schedule 4B trust gains for the purposes of this Schedule is given by—
CA-SG-AL
where—
  • CA is the chargeable amount computed under paragraph 4 or 5 below,
  • SG is the amount of any gains attributed to the settlor that fall to be deducted under paragraph 6 below, and
  • AL is the amount of any allowable losses that may be deducted under paragraph 7 below.

Chargeable amount: non-resident settlement

4
1 If the transfer of value is made in a year of assessment during which the trustees of the transferor settlement are at no time resident F1625... in the United Kingdom the chargeable amount is computed under this paragraph.
2 Where this paragraph applies the chargeable amount is the amount on which the trustees would have been chargeable to tax under section 1(3) by virtue of Schedule 4B if they had been resident F2133... in the United Kingdom in the year (and had made the disposals which Schedule 4B treats them as having made).
3 Where (apart from this sub-paragraph) the chargeable amount mentioned in sub-paragraph (2) would include a chargeable gain or allowable loss to which section 1A(3)(b) or (c) applies (disposals by non-UK residents within the charge to capital gains tax), so much of the gain or loss as would be so included is to be disregarded for the purposes of determining the chargeable amount.

Chargeable amount: dual resident settlement

5
1 If the transfer of value is made in a year of assessment where—
a the trustees of the transferor settlement are resident F1926... in the United Kingdom during any part of the year, and
b at any time of such residence F293... they fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom,
the chargeable amount is computed under this paragraph.
2 Where this paragraph applies the chargeable amount is the lesser of—
a the amount on which the trustees would be chargeable to tax under section 2(2) by virtue of Schedule 4B on the assumption that the double taxation relief arrangements did not apply (and the disposals which Schedule 4B treats them as having made were made), and
b the amount on which the trustees would be so chargeable to tax by virtue of disposals of protected assets.
3 For this purpose “protected assets” has the meaning given by section 88(4).

Gains attributed to settlor

6
1 For the purposes of this Schedule the chargeable amount in relation to a transfer of value shall be reduced by the amount of any chargeable gains arising by virtue of that transfer of value that—
a are by virtue of section 86(4) treated as accruing to the settlor, or
b where section 1M applies, are treated by virtue of that section (as it has effect subject to paragraph 12 below) as accruing to the settlor in the period of return.
F20531A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 In determining for the purposes of sub-paragraph (1)(a) the amount of chargeable gains arising by virtue of a transfer of value that are treated as accruing to the settlor, there shall be disregarded any losses which arise otherwise than by virtue of Schedule 4B.
F21833 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Reduction for allowable losses

7
1 An allowable loss arising under Schedule 4B in relation to a transfer of value by the trustees of a settlement may be taken into account in accordance with this paragraph to reduce for the purposes of this Schedule the chargeable amount in relation to another transfer of value by those trustees.
2 Any such allowable loss goes first to reduce chargeable amounts arising from other transfers of value made in the same year of assessment.If there is more than one chargeable amount and the aggregate amount of the allowable losses is less than the aggregate of the chargeable amounts, each of the chargeable amounts is reduced proportionately.
3 If in any year of assessment the aggregate amount of the allowable losses exceeds the aggregate of the chargeable amounts, the excess shall be carried forward to the next year of assessment and treated for the purposes of this paragraph as if it were an allowable loss arising in relation to a transfer of value made in that year.
4 Any reduction of a chargeable amount under this paragraph is made after any deduction under paragraph 6.

F347. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1517A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gains to be brought into pool on subsequent transfer of value

7B
1 This paragraph applies if the trustees of the transferor settlement make a further transfer of value to which Schedule 4B applies in a tax year (“the year of the transfer”) after the tax year mentioned in paragraph 1(3).
2 If the settlement has a Schedule 4C pool at the beginning of the year of the transfer—
a the section 2(2) amounts in the Schedule 4C pool are increased by the section 2(2) amounts for the settlement that are outstanding at the end of the year of the transfer, and
b the section 2(2) amount in the pool for the year of transfer is increased (or further increased) by the amount of Schedule 4B trust gains accruing by virtue of the further transfer.
3 If the settlement does not have a Schedule 4C pool at the beginning of the year of the transfer, this Schedule applies in relation to the further transfer as it applied in relation to the original transfer.
4 For the purposes of this paragraph a settlement has a Schedule 4C pool until the end of the tax year in which all section 2(2) amounts in the pool have been reduced to nil.

Attribution of Schedule 4C gains to beneficiaries

8
1 Chargeable gains are treated as accruing in a tax year (“the relevant tax year”) to a beneficiary who has received a capital payment from the trustees of a relevant settlement in the relevant tax year or any earlier tax year if all or part of the capital payment is matched (under section 87A as it applies for the relevant tax year) with the section 2(2) amount in the Schedule 4C pool for the relevant tax year or any earlier tax year.
2 The amount of chargeable gains treated as accruing is equal to—
a the amount of the capital payment, or
b if only part of the capital payment is matched, the amount of that part.
3 Section 87A applies for a tax year for the purposes of matching capital payments received from the trustees of a relevant settlement with section 2(2) amounts in the Schedule 4C pool as if—
a references to section 2(2) amounts were to section 2(2) amounts in the Schedule 4C pool,
b references to a capital payment received from the trustees by a beneficiary were to a capital payment received from the trustees of a relevant settlement by a beneficiary who is chargeable to tax for that year, and
c for section 87A(3)(b) there were substituted—
4 Section 87A applies for a tax year by virtue of this paragraph before it applies for that year otherwise than by virtue of this paragraph; but this is subject to sub-paragraph (5).
5 If section 87A applies for a tax year by virtue of section 762(3) of the Taxes Act (offshore income gains), it applies for that year by virtue of that provision before it applies for that year by virtue of this paragraph.
6 Sections 87G(2), 87HA(2), 87K(2) and 87L(2) (capital payment treated for purposes of sections 87 and 87A as received by someone other than actual recipient) apply also for the purposes of this paragraph, but this is subject to paragraph 9.

Relevant settlements

C81C392C2248A
1 This paragraph specifies what settlements are relevant settlements in relation to a Schedule 4C pool.
2 The transferor and transferee settlements in relation to the original transfer of value are relevant settlements.
3 If the trustees of any settlement that is a relevant settlement in relation to a Schedule 4C pool—
a make a transfer of value to which Schedule 4B applies, or
b make a transfer of settled property to which section 90 applies,
any settlement that is a transferee settlement in relation to that transfer is also a relevant settlement in relation to that pool.
4 If the trustees of a settlement that is a relevant settlement in relation to a Schedule 4C pool make a transfer of value to which Schedule 4B applies, any other settlement that is a relevant settlement in relation to that pool is also a relevant settlement in relation to the Schedule 4C pool arising from the further transfer.

Attribution of gains: remittance basis

8AASection 87B (remittance basis) applies in relation to chargeable gains treated under paragraph 8 as accruing as it applies in relation to chargeable gains treated under section 87 as accruing.

F272. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F14438B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attribution of gains: Schedule 4C pool gains and other gains

F15498C. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attribution of gains: disregard of certain capital payments

9
1 For the purposes of paragraph 8 (and section 87A as it applies for the purposes of that paragraph), no account is to be taken of a capital payment to which any of sub-paragraphs (2) to (4) applies (or a part of a capital payment to which sub-paragraph (4) applies).
2 This sub-paragraph applies to a capital payment received before the tax year preceding the tax year in which the original transfer is made.
3 This sub-paragraph applies to a capital payment that—
a is received by a beneficiary of a settlement from the trustees in a tax year during the whole of which the trustees—
i are resident F62... in the United Kingdom, and
ii are not Treaty non-resident,
b was made before any transfer of value to which Schedule 4B applies was made, and
c was not made in anticipation of the making of any such transfer of value or of chargeable gains accruing under that Schedule.
4 This sub-paragraph applies to a capital payment if (and to the extent that) it is received (or treated as received) in a tax year from the trustees by a company that—
a is not resident in the United Kingdom in that year, and
b would be a close company if it were resident in the United Kingdom,
(and is not treated under any of subsections (3) to (5) of section 96 as received by another person).

Residence of trustees from whom capital payment received

10
1 Subject to paragraph 9(3), it is immaterial for the purposes of paragraph 8 that the trustees of any relevant settlement are or have at any time been resident F1640... in the United Kingdom.
F16522 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F26063 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Taper relief

F112611. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Attribution of gains to settlor in section 1M cases

12
1 This paragraph applies if—
a by virtue of section 1M, an amount of chargeable gains within section 86(1)(e) that accrued in a tax year (“year A”) to the trustees of a settlement would be treated as accruing to a person (“the settlor”) in the period of return, and
b after paragraph 8 has applied for the year of return, the section 1(3) amount for year A that is in the Schedule 4C pool for the settlement is less than the amount mentioned in paragraph (a).
2 The amount of chargeable gains treated as mentioned in sub-paragraph (1)(a) as accruing to the settlor in the period of return is limited to the section 1(3) amount referred to in sub-paragraph (1)(b).
4 Where the property comprised in the transferor settlement has at any time included property not originating from the settlor, only so much (if any) of any capital payment taken into account for the purposes of paragraph 8 above as, on a just and reasonable apportionment, is properly referable to property originating from the settlor shall be taken into account in computing the amount charged to beneficiaries.
5 Expressions used in this paragraph and section 1M have the same meanings in this paragraph as in that section; and paragraph 8 of Schedule 5 shall apply for the construction of the references in sub-paragraph (4) above to property originating from the settlor as it applies for the purposes of that Schedule.

Attribution of gains to beneficiaries in section 1M cases

12A
1 This paragraph applies where by virtue of section 1M an amount of gains would (apart from this Schedule) be treated under section 87 as accruing to a person (“the beneficiary”) in the period of return by virtue of a capital payment made to him in the temporary period of non-residence.
2 Where this paragraph applies, a capital payment equal to so much of that capital payment as exceeds the amount otherwise charged shall be deemed for the purposes of this Schedule to be made to the beneficiary in the year of return.
3 The “amount otherwise charged” means the total of any chargeable gains attributed to the beneficiary under section 87(2) or 89(2) by virtue of the capital payment.
4 For the purposes of paragraph 13(5)(b) a deemed capital payment under this paragraph shall be treated as made when the actual capital payment mentioned in sub-paragraph (1) above was made.
5 Expressions used in this paragraph and section 1M have the same meanings in this paragraph as in that section.

Increase in tax payable under this Schedule

13
1 This paragraph applies if—
a chargeable gains are treated under paragraph 8 as accruing to a beneficiary by virtue of the matching (under section 87A) of all or part of a capital payment with the section 2(2) amount for a tax year (“the relevant tax year”), and
b the beneficiary is charged to tax by virtue of the matching.
1A Where part of a capital payment is matched, references in sub-paragraphs (2) and (3) to the capital payment are to the part matched.
C4772 The tax payable by the beneficiary in respect of the payment shall be increased by the amount found under sub-paragraph (3) below, except that it shall not be increased beyond the amount of the payment; and an assessment may charge tax accordingly.
3 The amount is one equal to the interest that would be yielded if an amount equal to the tax which would be payable by the beneficiary in respect of the payment (apart from this paragraph) carried interest for the chargeable period at the specified rate.The “specified rate” means the rate for the time being specified in section 91(3).
4 The chargeable period is the period which—
a begins with the later of the 2 days specified in sub-paragraph (5) below, and
b ends with 30th November in the year of assessment following that in which the capital payment is made.
5 The 2 days are—
a 1st December in the tax year immediately after the relevant tax year, and
b 1st December falling 6 years before 1st December in the year of assessment following that in which the capital payment is made.

Effect of settlement ceasing to exist after transfer of value

13AWhere a settlement ceases to exist after the trustees have made a transfer of value to which Schedule 4B applies, this Schedule has effect as if a year of assessment had ended immediately before the settlement ceased to exist.

Interpretation

14
1 In this Schedule—
a “transfer of value” has the same meaning as in Schedule 4B; and
b references to the time at which a transfer of value was made are to the time which is the material time for the purposes of that Schedule.
2 In this Schedule, in relation to a transfer of value—
a references to the transferor settlement are to the settlement the trustees of which made the transfer of value; and
b references to a transferee settlement are to any settlement of which the settled property includes property representing, directly or indirectly, the proceeds of the transfer of value.
3 References in this Schedule to beneficiaries of a settlement include—
a persons who have ceased to be beneficiaries by the time the chargeable gains accrue, and
b persons who were beneficiaries of the settlement before it ceased to exist,
but who were beneficiaries of the settlement at a time in a previous year of assessment when a capital payment was made to them.

SCHEDULE 5 

Attribution of gains to settlors with interest in non-resident or dual resident settlement

Section 86.

Construction of section 86(1)(e)

1
1 In construing section 86(1)(e) as regards a particular year of assessment, the effect of section 1K shall be ignored.
2 In construing section 86(1)(e) as regards a particular year of assessment—
a any deductions provided for by section 1(3) shall be made in respect of disposals of any of the settled property originating from the settlor, and
b section 16(3) shall be assumed not to prevent losses accruing to trustees in one year of assessment from being allowed as a deduction from chargeable gains accruing in a later year of assessment (so far as not previously set against gains).
3 In a case where—
a the trustees are participators in a company in respect of property which originates from the settlor, and
b under section 3 gains or losses would be treated as accruing to the trustees in a particular year of assessment by virtue of so much of their interest as participators as arises from that property if the assumption as to residence specified in section 86(3) were made,
the gains or losses shall be taken into account in construing section 86(1)(e) as regards that year as if they had accrued by virtue of disposals of settled property originating from the settlor. Section 3B(1) to (3) shall apply for the purposes of this sub-paragraph as they apply for the purposes of section 3.
4 Where, as regards a particular year of assessment, there would be an amount under section 86(1)(e) (apart from this sub-paragraph) and the trustees fall within section 86(2)(b), the following rules shall apply—
a assume that the references in section 86(1)(e) and sub-paragraphs (2)(a) and (3) above to settled property originating from the settlor were to such of it as constitutes protected assets;
b assume that the reference in sub-paragraph (3)(a) above to shares originating from the settlor were to such of them as constitute protected assets;
c find the amount (if any) which would be arrived at under section 86(1)(e) on those assumptions;
d if no amount is so found there shall be deemed to be no amount for the purposes of section 86(1)(e);
e if an amount is found under paragraph (c) above it must be compared with the amount arrived at under section 86(1)(e) apart from this sub-paragraph. and the smaller of the 2 shall be taken to be the amount arrived at under section 86(1)(e).
5 Sub-paragraphs (2) to (4) above shall have effect subject to sub-paragraphs (6) and (7) below.
6 The following rules shall apply in construing section 86(1)(e) as regards a particular year of assessment (“the year concerned”) in a case where the trustees fall within section 86(2)(a)—
a if the conditions mentioned in section 86(1) are not fulfilled as regards the settlement in any year of assessment falling before the year concerned, no deductions shall be made in respect of losses accruing before the year concerned;
b if the conditions mentioned in section 86(1) are fulfilled as regards the settlement in any year or years of assessment falling before the year concerned, no deductions shall be made in respect of losses accruing before that year (or the first of those years) so falling,
but nothing in the preceding provisions of this sub-paragraph shall prevent deductions being made in respect of losses accruing in a year of assessment in which the conditions mentioned in section 86(1)(a) to (d) and (f) are fulfilled as regards the settlement.
6A In construing section 86(1)(e) as regards a particular year of assessment, if—
a section 86 did not apply to the settlement in a year of assessment ending before 6 April 2025 (“the earlier year”), but
b that section would have applied to the settlement in the earlier year if the condition in section 86(1)(e) (settlor domiciled in the United Kingdom) had been met in the earlier year,
deductions shall be made in respect of losses accruing in the earlier year, but only so far as those losses have not been taken into account for the purposes of section 87 in determining the section 1(3) amount for the settlement for the earlier year.
7 In construing section 86(1)(e) as regards a particular year of assessment and in relation to a settlement created before 19th March 1991, no account shall be taken of disposals made before 19th March 1991 (whether for the purpose of arriving at gains or for the purpose of arriving at losses).
8 For the purposes of sub-paragraph (4) above assets are protected assets if—
a they are of a description specified in the arrangements mentioned in section 86(2)(b), and
b were the trustees to dispose of them at any relevant time, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
9 For the purposes of sub-paragraph (8) above—
a the assumption as to residence specified in section 86(3) shall be ignored;
b a relevant time is any time, in the year of assessment concerned, when the trustees fall to be regarded for the purposes of the arrangements as resident in a territory outside the United Kingdom;
c if different assets are identified by reference to different relevant times, all of them are protected assets.

Test whether settlor has interest

2
1 For the purposes of section 86(1)(d) a settlor has an interest in a settlement if—
a any relevant property which is or may at any time be comprised in the settlement is, or will or may become, applicable for the benefit of or payable to a defined person in any circumstances whatever,
b any relevant income which arises or may arise under the settlement is, or will or may become, applicable for the benefit of or payable to a defined person in any circumstances whatever, or
c any defined person enjoys a benefit directly or indirectly from any relevant property which is comprised in the settlement or any relevant income arising under the settlement;
but this sub-paragraph is subject to sub-paragraphs (4) to (6) and paragraph 2A below.
2 For the purposes of sub-paragraph (1) above—
a relevant property is property originating from the settlor,
b relevant income is income originating from the settlor.
3 For the purposes of sub-paragraph (1) above each of the following is a defined person—
a the settlor,
b the settlor’s spouse or civil partner;
c any child of the settlor or of the settlor’s spouse or civil partner;
d the spouse or civil partner of any such child;
da any grandchild of the settlor or of the settlor’s spouse or civil partner;
db the spouse or civil partner of any such grandchild;
e a company controlled by a person or persons falling within paragraphs (a) to (db) above;
f a company associated with a company falling within paragraph (e) above.
4 A settlor does not have an interest in a settlement by virtue of paragraph (a) of sub-paragraph (1) above at any time when none of the property concerned can become applicable or payable as mentioned in that paragraph except in the event of—
a the bankruptcy of some person who is or may become beneficially entitled to the property,
b any assignment of or charge on the property being made or given by some such person,
c in the case of a marriage settlement or civil partnership settlement, the death of both parties to the marriage or civil partnership and of all or any of the children of the family of the parties to the marriage or civil partnership, or
d the death under the age of 25 or some lower age of some person who would be beneficially entitled to the property on attaining that age.
4A In sub-paragraph (4) “child of the family”, in relation to parties to a marriage or civil partner, means a child of one or both of them.
5 A settlor does not have an interest in a settlement by virtue of paragraph (a) of sub-paragraph (1) above at any time when some person is alive and under the age of 25 if during that person’s life none of the property concerned can become applicable or payable as mentioned in that paragraph except in the event of that person becoming bankrupt or assigning or charging his interest in the property concerned.
6 Sub-paragraphs (4) and (5) above apply for the purposes of paragraph (b) of sub-paragraph (1) above as they apply for the purposes of paragraph (a), reading “ income ” for “property".
7 In this paragraph—
  • “child” includes a stepchild; and
  • “grandchild” means a child of a child.
8 For the purposes of sub-paragraph (3) above the question whether a company is controlled by a person or persons shall be construed in accordance with sections 450 and 451 of CTA 2010; but in deciding that question for those purposes no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company.
9 For the purposes of sub-paragraph (3) above the question whether a company is associated with another shall be construed in accordance with section 449 of CTA 2010; but where in deciding that question for those purposes it falls to be decided whether a company is controlled by a person or persons, no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company.
10 In sub-paragraphs (8) and (9) “participator” has the meaning given by section 454 of CTA 2010.

Settlements created before 17th March 1998

2A
1 In determining for the purposes of section 86(1)(d) whether the settlor has an interest at any time during any year of assessment in a settlement created before 17th March 1998, paragraphs (da) and (db) of paragraph 2(3) above, and the reference to those paragraphs in paragraph 2(3)(e), shall be disregarded unless—
a that year is a year in which one of the four conditions set out in the following provisions of this paragraph becomes fulfilled as regards the settlement; or
b one of those conditions became fulfilled as regards that settlement in any previous year of assessment ending on or after 5th April 1998.
2 The first condition is (subject to sub-paragraph (3) below) that on or after 17th March 1998 property or income is provided directly or indirectly for the purposes of the settlement—
a otherwise than under a transaction entered into at arm’s length, and
b otherwise than in pursuance of a liability incurred by any person before that date.
3 For the purposes of the first condition, where the settlement’s expenses relating to administration and taxation for a year of assessment exceed its income for the year, property or income provided towards meeting those expenses shall be ignored if the value of the property or income so provided does not exceed the difference between the amount of those expenses and the amount of the settlement’s income for the year.
4 The second condition is that—
a the trustees cease on or after 17 March 1998 to be resident in the United Kingdom, or
b the trustees, while continuing to be resident F1642... in the United Kingdom, become on or after 17th March 1998 trustees who fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
5 The third condition is that on or after 17th March 1998 the terms of the settlement are varied so that any person falling within sub-paragraph (7) below becomes for the first time a person who will or might benefit from the settlement.
6 The fourth condition is that—
a on or after 17th March 1998 a person falling within sub-paragraph (7) below enjoys a benefit from the settlement for the first time, and
b the person concerned is not one who (looking only at the terms of the settlement immediately before 17th March 1998) would be capable of enjoying a benefit from the settlement on or after that date.
7 Each of the following persons falls within this sub-paragraph—
a any grandchild of the settlor or of the settlor’s spouse or civil partner;
b the spouse or civil partner of any such grandchild;
c a company controlled by a person or persons falling within paragraph (a) or (b) above;
d a company controlled by any such person or persons together with any person or persons (not so falling) each of whom is for the purposes of paragraph 2(1) above a defined person in relation to the settlement;
e a company associated with a company falling within paragraph (c) or (d) above.
8 For the purposes of sub-paragraph (7) above the question whether a company is controlled by a person or persons shall be construed in accordance with sections 450 and 451 of CTA 2010; but in deciding that question for those purposes no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company.
9 For the purposes of sub-paragraph (7) above the question whether one company is associated with another shall be construed in accordance with section 449 of CTA 2010; but where in deciding that question for those purposes it falls to be decided whether a company is controlled by a person or persons, no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company.
9A For the purposes of sub-paragraphs (8) and (9) above a person is not to be regarded as a participator in a company controlled by the trustees of a settlement where the person has a share or interest in the capital or income of the company solely by virtue of an interest which the person has under the settlement.
10 In this paragraph—
  • “child” includes a step-child;
  • “grandchild” means a child of a child;
  • “participator” has the meaning given by section 454 of CTA 2010.

Exceptions from section 86

3Section 86 does not apply if the settlor dies in the year.
4
1 This paragraph applies where for the purposes of section 86(1)(d) the settlor has no interest in the settlement at any time in the year except for one of the following reasons, namely, that—
a property is, or will or may become, applicable for the benefit of or payable to one of the persons falling within paragraph 2(3)(b) to (db) above,
b income is, or will or may become, applicable for the benefit of or payable to one of those persons, or
c one of those persons enjoys a benefit from property or income.
2 This paragraph also applies where sub-paragraph (1) above is fulfilled by virtue of 2 or all of paragraphs (a) to (c) being satisfied by reference to the same person.
3 Where this paragraph applies, section 86 does not apply if the person concerned dies in the year.
4 In a case where—
a this paragraph applies, and
b the person concerned falls within paragraph 2(3)(b), (d) or (db) above,
section 86 does not apply if during the year the person concerned ceases to be married to, or a civil partner of, the settlor, child or grandchild concerned (as the case may be).
5
1 This paragraph applies where for the purposes of section 86(1)(d) the settlor has no interest in the settlement at any time in the year except for the reason that there are 2 or more persons, each of whom—
a falls within paragraph 2(3)(b) to (db) above, and
b stands to gain for the reason stated in sub-paragraph (2) below.
2 The reason is that—
a property is, or will or may become, applicable for his benefit or payable to him,
b income is, or will or may become, applicable for his benefit or payable to him,
c he enjoys a benefit from property or income, or
d 2 or all of paragraphs (a) to (c) above apply in his case.
3 Where this paragraph applies, section 86 does not apply if each of the persons concerned dies in the year.
F28915A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F28925B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Old section 87 rebasing elections to apply in relation to section 86

5C
1 This paragraph applies if—
a the trustees of the settlement made (at any time) an election under paragraph 126(1) of Schedule 7 to the Finance Act 2008 (remittance basis: capital gains rebasing), and
b an amount of chargeable gains would (apart from this paragraph) be treated as accruing to the settlor under section 86(4) in a tax year (“the relevant tax year”).
2 The settlor is not charged to capital gains tax on so much of the chargeable gains as exceeds the relevant proportion of those gains.
3 For that purpose “the relevant proportion” is—
AB
where—
  • A is the amount that would be treated under section 86(4) as accruing to the settlor in the relevant tax year if immediately before 6 April 2008 every relevant asset had been sold by the trustees and immediately re-acquired by them at its market value at that time, and
  • B is the amount mentioned in sub-paragraph (1)(b).
4 In sub-paragraph (3), “relevant asset” means an asset—
a that was disposed of in the relevant tax year, and
b that was comprised in the settlement from the beginning of 6 April 2008 until its disposal.

Right of recovery

6
1 This paragraph applies where any tax becomes chargeable on, and is paid by, a person in respect of gains treated as accruing to him in a year under section 86(4).
2 The person shall be entitled to recover the amount of the tax from any person who is a trustee of the settlement.
3 For the purposes of recovering that amount, the person shall also be entitled to require an inspector to give him a certificate specifying—
a the amount of the gains concerned, F2893...
b the amount of tax paid , and
c the tax year in which gains were treated as accruing under section 86(4),
and any such certificate shall be conclusive evidence of the facts stated in it.

Meaning of “settlor"

7For the purposes of section 86 and this Schedule, a person is a settlor in relation to a settlement if the settled property consists of or includes property originating from him.

Meaning of “originating"

C1668
1 References in section 86 and this Schedule to property originating from a person are references to—
a property provided by that person;
b property representing property falling within paragraph (a) above;
c so much of any property representing both property falling within paragraph (a) above and other property as, on a just apportionment, can be taken to represent property so falling.
2 References in this Schedule to income originating from a person are references to—
a income from property originating from that person;
b income provided by that person.
3 Where a person who is a settlor in relation to a settlement makes reciprocal arrangements with another person for the provision of property or income, for the purposes of this paragraph—
a property or income provided by the other person in pursuance of the arrangements shall be treated as provided by the settlor, but
b property or income provided by the settlor in pursuance of the arrangements shall be treated as provided by the other person (and not by the settlor).
4 For the purposes of this paragraph—
a where property is provided by a qualifying company controlled by one person alone at the time it is provided, that person shall be taken to provide it;
b where property is provided by a qualifying company controlled by 2 or more persons (taking each one separately) at the time it is provided, those persons shall be taken to provide the property and each one shall be taken to provide an equal share of it;
c where property is provided by a qualifying company controlled by 2 or more persons (taking them together) at the time it is provided, the persons who are participators in the company at the time it is provided shall be taken to provide it and each one shall be taken to provide so much of it as is attributed to him on the basis of a just apportionment;
but where a person would be taken to provide less than one-twentieth of any property by virtue of paragraph (c) above and apart from this provision, he shall not be taken to provide any of it by virtue of that paragraph.
5 For the purposes of sub-paragraph (4) above a qualifying company is a close company or a company which would be a close company if it were resident in the United Kingdom.
6 For the purposes of this paragraph references to property representing other property include references to property representing accumulated income from that other property.
7 For the purposes of this paragraph property or income is provided by a person if it is provided directly or indirectly by the person.
8 For the purposes of this paragraph the question whether a company is controlled by a person or persons shall be construed in accordance with sections 450 and 451 of CTA 2010; but in deciding that question for those purposes no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company.
8A But a person is not to be regarded as a participator in a company controlled by the trustees of a settlement where the person has a share or interest in the capital or income of the company solely because of an interest which the person has under the settlement.
9 In this paragraph “participator” has the meaning given by section 454 of CTA 2010.
F198410 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Qualifying settlements, and commencement

9
1 A settlement created on or after 19th March 1991 is a qualifying settlement for the purposes of section 86 and this Schedule in—
a the year of assessment in which it is created, and
b subsequent years of assessment.
1A Subject to sub-paragraph (1B) below, a settlement created before 19th March 1991 is a qualifying settlement for the purposes of section 86 and this Schedule in—
a the year 1999-00, and
b subsequent years of assessment.
1B Where a settlement created before 19th March 1991 is a protected settlement immediately after the beginning of 6th April 1999, that settlement shall be treated as a qualifying settlement for the purposes of section 86 and this Schedule in a year of assessment mentioned in sub-paragraph (1A)(a) or (b) above only if—
a any of the five conditions set out in subsections (3) to (6A) below becomes fulfilled as regards the settlement in that year; or
b any of those five conditions became so fulfilled in any previous year of assessment ending after 19th March 1991.
F9642 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 The first condition is that on or after 19th March 1991 property or income is provided directly or indirectly for the purposes of the settlement—
a otherwise than under a transaction entered into at arm’s length, and
b otherwise than in pursuance of a liability incurred by any person before that date;
but if the settlement’s expenses relating to administration and taxation for a year of assessment exceed its income for the year, property or income provided towards meeting those expenses shall be ignored for the purposes of this condition if the value of the property or income so provided does not exceed the difference between the amount of those expenses and the amount of the settlement’s income for the year.
4 The second condition is that—
a the trustees cease on or after 19 March 1991 to be resident in the United Kingdom, or
b the trustees, while continuing to be resident F807... in the United Kingdom, become on or after 19th March 1991 trustees who fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
5 The third condition is that on or after 19th March 1991 the terms of the settlement are varied so that any person falling within sub-paragraph (7) below becomes for the first time a person who will or might benefit from the settlement.
6 The fourth condition is that—
a on or after 19th March 1991 a person falling within sub-paragraph (7) below enjoys a benefit from the settlement for the first time, and
b the person concerned is not one who (looking only at the terms of the settlement immediately before 19th March 1991) would be capable of enjoying a benefit from the settlement on or after that date.
6A The fifth condition is that the settlement ceases to be a protected settlement at any time on or after 6th April 1999.
7 Each of the following persons falls within this sub-paragraph—
a a settlor;
b the spouse or civil partner of a settlor;
c any child of a settlor or of a settlor’s spouse or civil partner;
d the spouse or civil partner of any such child;
da any grandchild of a settlor or of a settlor’s spouse or civil partner;
db the spouse or civil partner of any such grandchild;
e a company controlled by a person or persons falling within paragraphs (a) to (db) above;
f a company associated with a company falling within paragraph (e) above.
F13418 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 For the purposes of sub-paragraph (7) above the question whether a company is controlled by a person or persons shall be construed in accordance with sections 450 and 451 of CTA 2010; but in deciding that question for those purposes no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company.
10 For the purposes of sub-paragraph (7) above the question whether one company is associated with another shall be construed in accordance with section 449 of CTA 2010; but where in deciding that question for those purposes it falls to be decided whether a company is controlled by a person or persons, no rights or powers of (or attributed to) an associate or associates of a person shall be attributed to him under section 451(4) to (6) of CTA 2010 if he is not a participator in the company.
10ZA For the purposes of sub-paragraphs (9) and (10) above a person is not to be regarded as a participator in a company controlled by the trustees of a settlement where the person has a share or interest in the capital or income of the company solely by virtue of an interest which the person has under the settlement.
10A Subject to sub-paragraph (10B) below, a settlement is a protected settlement at any time in a year of assessment if at that time the beneficiaries of that settlement are confined to persons falling within some or all of the following descriptions, that is to say—
C270a children of a settlor or of a spouse or civil partner of a settlor who are under the age of eighteen at that time or who were under that age at the end of the immediately preceding year of assessment;
b unborn children of a settlor, of a spouse or civil partner of a settlor, or of a future spouse or civil partner of a settlor;
c future spouses or civil partners of any children or future children of a settlor, a spouse or civil partner of a settlor or any future spouse or civil partner of a settlor;
d a future spouse or civil partner of a settlor;
e persons outside the defined categories.
10B For the purposes of sub-paragraph (10A) above a person is outside the defined categories at any time if, and only if, there is no settlor by reference to whom he is at that time a defined person in relation to the settlement for the purposes of paragraph 2(1) above.
10C For the purposes of sub-paragraph (10A) above a person is a beneficiary of a settlement if—
a there are any circumstances whatever in which relevant property which is or may become comprised in the settlement is or will or may become applicable for his benefit or payable to him;
b there are any circumstances whatever in which relevant income which arises or may arise under the settlement is or will or may become applicable for his benefit or payable to him;
c he enjoys a benefit directly or indirectly from any relevant property comprised in the settlement or any relevant income arising under the settlement.
10D In sub-paragraph (10C) above—
  • “relevant property” means property originating from a settlor; and
  • “relevant income” means income originating from a settlor.
11 In this paragraph—
  • “child” includes a step-child;
  • “grandchild” means a child of a child;
  • “participator” has the meaning given by section 454 of CTA 2010.

Information

F188810. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F79211. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F79212. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F79213. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F79214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 5A 

Settlements with foreign element: information

Section 98A.

1In this Schedule “the commencement day” means the day on which the Finance Act 1994 was passed.
2
1 This paragraph applies if—
a a settlement was created before 17th March 1998,
b on or after the commencement day a person transfers property to the trustees otherwise than under a transaction entered into at arm’s length and otherwise than in pursuance of a liability incurred by any person before that day,
c the trustees are not resident in the United Kingdom at the time the property is transferred, and
d the transferor knows, or has reason to believe, that the trustees are not so resident F284... .
2 Before the expiry of the period of twelve months beginning with the relevant day, the transferor shall deliver to the Board a return which—
a identifies the settlement, and
b specifies the property transferred, the day on which the transfer was made, and the consideration (if any) for the transfer.
3 For the purposes of sub-paragraph (2) above the relevant day is the day on which the transfer is made.
3
1 This paragraph applies if a settlement is created on or after the commencement day, and at the time it is created—
a the trustees are not resident in the United Kingdom, or
b the trustees are resident F634... in the United Kingdom but fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
2 Any person who—
a is a settlor in relation to the settlement at the time it is created, and
b at that time fulfils the condition mentioned in sub-paragraph (3) below,
shall, before the expiry of the period of three months beginning with the relevant day, deliver to the Board a return specifying the particulars mentioned in sub-paragraph (4) below.
3 The condition is that the person concernedF2896... is resident in the United Kingdom and is not a qualifying new resident within the meaning of Schedule D1.
F28983A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 The particulars are—
a the day on which the settlement was created;
b the name and address of the person delivering the return;
c the names and addresses of the persons who are the trustees immediately before the delivery of the return.
5 For the purposes of sub-paragraph (2) above the relevant day is the day on which the settlement is created.
4
1 This paragraph applies if a settlement is created on or after 19th March 1991, and at the time it is created—
a the trustees are not resident in the United Kingdom, or
b the trustees are resident F2294... in the United Kingdom but fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
2 Any person who—
a is a settlor in relation to the settlement at the time it is created,
b where that time was before 6 April 2025, did not fulfil the condition mentioned in sub-paragraph (3) below at that time or at any time before 6 April 2025,
ba where that time was on or after 6 April 2025, does not fulfil the condition mentioned in sub-paragraph (3A) below at that time,
c first fulfils the condition mentioned in sub-paragraph (3A) below at a time falling on or after 6 April 2025,
shall, before the expiry of the period of twelve months beginning with 31 January after the end of the tax year in which the relevant day falls, deliver to the Board a return specifying the particulars mentioned in sub-paragraph (4) below.
3 The condition is that the person concerned is domiciled in the United Kingdom and is resident in the United Kingdom.
3A The condition is that the person concerned is resident in the United Kingdom and is not a qualifying new resident within the meaning of Schedule D1.
4 The particulars are—
a the day on which the settlement was created;
b the name and address of the person delivering the return;
c the names and addresses of the persons who are the trustees immediately before the delivery of the return.
5 For the purposes of sub-paragraph (2) above the relevant day is the day on which the person first fulfils the condition as mentioned in paragraph (c) of that sub-paragraph.
5
1 This paragraph applies if—
a the trustees of a settlement cease at any time (the relevant time) on or after the commencement day to be resident in the United Kingdom, or
b the trustees of a settlement, while continuing to be resident F2389... in the United Kingdom, become at any time (the relevant time) on or after the commencement day trustees who fall to be regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom.
2 Any person who was a trustee of the settlement immediately before the relevant time shall, before the expiry of the period of twelve months beginning with the relevant day, deliver to the Board a return specifying—
a the day on which the settlement was created,
b the name and address of each person who is a settlor in relation to the settlement immediately before the delivery of the return, and
c the names and addresses of the persons who are the trustees immediately before the delivery of the return.
3 For the purposes of sub-paragraph (2) above the relevant day is the day when the relevant time falls.
6
1 Nothing in paragraph 2, 3, 4 or 5 above shall require information to be contained in the return concerned to the extent that—
a before the expiry of the period concerned the information has been provided to the Board by any person in pursuance of the paragraph concerned or of any other provision, or
b after the expiry of the period concerned the information falls to be provided to the Board by any person in pursuance of any provision other than the paragraph concerned.
2 Nothing in paragraph 2, 3, 4 or 5 above shall require a return to be delivered if—
a before the expiry of the period concerned all the information concerned has been provided to the Board by any person in pursuance of the paragraph concerned or of any other provision, or
b after the expiry of the period concerned all the information concerned falls to be provided to the Board by any person in pursuance of any provision other than the paragraph concerned.

SCHEDULE 5AZA 

Meaning of “scheme of reconstruction”

Introductory

1In sections 103H and 103I, “scheme of reconstruction” means a scheme within paragraph 2 which meets the conditions in paragraphs 3 and 4.

Form of scheme

2
1 A scheme (“the relevant scheme”) is within this paragraph if under the relevant scheme some or all of the property subject to one or more collective investment schemes becomes subject to one or more other collective investment schemes.
2 In this Schedule “original collective investment scheme” means a collective investment scheme property subject to which becomes subject to another collective investment scheme; and “successor collective investment scheme” is to be read accordingly.

First condition: issue of units

3
1 The first condition is that the relevant scheme involves the issue of units in a successor collective investment scheme or schemes or a feeder fund—
a where there is one original collective investment scheme, to holders of units in that scheme or, if there are different classes of units in that scheme, to holders of one or more classes of units in that scheme (the classes “involved in the scheme of reconstruction”), or
b where there is more than one original collective investment scheme, to holders of units in any of those schemes or, if there are different classes of units in one or more of those schemes, to holders of units in any of those schemes or of one or more classes of units in any of those schemes (the classes “involved in the scheme of reconstruction”),
and does not involve the issue of units in any successor collective investment scheme or feeder fund to anyone else.
2 In this Schedule, “feeder fund” means a collective investment scheme, 85% or more of the property subject to which is constituted by units in a successor collective investment scheme or schemes.

Second condition: equal entitlement to new units

4
1 The second condition is that under the relevant scheme the entitlement of any participant to acquire units in a successor collective investment scheme or schemes or a feeder fund by virtue of holding relevant units, or relevant units of any class, is the same as that of any other participant holding such units or units of that class.
2 For this purpose “relevant units” means units comprised—
a where there is one original collective investment scheme, in the units of that scheme or, as the case may be, in the units of that scheme of a class involved in the scheme of reconstruction;
b where there is more than one original collective investment scheme, in the units of any of those schemes or, as the case may be, in the units of any of those schemes of a class involved in the scheme of reconstruction.

Preliminary reorganisation of units to be disregarded

5Where a reorganisation of the units in an original collective investment scheme or schemes within case 2 of section 103F(1) is carried out for the purposes of the relevant scheme, the provisions of the first and second conditions apply in relation to the position after the reorganisation.

Subsequent issue of units to be disregarded

6An issue of units in any successor collective investment scheme or schemes or feeder fund after the latest date on which any units in any successor collective investment scheme or schemes or feeder fund are issued in consideration of property becoming subject to any successor collective investment scheme or schemes under the relevant scheme shall be disregarded for the purposes of the first and second conditions.

SCHEDULE 5AA 

Meaning of “scheme of reconstruction”

Introductory

1In section 136 “scheme of reconstruction” means a scheme of merger, division or other restructuring that meets the first and second, and either the third or the fourth, of the following conditions.

First condition: issue of ordinary share capital

2The first condition is that the scheme involves the issue of ordinary share capital of a company (“the successor company”) or of more than one company (“the successor companies”)—
a to holders of ordinary share capital of another company (“the original company”) or, where there are different classes of ordinary share capital of that company, to holders of one or more classes of ordinary share capital of that company (the classes “involved in the scheme of reconstruction”), or
b to holders of ordinary share capital of more than one other company (“the original companies”) or, where there are different classes of ordinary share capital of one or more of the original company or companies, to holders of ordinary share capital of any of those companies or of one or more classes of ordinary share capital of any of those companies (the classes “involved in the scheme of reconstruction”),
and does not involve the issue of ordinary share capital of the successor company, or (as the case may be) any of the successor companies, to anyone else.

Second condition: equal entitlement to new shares

3
1 The second condition is that under the scheme the entitlement of any person to acquire ordinary share capital of the successor company or companies by virtue of holding relevant shares, or relevant shares of any class, is the same as that of any other person holding such shares or shares of that class.
2 For this purpose “relevant shares” means shares comprised—
a where there is one original company, in the ordinary share capital of that company or, as the case may be, in the ordinary share capital of that company of a class involved in the scheme of reconstruction;
b where there is more than one original company, in the ordinary share capital of any of those companies or, as the case may be, in the ordinary share capital of any of those companies of a class involved in the scheme of reconstruction.

Third condition: continuity of business

4
1 The third condition is that the effect of the restructuring is—
a where there is one original company, that the business or substantially the whole of the business carried on by the company is carried on—
i by a successor company which is not the original company, or
ii by two or more successor companies (which may include the original company);
b where there is more than one original company, that all or part of the business or businesses carried on by one or more of the original companies is carried on by a different company, and the whole or substantially the whole of the businesses carried on by the original companies are carried on—
i where there is one successor company, by that company (which may be one of the original companies), or
ii where there are two or more successor companies, by those companies (which may be the same as the original companies or include any of those companies).
2 The reference in sub-paragraph (1)(a)(ii) or (b)(ii) to the whole or substantially the whole of a business, or businesses, being carried on by two or more companies includes the case where the activities of those companies taken together embrace the whole or substantially the whole of the business, or businesses, in question.
3 For the purposes of this paragraph a business carried on by a company that is under the control of another company is treated as carried on by the controlling company as well as by the controlled company. Section 1124 of CTA 2010 (meaning of “control") applies for the purposes of this sub-paragraph.
4 For the purposes of this paragraph the holding and management of assets that are retained by the original company, or any of the original companies, for the purpose of making a capital distribution in respect of shares in the company shall be disregarded.In this sub-paragraph “capital distribution” has the same meaning as in section 122.

Fourth condition: compromise or arrangement with members

5The fourth condition is that—
a the scheme is carried out in pursuance of a compromise or arrangement—
i to which Part 26 or 26A of the Companies Act 2006 (arrangements and reconstructions) applies,
ii under any corresponding provision of the law of a country or territory outside the United Kingdom, and
b no part of the business of the original company, or of any of the original companies, is transferred under the scheme to any other person.

Preliminary reorganisation of share capital to be disregarded

6Where a reorganisation of the share capital of the original company, or of any of the original companies, is carried out for the purposes of the scheme of reconstruction, the provisions of the first and second conditions apply in relation to the position after the reorganisation.

Subsequent issue of shares or debentures to be disregarded

7An issue of shares in or debentures of the successor company, or any of the successor companies, after the latest date on which any ordinary share capital of the successor company, or any of them, is issued—
a in consideration of the transfer of any business, or part of a business, under the scheme, or
b in pursuance of the compromise or arrangement mentioned in paragraph 5(a),
shall be disregarded for the purposes of the first and second conditions.

Interpretation

8
1 In this Schedule “ordinary share capital” has the meaning given by section 1119 of CTA 2010 and also includes—
a in relation to a unit trust scheme, any rights that are treated by section 99(1)(b) of this Act (application of Act to unit trust schemes) as shares in a company, and
b in relation to a company that has no share capital, any interests in the company possessed by members of the company.
2 Any reference in this Schedule to a reorganisation of a company’s share capital is to a reorganisation within the meaning of section 126.

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—
a a collective investment scheme,
b an AIF,
c a company which is a company UK REIT or is the principal company of a group UK REIT,
d a company which—
i is resident outside the United Kingdom,
ii is not a member of a group, and
iii meets the property income condition,
e a company which—
i is resident outside the United Kingdom,
ii is the principal company of a group,
iii is not a close company or is a close company but only because it has a qualifying investor as a direct or indirect participator, and
iv meets the property income condition, or
f a company which—
i is resident outside the United Kingdom,
ii is a member of a group but is not the principal company of the group,
iii is a close company but only because it has a qualifying investor, or a company wholly (or almost wholly) owned by qualifying investors, as a direct participator, and
iv meets the property income condition.
2 A company meets the property income condition for the purposes of sub-paragraph (1)(d) if—
a it is not a close company or is a close company but only because it has a qualifying investor as a direct or indirect participator,
b at least half of its income derives directly or indirectly from long-term property investments,
c it distributes all, or substantially all, of its profits from long-term property investments on an annual basis, and
d it is not liable to tax on its profits under the law of any territory in which it is resident so far as the profits derive directly or indirectly from long-term property investments.
2A A company meets the property income condition for the purposes of sub-paragraph (1)(e) or (f) if—
a at least half of the income of the group derives directly or indirectly from long-term property investments,
b all, or substantially all, of the group’s profits from long-term property investments are distributed on an annual basis, and
c the company is not liable to tax on its profits under the law of any territory in which it is resident so far as the profits derive directly or indirectly from long-term property investments.
2B References to the group in sub-paragraph (2A) are to be read, in a case where that sub-paragraph applies for the purposes of sub-paragraph (1)(f), as references to—
a the group that, if section 170(4) is ignored, would be the group of which the company is the principal company, or
b the company (if there would be no group under paragraph (a)).
3 Paragraph 46 (meaning of “close company”, “qualifying investor” and “direct or indirect participator”) applies for the purposes of this paragraph but, for the purposes of sub-paragraph (1)(f)(iii), paragraph 46 has effect as if sub-paragraph (3)(c) were omitted.
4 For the purposes of this paragraph “long-term property investments” means direct or indirect investments in—
a land, or
b estates, interests or rights in or over land,
which are made on a long-term basis.
5 In this Schedule “participant” means—
a in relation to a collective investment scheme or an AIF, a person who takes part in the arrangements or undertaking constituting the scheme or AIF, whether by becoming the owner of, or of any part of, the property that is the subject of or held by the arrangements or undertaking or otherwise, or
b in relation to a company within (1)(c) or (d), a shareholder in the company.
6 In this Schedule “unit” means—
a in the case of a collective investment scheme or an AIF, the rights or interests (however described) of the participant in the scheme or AIF, or
b in the case of a company within (1)(c) or (d), a share in the company.
7 In this paragraph—
  • “AIF” has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013, and
  • “profits” does not include profits of a capital nature.
  • F97...
8 For the purposes of this paragraph whether a company is a member of a group, or is the principal company of a group, is determined in accordance with section 170.

Meaning of “offshore collective investment vehicle”

2
1 In this Schedule “offshore collective investment vehicle” means—
a a collective investment vehicle constituted as a body corporate resident outside the United Kingdom,
b a collective investment vehicle under which property is held on trust for the participants where the trustees of the property are not resident in the United Kingdom, or
c a collective investment vehicle constituted by other arrangements that create rights in the nature of co-ownership where the arrangements take effect as a result of the law of a territory outside the United Kingdom.
2 In this paragraph—
  • “body corporate” does not include a limited liability partnership, and
  • “co-ownership” is not restricted to the meaning of that term in the law of any part of the United Kingdom.

Meaning of a collective investment vehicle being “UK property rich” etc

3
1 For the purposes of this Schedule the question whether a collective investment vehicle is “UK property rich” at any time is determined by applying the rules in Part 2 of Schedule 1A (but without regard to paragraphs 5 and 6 of that Schedule) on the following assumptions.
2 The assumptions are—
a that (so far as this would not otherwise be the case) the vehicle were a company, and
b that a disposal were made at that time of a right or interest in that company.
3 If that disposal would be regarded for the purposes of Schedule 1A as a disposal of an asset deriving at least 75% of its value from UK land, the vehicle is regarded for the purposes of this Schedule as being UK property rich at that time.
4 For the purposes of this Schedule the question whether a company is “UK property rich” at any time is determined by applying the rules in Part 2 of Schedule 1A (but without regard to paragraphs 5 and 6 of that Schedule) on the assumption that a disposal were made at that time of a right or interest in the company.
5 If that disposal would be regarded for the purposes of Schedule 1A as a disposal of an asset deriving at least 75% of its value from UK land, the company is regarded for the purposes of this Schedule as being UK property rich at that time.

PART 2 Basic rules

Application of Act to offshore CIV

4
1 This paragraph applies to an offshore collective investment vehicle—
a which is not a company, and
b which is not constituted by two or more persons carrying on a trade or business in partnership.
C2682 It is to be assumed that, for relevant purposes—
a the vehicle is a company, and
b the rights of the participants are shares in that company.
3 The reference here to “relevant purposes” means—
a the purposes of this Schedule, and
b the purpose of applying section 1A(3)(b) or (c) or 2B(4) (and the other provisions of this or any other Act so far as relevant to their application) in relation to the vehicle.
4 This paragraph does not apply to a collective investment vehicle in relation to which an election has effect under Part 3 of this Schedule (election for transparency).
5 This paragraph applies in relation to a collective investment vehicle to which section 103D applies (tax transparent funds) but does not affect the operation of the rules set out in—
a section 103D(4) to (9) (calculation of gains on disposal of units etc), or
b section 103DA (share pooling etc).
6 If this paragraph applies in relation to a collective investment vehicle, section 99 (application of Act to unit trust schemes) does not apply in relation to the scheme.

Units in certain co-ownership schemes treated as shares in a company

5
1 This paragraph applies to a unit in an authorised contractual scheme which is a co-ownership scheme , or a Reserved Investor Fund (Contractual Scheme), where, as a result of the application of section 103D (application of Act to tax transparent funds), the unit is treated as an asset for the purposes of this Act.
2 The asset is treated for the purposes of Schedule 1A as if it were a share in a company.

Disposals by non-UK residents

6
1 This paragraph applies if—
a a person disposes of an asset that derives at least 75% of its value from UK land (as determined in accordance with Part 2 of Schedule 1A), and
b the disposal has an appropriate connection to a collective investment vehicle (see sub-paragraphs (3) to (6) for the cases in which this test is met).
2 For the purposes of section 1A(3)(c) or 2B(4)(b) (disposals by non-UK residents of assets deriving 75% of value from UK land etc), the person is treated as having a substantial indirect interest in the UK land at the time of the disposal.
3 A disposal has an appropriate connection to a collective investment vehicle if the asset disposed of consists of a right or interest in—
a a collective investment vehicle, or
b a company at least half of whose market value derives from its being a direct or indirect participant in one or more collective investment vehicles.
4 A disposal has an appropriate connection to a collective investment vehicle if—
a the vehicle is constituted by two or more persons carrying on a trade or business in partnership, and
b the disposal is made by a person as a participant in the vehicle.
5 A disposal has an appropriate connection to a collective investment vehicle if the vehicle is a company and the disposal is made by it.
6 A disposal has an appropriate connection to a collective investment vehicle if—
a a company (which is not the vehicle) makes the disposal,
b the vehicle is UK property rich,
c the vehicle together with one or more other collective investment vehicles have a 50% investment in the company, and
d each of those other collective investment vehicles is also UK property rich.
7 Collective investment vehicles have a 50% investment in a company if, applying the rule in paragraph 9 (but without regard to paragraph 10) of Schedule 1A as if references to 25% were references to 50%, the vehicles would be regarded as having a 50% investment in the company at the time of the disposal.
8 For this purpose the collective investment vehicles are to be regarded as if they were a single person.
9 This paragraph is subject to paragraph 7 (collective investment vehicles expected to have no more than 40% investments in UK land) , paragraph 7A (overseas life insurance companies) and paragraph 7B (offshore collective investment vehicles (other than UK feeder vehicles) that meet the conditions in paragraph 7(2)(a) and (b)).
7
1 This paragraph applies to a disposal which would otherwise have an appropriate connection to a collective investment vehicle as a result of paragraph 6(3), (5) or (6).
2 A disposal does not have an appropriate connection to a collective investment vehicle if, at the time of the disposal, the vehicle mentioned in paragraph 6(3)(a) or (5), or each of the vehicles mentioned in paragraph 6(3)(b) or (6), meets—
a the non-UK real estate condition, and
b the genuine diversity of ownership condition or, if the vehicle is a company, the non-close condition.
3 If—
a a disposal is made as mentioned in paragraph 6(6), and
b the vehicle mentioned there is constituted by two or more persons carrying on a trade or business in partnership,
the condition in sub-paragraph (2)(b) is taken to be met if the company mentioned in paragraph 6(6) meets the non-close condition.
4 A vehicle meets the non-UK real estate condition at any time if, by reference to the prospectus for the vehicle as the prospectus has effect at that time, no more than 40% of the expected market value of the vehicle's investments is intended to derive from investments consisting of—
a interests in UK land, or
b rights or interests in companies which are UK property rich.
5 A vehicle meets the genuine diversity of ownership condition at any time if, at that time—
a the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet the conditions in regulation 75(2), (3) and (4)(a) of the Offshore Funds (Tax) Regulations 2009, or
b the vehicle meets, or those multi-vehicle arrangements meet, the condition in regulation 75(5) of those Regulations (assuming for this purpose that regulation 75(4)(b) is omitted),
F2722...
5A For the purposes of sub-paragraph (5), those Regulations have effect as if references to a fund included—
a multi-vehicle arrangements, and
b a collective investment vehicle which is not an offshore fund.
6 A company meets the non-close condition at any time if, at that time, it—
a is not a close company, or
b is a close company but only because it has a qualifying investor as a direct or indirect participator.
7 Paragraph 46 (meaning of “close company”, “qualifying investor” and “direct or indirect participator”) applies for the purposes of sub-paragraph (6).
8 In this Schedule “multi-vehicle arrangements” means arrangements comprising two or more vehicles under which an investor in one of those vehicles would reasonably regard that investment as an investment in the arrangements as a whole rather than exclusively in any particular vehicle.

7A Overseas life insurance companies

1 Paragraph 6 does not apply if—
a the person making the disposal (“D”) is an overseas life insurance company or would be such a company if it were carrying on its life assurance business in the United Kingdom through a permanent establishment there,
b immediately before the disposal, no more than 40% of the market value of D’s assets derives from investments consisting of—
i interests in UK land, or
ii rights or interests in companies which are UK property rich,
c the asset disposed of is a right or interest in a collective investment vehicle that is a company (whether as a result of paragraph 4 or otherwise) and is UK property rich, and
d immediately before the disposal, D does not have a 10% investment in that vehicle.
2 D has a 10% investment in a collective investment vehicle if, applying the rule in paragraph 9 (but without regard to paragraph 10) of Schedule 1A as if references to 25% were references to 10%, D would be regarded as having a 10% investment in the vehicle.

7B Offshore collective investment vehicles (other than UK feeder vehicles) that meet the conditions in paragraph 7(2)(a) and (b)

1 Paragraph 6 does not apply if—
a the person making the disposal is an offshore collective investment vehicle which meets the conditions in paragraph 7(2)(a) and (b),
b immediately before the disposal, the offshore collective investment vehicle is not a UK feeder vehicle,
c the asset disposed of is a right or interest in a collective investment vehicle that is a company (whether as a result of paragraph 4 or otherwise) and is UK property rich (a “UK property rich vehicle”), and
d immediately before the disposal, the offshore collective investment vehicle does not have a 10% investment in the UK property rich vehicle.
2 An offshore collective investment vehicle is a “UK feeder vehicle” at any time if at least 85% of the market value of the assets of the vehicle at that time derives from units in a single collective investment vehicle that is UK property rich.
3 An offshore collective investment vehicle has a 10% investment in a UK property rich vehicle if, applying the rule in paragraph 9 (but without regard to paragraph 10) of Schedule 1A as if references to 25% were references to 10%, the offshore collective investment vehicle would be regarded as having a 10% investment in the UK property rich vehicle.

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—
a which is UK property rich, and
b which is transparent for income tax purposes otherwise than as a result of being constituted by two or more persons carrying on a trade or business in partnership.
2 The manager of the vehicle may make an election for the vehicle to be treated for the purposes of—
a this Act, and
b the Management Act, and any other provision of the Corporation Tax Acts, so far as relating to the taxation of chargeable gains,
as if, in relation to all times on and after its constitution, it were to be regarded as a partnership.
3 Accordingly, as a result of sub-paragraph (2)(b), it follows that, in applying rules such as section 1154 of CTA 2010 (meaning of “75% subsidiary” etc) for the purposes of Part 12 of that Act (Real Estate Investment Trusts) so far as relating to the taxation of chargeable gains, the vehicle is to be regarded as a partnership.
4 Section 12AA of the Management Act applies as a result of sub-paragraph (2) but as if —
a subsection (1) of that section authorised the giving of a notice under subsection (2) or (3) for the purpose of facilitating the amount in which each partner is chargeable to tax on chargeable gains,
b that section authorised the giving of the notice to the manager of the vehicle, and
c that section authorised a single notice under subsection (2) or (3) of that section requiring the making and delivery, in accordance with the notice, of a return every year (whether or not any partnership property has been disposed of in the period to which the return relates).
5 The election has effect whether or not the vehicle would, but for the making of the election, be regarded as a person chargeable to capital gains tax or corporation tax on chargeable gains.
6 For the purposes of this paragraph whether or not an offshore collective investment vehicle is regarded as being UK property rich may be determined by reference to the prospectus for the vehicle on the assumption that investments are made by the vehicle in accordance with the prospectus.
7 For the purposes of this paragraph a collective investment vehicle is “transparent for income tax purposes” if, on the assumption that there are participants who are individuals resident in the United Kingdom, any sums which form part of the income of the vehicle—
a would be chargeable to income tax on those assumed participants under a provision specified in section 830(2) of ITTOIA 2005 in respect of such of those sums as would be referable to their interests, or
b if any of that income is derived from assets within the United Kingdom, would be so chargeable had the assets been outside the United Kingdom.
8 If an election is made under this paragraph in relation to a collective investment vehicle—
a section 99 (application of Act to unit trust schemes) does not apply in relation to the vehicle, and
b section 103D (tax transparent funds) does not apply in relation to the vehicle.

Further provision about election

9
1 An election under paragraph 8 in relation to an offshore collective investment vehicle—
a has effect only if the participants in the vehicle at the time at which it is made have consented to the making of the election,
b must be made by notice given to an officer of Revenue and Customs, and
c must be made before the end of the period of 12 months beginning with the relevant acquisition date.
2 For this purpose “the relevant acquisition date” means the earliest date on which—
a an interest in UK land, or
b a right or interest in a company that is UK property rich,
forms part of the property that is the subject of or held by the vehicle.
3 An election under paragraph 8 is irrevocable.
4 An election under paragraph 8 must include the following information in the case of each participant in the vehicle—
a the participant’s name and, if the participant has one, the participant’s unique taxpayer reference,
b the participant’s usual or last known place of residence or the participant’s place of business, and
c in the case of a participant who is an individual, the participant’s date of birth.

Units in CIVs held by life insurance companies

10
1 This paragraph applies if an election under paragraph 8 has effect in relation to an offshore collective investment vehicle.
2 The election is treated as having no effect for the purposes of this Act in relation to any units in the vehicle which are held by an insurance company for the purposes of its long-term business.

Relationship to re-basing rules under Schedule 4AA for non-UK residents

11
1 This paragraph applies if—
a an election under paragraph 8 has effect in relation to an offshore collective investment vehicle, and
b as a result of the election, Part 3 or 4 of Schedule 4AA would (but for this paragraph) apply in relation to a disposal made by a participant in the vehicle.
2 The disposal is to be regarded for the purposes of Schedule 4AA as if it were one to which Part 2 of that Schedule applies.

PART 4 Exemption

Exemption for qualifying offshore CIV that is UK property rich etc

12
1 An election may be made for a collective investment vehicle, or a company which is not a collective investment vehicle, to be exempt from corporation tax on chargeable gains accruing to it on—
a all direct disposals of UK land, and
b all indirect disposals of UK land.
2 An election may be made in respect of a collective investment vehicle if each of the following entitlement conditions is met—
a the vehicle is offshore,
b the vehicle is a company (whether as a result of paragraph 4 or otherwise),
c the vehicle is UK property rich,
d the vehicle meets all of the qualifying conditions set out in paragraph 13, and
e if the vehicle is an AIF, it would also meet the definition of a collective investment vehicle for another reason.
3 An election may be made in respect of a company which is not a collective investment vehicle if each of the following entitlement conditions is met—
a the company is wholly (or almost wholly) and directly owned by a collective investment scheme which is constituted by two or more persons carrying on a trade or business in partnership or is constituted by a CoACS or a RIF,
b the appropriate entity is UK property rich, and
c the company meets all of the qualifying conditions set out in paragraph 13,
and it does not matter where the company is resident.
3A In sub-paragraph (3)(a) the reference to direct ownership by a collective investment scheme is to ownership otherwise than through—
a a company, or
b a partnership, trust or other entity or arrangements.
4 In sub-paragraph (3)(b) the “appropriate entity” means—
a in a case where the collective investment scheme is constituted by two or more persons carrying on a trade or business in partnership, the company, and
b in a case where the collective investment scheme is constituted by a CoACS or RIF, the CoACS or RIF.
5 If an election is made under this paragraph in respect of a collective investment vehicle—
a the vehicle is referred to in this Part of this Schedule as “a qualifying fund”, and
b any reference in this Part of this Schedule to a qualifying fund, in relation to any time after the election is made (including any time after the election ceases to have effect), is to be read as a reference to the arrangements, undertaking or company which met the definition of collective investment vehicle when the election was made.
6 If an election is made under this paragraph in respect of a company which is not a collective investment vehicle—
a the company is referred to in this Part of this Schedule as “a qualifying company”, and
b any reference in this Part of this Schedule to a qualifying company, in relation to any time after the election is made (including any time after the election ceases to have effect), is to be read as a reference to the company.
7 Section 103D (application of Act to tax transparent funds) does not apply for the purpose of determining whether sub-paragraph (3)(a) or (c) applies.
8 In this paragraph—
  • “AIF” has the meaning given by regulation 3 of the Alternative Investment Fund Managers Regulations 2013, and
  • “CoACS” means an authorised contractual scheme which is a co-ownership scheme;
  • “RIF” means a Reserved Investor Fund (Contractual Scheme).

Qualifying conditions and information provided to HMRC

13
1 For the purposes of paragraph 12(2), a collective investment vehicle meets the qualifying conditions in this paragraph at any time if, at that time—
a it is a collective investment scheme and it meets the genuine diversity of ownership condition,
ab it is a collective investment scheme, it meets the UK tax condition and it is wholly (or almost wholly) owned by one or more other collective investment schemes each of which meets the genuine diversity of ownership condition,
b it is a company (otherwise than as a result of paragraph 4) and it meets the recognised stock exchange condition and the non-close condition, or
c it is a collective investment vehicle (of any kind) and it meets the UK tax condition and the non-close condition.
2 For the purposes of paragraph 12(3), a company which is not a collective investment vehicle meets the qualifying conditions in this paragraph at any time if, at that time, either—
a the company meets the UK tax condition and the non-close condition, or
b the collective investment scheme directly owning the company—
i meets the genuine diversity of ownership condition, or
ii is wholly (or almost wholly) and directly owned by one or more qualifying partnerships each of which meets the genuine diversity of ownership condition,
2A In sub-paragraph (2)(b)—
a references to direct ownership are to ownership otherwise than through—
i a company, or
ii a partnership, trust or other entity or arrangements, and
b “qualifying partnership” means a collective investment scheme which is constituted by two or more persons carrying on a trade or business in partnership.
3 For the purposes of this paragraph a collective investment scheme meets the genuine diversity of ownership condition at any time if, at that time—
a the scheme meets or, if the scheme is part of multi-vehicle arrangements, the arrangements meet the conditions in regulation 75(2), (3), and (4)(a) of the Offshore Funds (Tax) Regulations 2009, or
b the scheme meets, or those multi-vehicle arrangements meet, the condition in regulation 75(5) of those Regulations (assuming for this purpose that regulation 75(4)(b) is omitted),
F2727...
3A For the purposes of sub-paragraph (3), those Regulations have effect as if references to a fund included—
a multi-vehicle arrangements, and
b a collective investment scheme which is not an offshore fund.
4 For the purposes of this paragraph a company meets the recognised stock exchange condition at any time if, at that time—
a it has ordinary share capital, and
b the shares forming part of its ordinary share capital are regularly traded on a recognised stock exchange.
5 For the purposes of this paragraph a company meets the non-close condition at any time if, at that time, it—
a is not a close company, or
b is a close company but only because it has a qualifying investor as a direct or indirect participator.
6 Paragraph 46 (meaning of “close company”, “qualifying investor” and “direct or indirect participator”) applies for the purposes of sub-paragraph (5).
C4677 For the purposes of this paragraph a company meets the UK tax condition at any time if, on the assumption that all of the shares in it were disposed of for their market value at that time, the person making the election reasonably considers at that time that, as a result solely of double taxation arrangements, no more than 25% of the total proceeds would fall to be left out of account for the purposes of this Act.
8 If any of the proceeds arise to a company which is wholly (or almost wholly) owned by one or more investors to which paragraph 33 applies, the company is to be treated for the purposes of sub-paragraph (7) as if it were exempt from corporation tax in respect of chargeable gains accruing to it otherwise than as a result of double taxation arrangements.
14
1 An election under paragraph 12 has effect only if it is accompanied by information of such description as may be specified by an officer of Revenue and Customs about disposals made by participants in the relevant fund at any time in—
a the period of two years ending with the day before the day on which the election is made, or
b if shorter, the period beginning with the constitution of the relevant fund and ending with the day before the day on which the election is made.
2 Information is not required by sub-paragraph (1) to accompany the election so far as—
a it has already been provided to an officer of Revenue and Customs in a form and manner, and at times, specified by an officer of Revenue and Customs, and
b the election sets out those occasions on which the information has been so provided.
15
1 An election under paragraph 12 has effect subject to such conditions as to the provision of information or documents to an officer of Revenue and Customs as may be specified by an officer of Revenue and Customs.
2 The information or documents must be provided to an officer of Revenue and Customs in respect of every period of account of the relevant fund which ends at a time when the election has effect.
3 The information or documents must be provided to an officer of Revenue and Customs within the period of 12 months from the end of the period of account.
4 The conditions as to the provision of information or documents may include—
a conditions relating to the participants in the relevant fund, and
b conditions requiring information or documents in respect of the operation of any provision of this Schedule (or any provision of this Act relevant to this Schedule).
5 In the case of an election under paragraph 12—
a a designated HMRC officer may revoke the election if, in the officer's opinion, there has been, without reasonable excuse, a breach of any provision made by or under this paragraph, but
b an officer of Revenue and Customs (whether or not designated) may waive a breach of any provision made by or under this paragraph if, in the officer's opinion, there is no reasonable excuse for the breach but, having regard to all the circumstances, the breach is nonetheless insignificant.
6 The circumstances to which the officer may have regard in determining whether a breach is insignificant include the number and seriousness of previous breaches.
7 In this paragraph “period of account”, in relation to the relevant fund, means any period for which accounts of the relevant fund are drawn up.
8 If the period of account would otherwise be longer than 12 months, the period of account is to be treated for the purposes of this paragraph as split into more than one period of account, and—
a the first deemed period of account is to be 12 months long, and
b any subsequent deemed period of account is to start when the previous deemed period of account ends and is to end 12 months later or, if earlier, when the actual period of account ends.

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 12 has been made in respect of a qualifying fund or qualifying company (“Q”),
b Q is UK property rich by reference (wholly or partly) to particular interests in UK land (“the relevant UK property”), and
c a person other than Q makes a disposal at a time when the election has effect.
2 If—
a the disposal is a direct disposal of any of the relevant UK property by a person, and
b immediately before the disposal, Q has a 40% investment in the person,
the appropriate proportion of any gain accruing to the person on the disposal is not a chargeable gain.
3 If the disposal is an indirect disposal of UK land in a case where—
a the interests in UK land in question consist of or include any of the relevant UK property, and
b immediately before the disposal, Q has a 40% investment in the company in question,
the appropriate proportion of any gain accruing to the person on the disposal is not a chargeable gain.
4 For the purposes of this paragraph the “appropriate proportion” means the proportion that so much of the consideration for the disposal as forms part (directly or indirectly) of the assets of Q bears to the total consideration for the disposal.
5 For the purposes of this paragraph a person has a 40% investment in a company if, applying the rule in paragraph 9 (but without regard to paragraph 10) of Schedule 1A as if references to 25% were references to 40%, the person would be regarded as having a 40% investment in the company immediately before the disposal.
6 In this paragraph—
  • “the interests in UK land in question” means the interests in UK land taken into account in determining whether the disposal is an indirect disposal of UK land, and
  • “the company in question”, in relation to a disposal of a right or interest in a company by the person, means that company.
7 If an officer of Revenue and Customs considers that the operation of this paragraph would otherwise result in the total proportion of a gain that is not a chargeable gain exceeding the whole of the gain, the officer may make such adjustments to the appropriate proportion of a gain accruing to any person as the officer considers just and reasonable to prevent that result.

Making of election and period for which it has effect

17
1 An election under paragraph 12—
a must be made by the relevant fund manager, and
b must be made by notice given to an officer of Revenue and Customs.
2 An election under paragraph 12 must specify the day from which it is to have effect.
3 The election has effect in relation to disposals on or after the day specified in the election.
4 A day may be specified in the election even if it falls before the day on which the election is made.
5 But a day that falls more than 12 months before the day on which the election is made may be specified only if an officer of Revenue and Customs consents.
6 For this purpose—
a consent may be given generally (for example, by describing, in a notice published by an officer of Revenue and Customs, cases in which consent is deemed to be given), or
b consent may be given in relation to particular cases.

Revocation of election

18
1 In addition to the case set out in paragraph 15(5)(a), a designated HMRC officer may revoke an election under paragraph 12 if, in order to safeguard the public revenue, the officer considers it is appropriate to revoke the election.
2 In the case of an election under paragraph 12 which is revoked by a designated HMRC officer (whether under this paragraph or paragraph 15), the revocation must be made by notice given by a designated HMRC officer to the relevant fund manager.
3 The relevant fund manager may revoke an election under paragraph 12 by giving notice of the revocation to an officer of Revenue and Customs.
4 A notice of revocation of an election under paragraph 12 must specify the day from which the election is to cease to have effect.
5 The election ceases to have effect in relation to disposals made on or after the day specified in the notice of revocation.
6 The relevant fund manager may specify a day in a notice of revocation even if the day falls before the day on which the notice is given but only if an officer of Revenue and Customs consent.
7 For this purpose—
a consent may be given generally (for example, by describing, in a notice published by an officer of Revenue and Customs, cases in which consent is deemed to be given), or
b consent may be given in relation to particular cases.
19
1 A notice of revocation given by a designated HMRC officer under paragraph 15 or 18 must state the grounds for revoking the election under paragraph 12.
2 The relevant fund manager may bring an appeal against the revocation of the election.
3 The appeal must be made by notice given to the designated HMRC officer during the period of 30 days beginning with the day on which the notice of revocation is given.
4 In the case of an appeal which is notified to the tribunal (see Part 5 of the Management Act), the tribunal must not allow the appeal unless it considers that a designated HMRC officer could not reasonably have been satisfied that there were grounds for revoking the election.

Qualifying fund or company ceasing to meet applicable exemption conditions

20
1 This paragraph applies if—
a an election under paragraph 12 has been made at any time in respect of a qualifying fund or qualifying company, and
b at any subsequent time, the qualifying fund or qualifying company ceases to meet the applicable exemption conditions.
2 The election ceases to have effect from that subsequent time in relation to disposals made at or after that time.
3 This paragraph needs to be read with—
a paragraph 27 (temporary period of no more than 30 days during which certain of applicable exemption conditions not met),
b paragraph 28 (temporary period of no more than 9 months during which applicable exemption conditions not met), and
c paragraph 30 (steps taken by relevant fund manager to wind up relevant fund).

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 12 that has been made in respect of a qualifying fund or qualifying company has effect at any time,
b a participant in the relevant fund is entitled to receive an amount at that time (“the relevant time”) which represents, in substance, value derived (directly or indirectly) from a direct disposal of UK land or from the UK land component of an indirect disposal of UK land, F2019...
c the amount is regarded as being of a revenue nature and does not fall to be taken into account for the purposes of income tax or corporation tax on income F1523..., and
d some or all of the value which is represented by the amount does not fall to be taken into account for the purposes of income tax or corporation tax on income.
2 In the case of an election made in respect of a qualifying fund, the participant in the relevant fund is deemed for the purposes of this Act—
a to have sold its units in the relevant fund immediately before the relevant time at their market value immediately before that time (as adjusted, if applicable, in accordance with sub-paragraph (3A)), and
b to have reacquired those units immediately after the relevant time at their market value immediately after that time.
3 In the case of an election made in respect of a qualifying company, the participant in the relevant fund is deemed for the purposes of this Act—
a to have sold its rights and interests in the relevant entity immediately before the relevant time at their market value immediately before that time (as adjusted, if applicable, in accordance with sub-paragraph (3A)), and
b to have reacquired those rights and interests immediately after the relevant time at their market value immediately after that time.
3A If some of the value (“the taxed value”) which is represented by the amount falls to be taken into account for the purposes of income tax or corporation tax on income, the market value mentioned in sub-paragraph (2)(a) or (3)(a) is to be reduced by so much of that market value as, on a just and reasonable basis, can be attributable to the taxed value.
4 In this paragraph “the UK land component” of an indirect disposal of UK land means the interests in UK land taken into account in determining whether the disposal is an indirect disposal of UK land.
5 In this paragraph “the relevant entity” means—
a in a case where the relevant fund is constituted by a CoACS or RIF (within the meaning of paragraph 12), the CoACs or RIF, and
b in any other case, the qualifying company.

Deemed disposal if election ceases to have effect

22
1 This paragraph applies if at any time an election which has been made under paragraph 12 in respect of a qualifying fund or qualifying company ceases to have effect.
2 In the case of an election made in respect of a qualifying fund, each participant in the relevant fund is deemed for the purposes of this Act—
a to have sold its units in the relevant fund immediately before that time, and
b to have immediately reacquired those rights and interests,
at their market value immediately before that time.
3 In the case of an election made in respect of a qualifying company, each participant in the relevant fund is deemed for the purposes of this Act—
a to have sold its rights and interests in the relevant entity immediately before that time, and
b to have immediately reacquired those rights and interests,
at their market value immediately before that time.
4 In this paragraph “the relevant entity” has the same meaning as in paragraph 21.

Gains accruing on disposals under paragraph 21 or 22

23
1 This paragraph applies if a disposal of an asset is deemed to have been made by a person at any time under—
a paragraph 21, or
b paragraph 22 but only as a result of paragraph 20 (qualifying fund or qualifying company ceasing to meet the applicable exemption conditions).
2 Any gain (“the deemed gain”) accruing to the person on the disposal is treated as accruing to the person in accordance with the rules set out in the remainder of this paragraph.
3 If, at the time of the deemed disposal or a subsequent time—
a the person actually disposes of a unit in the relevant fund, or
b the person receives an amount of a kind mentioned in paragraph 21(1),
the appropriate portion of the deemed gain is treated as accruing to the person at the time of the actual disposal or the time of the receipt.
4 For this purpose “the appropriate portion” means the proportion which—
a the consideration for the actual disposal, or
b the amount of the receipt,
bears to the amount of the deemed gain.
5 If some of the deemed gain has accrued on one or more previous occasions, the appropriate portion is restricted so that, when added to the appropriate portion or portions on the previous occasion or occasions, it does not exceed 100%.
6 In determining the appropriate proportion, so much (if any) of the consideration for the actual disposal or the amount of the receipt as exceeds the amount of the deemed gain is to be ignored.
7 In the case of a disposal under paragraph 21, the remainder of the deemed gain is treated as accruing to the person (unless the whole amount has already accrued) when the relevant fund is wound up.
8 In the case of a disposal under paragraph 22, the remainder of the deemed gain is treated as accruing to the person (unless the whole amount has already accrued) at—
a the end of the period of three years beginning with the time of the deemed disposal, or
b if earlier, when the relevant fund is wound up.
9 In the case of a disposal under paragraph 21 where there is a reduction in market value under sub-paragraph (3A) of that paragraph, a reduction is also to be made for the purposes of this paragraph to the amount of the receipt mentioned in paragraph 21(1) on a just and reasonable basis.

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 have been made by a person as a result of paragraph 21 or 22.
2 The person is treated for the purposes of section 38(1)(c) as having incurred incidental costs of making the deemed disposal equal to the notional costs.
3 The reference here to the notional costs is to the incidental costs —
a which the person would reasonably have expected to have incurred if the deemed sale under paragraph 21 or 22 had been an actual sale, and
b which would have been allowable under section 38(1)(c) if there had been an actual sale.

Notification to participants in relation to deemed disposals under paragraph 21 or 22

25
1 This paragraph applies if—
a a disposal is deemed to have been made by a person under paragraph 21,
b a disposal is deemed to have been made by a person under paragraph 22 as a result of the revocation of an election, or
c an amount is treated as accruing to a person under paragraph 23(7) or (8).
2 The relevant fund manager must notify the person of the matters mentioned in sub-paragraph (1)(a), (b) or (c).
3 The notification—
a must be in writing, and
b must be given within the period of 30 days beginning with the relevant time.
4 If this paragraph applies as result of sub-paragraph (1)(a) or (b), “the relevant time” means the time at which the deemed disposal is made.
5 If this paragraph applies as result of sub-paragraph (1)(c), “the relevant time” is the time at which the amount is treated as accruing.
26
1 A person who fails to comply with paragraph 25 is liable to a penalty not exceeding £3,000.
2 If—
a there is a failure to comply with that paragraph, and
b there are two or more persons who are the relevant fund managers each of whom is subject to the duty to notify under that paragraph,
the total amount of the penalties to which those managers (taken together) are liable is not to exceed £3,000.
3 If a person becomes liable to a penalty under this paragraph, an officer of Revenue and Customs must—
a assess the penalty, and
b notify the person.
4 The assessment must be made within the period of 12 months beginning with the day on which an officer of Revenue and Customs first becomes aware that the person has failed to comply with paragraph 25.
5 A person may, by notice, appeal against a decision of an officer of Revenue and Customs that a penalty is payable under this paragraph.
6 Notice of appeal under this paragraph must specify the grounds of appeal.
7 Notice of appeal under this paragraph must be given—
a within 30 days after the penalty was notified to the person,
b to the officer of Revenue and Customs who notified the person.
8 A penalty under this paragraph must be paid before the end of the period of 30 days beginning with—
a the day on which the person was notified of the penalty, or
b if notice of appeal against the penalty is given, the day on which the appeal is finally determined or withdrawn.

Temporary period during which applicable exemption conditions not met

27
1 This paragraph applies if—
a an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company (“Q”),
b Q ceases at any time (“the relevant time”) to meet the applicable exemption conditions otherwise than as a result of the vehicle or appropriate entity ceasing to be UK property rich (see paragraph 12(2)(c) or (3)(b)),
c the election would (but for this paragraph) have, accordingly, ceased to have had effect under paragraph 20 from the relevant time,
d the relevant fund manager expects Q to meet the applicable exemption conditions within 30 days, and
e Q does meets those conditions within 30 days.
2 The failure by Q to meet the applicable exemption conditions is to be ignored for the purposes of this Part of this Schedule.
3 In this paragraph any reference to Q meeting the applicable exemption conditions within 30 days is to Q meeting those conditions before the end of the period of 30 days beginning with the day on which the relevant time falls.
4 This paragraph does not apply on more than four occasions in any period of 12 months.
28
1 This paragraph applies if—
a an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company,
b but for this paragraph, the election would, as a result of paragraph 20, have ceased to have effect from a particular time for all purposes of this Part of this Schedule (“the relevant time”),
c the relevant fund manager expects the failure to meet the applicable exemption conditions to last for a temporary period, and
d at the end of the temporary period, the qualifying fund or qualifying company does meet those conditions.
2 It is to be assumed that, for the purposes of any provision of this Part of this Schedule other than paragraph 22, the qualifying fund or qualifying company continues to meet the applicable exemption conditions during the temporary period.
3 Accordingly—
a a deemed disposal occurs under paragraph 22 by reference to the failure to meet the applicable exemption conditions, but
b subject to that, the election continues to have effect during the temporary period.
4 A period is not to be regarded as a temporary period for the purposes of this paragraph if it is longer than a period of 9 months beginning with the relevant time.
5 This paragraph does not apply if paragraph 27 applies.
29
1 This paragraph applies if paragraph 28 has applied in relation to a qualifying fund or qualifying company on one or more occasions.
2 Paragraph 23(8) has effect as if, for the words from “at—” to the end, there were substituted “ when the relevant fund is wound up. ”

Steps taken by relevant fund manager to wind up relevant fund

30
1 This paragraph applies if—
a an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company,
b but for this paragraph, the election would, as a result of paragraph 20, have ceased to have effect from a particular time (“the relevant time”) for all purposes of this Part of this Schedule, and
c the relevant time occurs at a time when the relevant fund manager is taking steps with a view to the disposal of all of the assets of the relevant fund so that it can be wound up.
2 It is to be assumed that, for the purposes of any provision of this Part of this Schedule other than paragraph 22, the qualifying fund or qualifying company continues to meet the applicable exemption conditions until the relevant fund is wound up.
3 Accordingly—
a a deemed disposal occurs under paragraph 22 by reference to the failure to meet the applicable exemption conditions, but
b subject to that, the election continues to have effect until the relevant fund is wound up.

Deemed disposals of UK land by companies previously owned by fund

31
1 This paragraph applies if—
a an election under paragraph 12 has been made in respect of a qualifying fund or qualifying company (“Q”),
b Q, or a company covered by the election, disposes of all of its rights and interests in another company (“C”) which is UK property rich, and
c C is covered by the election.
2 C is deemed for the purposes of this Act—
a to have sold, at the relevant time, the appropriate proportion of every qualifying asset the actual disposal of which by C would be a direct or indirect disposal of UK land, and
b to have reacquired the appropriate proportion of the asset immediately after the relevant time,
at its market value at the relevant time.
3 In the case of a disposal, a company is “covered by the election” for the purposes of this paragraph if the disposal is one to which paragraph 16 applies where the election concerned is the one referred to in this paragraph.
4 For the purposes of this paragraph “the appropriate proportion” of an asset is equal to whatever would be, for the purposes of paragraph 16, the appropriate portion of any gain if it is assumed—
a that C had sold the asset at the relevant time, and
b that the total consideration for that sale was such that it results in a gain of £100 accruing to C.
5 For the purposes of this paragraph, an asset is a “qualifying asset” if, throughout the period of one year ending with the day on which the disposal of the asset is made, the asset has been held by C or any other company covered by the election or by Q.
6 In this paragraph “the relevant time” means the time immediately before the disposal of all the rights and interests in C.

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 12 has been made in respect of a qualifying fund or qualifying company (“Q”),
b the election has had effect for a continuous period of at least five years, and
c either the election ceases to have effect (otherwise than in disqualifying circumstances) or the relevant fund manager starts to take steps with a view to the disposal of all of the assets of the relevant fund so that it can be wound up.
2 Q is deemed for the purposes of this Act—
a to have sold, at the relevant time, every asset the actual disposal of which by Q would be a direct or indirect disposal of UK land, and
b to have reacquired the asset immediately after the relevant time,
at its market value at the relevant time.
3 In the case of any asset covered by the election for 12 months and held by a company at the relevant time, the company is deemed for the purposes of this Act—
a to have sold, at the relevant time, the appropriate proportion of the asset, and
b to have reacquired the appropriate proportion of the asset immediately after the relevant time,
at its market value at the relevant time.
4 For the purposes of sub-paragraph (3) an asset held by a company at the relevant time has been “covered by the election for 12 months” if, assuming the asset were disposed of at the relevant time, the disposal would have been one to which paragraph 16 applied by reference to the election.
5 For the purposes of sub-paragraph (3) “the appropriate proportion” of an asset is equal to whatever would be, for the purposes of paragraph 16, the appropriate portion of any gain if it is assumed—
a that the company had sold the asset at the relevant time, and
b that the total consideration for that sale was such that it results in a gain of £100 accruing to it.
6 For the purposes of this paragraph the election ceases to have effect in “disqualifying circumstances” if—
a it ceases to have effect as a result of a notice of revocation under paragraph 15(5)(a) in a case where a designated officer of Revenue and Customs is of the opinion that there have been at least three serious breaches of provision made by or under paragraph 15 during the period for which the election has had effect, or
b it ceases to have effect as a result of a notice of revocation under paragraph 18(1).
7 In this paragraph “the relevant time” means the time immediately before—
a the election ceases to have effect, or
b the relevant fund manager starts to take steps with a view to the disposal of all or the assets of the relevant fund so that it can be wound up.
8 For the purposes of this paragraph an election made under paragraph 12 in respect of Q is taken to be the same election as one made at a subsequent time in respect of another qualifying fund or qualifying company (“A”) if, at the subsequent time, Q is wholly owned by A.

Exemption for disposals by companies wholly owned by certain investors

33
1 This paragraph applies in the case of—
a a collective investment vehicle in respect of which an election under paragraph 8 has been made (a “transparent fund”) ,
aa a RIF (within the meaning of paragraph 12) that meets the UK property rich condition in regulation 12 of the Co-ownership Contractual Schemes (Tax) Regulations 2025,
b a qualifying fund or qualifying company in respect of which an election under paragraph 12 has been made,
c a company which is a company UK REIT or is the principal company of a group UK REIT, or
d an open-ended investment company to which Part 4A of the Authorised Investment Funds (Tax) Regulations 2006 applies and which is UK property rich (a “PAIF”);
and a reference in the remainder of this paragraph to the fund concerned is to the transparent fund, the RIF, the relevant fund, the company UK REIT or principal company, or the PAIF (as the case may be).
2 If—
a a participant in the fund concerned disposes of a unit in the fund concerned, and
b the participant is a company which is wholly (or almost wholly) owned by one or more investors to which this paragraph applies,
any gain accruing on the disposal is not a chargeable gain.
2A If a company which is wholly (or almost wholly) owned by one or more investors to which this paragraph applies disposes of a right or interest in a company whose assets consist wholly of units in the fund concerned, any gain accruing on the disposal is not a chargeable gain.
3 Nothing in paragraph 21 is to result in a deemed disposal of an asset held by—
a an investor to which this paragraph applies who is not an insurance company, or
b a company which is wholly (or almost wholly) owned by one or more investors to which this paragraph applies each of whom is not an insurance company.
4 Each of the following is an investor to which this paragraph applies—
a any person who is a qualifying institutional investor within the meaning of Schedule 7AC (substantial shareholding exemption),
b a company carrying on life assurance business where, immediately before the disposal, its right or interest in the participant is an asset which, applying the rules in section 138 of the Finance Act 2012, is wholly matched to a liability of its life assurance business that is not BLAGAB,
c a company carrying on long-term business none of which is BLAGAB where, immediately before the disposal, its right or interest in the participant is an asset held for the purposes of its long-term business, and
d a qualifying fund or qualifying company in respect of which an election under paragraph 12 has effect.
5 In this paragraph “BLAGAB” means basic life assurance and general annuity business.

Disapplication of paragraphs 5 and 6 of Schedule 1A

33A
1 If—
a an election under paragraph 12 has been made in respect of a collective investment vehicle, and
b there is a disposal of a unit in the vehicle,
nothing in paragraph 5 or 6 of Schedule 1A (exceptions) applies to the disposal.
2 If—
a an election under paragraph 12 has been made in respect of a qualifying company, and
b there is a disposal of a unit in the relevant fund,
nothing in paragraph 5 or 6 of that Schedule applies to the disposal so far as it constitutes a disposal of a right or interest in the qualifying company.

Disapplication of paragraph 3A of Schedule 7AC: qualifying institutional investors

34
1 This paragraph applies if—
a a gain or loss accrues to a company (“the investing company”) which has ordinary share capital owned by one or more qualifying institutional investors,
b some of the gain or loss is not chargeable or allowable as a result of paragraph 16(3), and
c some or all of the ownership of the qualifying institutional investors in the investing company is through the company which is Q for the purposes of paragraph 16(3).
2 The ownership of the qualifying institutional investors in the investing company is to be ignored for the purpose of applying the exemption conferred by paragraph 3A of Schedule 7AC so far as the ownership is through Q.
3 In this paragraph “qualifying institutional investors” has the same meaning as in Schedule 7AC.
4 Paragraph 3B of Schedule 7AC (meaning of “ownership”) applies for the purposes of this paragraph as it applies for the purposes of paragraph 3A of that Schedule.

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 exempt so much of any qualifying REIT gain as accrues on a disposal made by a company which is, or is a member of, a UK REIT.
2 A chargeable gain is a “qualifying REIT gain” so far as—
a the gain is not a chargeable gain as a result of section 535 or 535A of CTA 2010, and
b the gain is not one falling to be exempted as a result of the application of either of those sections following a notice given under section 586(1) or 587(1) of that Act (venturing group).
3 In this paragraph “UK REIT” has the same meaning as in Part 12 of CTA 2010.
36
1 This paragraph applies if—
a a gain accrues on a disposal made by a company (“the JV company”) which is a member of a group UK REIT,
b the gain is one falling to be exempted as a result of the application of section 535 or 535A of CTA 2010 following a notice given under section 586(1) or 587(1) of that Act (venturing group),
c the principal company of the group UK REIT that gave the notice is covered by an election made under paragraph 12 in respect of a qualifying fund, and
d the JV company is also covered by the election.
2 The amount of the gain accruing to the JV company which is not a chargeable gain as a result of the operation, by reference to the election, of the rules in this Part of this Schedule—
a is found by first taking the two steps mentioned below (which require the application of each of the exemption rules without regard to the other), and
b once those two steps are taken, is so much of the amount found by the first step as exceeds the amount found by the second step.
3 The first step is, ignoring the effect of Part 12 of CTA 2010, to apply the rules in this Part of this Schedule that operate by reference to the election to identify the amount of the gain which (but for this paragraph) would not be chargeable.
4 The second step is, ignoring the effect of this Part of this Schedule, to apply the rules in Part 12 of CTA 2010 that operate in relation to the group UK REIT to identify the amount of the gain accruing to the JV company which falls to be exempted as mentioned in sub-paragraph (1)(b).
5 In the case of a disposal, a company is “covered by an election made under paragraph 12” for the purposes of this paragraph if the disposal is one to which paragraph 16 applies where the election concerned is the one referred to in this paragraph.
6 In this paragraph “group UK REIT” has the same meaning as in Part 12 of CTA 2010.

Separate application of exemptions under this Schedule and elsewhere

37
1 If—
a a person disposes of a right or interest in a company on which a gain or loss accrues, and
b proportions of the gain or loss are not chargeable or allowable as a result of the operation of any relevant exemption provision,
each relevant exemption provision is to work separately (without regard to the other) in relation to each proportion of the gain or loss to which the relevant exemption provision applies.
2 Accordingly—
a each relevant exemption provision is to operate by reference to the whole of the gain or loss (ignoring the effect of the other relevant exemption provision), and
b the total proportion of the gain or loss which is not chargeable or allowable is the total of the proportions separately found (but not so as to exceed the whole amount of the gain or loss).
3 Each of the following is a “relevant exemption provision” for the purposes of this paragraph—
a any provision made by this Part of this Schedule,
b any provision made by paragraph 3A of Schedule 7AC, and
c any provision made by Part 12 of CTA 2010.
4 This paragraph is subject to paragraphs 34 to 36.

Meaning of meeting “the applicable exemption conditions”

38
1 For the purposes of Part of this Schedule a qualifying fund “meets the applicable exemption conditions” at any time if, at that time—
a it is a collective investment vehicle, and
b it meets the entitlement conditions set out in paragraph 12(2).
2 For the purposes of Part of this Schedule a qualifying company “meets the applicable exemption conditions” at any time if, at that time, it meets the entitlement conditions set out in paragraph 12(3).

Meaning of “the relevant fund” and “the relevant fund manager”

39
1 In this Part of this Schedule “the relevant fund”—
a in the case of an election in respect of a qualifying fund under paragraph 12, means the collective investment vehicle concerned, and
b in the case of an election in respect of a qualifying company under paragraph 12, means the collective investment scheme which wholly (or almost wholly) owns that company.
2 In this Part of this Schedule “the relevant fund manager”, in the case of an election in respect of a qualifying fund or qualifying company under paragraph 12, means the manager of the relevant fund.

Meaning of “wholly owned” or “wholly (or almost wholly) owned”

40
1 For the purposes of this Part of this Schedule a collective investment scheme, or a person or persons together, wholly owns or own a company at any time if the scheme, or person or persons together, has or have a 100% investment in the company at that time.
2 Whether a scheme, or person or persons together, have a 100% investment in a company at any time is determined—
a by applying a modified version of the rule in paragraph 9 of Schedule 1A, and,
b in the case of a collective investment scheme, on the assumption that it is a person.
3 The reference here to a modified version of the rule in paragraph 9 of Schedule 1A is to the rule in that paragraph as it has effect without regard to paragraph 10 and as if in sub-paragraph (1) of paragraph 9 the following modifications were made—
a for the opening words substitute “A person or persons together ( “ P ”) has or have a 100% investment in a company ( “C”) if all of the following conditions are met—”,
b omit paragraph (a),
c in each of paragraphs (b), (c) and (d), for “25% or more” substitute “ 100% ”, and
d for the “or” at the end of paragraph (c) substitute “ and ”.
41
1 For the purposes of this Part of this Schedule a collective investment scheme or person wholly (or almost wholly) owns a company at any time if—
a the scheme or person wholly owns the company at that time, or
b the scheme or person has a 99% investment in the company at that time.
2 Whether a scheme or person has a 99% investment in a company at any time is determined—
a by applying a modified version of the rule in paragraph 9 of Schedule 1A, and,
b in the case of a collective investment scheme, on the assumption that it is a person.
3 The reference here to a modified version of the rule in paragraph 9 of Schedule 1A is to the rule in that paragraph as it has effect without regard to paragraph 10 and as if in sub-paragraph (1) of paragraph 9 the following modifications were made—
a omit paragraph (a),
b for “25%”, in each place, substitute “ 99% ”, and
c for the “or” at the end of paragraph (c) substitute “ and ”.

Meaning of “designated HMRC officer”

42In this Part of this Schedule “designated HMRC officer” means an officer of Revenue and Customs who has been designated by the Commissioners for Her Majesty's Revenue and Customs for the purpose of revoking elections under paragraph 12.

PART 5 Reporting and payment

Reporting by collective investment vehicles

43
1 The Treasury may by regulations make provision for managers of collective investment vehicles to elect to provide information to an officer of Revenue and Customs in respect of any participant in the vehicle who holds units the disposal of which would constitute an indirect disposal of UK land.
2 The regulations may specify circumstances in which the provision of information or documents in accordance with the regulations is taken to satisfy obligations of the participant (or anyone else) to provide information or documents to an officer of Revenue and Customs.
3 The regulations may be framed so as to apply to obligations of a description specified in the regulations.

Withholding of amounts on account of capital gains tax

44
1 The Treasury may by regulations make provision for managers of collective investment vehicles to elect to meet the liability to capital gains tax or corporation tax in respect of indirect disposals of UK land made by any participant in the vehicle.
2 The regulations may make provision for a simplified calculation of the tax liability of the participant in respect of those disposals.
3 The regulations may make provision authorising the manager of a collective investment vehicle (or anyone else of a description specified in the regulations) to deduct an amount on account of capital gains tax from amounts that would otherwise be receivable by the participant.
4 The regulations—
a may provide for the times at which amounts deducted on account of capital gains tax are to be paid to Her Majesty's Revenue and Customs, and
b may set out the extent to which those payments meet the liability of the participant to capital gains tax or corporation tax in respect of any indirect disposal of UK land.

General

45
1 Regulations under this Part of this Schedule—
a may make different provision for different purposes, and
b may make supplementary, incidental, consequential or transitional or saving provision.
2 Regulations under this Part of this Schedule may make provision having effect in relation to times before the regulations are made.

PART 6 General

Meaning of “close company”, “qualifying investor” and “direct or indirect participator”

46
1 This paragraph has effect for the purposes of the provisions of this Schedule which apply this paragraph (or to which this paragraph is applied).
2 Whether a company is “a close company” is determined in accordance with the rules in Chapter 2 of Part 10 of CTA 2010 but subject to the following modifications—
a section 442(a) (non-UK resident companies) is to be treated as omitted,
b section 444 (companies involved with non-close companies) is to be treated as omitted,
c section 447(1)(a) (shares in quoted companies beneficially held by non-close companies) is to be treated as omitted, F2219...
d for the purposes of any attribution under section 451(4) (rights of a person's associates to be attributed to the person etc in determining “control”) the rights and powers of a person (“A”) are not to be attributed to another person (“P”) merely because A is a partner of P, and
e a company (“C”) is not to be regarded as a close company only because a person possesses or is entitled to acquire the greater part of the voting power in C as a result of being—
i a manager of a collective investment vehicle, or
ii a general partner in a limited partnership which is a collective investment scheme.
3 A “qualifying investor” means—
a a person who is within any of section 528(4A)(i) or (j) of CTA 2010 where, if the collective investment vehicle mentioned in the provision concerned is a company, it meets the non-close condition or, if not, the vehicle meets the genuine diversity of ownership condition,
b a person who is within any other provision of section 528(4A) of that Act, or
c a qualifying fund or qualifying company in respect of which an election under paragraph 12 has effect.
4 For the purposes of sub-paragraph (3)(a) a collective investment vehicle meets the genuine diversity of ownership condition at any time if, at that time—
a the vehicle meets or, if the vehicle is part of multi-vehicle arrangements, the arrangements meet the conditions in regulation 75(2), (3) and (4)(a) of the Offshore Funds (Tax) Regulations 2009, or
b the vehicle meets, or those multi-vehicle arrangements meet, the condition in regulation 75(5) of those Regulations, (assuming for this purpose that regulation 75(4)(b) is omitted).
F2731...
4A For the purposes of sub-paragraph (4), those Regulations have effect as if references to a fund included—
a multi-vehicle arrangements, and
b a collective investment vehicle which is not an offshore fund.
5 For the purposes of sub-paragraph (3)(a) a company meets the non-close condition at any time if, at that time, it—
a is not a close company, or
b is a close company but only because it has a qualifying investor as a direct or indirect participator,
applying the provisions of this paragraph for the purposes of this sub-paragraph.
6 A person is a “direct participator” if the person is a participator for the purposes of Part 10 of CTA 2010 (see section 454).
7 A person is an “indirect” participator in a company if the person has a share or interest in the capital or income of the company through another body corporate or other bodies corporate.
8 The reference here to having a share or interest in the capital or income of a company through a body corporate is to be read as follows.
9 Suppose that 3 or more bodies corporate are ordered in a series such that each body in the series (other than the last) has a share or interest in the capital or income of the body immediately below it in the series.
10 If B is a body that is below, but not immediately below, A in the series, A is said to own a share or interest in the capital or income of B through each body corporate that is between A and B in the series.
11 A person is regarded for the purposes of sub-paragraphs (7) to (10) as having a share or interest in the capital or income of a company if the person would be a participator in the company as a result of section 454(2) of CTA 2010.
12 For the purposes of this paragraph any reference to a body corporate includes—
a an offshore collective investment vehicle which is, as a result of paragraph 4, assumed to be a company for the purposes of this Schedule, and
b anything else which is, as a result of provision made elsewhere by this Act, assumed to be a company for the purposes of this Act.

References to regulation 75(3) of the Offshore Funds (Tax) Regulations 2009

46A
1 This paragraph applies, in the case of a collective investment vehicle, for the purpose of determining whether the vehicle meets the genuine diversity of ownership condition referred to in any provision of this Schedule.
2 The fact that (for any reason) the capacity of the vehicle to receive investments is limited does not prevent regulation 75(3) of the Offshore Funds (Tax) Regulations 2009 (including as it applies for the purposes of regulation 75(5) of those Regulations) from being met.
3 Sub-paragraph (2) does not apply if—
a the limited capacity of the vehicle to receive investments is fixed by the documents of the vehicle (or otherwise), and
b a pre-determined number of specific persons, or specific groups of connected persons, make investments in the vehicle that collectively exhausts all, or substantially all, of that capacity.
4 Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraphs (2) and (3) apply as if references to the vehicle included the multi-vehicle arrangements.

Other definitions

47
1 In this Schedule—
  • “company UK REIT” has the same meaning as in Part 12 of CTA 2010,
  • “double taxation arrangements” means arrangements having effect under section 2(1) of TIOPA 2010,
  • “interest in UK land” is to be read in accordance with section 1C,
  • “the manager”, in relation to a collective investment vehicle, means—
    1. any person who is the manager of the property that is the subject of or held by the vehicle, or
    2. any other person who has, or is expected to have, day-to-day control of that property,
  • “multi-vehicle arrangements” has the meaning given by paragraph 7(8);
  • “the principal company of a group UK REIT” has the same meaning as in Part 12 of CTA 2010, and
  • “prospectus”, in relation to a collective investment vehicle, means any document (however described) which is made available to investors and which sets out descriptions of the investments to be made, or intended to be made, by the vehicle.
2 For the purposes of this Schedule—
a a reference to a direct disposal of UK land is to a disposal of an interest in UK land, and
b a reference to an indirect disposal of UK land is to a disposal of an asset deriving at least 75% of its value from UK land.
3 For this purpose the reference to a disposal of an asset deriving at least 75% of its value from UK land is to be read in accordance with Part 2 of Schedule 1A.

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 purposes of any provision of this Act in relation to—
a collective investment vehicles that are UK property rich, or
b investments made (directly or indirectly) by collective investment vehicles in companies that are UK property rich.
2 Among other things, the regulations—
a may amend any provision made by this Schedule, or
b may disapply any provision made by or under this Act or provide for any provision made by or under this Act to have effect with modifications specified in the regulations.
3 The regulations may make provision having effect in relation to times before the regulations are made.
4 The regulations—
a may make different provision for different purposes, and
b may make supplementary, incidental, consequential or transitional or saving provision.

PART 7 Transitional provision

Elections for transparency under paragraph 8

49
1 This paragraph applies in the case of an offshore collective investment vehicle to which paragraph 8 applies which was constituted before 6 April 2019.
2 Paragraph 9(1)(c) has effect as if it permitted the election under paragraph 8 to be made before 1 October 2020.
3 The election is to have effect in relation to disposals made on or after 6 April 2019 (so that paragraph 8(2) has effect subject to this sub-paragraph).
4 If a person is a participant in the vehicle on 6 April 2019—
a the making of an election under paragraph 8 is not to be regarded as being a disposal of the person's units in the vehicle, and
b any question arising for the purposes of this Act, in relation to a disposal on or after 6 April 2019 of the person's units in the vehicle, is to be determined as if the election under paragraph 8 had had effect in relation to all times on or after the vehicle's constitution.
49A
1 This paragraph applies in the case of an offshore collective investment vehicle to which paragraph 8 applies which was constituted on or after 6 April 2019.
2 Paragraph 9(1)(c) has effect as if it permitted the election under paragraph 8 to be made before whichever is the later of—
a the end of the period mentioned in paragraph 9(1)(c), or
b 1 October 2020.

Elections under paragraph 12 and information about disposals by participants

50Nothing in paragraph 14 requires information about disposals made before 6 April 2019.

Genuine diversity of ownership condition in case of existing funds

51
1 This paragraph applies, in the case of a collective investment vehicle constituted before 6 April 2020, for the purpose of determining whether the vehicle meets the genuine diversity of ownership condition referred to in any provision of this Schedule.
2 It is to be assumed that regulation 75(2) of the Offshore Funds (Tax) Regulations 2009 (including as it applies for the purposes of regulation 75(5) of those Regulations) has effect as if it referred to a statement prepared by the manager of the vehicle, available to HMRC, which—
a specifies the intended categories of investor when the vehicle was marketed,
b confirms that the interests in the vehicle were made widely available, and
c confirms that interests in the vehicle were marketed and made available in accordance with the requirements of regulation 75(4)(a) of those Regulations (and that provision is to be read accordingly).
3 Where the collective investment vehicle is part of multi-vehicle arrangements, sub-paragraph (2) applies as if references to the vehicle included the multi-vehicle arrangements.

SCHEDULE 5B 

Enterprise investment scheme: re-investment

Application of Schedule

1
1 This Schedule applies where—
a there would (apart from paragraph 2(2)(a) below) be a chargeable gain (“the original gain”) accruing to an individual (“the investor”) at any time (“the accrual time”) on or after 29th November 1994;
b the gain is one accruing either on the disposal by the investor of any asset or in accordance with section 164F or 164FA, section 169N, paragraphs 4 and 5 below or paragraphs 4 and 5 of Schedule 5C;
c the investor makes a qualifying investment; and
d the investor is resident F2510... in the United Kingdom at the accrual time and the time when he makes the qualifying investment and is not, in relation to the qualifying investment, a person to whom sub-paragraph (4) below applies.
2 The investor makes a qualifying investment for the purposes of this Schedule if—
a eligible shares in a company for which he has subscribed F193... are issued to him at a qualifying time and, where that time is before the accrual time, the shares are still held by the investor at the accrual time,
aza he subscribed for the shares (other than any of them which are bonus shares) wholly in cash,
b the company is a qualifying company in relation to the shares,
c at the time when they are issued the shares (other than any of them which are bonus shares) are fully paid up,
d the shares are subscribed for, and issued, for bona fide commercial purposes and not as part of arrangements the main purpose or one of the main purposes of which is the avoidance of tax,
da the total amount of relevant investments made in the company in the year ending with the date the shares are issued does not exceed £5 million,
e the requirements of section 289(1A) of the Taxes Act (read with section 289(1B) to (1E) of that Act), or the requirements of section 183 of ITA 2007, are satisfied in relation to the company,
f the shares (other than any of them which are bonus shares) are issued in order to raise money for the purpose of a qualifying business activity, and
g all of the money raised by the issue of the shares (other than any of them which are bonus shares) is, no later than the time mentioned in section 175(3) of ITA 2007, employed wholly for the purpose of that activity,
and for the purposes of this Schedule, the condition in paragraph (g) above does not fail to be satisfied by reason only of the fact that an amount of money which is not significant is employed for another purpose.
3 In sub-paragraph (2) above “a qualifying time”, in relation to any shares subscribed for by the investor, means—
a any time in the period beginning one year before and ending three years after the accrual time, or
b any such time before the beginning of that period or after it ends as the Board may by notice allow.
4 This sub-paragraph applies to the investor in relation to a qualifying investment if—
a though resident F400... in the United Kingdom at the time when he makes the investment, he is regarded for the purposes of any double taxation relief arrangements as resident in a territory outside the United Kingdom, and
b were section 150A to be disregarded, the arrangements would have the effect that he would not be liable in the United Kingdom to tax on a gain arising on a disposal, immediately after their acquisition, of the shares acquired in making that investment.
5 Shares are not fully paid up for the purposes of sub-paragraph (2)(c) above if there is any undertaking to pay cash to any person at a future date in respect of the acquisition of the shares.
5A The reference in sub-paragraph (1)(b) to a gain accruing in accordance with section 169N does not include such a gain so far as it is chargeable to capital gains tax at the rate in section 169N(3).
6 Section 173A(3) and (4) of ITA 2007 (meaning of “relevant investment”) apply for the purposes of sub-paragraph (2)(da).
7 In sub-paragraph (2)(da), the reference to relevant investments made in the company includes relevant investments made in a company that is, or has at any time in the year mentioned there been, a subsidiary of the company (whether or not it was such a subsidiary when the investment was made).

Failure of conditions of application

1A
1 If the condition in sub-paragraph (2)(b) or (2)(da) of paragraph 1 above is not satisfied in consequence of an event occurring after the issue of eligible shares, the shares mentioned in sub-paragraph (2)(a) of that paragraph shall be treated for the purposes of this Schedule as ceasing to be eligible shares on the date of the event.
2 If the condition in sub-paragraph (2)(e) of that paragraph is not satisfied in consequence of an event occurring after the issue of eligible shares, the shares mentioned in sub-paragraph (2)(a) of that paragraph shall be treated for the purposes of this Schedule as ceasing to be eligible shares on the date of the event.
3 If the condition in sub-paragraph (2)(f) of that paragraph is not satisfied in relation to the shares mentioned in sub-paragraph (2)(a) of that paragraph, the shares shall be treated for the purposes of this Schedule as never having been eligible shares.
4 If the condition in sub-paragraph (2)(g) F2440... of that paragraph is not satisfied in relation to the issue of eligible shares, the shares mentioned in sub-paragraph (2)(a) of that paragraph shall be treated for the purposes of this Schedule—
a if the claim under this Schedule is made after the time mentioned in section 175(3) of ITA 2007, as never having been eligible shares; and
b if that claim is made before that time, as ceasing to be eligible shares at that time.
F26004A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 None of the preceding sub-paragraphs applies unless—
a the company has given notice under paragraph 16(2) or (4) below, section 310(2) of the Taxes Act or section 241(3) of ITA 2007; or
b an inspector has given notice to the company stating that, by reason of the matter mentioned in that sub-paragraph, the shares mentioned in paragraph 1(2)(a) above should, in his opinion, be treated for the purposes of this Schedule as never having been or, as the case may be, as ceasing to be eligible shares.
6 The giving of notice by an inspector under sub-paragraph (5) above shall be taken, for the purposes of the provisions of the Management Act relating to appeals against decisions on claims, to be a decision refusing a claim made by the company.
7 Where any issue has been determined on an appeal brought by virtue of section 307(1B) of the Taxes Act or section 236(1) of ITA 2007 (appeal against notice that relief was not due), the determination shall be conclusive for the purposes of any appeal brought by virtue of sub-paragraph (6) above on which that issue arises.

Postponement of original gain

2
1 On the making of a claim by the investor for the purposes of this Schedule, so much of the investor’s unused qualifying expenditure on the relevant shares as—
a is specified in the claim, and
b does not exceed so much of the original gain as is unmatched,
shall be set against a corresponding amount of the original gain.
2 Where an amount of qualifying expenditure on the relevant shares is set under this Schedule against the whole or part of the original gain—
a so much of that gain as is equal to that amount shall be treated as not having accrued at the accrual time; but
b paragraphs 4 and 5 below shall apply for determining the gain that is to be treated as accruing on the occurrence of any chargeable event in relation to any of the relevant shares.
3 For the purposes of this Schedule—
a the investor’s qualifying expenditure on the relevant shares is the amount subscribed by him for the shares; and
b that expenditure is unused to the extent that it has not already been set under this Schedule or paragraph 1(5) of Schedule 5BB against the whole or any part of a chargeable gain.
4 For the purposes of this paragraph the original gain is unmatched, in relation to any qualifying expenditure on the relevant shares, to the extent that it has not had any other expenditure set against it under this Schedule or paragraph 1(5) of Schedule 5BB F2327... .

Chargeable events

3
1 Subject to the following provisions of this paragraph, there is for the purposes of this Schedule a chargeable event in relation to any of the relevant shares if, after the making of the qualifying investment—
a the investor disposes of those shares otherwise than by way of a disposal within marriage or civil partnership;
b those shares are disposed of, otherwise than by way of a disposal to the investor, by a person who acquired them on a disposal made by the investor within marriage or civil partnership;
c the investor becomes a non-resident while holding those shares and before the termination date relating to those shares;
d a person who acquired those shares on a disposal within marriage or civil partnership becomes a non-resident while holding those shares and before the termination date relating to those shares; or
e those shares cease (or are treated for the purposes of this Schedule as ceasing) to be eligible shares.
F1032 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 For the purposes of this Schedule there shall not be a chargeable event by virtue of sub-paragraph (1)(c) or (d) above in relation to any shares if—
a the reason why the person in question becomes a non-resident is that he works in an employment or office all the duties of which are performed outside the United Kingdom, and
b he again becomes resident F1893... in the United Kingdom within the period of three years from the time when he became a non-resident, without having meanwhile disposed of any of those shares;
and accordingly no assessment shall be made by virtue of sub-paragraph (1)(c) or (d) above before the end of that period in a case where the condition in paragraph (a) above is satisfied and the condition in paragraph (b) above may be satisfied.
4 For the purposes of sub-paragraph (3) above a person shall be taken to have disposed of any shares if and only if there has been such a disposal as would have been a chargeable event in relation to those shares if the person making the disposal had been resident in the United Kingdom.
5 Where in any case—
a the investor or a person who has acquired any of the relevant shares on a disposal within marriage or civil partnership dies, and
b an event occurs at or after the time of the death which (apart from this sub-paragraph) would be a chargeable event in relation to any of the relevant shares held by the deceased immediately before his death,
that event shall not be a chargeable event in relation to the shares so held.
6 Any reference in the following provisions of this Schedule to a chargeable event falling within a particular paragraph of sub-paragraph (1) above is a reference to a chargeable event arising for the purposes of this Schedule by virtue of that paragraph.

Gain accruing on chargeable event

4
1 On the occurrence of a chargeable event in relation to any of the relevant shares in relation to which there has not been a previous chargeable event—
a a chargeable gain shall be treated as accruing at the time of the event; and
b the amount of the gain shall be equal to so much of the deferred gain as is attributable to the shares in relation to which the chargeable event occurs.
2 Any question for the purposes of capital gains tax as to whether any shares to which a disposal (including a disposal within marriage or civil partnership) relates are shares to which deferral relief is attributable shall be determined in accordance with sub-paragraphs (3) and (4) below.
3 Where shares of any class in a company have been acquired by an individual on different days, any disposal by him of shares of that class shall be treated as relating to those acquired on an earlier day rather than to those acquired on a later day.
4 Where shares of any class in a company have been acquired by an individual on the same day, any of those shares disposed of by him shall be treated as disposed of in the following order, namely—
a first any to which neither deferral relief nor relief under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 is attributable;
b next any to which deferral relief, but not relief under that Chapter or that Part, is attributable;
c next any to which relief under that Chapter or that Part, but not deferral relief, is attributable; and
d finally any to which both deferral relief and relief under that Chapter or that Part are attributable.
4A The following, namely—
a any shares to which deferral relief, but not relief under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007, is attributable and which were disposed of to an individual by a disposal within marriage or civil partnership, and
b any shares to which relief under that Chapter or that Part is attributable and which were transferred to an individual as mentioned in section 304 of the Taxes Act or section 245 of ITA 2007,
shall be treated for the purposes of sub-paragraphs (3) and (4) above as acquired by him on the day on which they were issued.
4B Chapter I of Part IV of this Act has effect subject to sub-paragraphs (2) to (4A) above.
4C Sections 104, 105 and 106A shall not apply to shares to which deferral relief, but not relief under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007, is attributable.
5 Where at the time of a chargeable event any of the relevant shares are treated for the purposes of this Act as represented by assets which consist of or include assets other than those shares—
a so much of the deferred gain as is attributable to those shares shall be treated, in determining for the purposes of this paragraph the amount of the deferred gain to be treated as attributable to each of those assets, as apportioned in such manner as may be just and reasonable between those assets; and
b as between different assets treated as representing the same shares, sub-paragraphs (3) to (4A) above shall apply with the necessary modifications in relation to those assets as they would apply in relation to the shares.
6 In order to determine, for the purposes of this paragraph, the amount of the deferred gain attributable to any shares, a proportionate part of the amount of the gain shall be attributed to each of the relevant shares held, immediately before the occurrence of the chargeable event in question, by the investor or a person who has acquired any of the relevant shares from the investor on a disposal within marriage or civil partnership.
7 In this paragraph “the deferred gain” means—
a the amount of the original gain against which expenditure has been set under this Schedule, less
b the amount of any gain treated as accruing under this paragraph previously as a result of a disposal of any of the relevant shares.

Person to whom gain accrues

5
1 The chargeable gain which accrues, in accordance with paragraph 4 above, on the occurrence in relation to any of the relevant shares of a chargeable event shall be treated as accruing, as the case may be—
a to the person who makes the disposal,
b to the person who becomes a non-resident, or
c to the person who holds the shares in question when they cease (or are treated for the purposes of this Schedule as ceasing) to be eligible shares.
2 Where—
a sub-paragraph (1) above provides for the holding of shares at a particular time to be what identifies the person to whom any chargeable gain accrues, and
b at that time, some of those shares are held by the investor and others are held by a person to whom the investor has transferred them by a disposal within marriage or civil partnership,
the amount of the chargeable gain accruing by virtue of paragraph 4 above shall be computed separately in relation to the investor and that person without reference to the shares held by the other.

Claims

6
1 Subject to sub-paragraph (2) below, section 306 of the Taxes Act or sections 202(1), 203(1) and 204 to 207 of ITA 2007 shall apply in relation to a claim under this Schedule in respect of the relevant shares as it applies in relation to a claim for relief under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 in respect of eligible or relevant shares.
2 Section 306, as it so applies, shall have effect as if—
a any reference to the conditions for the relief were a reference to the conditions for the application of this Schedule;
b in subsection (1), the words “(or treated by section 289B(5) as so issued)" were omitted; and
c subsections (7) to (9) were omitted.
3 Sections 202(1), 203(1) and 204 to 207 of ITA 2007, as they so apply, shall have effect as if any reference to the requirements for the relief were a reference to the conditions for the application of this Schedule.

Reorganisations

7
1 Where an individual holds shares which form part of the ordinary share capital of a company and include shares of more than one of the following kinds, namely—
a shares to which deferral relief and relief under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 are attributable,
b shares to which deferral relief but not relief under that Chapter or that Part is attributable, and
c shares to which deferral relief is not attributable,
then, if there is within the meaning of section 126 a reorganisation affecting those shares, section 127 shall apply (subject to the following provisions of this paragraph) separately to shares falling within paragraph (a), (b) or (c) above (so that shares of each kind are treated as a separate holding of original shares and identified with a separate new holding).
2 Where—
a an individual holds shares (“the existing holding") which form part of the ordinary share capital of a company,
b there is, by virtue of any such allotment for payment as is mentioned in section 126(2)(a), a reorganisation affecting the existing holding, and
c immediately following the reorganisation, the existing holding or the allotted shares are shares to which deferral relief is attributable,
sections 127 to 130 shall not apply in relation to the existing holding.

Acquisition of share capital by new company

8
1 This paragraph applies where—
a a company (“the new company") in which the only issued shares are subscriber shares acquires all the shares (“old shares") in another company (“the old company");
b the consideration for the old shares consists wholly of the issue of shares (“new shares") in the new company;
c the consideration for new shares of each description consists wholly of old shares of the corresponding description;
d new shares of each description are issued to the holders of old shares of the corresponding description in respect of and in proportion to their holdings;
e at some time before the issue of the new shares—
i the old company issued eligible shares; and
ii a certificate in relation to those eligible shares was issued by that company for the purposes of section 306(2) of the Taxes Act or section 203(1) of ITA 2007 (as applied by paragraph 6 above) and in accordance with section 306 of the Taxes Act or sections 204 and 205 of ITA 2007 (as so applied); and
f by virtue of section 127 as applied by section 135(3), the exchange of shares is not treated as involving a disposal of the old shares or an acquisition of the new shares.
2 For the purposes of this Schedule, deferral relief attributable to any old shares shall be attributable instead to the new shares for which they are exchanged.
3 Where, in the case of any new shares held by an individual to which deferral relief becomes so attributable, the old shares for which they are exchanged were subscribed for by and issued to the individual, this Schedule shall have effect as if—
a the new shares had been subscribed for by him at the time when, and for the amount for which, the old shares were subscribed for by him;
b the new shares had been issued to him by the new company at the time when the old shares were issued to him by the old company; and
c the claim under this Schedule made in respect of the old shares had been made in respect of the new shares.
4 Where, in the case of any new shares held by an individual to which deferral relief becomes so attributable, the old shares for which they are exchanged were acquired by the individual on a disposal within marriage or civil partnership, this Schedule shall have effect as if—
a the new shares had been subscribed for at the time when, and for the amount for which, the old shares were subscribed for;
b the new shares had been issued by the new company at the time when the old shares were issued by the old company; and
c the claim under this Schedule made in respect of the old shares had been made in respect of the new shares.
5 Where deferral relief becomes so attributable to any new shares—
a this Schedule shall have effect as if anything which, under paragraph 1A(5) above, paragraph 16 below or section 306(2) of the Taxes Act or section 203(1) of ITA 2007 as applied by paragraph 6 above has been done, or is required to be done, by or in relation to the old company had been done, or were required to be done, by or in relation to the new company; and
b any appeal brought by the old company against a notice under paragraph 1A(5)(b) may be prosecuted by the new company as if it had been brought by that company.
6 For the purposes of this paragraph old shares and new shares are of a corresponding description if, on the assumption that they were shares in the same company, they would be of the same class and carry the same rights; and in sub-paragraph (1) above references to shares, except in the expressions “eligible shares” and “subscriber shares”, include references to securities.
7 Nothing in section 293(8) of the Taxes Act or section 185 of ITA 2007, as applied by the definition of “qualifying company" in paragraph 19(1) below, shall apply in relation to such an exchange of shares, or shares and securities, as is mentioned in sub-paragraph (1) above or arrangements with a view to such an exchange.

Other reconstructions and amalgamations

9
1 This paragraph applies if section 135 or 136 (company reconstructions) applies in relation to shares to which deferral relief, but not relief under Part 5 of ITA 2007 (or Chapter 3 of Part 7 of the Taxes Act), is attributable.
1A Paragraphs 3 and 4 of this Schedule have effect as if section 135 or 136 did not apply in relation to the shares.
2 Sub-paragraph (1A) does not apply if—
a the new holding consists of new ordinary shares (“the new shares") carrying no present or future preferential right to dividends or to a company’s assets on its winding up and no present or future right to be redeemed,
b the new shares are issued after the end of the relevant period, and
c the condition in sub-paragraph (4) below is satisfied.
3 Sub-paragraph (1A) does not apply if paragraph 8 applies in relation to the shares.
4 The condition is that at some time before the issue of the new shares—
a the company issuing them issued eligible shares, and
b a certificate in relation to those eligible shares was issued by the company for the purposes of section 306(2) of the Taxes Act or section 203(1) of ITA 2007 (as applied by paragraph 6 above) and in accordance with section 306 of the Taxes Act or sections 204 and 205 of ITA 2007 (as so applied).
5 In sub-paragraph (2) above “new holding” shall be construed in accordance with sections 126, 127, 135 and 136.

Re-investment in same company etc.

10
1 An individual to whom any eligible shares in a qualifying company are issued shall not be regarded for the purposes of this Schedule as making a qualifying investment if, where the asset disposed of consisted of shares in or securities of any company (“the initial holding"), the qualifying company—
a is the company in which the initial holding subsisted; or
b is a company that was, at the time of the disposal of the initial holding, or is, at the time of the issue of the eligible shares, a member of the same group of companies as the company in which the initial holding subsisted.
2 Where—
a any eligible shares in a qualifying company (“the acquired holding") are issued to an individual,
b an amount of qualifying expenditure on those shares has been set under this Schedule against the whole or part of any chargeable gain (the “postponed gain"), and
c after the issue of those shares, eligible shares in a relevant company are issued to him,
he shall not be regarded in relation to the issue to him of the shares in the relevant company as making a qualifying investment for the purposes of this Schedule.
3 For the purposes of sub-paragraph (2) above a company is a relevant company if—
a where that individual has disposed of any of the acquired holding, it is the company in which the acquired holding has subsisted or a company which was a member of the same group of companies as that company at any time since the acquisition of the acquired holding;
b it is a company in relation to the disposal of any shares in which there has been a claim under this Schedule such that, without that claim, there would have been no postponed gain in relation to the acquired holding; or
c it is a company which, at the time of the disposal or acquisition to which the claim relates, was a member of the same group of companies as a company falling within paragraph (b) above.
4 In this paragraph “group of companies” means a company which has one or more 51 per cent. subsidiaries, together with those subsidiaries.

Pre-arranged exits

11
1 Where an individual subscribes for eligible shares (“the shares") in a company, the shares shall be treated as not being eligible shares for the purposes of this Schedule if the relevant arrangements include—
a arrangements with a view to the subsequent repurchase, exchange or other disposal of the shares or of other shares in or securities of the same company;
b arrangements for or with a view to the cessation of any trade which is being or is to be or may be carried on by the company or a person connected with the company;
c arrangements for the disposal of, or of a substantial amount of, the assets of the company or of a person connected with the company;
d arrangements the main purpose of which, or one of the main purposes of which, is (by means of any insurance, indemnity or guarantee or otherwise) to provide partial or complete protection for persons investing in shares in that company against what would otherwise be the risks attached to making the investment.
2 The arrangements referred to in sub-paragraph (1)(a) above do not include any arrangements with a view to such an exchange of shares, or shares and securities, as is mentioned in paragraph 8(1) above.
3 The arrangements referred to in sub-paragraph (1)(b) and (c) above do not include any arrangements applicable only on the winding up of a company except in a case where—
a the relevant arrangements include arrangements for the company to be wound up; or
b the company is wound up otherwise than for bona fide commercial reasons.
4 The arrangements referred to in sub-paragraph (1)(d) above do not include any arrangements which are confined to the provision—
a for the company itself, or
b in the case of a company which is a parent company of a trading group, for the company itself, for the company itself and one or more of its subsidiaries or for one or more of its subsidiaries,
of any such protection against the risks arising in the course of carrying on its business as it might reasonably be expected so to provide in normal commercial circumstances.
5 The reference in sub-paragraph (4) above to the parent company of a trading group
a shall be construed in accordance with the provision contained for the purposes of section 293 of the Taxes Act in that section, or
b is a reference to a company that meets the trading requirement in section 181(2)(b) of ITA 2007.
6 In this paragraph “the relevant arrangements” means—
a the arrangements under which the shares are issued to the individual; and
b any arrangements made before the issue of the shares to him in relation to or in connection with that issue.

Disqualifying arrangements

11A
1 Where an individual subscribes for eligible shares (“the shares”) in a company (“the company”), the shares are to be treated as not being eligible shares for the purposes of this Schedule if the shares are issued, nor any money raised by the issue employed, in consequence or anticipation of, or otherwise in connection with, disqualifying arrangements.
2 Arrangements are “disqualifying arrangements” if—
a the main purpose, or one of the main purposes, of the arrangements is to secure—
i that a qualifying business activity is or will be carried on by the company or a qualifying 90% subsidiary of the company, and
ii that one or more persons (whether or not including any party to the arrangements) may obtain relevant tax relief in respect of shares issued by the company which raise money for the purposes of that activity or that such shares may comprise part of the qualifying holdings of a venture capital trust,
aa that activity is the relevant qualifying business activity, and
b one or both of conditions A and B are met.
3 Condition A is that, as a (direct or indirect) result of the money raised by the issue of the shares being employed as required by paragraph 1(2)(g), an amount representing the whole or the majority of the amount raised is, in the course of the arrangements, paid to or for the benefit of a relevant person or relevant persons.
4 Condition B is that, in the absence of the arrangements, it would have been reasonable to expect that the whole or greater part of the component activities of the relevant qualifying business activity would have been carried on as part of another business by a relevant person or relevant persons.
5 For the purposes of this paragraph, it is immaterial whether the company is a party to the arrangements.
6 In this paragraph—
  • “component activities” means—
    1. if the relevant qualifying business activity is activity A (see section 179(2) of ITA 2007), the carrying on of a qualifying trade, or preparing to carry on such a trade, which constitutes that activity, and
    2. if the relevant qualifying business activity is activity B (see section 179(4) of that Act), the carrying on of research and development which constitutes that activity;
  • “qualifying holdings”, in relation to the issuing company, is to be construed in accordance with section 286 of ITA 2007 (VCTs: qualifying holdings);
  • “qualifying 90% subsidiary” has the meaning given by section 190 of ITA 2007;
  • “relevant person” means a person who is a party to the arrangements or a person connected with such a party;
  • “relevant qualifying business activity” means the activity for the purposes of which the issue of the shares raised money;
  • “relevant tax relief”, in respect of shares, means one or more of the following—
    1. relief under this Schedule in consequence of which deferral relief is attributable to the shares;
    2. relief under section 150A or 150E (enterprise investment scheme or seed enterprise investment scheme) in respect of the shares;
    3. relief under Schedule 5BB (seed enterprise investment scheme: re-investment) in consequence of which SEIS re-investment relief is attributable to the shares (see paragraph 4 of that Schedule);
    4. relief under Chapter 6 of Part 4 of ITA 2007 (losses on disposal of shares) in respect of the shares;
    5. EIS relief (within the meaning of Part 5 of that Act) in respect of the shares;
    6. SEIS relief (within the meaning of Part 5A of that Act) in respect of the shares.

Put options and call options

12
1 Sub-paragraph (2) below applies where an individual subscribes for eligible shares (“the shares") in a company and—
a an option, the exercise of which would bind the grantor to purchase such shares, is granted to the individual during the relevant period; or
b an option, the exercise of which would bind the individual to sell such shares, is granted by the individual during the relevant period.
2 The shares to which the option relates shall be treated for the purposes of this Schedule—
a if the option is granted on or before the date of the issue of the shares, as never having been eligible shares; and
b if the option is granted after that date, as ceasing to be eligible shares on the date when the option is granted.
3 The shares to which the option relates shall be taken to be those which, if—
a the option were exercised immediately after the grant, and
b any shares in the company acquired by the individual after the grant were disposed of immediately after being acquired,
would be treated for the purposes of this Schedule as disposed of in pursuance of the option.
4 Nothing in this paragraph shall prejudice the operation of paragraph 11 above.
5 An individual who acquires any eligible shares on a disposal within marriage or civil partnership shall be treated for the purposes of this paragraph and paragraphs 13 to 15 below as if he subscribed for those shares.

Value received by investor

13
1 Where an individual who subscribes for eligible shares (“the shares") in a company receives any value (other than insignificant value) from the company at any time in the period of restriction, the shares shall be treated as follows for the purposes of this Schedule—
a if the individual receives the value on or before the date of the issue of the shares, as never having been eligible shares; and
C374b if the individual receives the value after that date, as ceasing to be eligible shares on the date when the value is received.
1A This paragraph is subject to paragraph 13B below.
1B Where—
a the individual who subscribes for the shares receives value (“the relevant receipt”) from the company during the period of restriction,
b the individual has received from the company one or more receipts of insignificant value at a time or times—
i during that period, but
ii not later than the time of the relevant receipt, and
c the aggregate amount of the value of the receipts within paragraphs (a) and (b) above is not an amount of insignificant value,
the individual shall be treated for the purposes of this Schedule as if the relevant receipt had been a receipt of an amount of value equal to the aggregate amount.For this purpose a receipt does not fall within paragraph (b) above if it has previously been aggregated under this sub-paragraph.
2 For the purposes of this paragraph an individual receives value from the company if the company—
a repays, redeems or repurchases any of its share capital or securities which belong to the individual or makes any payment to him for giving up his right to any of the company’s share capital or any security on its cancellation or extinguishment;
b repays, in pursuance of any arrangements for or in connection with the acquisition of the shares, any debt owed to the individual other than a debt which was incurred by the company—
i on or after the date of issue of the shares; and
ii otherwise than in consideration of the extinguishment of a debt incurred before that date;
c makes to the individual any payment for giving up his right to any debt on its extinguishment;
d releases or waives any liability of the individual to the company or discharges, or undertakes to discharge, any liability of his to a third person;
e makes a loan or advance to the individual which has not been repaid in full before the issue of the shares;
f provides a benefit or facility for the individual;
g disposes of an asset to the individual for no consideration or for a consideration which is or the value of which is less than the market value of the asset;
h acquires an asset from the individual for a consideration which is or the value of which is more than the market value of the asset; or
i makes any payment to the individual other than a qualifying payment.
3 For the purposes of sub-paragraph (2)(e) above there shall be treated as if it were a loan made by the company to the individual—
a the amount of any debt (other than an ordinary trade debt) incurred by the individual to the company; and
b the amount of any debt due from the individual to a third person which has been assigned to the company.
F17444 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 For the purposes of this paragraph an individual also receives value from the company if any person who would, for the purposes of section 291 of the Taxes Act or Chapter 2 of Part 5 of ITA 2007, be treated as connected with the company—
a purchases any of its share capital or securities which belong to the individual; or
b makes any payment to him for giving up any right in relation to any of the company’s share capital or securities.
6 Where an individual’s disposal of shares in a company gives rise to a chargeable event falling within paragraph 3(1)(a) or (b) above, the individual shall not be treated for the purposes of this paragraph as receiving value from the company in respect of the disposal.
7 In this paragraph “qualifying payment” means—
a the payment by any company of such remuneration for service as an officer or employee of that company as may be reasonable in relation to the duties of that office or employment;
b any payment or reimbursement by any company of travelling or other expenses wholly, exclusively and necessarily incurred by the individual to whom the payment is made in the performance of duties as an officer or emplyee of that company;
c the payment by any company of any interest which represents no more than a reasonable commercial return on money lent to that company;
d the payment by any company of any dividend or other distribution which does not exceed a normal return on any investment in shares in or other securities of that company;
e any payment for the supply of goods which does not exceed their market value;
f any payment for the acquisition of an asset which does not exceed its market value;
g the payment by any company, as rent for any property occupied by the company, of an amount not exceeding a reasonable and commercial rent for the property;
h any reasonable and necessary remuneration which—
i is paid by any company for services rendered to that company in the course of a trade or profession carried on wholly or partly in the United Kingdom; and
ii is taken into account in calculating for tax purposes the profits of that trade or profession;
i a payment in discharge of an ordinary trade debt.
8 For the purposes of this paragraph a company shall be treated as having released or waived a liability if the liability is not discharged within 12 months of the time when it ought to have been discharged.
9 In this paragraph—
a references to a debt or liability do not, in relation to a company, include references to any debt or liability which would be discharged by the making by that company of a qualifying payment; and
b references to a benefit or facility do not include references to any benefit or facility provided in circumstances such that, if a payment had been made of an amount equal to its value, that payment would be a qualifying payment.
10 In this paragraph and paragraph 13A(1) below—
a any reference to a payment or disposal to an individual includes a reference to a payment or disposal made to him indirectly or to his order or for his benefit;
b any reference to an individual includes a reference to an associate of his; and
c any reference to a company includes a reference to a person who at any time in the relevant period is connected with the company, whether or not he is so connected at the material time.
11 In this paragraph “ordinary trade debt” means any debt for goods or services supplied in the ordinary course of a trade or business where any credit given—
a does not exceed six months; and
b is not longer than that normally given to customers of the person carrying on the trade or business.
12 In paragraphs 13A to 13C below (except paragraph 13C(4))—
a references to “the shares” shall be construed in accordance with sub-paragraph (1) above, and
b references to “the period of restriction” shall be construed as references to the period of restriction relating to the shares.

Provision supplemental to paragraph 13

13A
1 For the purposes of paragraph 13 above, the value received by the individual in question is—
a in a case within sub-paragraph (2)(a), (b) or (c) of that paragraph, the amount received by the individual or, if greater, the market value of the share capital, securities or debt in question;
b in a case within sub-paragraph (2)(d) of that paragraph, the amount of the liability;
c in a case within sub-paragraph (2)(e) of that paragraph, the amount of the loan or advance reduced by the amount of any repayment made before the issue of the shares;
d in a case within sub-paragraph (2)(f) of that paragraph, the cost to the company of providing the benefit or facility less any consideration given for it by the individual;
e in a case within sub-paragraph (2)(g) or (h) of that paragraph, the difference between the market value of the asset and the consideration (if any) given for it;
f in a case within sub-paragraph (2)(i) of that paragraph, the amount of the payment;
g in a case within sub-paragraph (5) of that paragraph, the amount received by the individual or, if greater, the market value of the share capital or securities in question.
2 In this paragraph and paragraph 13 above references to a receipt of insignificant value (however expressed) are references to a receipt of an amount of insignificant value.This is subject to sub-paragraph (4) below.
3 For the purposes of this paragraph and paragraph 13 above “an amount of insignificant value” means an amount of value which—
a does not exceed £1,000, or
b if it exceeds that amount, is insignificant in relation to the total amount of expenditure on the shares which is set under this Schedule against a corresponding total amount of the whole or any part of any chargeable gains.
4 For the purposes of paragraph 13 above, if, at any time in the period—
a beginning one year before the shares are issued, and
b expiring at the end of the issue date,
arrangements are in existence which provide for the individual who subscribes for the shares to receive or to be entitled to receive, at any time in the period of restriction, any value from the company that issued the shares, no amount of value received by the individual shall be treated as a receipt of insignificant value.
5 In sub-paragraph (4) above—
a any reference to the individual includes a reference to any person who, at any time in the period of restriction, is an associate of his (whether or not he is such an associate at the material time), and
b the reference to the company includes a reference to any person who, at any time in the period of restriction, is connected with the company (whether or not that person is so connected at the material time).

Receipt of replacement value

13B
1 Where—
a by reason of a receipt of value within sub-paragraph (2) (other than paragraph (b)) or sub-paragraph (5) of paragraph 13 above (“the original value”), the shares would, in the absence of this paragraph, be treated as never having been eligible shares or as ceasing to be eligible shares on the date when the value is received,
b the original supplier receives value (“the replacement value”) from the original recipient by reason of a qualifying receipt, and
c the amount of the replacement value is not less than the amount of the original value,
the receipt of the original value shall be disregarded for the purposes of paragraph 13 above.
2 This paragraph is subject to paragraph 13C below.
3 For the purposes of this paragraph and paragraph 13C below—
  • “the original recipient” means the person who receives the original value, and
  • “the original supplier” means the person from whom that value was received.
4 A receipt of the replacement value is a qualifying receipt for the purposes of sub-paragraph (1) above if it arises—
a by reason of the original recipient doing one or more of the following—
i making a payment to the original supplier, other than a payment which falls within paragraph (c) below or to which sub-paragraph (5) below applies;
ii acquiring any asset from the original supplier for a consideration the amount or value of which is more than the market value of the asset;
iii disposing of any asset to the original supplier for no consideration or for a consideration the amount or value of which is less than the market value of the asset;
b where the receipt of the original value was within paragraph 13(2)(d) above, by reason of an event the effect of which is to reverse the event which constituted the receipt of the original value; or
c where the receipt of the original value was within paragraph 13(5) above, by reason of the original recipient repurchasing the share capital or securities in question, or (as the case may be) reacquiring the right in question, for a consideration the amount or value of which is not less than the amount of the original value.
5 This sub-paragraph applies to—
a any payment for any goods, services or facilities, provided (whether in the course of a trade or otherwise) by—
i the original supplier, or
ii any other person who, at any time in the period of restriction, is an associate of, or connected with, that supplier (whether or not that person is such an associate, or so connected, at the material time),
which is reasonable in relation to the market value of those goods, services or facilities;
b any payment of any interest which represents no more than a reasonable commercial return on money lent to—
i the original recipient, or
ii any person who, at any time in the period of restriction, is an associate of his (whether or not he is such an associate at the material time);
c any payment for the acquisition of an asset which does not exceed its market value;
d any payment, as rent for any property occupied by—
i the original recipient, or
ii any person who, at any time in the period of restriction, is an associate of his (whether or not he is such an associate at the material time),
of an amount not exceeding a reasonable and commercial rent for the property;
e any payment in discharge of an ordinary trade debt (within the meaning of paragraph 13(11) above); and
f any payment for shares in or securities of any company in circumstances that do not fall within sub-paragraph (4)(a)(ii) above.
6 For the purposes of this paragraph, the amount of the replacement value is—
a in a case within paragraph (a) of sub-paragraph (4) above, the aggregate of—
i the amount of any payment within sub-paragraph (i) of that paragraph, and
ii the difference between the market value of any asset within sub-paragraph (ii) or (iii) of that paragraph and the amount or value of the consideration (if any) received for it,
b in a case within sub-paragraph (4)(b) above, the same as the amount of the original value, and
c in a case within sub-paragraph (4)(c) above, the amount or value of the consideration received by the original supplier,
and paragraph 13A(1) above applies for the purposes of determining the amount of the original value.
7 In this paragraph any reference to a payment to a person (however expressed) includes a reference to a payment made to him indirectly or to his order or for his benefit.

Provision supplemental to paragraph 13B

13C
1 The receipt of the replacement value by the original supplier shall be disregarded for the purposes of paragraph 13B above, as it applies in relation to the shares, to the extent to which that receipt has previously been set (under that paragraph) against any receipts of value which are, in consequence, disregarded for the purposes of paragraph 13 above as that paragraph applies in relation to those shares or any other shares subscribed for by the individual in question (“the individual”).
2 The receipt of the replacement value by the original supplier (“the event”) shall also be disregarded for the purposes of paragraph 13B above if—
a the event occurs before the start of the period of restriction, or
b in a case where the event occurs after the time the original recipient receives the original value, it does not occur as soon after that time as is reasonably practicable in the circumstances, or
c where an appeal has been brought by the individual against an assessment made by virtue of paragraph 3(1)(e) above by reason of that receipt, the event occurs more than 60 days after the appeal has been finally determined.But nothing in paragraph 13B above or this paragraph requires the replacement value to be received after the original value.
3 This sub-paragraph applies where—
a the receipt of the replacement value by the original supplier is a qualifying receipt for the purposes of paragraph 13B(1) above, and
b the event which gives rise to the receipt is (or includes) a subscription for shares by—
i the individual, or
ii any person who, at any time in the period of restriction, is an associate of the individual, whether or not he is such an associate at the material time.
4 Where this sub-paragraph applies, the person who subscribes for the shares shall not—
a be eligible for any relief under Chapter 3 of Part 7 of the Taxes Act (enterprise investment scheme: income tax relief) in relation to those shares or any other shares in the same issue, or
b by virtue of his subscription for those shares or any other shares in the same issue, be treated as making a qualifying investment for the purposes of this Schedule.
4 Where either of the following applies—
a sub-paragraph (3) above, and
b section 223(3) of ITA 2007 (which makes corresponding provision in relation to EIS relief under Part 5 of that Act),
the person who subscribes for the shares shall not by virtue of his subscription for those shares or any other shares in the same issue be treated as making a qualifying investment for the purposes of this Schedule.
5 In this paragraph “the original value” and “the replacement value” shall be construed in accordance with paragraph 13B above.

Value received by other persons

14
1 Sub-paragraph (2) below applies where an individual subscribes for eligible shares (“the shares") in a company and at any time in the period of restriction the company or any subsidiary—
a repays, redeems or repurchases any of its share capital which belongs to any member other than the individual or a person falling within sub-paragraph (3) below, or
b makes any payment (directly or indirectly) to any such member, or to his order or for his benefit, for the giving up of his right to any of the share capital of the company or subsidiary on its cancellation or extinguishment.
This is subject to paragraphs 14AA and 14A below.
2 The shares shall be treated for the purposes of this Schedule—
a if the repayment, redemption, repurchase or payment in question is made or effected on or before the date of the issue of the shares, as never having been eligible shares; and
b if it is made or effected after that date, as ceasing to be eligible shares on the date when it is made or effected.
3 A person falls within this sub-paragraph if the repayment, redemption, repurchase or payment in question—
a gives rise to a qualifying chargeable event in respect of him, or
b causes any relief under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 attributable to his shares in the company to be withdrawn or reduced by virtue of section 299 or 300(2)(a) of the Taxes Act or section 209 or 216(2)(a) of ITA 2007, or
c causes any investment relief attributable to shares held by that person (within the meaning of Schedule 15 to the Finance Act 2000) to be withdrawn or reduced by virtue of paragraph 46 (disposal of shares) or 49(1)(a) (repayment etc. of share capital or securities) of that Schedule
or it would have the effect mentioned in paragraph (a), (b) or (c) above were it not a receipt of insignificant value for the purposes of paragraph 13 above, section 300 of the Taxes Act or 214 of ITA 2007 or paragraph 47 of Schedule 15 to the Finance Act 2000, as the case may be.
4 In sub-paragraph (3) above “qualifying chargeable event” means—
a a chargeable event falling within paragraph 3(1)(a) or (b) above; or
b a chargeable event falling within paragraph 3(1)(e) above by virtue of sub-paragraph (1)(b) of paragraph 13 above (as it applies by virtue of sub-paragraph (2)(a) of that paragraph).
5 Where—
a a company issues share capital (“the original shares") of nominal value equal to the authorised minimum (within the meaning of the Companies Act 2006) for the purposes of complying with the requirements of section 761 of that Act (public company: requirement as to minimum share capital); and
b after the registrar of companies has issued the company with a certificate under section 761, it issues eligible shares,
the preceding provisions of this paragraph shall not apply in relation to any redemption of any of the original shares within 12 months of the date on which those shares were issued.
F15096 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 References in this paragraph and paragraphs 14AA and 14A below to a subsidiary of a company are references to a company which at any time in the relevant period is a 51 per cent. subsidiary of the first mentioned company, whether or not it is such a subsidiary at the time of the repayment, redemption, repurchase or payment in question.

Insignificant repayments disregarded for purposes of paragraph 14

14AA
1 Any repayment shall be disregarded for the purposes of paragraph 14 above if whichever is the greater of—
a the market value of the shares to which it relates (“the target shares”) immediately before the event occurs, and
b the amount received by the member in question,
is insignificant in relation to the market value of the remaining issued share capital of the company in question (or, as the case may be, subsidiary in question) immediately after the event occurs.This is subject to sub-paragraph (4) below.
2 For the purposes of this paragraph “repayment” means a repayment, redemption, repurchase or payment mentioned in paragraph 14(1) above.
3 For the purposes of sub-paragraph (1) above it shall be assumed that the target shares are cancelled at the time the repayment is made.
4 Where an individual subscribes for eligible shares in a company, sub-paragraph (1) above does not apply to prevent paragraph 14(2) above having effect in relation to the shares if, at a relevant time, arrangements are in existence that provide—
a for a repayment by the company or any subsidiary of the company (whether or not it is such a subsidiary at the time the arrangements are made), or
b for anyone to be entitled to such a repayment,
at any time in the period of restriction.
5 For the purposes of sub-paragraph (4) above “a relevant time” means any time in the period—
a beginning one year before the eligible shares were issued, and
b expiring at the end of the issue date.

Certain receipts to be disregarded for purposes of paragraph 14

14A
1 Sub-paragraph (4) below applies where, by reason of a repayment, any investment relief which is attributable under Schedule 15 to the Finance Act 2000 to any shares is withdrawn under paragraph 56(2) of that Schedule.
2 For the purposes of this paragraph “repayment” has the meaning given in paragraph 14AA(2) above.
3 For the purposes of sub-paragraph (4) below “the relevant amount” is the amount determined by the formula—
X-5Y
Where—
X is the amount of the repayment, and
Y is the aggregate amount of the investment relief withdrawn by reason of the repayment.
4 Where the relevant amount does not exceed £1,000, the repayment shall be disregarded for the purposes of paragraph 14 above, unless repayment arrangements are in existence at any time in the period—
a beginning one year before the shares mentioned in sub-paragraph (1) above are issued, and
b expiring at the end of the issue date of those shares.
5 For this purpose “repayment arrangements” means arrangements which provide—
a for a repayment by the company that issued the shares (“the issuing company”) or any subsidiary of that company, or
b for anyone to be entitled to such a repayment,
at any time.
6 Sub-paragraph (5)(a) above applies in relation to a subsidiary of the issuing company whether or not it was such a subsidiary—
F343a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b when the arrangements were made.
F18947 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8 In this paragraph—
a “investment relief” has the same meaning as in Schedule 15 to the Finance Act 2000 (corporate venturing scheme); and
b references to the withdrawal of investment relief include its reduction.

Investment-linked loans

15
1 Where at any time in the relevant period an investment-linked loan is made by any person to an individual who subscribes for eligible shares (“the shares") in a company, the shares shall be treated for the purposes of this Schedule—
a if the loan is made on or before the date of the issue of the shares, as never having been eligible shares; and
b if the loan is made after that date, as ceasing to be eligible shares on the date when the loan is made.
2 A loan made by any person to an individual is an investment-linked loan for the purposes of this paragraph if the loan is one which would not have been made, or would not have been made on the same terms, if the individual had not subscribed for the shares or had not been proposing to do so.
3 References in this paragraph to the making by any person of a loan to an individual include references—
a to the giving by that person of any credit to that individual; and
b to the assignment or assignation to that person of any debt due from that individual.
4 In this paragraph any reference to an individual includes a reference to an associate of his.

Information

16
1 Where, in relation to any of the relevant shares held by an individual—
a a chargeable event falling within paragraph 3(1)(a) or (b) above occurs at any time before the termination date relating to those shares,
b a chargeable event falling within paragraph 3(1)(c) or (d) above occurs, or
c a chargeable event falling within paragraph 3(1)(e) above occurs by virtue of paragraph 12(2)(b), 13(1)(b) or 15(1)(b) above,
the individual shall within 60 days of his coming to know of the event give a notice to the inspector containing particulars of the circumstances giving rise to the event.
2 Where, in relation to any of the relevant shares in a company, a chargeable event falling within paragraph 3(1)(e) above occurs by virtue of paragraph 1A(1) or (2), 13(1)(b) or 14(2)(b) above—
a the company, and
b any person connected with the company who has knowledge of that matter,
shall within 60 days of the event or, in the case of a person within paragraph (b) above, of his coming to know of it, give a notice to the inspector containing particulars of the circumstances giving rise to the event.
2A In determining, for the purposes of sub-paragraph (1) or (2) above, whether a chargeable event falling within paragraph 3(1)(e) above has occurred by virtue of paragraph 13(1)(b) above, the effect of paragraph 13B above shall be disregarded.
3 A chargeable event falling within paragraph 3(1)(e) above which, but for paragraph 1A(5) above, would occur at any time by virtue of paragraph 1A(1) or (2) above shall be treated for the purposes of sub-paragraph (2) above as occurring at that time.
3A Where—
a a person is required to give a notice under sub-paragraph (1) or (2) above in respect of a chargeable event which occurs by virtue of paragraph 13(1)(b) above or would occur by virtue of that paragraph but for the operation of paragraph 13B above, and
b that person has knowledge of the replacement value received (or expected to be received) from the original recipient by the original supplier by reason of a qualifying receipt,
the notice shall include particulars of that receipt of the replacement value (or expected receipt).In this sub-paragraph “the replacement value”, “the original recipient”, “the original supplier” and “qualifying receipt” shall be construed in accordance with paragraph 13B above.
4 Where a company has issued a certificate under section 306(2) of the Taxes Act or section 203(1) of ITA 2007 (as applied by paragraph 6 above) in respect of any eligible shares in the company, and the condition in paragraph 1(2)(g) above is not satisfied in relation to the shares—
a the company, and
b any person connected with the company who has knowledge of that matter,
shall within 60 days of the time mentioned in section 289(3) of the Taxes Act or section 175(3) of ITA 2007 or, in the case of a person within paragraph (b) above, of his coming to know that the condition is not satisfied, give notice to the inspector setting out the particulars of the case.
F19334A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 If the inspector has reason to believe—
a that a person has not given a notice which he is required to give—
i under sub-paragraph (1) or (2) above in respect of any chargeable event, or
ii under sub-paragraph (4) above in respect of any particular case, or
b that a person has given or received value (within the meaning of paragraph 13(2) or (5) above) which, but for the fact that the amount given or received was an amount of insignificant value (within the meaning of paragraph 13A(3) above), would have triggered a requirement to give a notice under sub-paragraph (1) or (2) above, or
c that a person has made or received any repayment (within the meaning of paragraph 14AA(2) above) which, but for the fact that it falls to be disregarded for the purposes of paragraph 14 above by virtue of paragraph 14AA(1) above, would have triggered a requirement to give a notice under sub-paragraph (2) above,
the inspector may by notice require that person to furnish him within such time (not being less than 60 days) as may be specified in the notice with such information relating to the event or case as the inspector may reasonably require for the purposes of this Schedule.
6 Where a claim is made under this Schedule in respect of shares in a company and the inspector has reason to believe that it may not be well founded by reason of any such arrangements as are mentioned in paragraphs 1(2)(d), 11(1) or 11A above, or section 289(1D) or (9)(e), 289A(8)(b) or (8A), 293(4B), (6) or (8) or 308(2)(e), (3), (3A) or (4) of the Taxes Act or section 176(4)(b) or (5)(b), 182(2) or (4), 183(6), 185(1), 190(1)(e) or 191(2)(c), (3), (4) or (5) of ITA 2007, he may by notice require any person concerned to furnish him within such time (not being less than 60 days) as may be specified in the notice with—
a a declaration in writing stating whether or not, according to the information which that person has or can reasonably obtain, any such arrangements exist or have existed;
b such other information as the inspector may reasonably require for the purposes of the provision in question and as that person has or can reasonably obtain.
7 For the purposes of sub-paragraph (6) above, the persons who are persons concerned are—
a in relation to paragraph 1(2)(d) above or section 293(4B) or (6) of the Taxes Act or section 182(2) or (4) of ITA 2007, the claimant, the company and any person controlling the company;
aa in relation to section 289(1D), 289A(8)(b) or (8A) or 308(3), (3A) or (4) of the Taxes Act or section 176(4)(b) or (5)(b), 183(6) or 191(3), (4) or (5) of ITA 2007, the claimant, the company, any other company in question and any person controlling the company or any other company in question;
b in relation to paragraph 11(1) above, the claimant, the company and any person connected with the company; F918...
ba in relation to paragraph 11A, the claimant, the company, any person controlling the company and any person whom an officer of Revenue and Customs has reason to believe may be a party to the arrangements in question; and
c in relation to section 289(9)(e), 293(8) or 308(2)(e) of the Taxes Act or section 185(1), 190(1)(e) or 191(2)(c) of ITA 2007, the company and any person controlling the company;
and for those purposes the references in paragraphs (a), (aa), (b) and (ba) above to the claimant include references to any person to whom the claimant appears to have made a disposal within marriage or civil partnership of any of the shares in question.
7A The references in sub-paragraphs (6) and (7) above to subsections (3), (3A) and (4) of section 308 of the Taxes Act and subsections (3), (4) and (5) of section 191 of ITA 2007 are to be read as including those provisions as applied by section 289(10) and (11) of the Taxes Act or section 190(2) of ITA 2007.
8 Where deferral relief is attributable to shares in a company—
a any person who receives from the company any payment or asset which may constitute value received (by him or another) for the purposes of paragraph 13 above, and
b any person on whose behalf such a payment or asset is received,
shall, if so required by the inspector, state whether the payment or asset received by him or on his behalf is received on behalf of any person other than himself and, if so, the name and address of that person.
9 Where a claim has been made under this Schedule in relation to shares in a company, any person who holds or has held shares in the company and any person on whose behalf any such shares are or were held shall, if so required by the inspector, state—
a whether the shares which are or were held by him or on his behalf are or were held on behalf of any person other than himself; and
b if so, the name and address of that person.
10 No obligation as to secrecy imposed by statute or otherwise shall preclude the inspector from disclosing to a company that relief has been given or claimed in respect of a particular number or proportion of its shares.

Trustees: general

17
1 Subject to the following provisions of this paragraph, this Schedule shall apply as if—
a any reference to an individual included a reference to the trustees of a settlement, and
b in relation to any such trustees, the reference in paragraph 1(1) above to any asset were a reference to any asset comprised in any settled property to which this paragraph applies (a “trust asset").
2 This paragraph applies—
a to any settled property in which the interests of the beneficiaries are not interests in possession, if all the beneficiaries are individuals, and
b to any settled property in which the interests of the beneficiaries are interests in possession, if any of the beneficiaries are individuals.
3 If, at the time of the disposal of the trust asset in a case where this Schedule applies by virtue of this paragraph—
a the settled property comprising that asset is property to which this paragraph applies by virtue of sub-paragraph (2)(b) above, but
b not all the beneficiaries are individuals,
only the relevant proportion of the gain which would accrue to the trustees on the disposal shall be taken into account for the purposes of this Schedule as it so applies.
4 This Schedule shall not apply by virtue of this paragraph in a case where, at the time of the disposal of the trust asset, the settled property which comprises that asset is property to which this paragraph applies by virtue of sub-paragraph (2)(a) above unless, immediately after the acquisition of the relevant shares, the settled property comprising the shares is also property to which this paragraph applies by virtue of sub-paragraph (2)(a) above.
5 This Schedule shall not apply by virtue of this paragraph in a case where, at the time of the disposal of the trust asset, the settled property which comprises that asset is property to which this paragraph applies by virtue of sub-paragraph (2)(b) above unless, immediately after the acquisition of the relevant shares—
a the settled property comprising the shares is also property to which this paragraph applies by virtue of sub-paragraph (2)(b) above, and
b if not all the beneficiaries are individuals, the relevant proportion is not less than the proportion which was the relevant proportion at the time of the disposal of the trust asset.
6 If, at any time, in the case of settled property to which this paragraph applies by virtue of sub-paragraph (2)(b) above, both individuals and others have interests in possession, “the relevant proportion" at that time is the proportion which the amount specified in paragraph (a) below bears to the amount specified in paragraph (b) below, that is—
a the total amount of the income of the settled property, being income the interests in which are held by beneficiaries who are individuals, and
b the total amount of all the income of the settled property.
7 Where, in the case of any settled property in which any beneficiary holds an interest in possession, one or more beneficiaries (“the relevant beneficiaries") hold interests not in possession, this paragraph shall apply as if—
a the interests of the relevant beneficiaries were a single interest in possession, and
b that interest were held, where all the relevant beneficiaries are individuals, by an individual and, in any other case, by a person who is not an individual.
8 In this paragraph references to interests in possession do not include interests for a fixed term and, except in sub-paragraph (1), references to individuals include any charity.

Trustees: anti-avoidance

18
1 Paragraphs 13 to 13C and 15 above shall have effect in relation to the subscription for shares by the trustees of a settlement as if references to the individual subscribing for the shares were references to—
a those trustees;
b any individual or charity by virtue of whose interest, at a relevant time, paragraph 17 above applies to the settled property; or
c any associate of such an individual, or any person connected with such a charity.
2 The relevant times for the purposes of sub-paragraph (1)(b) above are the time when the shares are issued and—
a in a case where sub-paragraph (1) of paragraph 13 above applies, or that sub-paragraph would apply were it not for the fact that the amount of value is an amount of insignificant value for the purposes of that sub-paragraph, the time when the value is received;
ab in a case where paragraph 13(1) above would apply were it not for the operation of paragraph 13B above, the time when the original value (within the meaning of paragraph 13B above) in question is received;
b in a case where paragraph 15 above applies, the time when the loan is made.

Interpretation

19
1 For the purposes of this Schedule—
  • “51 per cent. subsidiary” has the meaning given by Chapter 3 of Part 24 of CTA 2010;
  • “arrangements” includes any scheme, agreement, understanding, transaction or series of transactions (whether or not legally enforceable);
  • “associate” has the meaning that would be given by section 448 of CTA 2010 if in that section “relative” did not include a brother or sister;
  • “bonus shares” means shares which are issued otherwise than for payment (whether in cash or otherwise);
  • F1335. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “eligible shares” has the meaning given by section 289(7) of the Taxes Act or means shares that meet the requirement in section 173 (2) of ITA 2007;
  • F680. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “non-resident” means a person who is not resident in the United Kingdom;
  • “ordinary share capital” has the meaning given by section 989 of ITA 2007;
  • “ordinary shares”, in relation to a company, means shares forming part of its ordinary share capital;
  • “the period of restriction”, in relation to any shares, means the period—
    1. beginning one year before the shares are issued, and
    2. ending immediately before the termination date relating to the shares;
  • “qualifying business activity” has the meaning given by section 289(2) of the Taxes Act or section 179 of ITA 2007;
  • “qualifying company”, in relation to any eligible shares, means a company which, in relation to those shares, is—
    1. a qualifying company for the purposes of Chapter 3 of Part 7 of the Taxes Act (except that for the purposes of this Schedule the reference in section 293(1B)(b)(i) of that Act to section 304A of that Act shall be read as a reference to paragraph 8 above), or
    2. a qualifying company for the purposes of Part 5 of ITA 2007 (except that for the purposes of this Schedule the reference in section 184(1)(c)(i) of that Act to section 247 of that Act shall be read as a reference to paragraph 8 above).
  • “the relevant period”, in the case of any shares, means the period found by applying section 312(1A)(a) of the Taxes Act or section 159(2) of ITA 2007 by reference to the company that issued the shares and by reference to the shares;
  • F963. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • F680. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “termination date”, in relation to any shares, means the date found by applying the definition of “termination date” in section 312(1) of the Taxes Act or section 256 of ITA 2007 by reference to the company that issued the shares and by reference to the shares.
1A For the purposes of this Schedule, “the relevant shares”, in relation to a case to which this Schedule applies, means the shares which—
a are acquired by the investor in making the qualifying investment, and
b where the qualifying investment is made before the time at which the original gain accrues, are still held by the investor at that time.
This is subject to sub-paragraphs (1B) and (1D) below.
1B If any corresponding bonus shares in the same company are issued to the investor or any person who has acquired any of the relevant shares from the investor on a disposal within marriage or civil partnership, this Schedule shall apply as if references to the relevant shares were to all the shares comprising the relevant shares and the bonus shares so issued.
1C In sub-paragraph (1B) above “corresponding bonus shares” means bonus shares which—
a are issued in respect of the relevant shares; and
b are of the same class, and carry the same rights, as those shares.
1D If, in circumstances in which paragraph 8 above applies, new shares are issued in exchange for old shares, references in this Schedule to the relevant shares, so far as they relate to the old shares, shall be construed as references to the new shares and not to the old shares.
1E In sub-paragraph (1D) above “new shares” and “old shares” have the same meaning as in paragraph 8 above.
2 For the purposes of this Schedule, “deferral relief” is attributable to any shares if—
a expenditure on the shares has been set under this Schedule against the whole or part of any gain; and
b in relation to the shares there has been no chargeable event for the purposes of this Schedule.
3 In this Schedule—
a references (however expressed) to an issue of eligible shares in any company are to any eligible shares in the company that are of the same class and are issued on the same day;
b references to a disposal within marriage or civil partnership are references to any disposal to which section 58 applies; F2170...
c references to Chapter III of Part VII of the Taxes Act or any provision of that Chapter are to that Chapter or provision as it applies in relation to shares issued on or after 1st January 1994; and
d references to Part 5 of ITA 2007 or any provision of that Part are to a Part or provision that applies only in relation to shares issued on or after 6th April 2007.
4 For the purposes of this Schedule shares in a company shall not be treated as being of the same class unless they would be so treated if dealt with on the Stock Exchange.
5 Notwithstanding anything in section 288(5), shares shall not for the purposes of this Schedule be treated as issued by reason only of being comprised in a letter of allotment or similar instrument.

F1412SCHEDULE 5BA 

Enterprise investment scheme: application of taper relief

F1412 Application of Schedule

F14121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Taper relief on revived gains

F14122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Qualifying holding period

F14123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Periods that do not count

F14124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Gains on disposal of business or non-business assets

F14125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Savings

F14126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Relevant re-investment shares

F14127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Derivation of gains

F14128. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1412 Interpretation

F14129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 5BB 

Seed enterprise investment scheme: re-investment

SEIS re-investment relief

1
1 Sub-paragraph (5) applies where conditions A to C are met in relation to an individual (“the investor”).
2 Condition A is that—
a there would (ignoring sub-paragraphs (5) and (6)) be a chargeable gain (“the original gain”) accruing to the investor at any time in the tax year 2012-13 or any subsequent tax year (the year in question being referred to in this Schedule as “the relevant year”), and
b the original gain is one accruing on the disposal of an asset by the investor at any time (“the disposal time”) in the relevant year.
3 Condition B is that—
a the investor is eligible for SEIS relief for the relevant year in respect of an amount subscribed for an issue of shares in a company made to the investor in that year,
b the investor makes a claim for and obtains SEIS relief for that year in respect of all or some of those shares (“the relevant SEIS shares”), and
c if the relevant SEIS shares, or any corresponding bonus shares in relation to those shares, were issued before the disposal time, they are still held by the investor at the disposal time.
4 Condition C is that—
a the investor has made a claim under this paragraph for relief in relation to the original gain, and
b the claim is in respect of the amount on which SEIS relief is claimed by the investor in respect of the relevant SEIS shares (“the SEIS expenditure”) or part of that amount.
5 The relevant percentage of the available SEIS expenditure is to be set against a corresponding amount of the original gain.
5A In sub-paragraph (5)—
  • “the available SEIS expenditure” means so much of the SEIS expenditure as—
    1. is specified in the claim,
    2. is unused, and
    3. does not exceed so much of the original gain as is unmatched;
  • “the relevant percentage” means—
    1. if the relevant year is the tax year 2012-13, 100%, and
    2. if the relevant year is any subsequent tax year, 50%.
6 Where an amount of the SEIS expenditure is set against the whole or part of the original gain under sub-paragraph (5), so much of that gain as is equal to that amount is to be treated as not being a chargeable gain.
7 For the purposes of this paragraph—
a the SEIS expenditure is unused to the extent that it has not already been set under sub-paragraph (5) or paragraph 2(1) of Schedule 5B against the whole or any part of a chargeable gain, and
b the original gain is unmatched, in relation to the SEIS expenditure, to the extent that it has not had any other expenditure set against it under sub-paragraph (5) or paragraph 2(1) of Schedule 5B.

Restrictions on relief under paragraph 1

2
1 Sub-paragraph (2) applies if the investor's tax reduction under section 257AB of ITA 2007 for the relevant year is limited by subsection (2)(b) of that section (calculation of tax reduction where claim made for amounts subscribed for shares which exceed £200,000).
2 Paragraph 1(5) to (7) has effect as if references to the SEIS expenditure were references to so much of that expenditure as is given by the formula—F2699
SA TSA × £ 200,000
where—
SA means the SEIS expenditure (ignoring this paragraph);
TSA means the total of the amounts subscribed for shares issued in the relevant year in respect of which the investor is eligible for and claims SEIS relief for that year.
3 Sub-paragraph (4) applies if the amount of SEIS relief attributable to any of the relevant SEIS shares has been reduced under Chapter 6 of Part 5A of ITA 2007 before the SEIS relief was obtained (otherwise than by virtue of corresponding bonus shares being issued in respect of those shares).
4 Paragraph 1(5) to (7) has effect as if the SEIS expenditure were the amount found by multiplying that expenditure by the fraction—
R 1 R 2
where—
“R1” means the amount of SEIS relief attributable to the relevant SEIS shares when the relief is obtained;
“R2” means the amount of SEIS relief which would have been so attributable in the absence of the reduction.
5 In a case where sub-paragraphs (2) and (4) both apply, sub-paragraph (2) is to be applied before sub-paragraph (4).

Claims

3
1 Section 257EA of ITA 2007 (time for making claims for SEIS relief) applies in relation to a claim made by the investor for the purposes of paragraph 1 in relation to the SEIS expenditure as it applies in relation to a claim for SEIS relief in respect of that expenditure.
2 Nothing in paragraph 1(3) prevents a claim being made by the investor under paragraph 1 before SEIS relief has actually been obtained by the investor in relation to the SEIS relief.

Attribution of SEIS re-investment relief to relevant SEIS shares

4
1 References in this Schedule to the SEIS re-investment relief attributable to any shares are to be read as references to the total amount attributed to those shares in accordance with this paragraph.
2 Sub-paragraph (3) applies where the whole or part of the SEIS expenditure is set off against a chargeable gain under paragraph 1(5).
3 A proportionate part of the expenditure which is so set off is attributed to each of the relevant SEIS shares.
4 Sub-paragraph (5) applies if corresponding bonus shares are issued in respect of all or some of the relevant SEIS shares (“the original shares”) to which relief is attributed under this paragraph.
5 A proportionate part of the total amount attributed to the original shares immediately before those bonus shares are issued is attributed to each of the shares in the holding comprising the original shares and those bonus shares.

Removal or reduction of the relief

5
1 This paragraph applies where in respect of shares issued to an individual—
a SEIS relief is attributable to the shares,
b SEIS re-investment relief is also attributable to the shares, and
c the SEIS relief which is attributable to the shares is withdrawn or reduced under Chapters 6 and 7 of Part 5A of ITA 2007.
2 A chargeable gain accrues to the individual in the tax year in which the shares were issued on a disposal made in that tax year.
3 The amount of that gain is—
a in a case where the SEIS relief is withdrawn, the amount of SEIS re-investment relief which is attributable to the shares immediately before the withdrawal, and
b in a case where the SEIS relief is reduced, the appropriate fraction of that amount.
4 In a case where the SEIS re-investment relief is withdrawn, the SEIS re-investment relief ceases to be attributable to the shares.
5 In a case where the SEIS relief is reduced, the appropriate fraction of the SEIS re-investment relief ceases to be attributable to the shares.
6 “The appropriate fraction” is—
R 1 − R 2 R 1
where—
“R1” is the total amount of the SEIS relief attributable to those shares immediately before the reduction, and
“R2” is the total amount of the SEIS relief attributable to those shares immediately after the reduction.

Transfers of shares to spouses and civil partners

6
1 This paragraph applies if—
a shares to which an amount of SEIS relief is attributable were issued to an individual (“A”),
b A transferred the shares to another individual (“B”) during their lives,
c A was married to, or was the civil partner of, B at the time of the transfer, and
d subsection (4) of section 257FA of ITA 2007 (provision about disposals of shares disapplied where disposal between spouses or civil partners) prevented that section applying to the transfer.
2 Any chargeable gain which accrues by virtue of paragraph 5(2), as a result of SEIS relief attributable to the shares being withdrawn or reduced after the shares are transferred, is to accrue to B (instead of to A).

Adjustment of capital gains tax liability

7
1 All such adjustments of capital gains tax are to be made, whether by way of assessment or by way of discharge or repayment of tax, as may be required in consequence of relief being obtained, or a gain accruing, under this Schedule.
2 In its application to an assessment made by virtue of this paragraph, section 86 of TMA 1970 (interest on overdue capital gains tax) has effect as if the relevant date were 31 January next following the tax year in which the assessment is made.

Interpretation etc

8
1 In this Schedule—
  • “bonus shares” means shares which are issued otherwise than for payment (whether in cash or otherwise);
  • “corresponding bonus shares”, in relation to any shares (“the original shares”), means bonus shares which are in the same company, of the same class, and carry the same rights as the original shares;
  • “SEIS relief” has the same meaning as in Part 5A of ITA 2007.
2 In this Schedule, references (however expressed) to an issue of shares in any company to an individual are to such of the shares in the company as are of the same class and are issued to the individual in one capacity and on the same day.This is subject to sub-paragraph (3).
3 If section 257AB(1) and (2) of ITA 2007 applies, in the case of any issue of shares made to an individual, as if part of the issue had been issued in a previous tax year, this Schedule has effect as if that part and the remainder were separate issues of shares (and that part had been issued on a day in the previous tax year).
4 Part 5A of ITA 2007 applies, for the purposes of this Schedule, to determine whether SEIS relief is attributable to any shares and, if so, the amount of relief so attributable.

F1183SCHEDULE 5C 

Venture capital trusts: deferred charge on re-investment

F1183Application of Schedule

F11831. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1183The postponement of the original gain

F11832. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1183Chargeable events

F11833. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1183Gain accruing on chargeable event

F11834. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1183Persons to whom gain accrues

F11835. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1183Interpretation

F11836. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F992SCHEDULE 6 

Retirement relief etc.

Sections 163, 164.

F992Part I  Interpretation

F9921. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9922. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9923. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9924. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F992Part II  The operation of the relief

F992 Disposals on which relief may be given

F9925. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F992 Gains qualifying for relief

F9926. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9927. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9928. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9929. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F99210. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F99211. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F99212. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F992 The amount available for relief: the basic rule

F99213. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F992 Aggregation of earlier business periods

F99214. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F992 Relief given on earlier disposal

F99215. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F992 Aggregation of spouse’s interest in the business

F99216. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 7 

Relief for gifts of business assets

Section 165.

Part I  Agricultural property and settled property

Agricultural property

1
1 This paragraph applies where—
a there is a disposal of an asset which is, or is an interest in, agricultural property within the meaning of Chapter II of Part V of the M73Inheritance Tax Act 1984 (inheritance tax relief for agricultural property), and
b apart from this paragraph, the disposal would not fall within section 165(1) by reason only that the agricultural property is not used for the purposes of a trade carried on as mentioned in section 165(2)(a).
2 Where this paragraph applies, section 165(1) shall apply in relation to the disposal if the circumstances are such that a reduction in respect of the asset—
a is made under Chapter II of Part V of the Inheritance Tax Act 1984 in relation to a chargeable transfer taking place on the occasion of the disposal, or
b would be so made if there were a chargeable transfer on that occasion, or
c would be so made but for section 124A of that Act (assuming, where there is no chargeable transfer on that occasion, that there were).

Settled property

2
1 If—
a the trustees of a settlement make a disposal otherwise than under a bargain at arm’s length of an asset within sub-paragraph (2) below, and
b a claim for relief under section 165 is made by the trustees and the person who acquires the asset (“the transferee”) or, where the trustees of a settlement are also the transferee, by the trustees making the disposal alone,
then, subject to sections 165(3), 166, 167, 169, 169B and 169C, section 165(4) shall apply in relation to the disposal.
2 An asset is within this sub-paragraph if—
a it is, or is an interest in, an asset used for the purposes of a trade, profession or vocation carried on by—
i the trustees making the disposal, or
ii a beneficiary who had an interest in possession in the settled property immediately before the disposal, or
b it consists of shares or securities of a trading company, or of the holding company of a trading group, where—
i the shares or securities are not listed on a recognised stock exchange, or
ii not less than 25 per cent. of the voting rights exercisable by shareholders of the company in general meeting are exercisable by the trustees at the time of the disposal.
3 Where section 165(4) applies by virtue of this paragraph, references to the trustees shall be substituted for the references in section 165(4)(a) to the transferor; and where it applies in relation to a disposal which is deemed to occur by virtue of section 71(1) or 72(1) section 165(7) shall not apply.
3
1 This paragraph applies where—
a there is a disposal of an asset which is, or is an interest in, agricultural property within the meaning of Chapter II of Part V of the M74Inheritance Tax Act 1984, and
b apart from this paragraph, the disposal would not fall within paragraph 2(1)(a) above by reason only that the agricultural property is not used for the purposes of a trade as mentioned in paragraph 2(2)(a) above.
2 Where this paragraph applies paragraph 2(1) above shall apply in relation to the disposal if the circumstances are such that a reduction in respect of the asset—
a is made under Chapter II of Part V of the Inheritance Tax Act 1984 in relation to a chargeable transfer taking place on the occasion of the disposal, or
b would be so made if there were a chargeable transfer on that occasion, or
c would be so made but for section 124A of that Act (assuming, where there is no chargeable transfer on that occasion, that there were).

Part II  Reductions in held-over gain

Application and interpretation

4
1 The provisions of this Part of this Schedule apply in cases where a claim for relief is made under section 165.
2 In this Part of this Schedule—
a “the principal provision” means section 165(2), or, as the case may require, sub-paragraph (2) of paragraph 2 above,
b “shares” includes securities,
c “the transferor” has the same meaning as in section 165 except that, in a case where paragraph 2 above applies, it refers to the trustees mentioned in that paragraph, and
d “unrelieved gain”, in relation to a disposal, has the same meaning as in section 165(7).
3 In this Part of this Schedule—
a any reference to a disposal of an asset is a reference to a disposal which falls within subsection (1) of section 165 by virtue of subsection (2)(a) of that section or, as the case may be, falls within sub-paragraph (1) of paragraph 2 above by virtue of sub-paragraph (2)(a) of that paragraph, and
b any reference to a disposal of shares is a reference to a disposal which falls within subsection (1) of section 165 by virtue of subsection (2)(b) of that section or, as the case may be, falls within sub-paragraph (1) of paragraph 2 above by virtue of sub-paragraph (2)(b) of that paragraph.
4 In relation to a disposal of an asset or of shares, any reference in the following provisions of this Part of this Schedule to the held-over gain is a reference to the held-over gain on that disposal as determined under subsection (6) or, where it applies, subsection (7) of section 165.

Reductions peculiar to disposals of assets

5
1 If, in the case of a disposal of an asset, the asset was not used for the purposes of the trade, profession or vocation referred to in paragraph (a) of the principal provision throughout the period of its ownership by the transferor, the amount of the held-over gain shall be reduced by multiplying it by the fraction—
AB
where—
  • A is the number of days in that period of ownership during which the asset was so used, and
  • B is the number of days in that period.
2 This paragraph shall not apply where the circumstances are such that a reduction in respect of the asset—
a is made under Chapter II of Part V of the M75Inheritance Tax Act 1984 in relation to a chargeable transfer taking place on the occasion of the disposal, or
b would be so made if there were a chargeable transfer on that occasion, or
c would be so made but for section 124A of that Act (assuming, where there is no chargeable transfer on that occasion, that there were).
6
1 If, in the case of a disposal of an asset, the asset is a building or structure and, over the period of its ownership by the transferor or any substantial part of that period, part of the building or structure was, and part was not, used for the purposes of the trade, profession or vocation referred to in paragraph (a) of the principal provision, there shall be determined the fraction of the unrelieved gain on the disposal which it is just and reasonable to apportion to the part of the asset which was so used, and the amount of the held-over gain (as reduced, if appropriate, under paragraph 5 above) shall be reduced by multiplying it by that fraction.
2 This paragraph shall not apply where the circumstances are such that a reduction in respect of the asset—
a is made under Chapter II of Part V of the Inheritance Tax Act 1984 in relation to a chargeable transfer taking place on the occasion of the disposal, or
b would be so made if there were a chargeable transfer on that occasion, or
c would be so made but for section 124A of that Act (assuming, where there is no chargeable transfer on that occasion, that there were).

Reduction peculiar to disposal of shares

7
1 If in the case of a disposal of shares assets which are not business assets are included in the chargeable assets of the company whose shares are disposed of, or, where that company is the holding company of a trading group, in the group’s chargeable assets, and either—
a at any time within the period of 12 months before the disposal not less than 25 per cent. of the voting rights exercisable by shareholders of the company in general meeting are exercisable by the transferor, or
b the transferor is an individual and, at any time within that period, the company is his personal company,
the amount of the held-over gain shall be reduced by multiplying it by the fraction—
AB
where—
  • A is the market value on the date of the disposal of those chargeable assets of the company or of the group which are business assets, and
  • B is the market value on that date of all the chargeable assets of the company, or as the case may be of the group.
2 For the purposes of this paragraph—
a an asset is a business asset in relation to a company or a group if it is or is an interest in an asset used for the purposes of a trade, profession or vocation carried on by the company, or as the case may be by a member of the group; and
b an asset is a chargeable asset in relation to a company or a group at any time if, on a disposal at that time, a gain accruing to the company, or as the case may be to a member of the group, would be a chargeable gain.
3 Where the shares disposed of are shares of the holding company of a trading group, then for the purposes of this paragraph—
a the holding by one member of the group of the ordinary share capital of another member shall not count as a chargeable asset, and
b if the whole of the ordinary share capital of a 51 per cent. subsidiary of the holding company is not owned directly or indirectly by that company, the value of the chargeable assets of the subsidiary shall be taken to be reduced by multiplying it by the fraction—
AB
where—
  • A is the amount of the ordinary share capital of the subsidiary owned directly or indirectly by the holding company, and
  • B is the whole of that share capital.
4 Expressions used in sub-paragraph (3) above have the same meanings as in section 838 of the Taxes Act.

Reduction where gain partly relieved by retirement relief

F22838. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 7ZA 

Business asset disposal relief: “trading company” and “trading group”

Section 169SA

PART 1 Meaning of “trading company” and “trading group”

1
1 This paragraph gives the meaning of “trading company” and “trading group” where used in the following provisions of Chapter 3 of Part 5 (business asset disposal relief)—
a in section 169I (material disposal of business assets)—
i paragraphs (a) and (b) of subsection (6) (which apply for the purposes of conditions A and B in that section), and
ii sub-paragraphs (i) and (ii) of subsection (7A)(c) (which apply for the purposes of conditions C and D in that section), and
b section 169J(4) (disposal of trust business assets).
2 “Trading company” and “trading group” have the same meaning as in section 165 (see section 165A), but as modified by Part 2 of this Schedule.
3 “Trading activities” (see section 165A(4) and (9)) is to be read in accordance with Part 3 of this Schedule.
2In provisions of Chapter 3 of Part 5 not mentioned in paragraph 1(1), “trading company” and “trading group” have the same meaning as in section 165 (see section 165A), except that subsections (7) and (12) of section 165A are to be disregarded.

PART 2 Joint venture companies

Attribution of activities of a joint venture company

3In relation to a disposal of assets consisting of (or of interests in) shares in or securities of a company (“company A”), activities of a joint venture company are to be attributed to a company under subsections (7) and (12) of section 165A only if P—
a passes the shareholding test in relation to the joint venture company (see paragraphs 5 to 8), and
b passes the voting rights test in relation to the joint venture company (see paragraphs 9 to 12).

Meaning of “investing company”

4
1 For the purposes of this Part, a company is an “investing company” in relation to P and a joint venture company if it meets conditions 1 and 2.
2 Condition 1 is that—
a the company is company A (see paragraph 3), or
b P directly owns some portion of the ordinary share capital of the company.
3 Condition 2 is that the company owns some portion of the ordinary share capital of the joint venture company (whether it is owned directly, indirectly, or partly directly and partly indirectly).
4 In sub-paragraph (3) the reference to a company owning share capital indirectly is to be read in accordance with section 1155 of CTA 2010.

Shareholding test

5P passes the shareholding test in relation to a joint venture company if, throughout the relevant period, the sum of the percentages given by paragraphs (a) and (b) is at least 5%—
a the percentage of the ordinary share capital of the joint venture company that is owned directly by P, and
b P's indirect shareholding percentage (see paragraph 6).
6P's “indirect shareholding percentage” is found by—
a calculating the percentage of the ordinary share capital of the joint venture company that is owned indirectly by P through a particular investing company (see paragraph 7), and
b where there are two or more investing companies, adding those percentages together.
7The percentage of the ordinary share capital of a joint venture company that is owned indirectly by P through a particular investing company (“company IC”) at a particular time is given by—
R × S × 100
where—
R is the fraction of company IC's ordinary share capital that is owned by P at that time, and
S is the fraction of the joint venture company's ordinary share capital that is owned by company IC at that time (whether it is owned directly, indirectly, or partly directly and partly indirectly) (see paragraph 8).
8
1 The fraction of the joint venture company's ordinary share capital that is owned indirectly by company IC is calculated—
a by applying sections 1156 and 1157 of CTA 2010, as read with section 1155 of that Act, and
b on the assumptions specified in sub-paragraph (2).
2 The assumptions are—
a where company IC directly owns more than 50% of the ordinary share capital of a company, company IC is taken to own the whole of the ordinary share capital of that company;
b where a company other than company IC (“company B”) directly owns more than 50% of the ordinary share capital of another company (“company C”) which is a member of a group of companies of which company IC is a member, company B is taken to own the whole of the ordinary share capital of company C.

Voting rights test

9P passes the voting rights test in relation to a joint venture company if, throughout the relevant period, the sum of the percentages given by paragraphs (a) and (b) is at least 5%—
a the percentage of the voting rights that P holds directly in the joint venture company, and
b P's indirect voting rights percentage (see paragraph 10).
10P's “indirect voting rights percentage” is found by—
a calculating the percentage of the voting rights in the joint venture company that P holds indirectly through a particular investing company (see paragraph 11), and
b where there are two or more investing companies, adding those percentages together.
11The percentage of the voting rights in a joint venture company that P holds indirectly through a particular investing company (“company IC”) at a particular time is given by—
T × U × 100
where—
T is the fraction of the voting rights in company IC that is held by P at that time, and
U is the fraction of the voting rights in the joint venture company that is held by company IC at that time (whether the voting rights are held directly, indirectly, or partly directly and partly indirectly) (see paragraph 12).
12
1 The fraction of the voting rights in the joint venture company that is held indirectly by company IC is calculated—
a by applying sections 1156 and 1157 of CTA 2010, as read with section 1155 of that Act, as if references in those sections to owning the ordinary share capital of a company were references to holding voting rights in a company, and
b on the assumptions specified in sub-paragraph (2).
2 The assumptions are—
a where company IC directly holds more than 50% of the voting rights in a company, company IC is taken to hold all the voting rights in that company;
b where a company other than company IC (“company B”) directly holds more than 50% of the voting rights in another company (“company C”) which is a member of a group of companies of which company IC is a member, company B is taken to hold all the voting rights in company C.

PART 3 Partnerships

Activities of a company as a member of a partnership

13
1 In relation to a disposal of assets consisting of (or of interests in) shares in or securities of a company (“company A”), activities carried on by a company as a member of a partnership are to be treated as not being trading activities of the company (see section 165A(4) and (9)) if P fails either or both of the following—
a the profits and assets test in relation to the partnership (see paragraphs 15 to 20);
b the voting rights test in relation to the partnership (see paragraphs 21 to 23).
2 In relation to such a disposal, activities carried on by a company as a member of a partnership are also to be treated as not being trading activities of the company if the company is not a member of the partnership throughout the relevant period.

Meaning of “direct interest company” and “relevant corporate partner”

14
1 This paragraph applies for the purposes of this Part.
2 A company is a “direct interest company” in relation to P if—
a it is company A (see paragraph 13(1)), or
b P directly owns some portion of the ordinary share capital of the company.
3 A company is a “relevant corporate partner” in relation to P and a partnership if—
a a direct interest company in relation to P (“company DIC”) owns some portion of the ordinary share capital of the company (whether it is owned directly, indirectly or partly directly and partly indirectly),
b the company is a member of a group of companies of which company DIC is a member, and
c the company is a member of the partnership.
4 In sub-paragraph (3) the reference to a company owning share capital indirectly is to be read in accordance with section 1155 of CTA 2010.

Profits and assets test

15P passes the profits and assets test in relation to a partnership if, throughout the relevant period, the sum of the percentages given by paragraphs (a), (b) and (c) is at least 5%—
a the percentage which is P's direct interest in the assets of the partnership,
b the percentage which is P's share of the partnership through direct interest companies that are members of the partnership (see paragraph 16), and
c the percentage which is P's share of the partnership through direct interest companies and relevant corporate partners in the partnership (see paragraph 18).
16P's “share of the partnership through direct interest companies that are members of the partnership” is found by—
a calculating the percentage which is P's indirect share of the partnership through each direct interest company that is a member of the partnership (see paragraph 17), and
b where there are two or more direct interest companies that are members of the partnership, adding those percentages together.
17The percentage which is P's indirect share of the partnership through a particular direct interest company that is a member of the partnership (“company DICP”) at a particular time is given by—
R × V × 100
where—
R is the fraction of company DICP's ordinary share capital that is owned by P at that time, and
V is the lower of—
  1. the fraction of the profits of the partnership in which company DICP has an interest at that time, and
  2. the fraction of the assets of the partnership in which company DICP has an interest at that time.
18P's “share of the partnership through direct interest companies and relevant corporate partners in the partnership” is found by—
a calculating the percentage which is P's indirect share of the partnership through each direct interest company and each relevant corporate partner in the partnership (see paragraph 19), and
b where there are two or more direct interest companies or two or more relevant corporate partners, or both, adding those percentages together.
19The percentage which is P's indirect share of the partnership through a particular direct interest company (“company DIC”) and a particular relevant corporate partner in the partnership (“company CP”) at a particular time is given by—
R × V × W × 100
where—
R is the fraction of company DIC's ordinary share capital that is owned by P at that time,
V is the lower of—
  1. the fraction of the profits of the partnership in which company CP has an interest at that time, and
  2. the fraction of the assets of the partnership in which company CP has an interest at that time, and
W is the fraction of company CP's ordinary share capital that is owned by company DIC at that time (whether it is owned directly, indirectly, or partly directly and partly indirectly) (see paragraph 20).
20
1 The fraction of a company's ordinary share capital that is owned indirectly by company DIC is calculated—
a by applying sections 1156 and 1157 of CTA 2010, as read with section 1155 of that Act, and
b on the assumptions specified in sub-paragraph (2).
2 The assumptions are—
a where company DIC directly owns more than 50% of the ordinary share capital of a company, company DIC is taken to own the whole of the ordinary share capital of that company;
b where a company other than company DIC (“company B”) directly owns more than 50% of the ordinary share capital of another company (“company C”) which is a member of a group of companies of which company DIC is a member, company B is taken to own the whole of the ordinary share capital of company C.

Voting rights test

21
1 P passes the voting rights test in relation to a partnership if, throughout the relevant period, the sum of P's direct voting rights percentage and P's indirect voting rights percentage is at least 5%.
2 P's “direct voting rights percentage” is found by—
a taking the percentage of the voting rights that P holds directly in each direct interest company that is a member of the partnership, and
b where P directly holds voting rights in two or more direct interest companies that are members of the partnership, adding those percentages together.
3 P's “indirect voting rights percentage” is found by—
a calculating the percentage which is P's indirect holding of voting rights in each relevant corporate partner in the partnership through each direct interest company (see paragraph 22), and
b where there are two or more relevant corporate partners or two or more direct interest companies, or both, adding those percentages together.
22The percentage which is P's indirect holding of voting rights in a particular relevant corporate partner in the partnership (“company CP”) through a particular direct interest company (“company DIC”) at a particular time is given by—
T × X × 100
where—
T is the fraction of the voting rights in company DIC that is held by P at that time, and
X is the fraction of the voting rights in company CP that is held by company DIC at that time (whether the voting rights are held directly, indirectly, or partly directly and partly indirectly) (see paragraph 23).
23
1 The fraction of the voting rights in a company that is held indirectly by company DIC is calculated—
a by applying sections 1156 and 1157 of CTA 2010, as read with section 1155 of that Act, as if references in those sections to owning the ordinary share capital of a company were references to holding voting rights in a company, and
b on the assumptions specified in sub-paragraph (2).
2 The assumptions are—
a where company DIC directly holds more than 50% of the voting rights in a company, company DIC is taken to hold all the voting rights in that company;
b where a company other than company DIC (“company B”) directly holds more than 50% of the voting rights in another company (“company C”) which is a member of a group of companies of which company DIC is a member, company B is taken to hold all the voting rights in company C.

PART 4 Interpretation of this schedule

Meaning of “P”

24
1 In the case of a material disposal of business assets, “P” means the individual making the disposal.
2 In the case of a disposal of trust business assets—
a “P” means any relevant beneficiary, but
b in any reference to P passing or failing the tests mentioned in paragraphs 3 and 13(1), P is to be read as being a single body consisting of all the relevant beneficiaries (so that, for the purposes of determining if those tests are met, percentages are to be calculated in respect of each relevant beneficiary and then aggregated).
3 The following are “relevant beneficiaries”—
a the qualifying beneficiary in relation to the disposal (see section 169J(3)), and
b any other beneficiary who is, in relation to the disposal, a beneficiary mentioned in section 169O(1).

Meaning of “relevant period”

25“The relevant period” means—
a for the purposes of conditions A and C in section 169I, the period of 2 years ending with the date of the disposal,
b for the purposes of conditions B and D in section 169I, the period of 2 years ending with the date mentioned in subsection (7)(a) or (b) or (7O)(a) or (b) of that section, and
c for the purposes of section 169J(4), a period of 2 years ending not earlier than 3 years before the date of the disposal.

Other interpretation provisions

26
1 Terms used in this Schedule which are defined in subsection (14) of section 165A have the same meaning as they have in that subsection.
2 References to a person holding voting rights include references to a person who has the ability to control the exercise of voting rights by another person.
3 For the purposes of Part 3 of this Schedule, the assets of—
a a Scottish partnership, or
b a partnership under the law of any other country or territory under which assets of a partnership are regarded as held by or on behalf of the partnership as such,
are to be treated as held by the members of the partnership in the proportions in which they are entitled to share in the capital profits of the partnership.References in Part 3 to a person's interest in the assets of a partnership are to be construed accordingly.

SCHEDULE 7ZB 

Investors' relief: disqualification of shares

Section 169VB

Disqualification of shares where value received in period of restriction

1
1 Sub-paragraph (2) applies where—
a shares in a company are issued to a qualifying person (“the investor”) on a particular date,
b any of those shares would, apart from this Schedule, be or be treated as being qualifying shares or potentially qualifying shares at a particular time (“the relevant time”), and
c the investor receives any value, other than insignificant value, from the company at any time in the period of restriction.
2 The shares in question are to be treated for the purposes of this Chapter as being excluded shares at the relevant time.
3 Where—
a the investor receives value (“the relevant receipt”) from the company during the period of restriction,
b the investor has received from the company one or more receipts of insignificant value at a time or times—
i during that period, but
ii not later than the time of the relevant receipt, and
c the aggregate amount of the value of the receipts within paragraphs (a) and (b) is not an amount of insignificant value,
the investor is to be treated for the purposes of this Schedule as if the relevant receipt had been a receipt of an amount equal to that aggregate amount.For this purpose a receipt does not fall within paragraph (b) in relation to the shares if it has previously been aggregated under this sub-paragraph in relation to them.
4 In this Schedule “the period of restriction” means the period—
a beginning one year before the date the shares are issued, and
b ending immediately before the third anniversary of the date the shares are issued.
5 In sub-paragraphs (3) and (4) and in the following provisions of this Schedule references to “the shares” are to the shares referred to in sub-paragraph (1)(a).
6 This paragraph is subject to paragraph 4.

“Receives value”

2
1 For the purposes of this Schedule the investor receives value from the company if the company—
a repays, redeems or repurchases any of its share capital or securities which belong to the investor or makes any payment to the investor for giving up a right to any of the company's share capital or any security on its cancellation or extinguishment,
b repays, in pursuance of any arrangements for or in connection with the acquisition of the shares, any debt owed to the investor other than a debt which was incurred by the company—
i on or after the date of issue of the shares, and
ii otherwise than in consideration of the extinguishment of a debt incurred before that date,
c makes to the investor any payment for giving up the investor's right to any debt on its extinguishment,
d releases or waives any liability of the investor to the company or discharges, or undertakes to discharge, any liability of the investor to a third person,
e makes a loan or advance to the investor which has not been repaid in full before the issue of the shares,
f provides a benefit or facility for the investor,
g disposes of an asset to the investor for no consideration or for a consideration which is or the value of which is less than the market value of the asset,
h acquires an asset from the investor for a consideration which is or the value of which is more than the market value of the asset, or
i makes any payment to the investor other than a qualifying payment.
2 For the purposes of sub-paragraph (1)(e) there is to be treated as if it were a loan made by the company to the investor—
a the amount of any debt (other than an ordinary trade debt) incurred by the investor to the company, and
b the amount of any debt due from the investor to a third person which has been assigned to the company.
3 For the purposes of this paragraph the investor also receives value from the company if any person connected with the company—
a purchases any of its share capital or securities which belong to the investor, or
b makes any payment to the investor for giving up any right in relation to any of the company's share capital or securities.
4 In this paragraph “qualifying payment” means—
a the payment by any company of such remuneration for service as an officer or employee of that company as may be reasonable in relation to the duties of that office or employment,
b any payment or reimbursement by any company of travelling or other expenses wholly, exclusively and necessarily incurred by the investor to whom the payment is made in the performance of duties as an officer or employee of that company,
c the payment by any company of any interest which represents no more than a reasonable commercial return on money lent to that company,
d the payment by any company of any dividend or other distribution which does not exceed a normal return on any investment in shares in or other securities of that company,
e any payment for the supply of goods which does not exceed their market value,
f any payment for the acquisition of an asset which does not exceed its market value,
g the payment by any company, as rent for any property occupied by the company, of an amount not exceeding a reasonable and commercial rent for the property,
h any reasonable and necessary remuneration which—
i is paid by any company for services rendered to that company in the course of a trade or profession carried on wholly or partly in the United Kingdom; and
ii is taken into account in calculating for tax purposes the profits of that trade or profession, or
i a payment in discharge of an ordinary trade debt.
5 For the purposes of this paragraph a company is to be treated as having released or waived a liability if the liability is not discharged within 12 months of the time when it ought to have been discharged.
6 In this paragraph—
a references to a debt or liability do not, in relation to a company, include references to any debt or liability which would be discharged by the making by that company of a qualifying payment, and
b references to a benefit or facility do not include references to any benefit or facility provided in circumstances such that, if a payment had been made of an amount equal to its value, that payment would be a qualifying payment.
7 In this paragraph and paragraph 3—
a any reference to a payment or disposal to the investor includes a reference to a payment or disposal made to the investor indirectly or to the investor's order or for the investor's benefit;
b any reference to the investor includes an associate of the investor;
c any reference to a company includes a person who at any time in the period of restriction is connected with the company, whether or not that person is connected at the material time.
8 In this paragraph “ordinary trade debt” means any debt for goods or services supplied in the ordinary course of a trade or business where any credit given—
a does not exceed six months, and
b is not longer than that normally given to customers of the person carrying on the trade or business.

Amount of value

3
1 For the purposes of paragraph 1, the value received by the investor is—
a in a case within paragraph 2(1)(a), (b) or (c), the amount received by the investor or, if greater, the market value of the share capital, securities or debt in question;
b in a case within paragraph 2(1)(d), the amount of the liability;
c in a case within paragraph 2(1)(e), the amount of the loan or advance reduced by the amount of any repayment made before the issue of the shares;
d in a case within paragraph 2(1)(f), the cost to the company of providing the benefit or facility less any consideration given for it by the investor;
e in a case within paragraph 2(1)(g) or (h), the difference between the market value of the asset and the consideration (if any) given for it;
f in a case within paragraph 2(1)(i), the amount of the payment;
g in a case within paragraph 2(3), the amount received by the investor or, if greater, the market value of the share capital or securities in question.
2 In this Schedule references to a receipt of insignificant value (however expressed) are references to a receipt of an amount of insignificant value.This is subject to sub-paragraph (4).
3 For the purposes of this Schedule “an amount of insignificant value” means an amount of value which does not exceed £1,000.
4 For the purposes of this Schedule, if at any time in the period—
a beginning one year before the shares are issued, and
b expiring at the end of the issue date,
arrangements are in existence which provide for the investor to receive or to be entitled to receive, at any time in the period of restriction, any value from the company that issued the shares, no amount of value received by the investor is to be treated as a receipt of insignificant value.
5 In sub-paragraph (4)—
a any reference to the investor includes a reference to any person who, at any time in the period of restriction, is an associate of the investor (whether or not that person is such an associate at the material time), and
b the reference to the company includes a reference to any person who, at any time in the period of restriction, is connected with the company (whether or not that person is so connected at the material time).

Receipt of replacement value

4
1 Where—
a by reason of a receipt of value within sub-paragraph (1) (other than paragraph (b)) or sub-paragraph (3) of paragraph 2 (“the original value”), any shares would, in the absence of this paragraph, be treated under this Schedule as excluded shares at a particular time,
b at or before that time the original supplier receives value (“the replacement value”) from the original recipient by reason of a qualifying receipt, and
c the amount of the replacement value is not less than the amount of the original value,
the receipt of the original value is to be disregarded for the purposes of this Schedule.
2 This paragraph is subject to paragraph 5.
3 For the purposes of this paragraph and paragraph 5—
a “the original recipient” means the person who receives the original value, and
b “the original supplier” means the person from whom that value was received.
4 A receipt of the replacement value is a qualifying receipt for the purposes of sub-paragraph (1) if it arises—
a by reason of the original recipient doing one or more of the following—
i making a payment to the original supplier, other than a payment which falls within paragraph (c) or to which sub-paragraph (5) applies,
ii acquiring any asset from the original supplier for a consideration the amount or value of which is more than the market value of the asset,
iii disposing of any asset to the original supplier for no consideration or for a consideration the amount or value of which is less than the market value of the asset,
b where the receipt of the original value was within paragraph 2(1)(d), by reason of an event the effect of which is to reverse the event which constituted the receipt of the original value, or
c where the receipt of the original value was within paragraph 2(3), by reason of the original recipient repurchasing the share capital or securities in question, or (as the case may be) reacquiring the right in question, for a consideration the amount or value of which is not less than the amount of the original value.
5 This sub-paragraph applies to—
a any payment for any goods, services or facilities, provided (whether in the course of a trade or otherwise) by—
i the original supplier, or
ii any other person who, at any time in the period of restriction, is an associate of, or connected with, that supplier (whether or not that person is such an associate, or so connected, at the material time),
which is reasonable in relation to the market value of those goods, services or facilities,
b any payment of any interest which represents no more than a reasonable commercial return on money lent to—
i the original recipient, or
ii any person who, at any time in the period of restriction, is an associate of the original recipient (whether or not such an associate at the material time),
c any payment for the acquisition of an asset which does not exceed its market value,
d any payment, as rent for any property occupied by—
i the original recipient, or
ii any person who, at any time in the period of restriction, is an associate of the original recipient (whether or not such an associate at the material time),
of an amount not exceeding a reasonable and commercial rent for the property,
e any payment in discharge of an ordinary trade debt (within the meaning of paragraph 2(8)), and
f any payment for shares in or securities of any company in circumstances that do not fall within sub-paragraph (4)(a)(ii).
6 For the purposes of this paragraph, the amount of the replacement value is—
a in a case within paragraph (a) of sub-paragraph (4), the aggregate of—
i the amount of any payment within sub-paragraph (i) of that paragraph, and
ii the difference between the market value of any asset within sub-paragraph (ii) or (iii) of that paragraph and the amount or value of the consideration (if any) received for it,
b in a case within sub-paragraph (4)(b), the same as the amount of the original value, and
c in a case within sub-paragraph (4)(c), the amount or value of the consideration received by the original supplier,
and paragraph 3(1) applies for the purposes of determining the amount of the original value.
7 In this paragraph any reference to a payment to a person (however expressed) includes a reference to a payment made to the person indirectly or to the person's order or for the person's benefit.
5
1 The receipt of the replacement value by the original supplier is to be disregarded for the purposes of paragraph 4, as it applies in relation to the shares, to the extent to which that receipt has previously been set (under that paragraph) against any receipts of value which are, in consequence, disregarded for the purposes of paragraph 4 as that paragraph applies in relation to those shares or any other shares subscribed for by the investor.
2 The receipt of the replacement value by the original supplier (“the event”) is also be disregarded for the purposes of paragraph 4 if—
a the event occurs before the start of the period of restriction, or
b in a case where the event occurs after the time the original recipient receives the original value, it does not occur as soon after that time as is reasonably practicable in the circumstances.
But nothing in paragraph 4 or this paragraph requires the replacement value to be received after the original value.
3 In this paragraph “the original value” and “the replacement value” are to be construed in accordance with paragraph 4.

Interpretation

6In this Schedule—
  • “arrangements” includes any scheme, agreement, understanding, transaction or series of transactions (whether or not legally enforceable);
  • “associate” has the meaning that would be given by section 448 of CTA 2010 if in that section “relative” did not include a brother or sister;
  • “period of restriction” has the meaning given by paragraph 1(4);
  • “the shares” has the meaning given by paragraph 1(5).

SCHEDULE 7A 

Restriction on set-off of pre-entry losses

Section 177A.

Application and construction of Schedule

1
1 This Schedule shall have effect, in the case of a company which becomes a member of a group of companies (“the relevant group”), in relation to any pre-entry losses of that company, but this Schedule shall have no effect in any case where section 184A (restrictions on buying losses: tax avoidance schemes) has effect in relation to those losses.
2 In this Schedule “pre-entry loss”, in relation to any company, means any allowable loss that accrued to that company at a time before it became a member of the relevant group.
F17943 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F17943A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F17944 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F17945 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 If—
a the principal company of a group of companies (“the first group”) has at any time become a member of another group (“the second group”) so that the two groups are treated as the same by virtue of subsection (10) or (10A) of section 170, and
b the second group, together in pursuance of that subsection with the first group, is the relevant group,
then, except where sub-paragraph (7) below applies, the members of the first group shall be treated for the purposes of this Schedule as having become members of the relevant group at that time, and not by virtue of that subsection at the times when they became members of the first group.
7 This sub-paragraph applies where—
a the persons who immediately before the time when the principal company of the first group became a member of the second group owned the shares comprised in the issued share capital of the principal company of the first group are the same as the persons who, immediately after that time, owned the shares comprised in the issued share capital of the principal company of the relevant group; and
b the company which is the principal company of the relevant group immediately after that time—
i was not the principal company of any group immediately before that time; and
ii immediately after that time had assets consisting entirely, or almost entirely, of shares comprised in the issued share capital of the principal company of the first group.
F17378 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9 In determining for the purposes of this Schedule whether any allowable loss accruing to a company under section 116(10)(b) is a loss that accrued before the company became a member of the relevant group, any loss so accruing shall be deemed to have accrued at the time of the relevant transaction within the meaning of section 116(2).
10 In determining for the purposes of this Schedule whether any allowable loss accruing to a company on a disposal under section 212 is a loss that accrued before the company became a member of the relevant group, the provisions of section 213 shall be disregarded.

Pre-entry proportion of losses on pre-entry assets

F19772. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Disposals of pooled assets

F19773. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Rule to prevent pre-entry losses on pooled assets being treated as post-entry losses

F19774. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Alternative calculation by reference to market value

F19775. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Restrictions on the deduction of pre-entry losses

6
1 In the calculation of the amount to be included in respect of chargeable gains in any company’s total profits for any accounting period—
a if in that period there is any chargeable gain from which the whole or any part of any pre-entry loss accruing in that period is deductible in accordance with paragraph 7 below, the loss or, as the case may be, that part of it shall be deducted from that gain;
b if, after all such deductions as may be made under paragraph (a) above have been made, there is in that period any chargeable gain from which the whole or any part of any pre-entry loss carried forward from a previous accounting period is deductible in accordance with paragraph 7 below, the loss or, as the case may be, that part of it shall be deducted from that gain (subject to sub-paragraphs (1A) to (1C);
c the total chargeable gains (if any) remaining after the making of all such deductions as may be made under paragraph (a) or (b) above shall be subject to deductions in accordance with section 2A(1) (subject to sub-paragraphs (1A) to (1C)) in respect of any allowable losses that are not pre-entry losses; and
d any pre-entry loss which has not been the subject of a deduction under paragraph (a) or (b) above (as well as any other losses falling to be carried forward under section 2A(1)) shall be carried forward to the following accounting period of that company.
1A Sub-paragraph (1B) applies, in respect of an accounting period, if the amount of chargeable gains accruing to the company in the period exceeds the total of—
a the amount of pre-entry losses accruing to the company in the period that are deductible under sub-paragraph (1)(a), and
b the amount of allowable losses, other than pre-entry losses, accruing to the company in the period.
1B Where this sub-paragraph applies in respect of an accounting period—
a the sum of any deductions under sub-paragraph (1)(b) may not exceed the total of—
i the amount of pre-entry losses that, on the assumption in sub-paragraph (1C), would be deductible under sub-paragraph (1)(b), and
ii the amount of allowable losses (other than pre-entry losses) that, on the assumption in sub-paragraph (1C), would be deductible under section 2A(1), and
b for the purposes of sub-paragraph (1)(c), the deductions made under section 2A(1) may not exceed the difference between—
i the total of the amounts mentioned in paragraph (a)(i) and (ii), and
ii the amount of pre-entry losses deducted under sub-paragraph (1)(b).
1C The assumption is that deductions under sub-paragraph (1)(b) are treated for the purposes of Part 7ZA of CTA 2010 (restrictions on obtaining certain deductions) as if they were made under section 2A(1)(b) of this Act.
2 Subject to sub-paragraph (1) above, any question as to which or what part of any pre-entry loss has been deducted from any particular chargeable gain shall be decided—
F2652a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b F2411... , in accordance with such elections as may be made by the company to which the loss accrued;
and any question as to which or what part of any pre-entry loss has been carried forward from one accounting period to another shall be decided accordingly.
3 An election by any company under this paragraph shall be made by notice to the inspector given—
F533a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b F2158... , before the end of the period of two years beginning with the end of the accounting period of that company in which the gain in question accrued.
4 For the purposes of this Schedule where any matter falls to be determined under this paragraph by reference to an election but no election is made, it shall be assumed, so far as consistent with any elections that have been made—
a that losses are set against gains in the order in which the losses accrued; and
b that the gains against which they are set are also determined according to the order in which they accrued with losses being set against earlier gains before they are set against later ones.

Gains from which pre-entry losses are to be deductible

7
1 A pre-entry loss that accrued to a company before it became a member of the relevant group shall be deductible from a chargeable gain accruing to that company if the gain is one accruing—
a on a disposal made by that company before the date on which it became a member of the relevant group (“the entry date”);
b on the disposal of an asset which was held by that company immediately before the entry date; or
c on the disposal of any asset in respect of which the conditions in sub-paragraph (1A) are met.
1A The conditions referred to in sub-paragraph (1)(c) are—
a that the asset was acquired, on or after the entry date, by—
i the company to which the pre-entry loss accrued (“company A”), or
ii a company which, at the time of the acquisition, was a group company of company A,
from a person who at the time of the acquisition was not a group company of company A, and
b that the asset has not, since its acquisition from that person, been used or held for any purposes other than those of a trade or business which—
i was being carried on by company A immediately before the entry date, and
ii continued until the disposal to be carried on by company A or a company which, when it carried on the trade or business, was a group company of company A.
1B For the purposes of sub-paragraph (1A), a company is a “group company of company A” at any time when it is a member of a group of companies of which company A is also a member.
1C Where a company, having become a member of the relevant group, subsequently becomes a member of another group (“the new group”)—
a sub-paragraph (1) continues to have effect, in relation to any loss which accrued to the company before it became a member of the relevant group, by reference to the date on which it became such a member, and
b accordingly, that sub-paragraph does not apply separately in relation to the loss by reason of it also having accrued to the company before it became a member of the new group.
F6912 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3 Where two or more companies become members of the relevant group at the same time and those companies were all members of the same group of companies immediately before they became members of the relevant group, then F2597... —
a an asset shall be treated for the purposes of sub-paragraph (1)(b) above as held, immediately before it became a member of the relevant group, by the company to which the pre-entry loss in question accrued if that company is one of those companies and the asset was in fact so held by another of those companies;
F1034b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ; and
c the acquisition of an asset shall be treated for the purposes of sub-paragraph (1A) above as an acquisition by the company to which the pre-entry loss in question accrued if that company is one of those companies and the asset was in fact acquired (whether before or after they became members of the relevant group) by another of those companies.
4 Sub-paragraphs (4A) and (4B) apply for determining for the purposes of this paragraph whether an asset on the disposal of which a chargeable gain accrues was an asset held by a company immediately before the entry date (a “pre-entry asset”).
4A Except as provided by sub-paragraph (4B), an asset is not a pre-entry asset if—
a the company which held the asset at the entry date is not the company which makes the disposal, and
b since the entry date that asset has been disposed of otherwise than by a disposal to which section 171 applies.
4B Without prejudice to sub-paragraph (4C), where, on a disposal to which section 171 does not apply—
a an asset would cease to be a pre-entry asset by virtue of sub-paragraph (4A), but
b the company making the disposal retains an interest in or over the asset in question,
that interest is a pre-entry asset.
4C For the purposes of this paragraph—
a an asset acquired or held by a company at any time and an asset held at a later time by that company, or by any company which is or has been a member of the same group of companies as that company, is to be treated as the same asset if the value of the second asset is derived in whole or in part from the first asset, and
b if—
i any asset is treated (whether by virtue of paragraph (a) or otherwise) as the same as an asset held by a company at a later time, and
ii the first asset would have been a pre-entry asset in relation to that company,
the second asset is also to be treated as a pre-entry asset in relation to that company;
and paragraph (a) applies, in particular, where the second asset is a freehold and the first asset is a leasehold the lessee of which acquires the reversion.
5 Subject to sub-paragraph (6) below, where a gain accrues on the disposal of the whole or any part of—
a any asset treated as a single asset but comprising assets only some of which were held at the time mentioned in paragraph (b) of sub-paragraph (1) F2633... above, or
b an asset which is treated as held at that time by virtue of a provision requiring an asset which was not held at that time to be treated as the same as an asset which was so held,
a pre-entry loss shall be deductible by virtue of paragraph (b) of sub-paragraph (1) F2633... above from the amount of that gain to the extent only of such proportion of that gain as is attributable to assets held at that time or, as the case may be, represents the gain that would have accrued on the asset so held.
6 Where—
a a chargeable gain accrues by virtue of subsection (10) of section 116 on the disposal of a qualifying corporate bond,
b that bond was not held as required by paragraph (b) of sub-paragraph (1) F207... above at the time mentioned in that paragraph, and
c the whole or any part of the asset which is the old asset for the purposes of that section was so held,
the question whether that gain is one accruing on the disposal of an asset the whole or any part of which was held by a particular company at that time shall be determined for the purposes of this paragraph as if the bond were deemed to have been so held to the same extent as the old asset.

Change of a company’s nature

8
C3601 If—
a within any period of three years, a company becomes a member of a group of companies and there is (either earlier or later in that period, or at the same time) a major change in the nature or conduct of a trade or business which was carried on by that company immediately before it became a member of that group, or
b at any time after the scale of the activities in a trade or business carried on by a company has become small or negligible, and before any considerable revival of the trade or business, that company becomes a member of a group of companies,
the trade or business carried on before that change, or which has become small or negligible, shall be disregarded for the purposes of paragraph 7(1A) above in relation to any time before the company became a member of the group in question.
2 In sub-paragraph (1) “a major change in the nature or conduct of a trade or business” includes—
a a major change in the type of property dealt in, or services or facilities provided, in the trade or business,
b a major change in customers, markets or outlets of the trade or business, or
c in the case of a company with investment business (within the meaning of section 1218B of CTA 2009), a major change in the nature of the investments held;
and this paragraph applies even if the change is the result of a gradual process which began outside the period of three years mentioned in sub-paragraph (1)(a).
3 Where the operation of this paragraph depends on circumstances or events at a time after the company becomes a member of any group of companies (but not more than three years after), an assessment to give effect to this paragraph shall not be out of time if made within six years from that time or the latest such time.

Identification of “the relevant group" and application of Schedule to every connected group

F26569. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appropriations to stock in trade

10Where, but for an election under subsection (3) of section 161, there would be deemed to have been a disposal at any time by any company of any asset—
a the amount by which the market value of the asset may be treated as increased in pursuance of that election shall not include the amount of any pre-entry loss that would have accrued on that disposal; and
b this Schedule shall have effect as if the pre-entry loss of the last mentioned amount had accrued to that company at that time.
10ASection 161(3ZB)(a) and (b) does not apply to a loss if, in the absence of an election under section 161(3ZA), the loss would have been a pre-entry loss.

Continuity provisions

11
1 This paragraph applies where provision has been made by or under any enactment (“the transfer legislation”) for the transfer of property, rights and liabilities to any person from—
a a body established by or under any enactment for the purpose, in the exercise of statutory functions, of carrying on any undertaking or industrial or other activity in the public sector or of exercising any other statutory functions;
b a subsidiary of such a body; or
c a company wholly owned by the Crown.
2 A loss shall not be a pre-entry loss for the purposes of this Schedule in relation to any company to whom a transfer has been made by or under the transfer legislation if that loss—
a accrued to the person from whom the transfer has been made; and
b falls to be treated, in accordance with any enactment made in relation to transfers by or under that legislation, as a loss accruing to that company.
3 For the purposes of this Schedule where a company became a member of the relevant group by virtue of the transfer by or under the transfer legislation of any shares in or other securities of that company or any other company—
a a loss that accrued to that company before it so became a member of that group shall not be a pre-entry loss in relation to that group; F241...
F241b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4 For the purposes of this paragraph a company shall be regarded as wholly owned by the Crown if it is—
a a company limited by shares in which there are no issued shares held otherwise than by, or by a nominee of, the Treasury, a Minister of the Crown, a Northern Ireland department or another company wholly owned by the Crown; or
b a company limited by guarantee of which no person other than the Treasury, a Minister of the Crown or a Northern Ireland department, or a nominee of the Treasury, a Minister of the Crown or a Northern Ireland department, is a member.
5 In this paragraph—
  • “enactment” includes any provision of any Northern Ireland legislation, within the meaning of section 24 of the M76Interpretation Act 1978; and
  • “statutory functions” means functions under any enactment, under any subordinate legislation, within the meaning of the Interpretation Act 1978, or under any statutory rules, within the meaning of the M77Statutory Rules (Northern Ireland) Order 1979.

Companies changing groups on certain transfers of shares etc.

12For the purposes of this Schedule, and without prejudice to paragraph 11 above, where—
a a company which is a member of a group of companies becomes at any time a member of another group of companies as the result of a disposal of shares in or other securities of that company or any other company; and
b that disposal is one on which, by virtue of any of the no gain/no loss provisions, neither a gain nor a loss would accrue,
this Schedule shall have effect in relation to the losses that accrued to that company before that time and the assets held by that company at that time as if any time when it was a member of the first group were included in the period during which it is treated as having been a member of the second group.

F110SCHEDULE 7AA 

Restrictions on setting losses against pre-entry gains

F110 Introductory

F1101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F110 Restriction on setting off losses

F1102. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F110 Adjustment of pre-entry gains

F1103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F110 Meaning of “qualifying losses"

F1104. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F110 Special rule for disposal of pooled assets

F1105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F110 Special rule for losses on disposal of certain assets acquired at different times

F1106. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F110 Special rule for gains and losses on deemed annual disposal

F1107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989SCHEDULE 7AB 

Roll-over of degrouping charge: modification of enactments

F989Introductory

F9891. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 152

F9892. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 153

F9893. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 153A

F9894. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 155

F9895. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 159

F9896. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 175

F9897. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 185

F9898. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Section 198

F9899. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F989Schedule 22 to the Finance Act 2000

F98910. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 7AC 

Exemptions for disposals by companies with substantial shareholding

Part 1 The exemptions

The main exemption

1
1 A gain accruing to a company (“the investing company”) on a disposal of shares or an interest in shares in another company (“the company invested in”) is not a chargeable gain if the requirements of this Schedule are met.
2 The requirements are set out in—
  • Part 2 (the substantial shareholding requirement), and
  • Part 3 (requirements to be met in relation to F2308... the company invested in).
3 The exemption conferred by this paragraph does not apply in the circumstances specified in paragraph 5 or the cases specified in paragraph 6.

Subsidiary exemption: qualifying institutional investors

3A
1 This paragraph applies in relation to a gain or loss accruing to a company (“the investing company”) on a disposal of shares or an interest in shares in another company (“the company invested in”).
2 This paragraph applies if—
a the requirement in paragraph 7 is met (substantial shareholder requirement),
b the requirement in paragraph 19 is not met (requirement relating to company invested in), and
c the investing company is not a disqualified listed company.
3 If, immediately before the disposal, 80% or more of the ordinary share capital of the investing company is owned by qualifying institutional investors, no chargeable gain or loss accrues on the disposal.
4 If, immediately before the disposal, at least 25% but less than 80% of the ordinary share capital of the investing company is owned by qualifying institutional investors, the amount of the chargeable gain or loss accruing on the disposal is reduced by the percentage of the ordinary share capital of the investing company which is owned by the qualifying institutional investors.
5 A company is a “disqualified listed company” for the purposes of this Part of this Schedule if—
a any of the shares forming part of the ordinary share capital of the company are listed on a recognised stock exchange,
b the company is not a qualifying institutional investor, and
c the company is not a qualifying UK REIT
6 In sub-paragraph (5)(c) “qualifying UK REIT” means a UK REIT within the meaning of Part 12 of CTA 2010 which—
a meets the condition in section 528(4)(b) of that Act (company not a close company by virtue of having an institutional investor as a participant), or
b by virtue of section 443 of that Act (companies controlled by or on behalf of Crown) is not treated as a close company.
3B
1 This paragraph applies for the purposes of paragraph 3A.
2 A person “owns” ordinary share capital if the person owns it—
a directly,
b indirectly, or
c partly directly and partly indirectly.
3 Sections 1155 to 1157 of CTA 2010 (meaning of “indirect ownership” and calculation of amounts owned indirectly) apply for the purposes of sub-paragraph (2).
4 For the purposes of sections 1155 to 1157 of CTA 2010 as applied by sub-paragraph (3)—
a ordinary share capital may not be owned through a disqualified listed company;
b treat references to a body corporate
i as including an exempt unauthorised unit trust (and references to ordinary share capital, in the case of such a trust, as references to units in the trust)
ii as including an exempt Reserved Investor Fund (Contractual Scheme) (and references to ordinary share capital, in the case of such a scheme, as references to units in the scheme).
5 A person is also to be regarded as owning ordinary share capital in a company in circumstances where a person would, under paragraphs 12 and 13 of this Schedule, be regarded as holding shares in a company.
6 Where the assets of a partnership include ordinary share capital of a company, each partner is to be regarded as owning a proportion of that share capital equal to the partner's proportionate interest in that ordinary share capital.
6A Sub-paragraph (6) does not apply in relation to a co-ownership scheme which is treated as a partnership under section 103DC (co-ownership schemes which are to be treated as partnerships).
7 In this Schedule—
  • “exempt Reserved Investor Fund (Contractual Scheme)” means a Reserved Investor Fund (Contractual Scheme) which meets the exempt investor condition in regulation 14 of the Co-ownership Contractual Schemes (Tax) Regulations 2025;
  • “exempt unauthorised unit trust” has the same meaning as in regulation 3 of the Unauthorised Unit Trusts (Tax) Regulations 2013.

Application of exemptions in priority to provisions deeming there to be no disposal etc

4
1 For the purposes of determining whether an exemption conferred by this Schedule applies, the question whether there is a disposal shall be determined without regard to—
a section 116(10) (reorganisation, conversion of securities, etc treated as not involving disposal),
b section 127 (share reorganisations etc treated as not involving disposal), or
c section 192(2)(a) (distribution not treated as capital distribution).
2 Sub-paragraph (1) does not apply to a disposal of shares if the effect of its applying would be that relief attributable to the shares under Schedule 15 to the Finance Act 2000 (corporate venturing scheme) would be withdrawn or reduced under paragraph 46 of that Schedule (withdrawal or reduction of investment relief on disposal of shares).
3 Where or to the extent that an exemption conferred by this Schedule does apply—
a the provisions mentioned in sub-paragraph (1)(a) and (b) do not apply in relation to the disposal, and
b the provision mentioned in sub-paragraph (1)(c) does not apply in relation to the subject matter of the disposal.
4 Where section 127 is disapplied by sub-paragraph (3)(a) in a case in which that section would otherwise have applied in relation to the disposal by virtue of paragraph 84 of Schedule 15 to the Finance Act 2000 (corporate venturing scheme: share exchanges), paragraph 85 of that Schedule (attribution of relief to new shares) does not apply.
5 In this paragraph any reference to section 127 includes a reference to that provision as applied by any enactment relating to corporation tax.

Circumstances in which exemptions do not apply

5
1 Where in pursuance of arrangements to which this paragraph applies—
a an untaxed gain accrues to a company (“company A”) on a disposal of shares, or an interest in shares or an asset related to shares, in another company (“company B”), and
b before the accrual of that gain—
i company A acquired control of company B, or the same person or persons acquired control of both companies, or
ii there was a significant change of trading activities affecting company B at a time when it was controlled by company A, or when both companies were controlled by the same person or persons,
none of the exemptions in this Schedule applies to the disposal.
2 This paragraph applies to arrangements from which the sole or main benefit that (but for this paragraph) could be expected to arise is that the gain on the disposal would, by virtue of this Schedule, not be a chargeable gain.
3 For the purposes of sub-paragraph (1)(a) a gain is “untaxed” if the gain, or all of it but a part that is not substantial, represents profits that have not been brought into account (in the United Kingdom or elsewhere) for the purposes of tax on profits for a period ending on or before the date of the disposal.
4 The reference in sub-paragraph (3) to profits being brought into account for the purposes of tax on profits includes a reference to the case where—
a an amount in respect of those profits is apportioned to a company resident in the United Kingdom by virtue of subsection (3) of section 747 of the Taxes Act 1988 (imputation of chargeable profits etc of controlled foreign companies), and
b a sum is chargeable on that company in respect of that amount by virtue of subsection (4) of that section for an accounting period of that company ending on or before the date of the disposal.
5 For the purposes of sub-paragraph (1)(b)(ii) there is a “significant change of trading activities affecting company B” if—
a there is a major change in the nature or conduct of a trade carried on by company B or a 51% subsidiary of company B, or
b there is a major change in the scale of the activities of a trade carried on by company B or a 51% subsidiary of company B, or
c company B or a 51% subsidiary of company B begins to carry on a trade.
6 In this paragraph—
  • “arrangements” includes any scheme, agreement or understanding, whether or not legally enforceable;
  • “major change in the nature or conduct of a trade” has the same meaning as in section 673 of CTA 2010 (change of ownership of company: disallowance of trading losses);
  • “profits” means income or gains (including unrealised income or gains).

Other cases excluded from exemptions

C4156
1 The exemptions conferred by this Schedule do not apply—
a to a disposal that by virtue of any enactment relating to chargeable gains is deemed to be for a consideration such that no gain or loss accrues to the person making the disposal,
b to a disposal a gain on which would, by virtue of any enactment not contained in this Schedule, not be a chargeable gain, or
c to a deemed disposal under any of sections 116 to 118 of the Finance Act 2012 (deemed disposal on transfer of asset of insurance company from one category to another).
2 The hypothetical disposal referred to in paragraph 2(2)(b) or (3)(b) or paragraph 3(2)(d) shall be assumed not to be a disposal within sub-paragraph (1)(a), (b) or (c) above.

Part 2 The substantial shareholding requirement

The requirement

7The investing company must have held a substantial shareholding in the company invested in throughout a twelve-month period beginning not more than six years before the day on which the disposal takes place.

Meaning of “substantial shareholding"

8
1 For the purposes of this Schedule a company holds a “substantial shareholding” in another company if it holds shares or interests in shares in that company by virtue of which—
a it holds not less than 10% of the company’s ordinary share capital,
b it is beneficially entitled to not less than 10% of the profits available for distribution to equity holders of the company, and
c it would be beneficially entitled on a winding up to not less than 10% of the assets of the company available for distribution to equity holders.This is without prejudice to what is meant by “substantial” where the word appears in other contexts.
2 Chapter 6 of Part 5 of CTA 2010 (group relief: equity holders and profits or assets available for distribution) applies for the purposes of sub-paragraph (1) as it applies for the purposes of the provisions mentioned in section 157(1) of that Act, but as if—
a in section 158 of that Act after subsection (2) there were inserted—
, and
b sections 171(1)(b) and (3), 173, 174 and 176 to 181 of that Act were omitted.
8A
1 This paragraph applies in a case where at least 25% of the ordinary share capital of the investing company is owned by qualifying institutional investors.
2 The investing company also holds a “substantial shareholding” in the company invested in for the purposes of this Schedule if—
a the investing company holds ordinary shares, or interests in ordinary shares, in the company invested in the cost of which on acquisition was at least £20,000,000, and
b by virtue of those shares or interests or any other shares or interests in shares in the company invested in, the investing company—
i is beneficially entitled to not less than a proportionate percentage of the profits available for distribution to equity holders of the company invested in, and
ii would be beneficially entitled on a winding up to not less than a proportionate percentage of the assets of the company invested in available for distribution to equity holders.
3 In sub-paragraph (2)—
  • “cost” means the amount or value of the consideration, in money or money's worth, given by the investing company or on its behalf wholly and exclusively for the acquisition of the ordinary shares or interests in ordinary shares, together with the incidental costs to it of the acquisition;
  • “proportionate percentage” means a percentage equal to the percentage of the ordinary share capital held by the investing company by virtue of the ordinary shares and interests in ordinary shares referred to in sub-paragraph (2)(a).
4 For the purposes of sub-paragraph (2)(a) it does not matter whether there was a single acquisition or a series of acquisitions.
5 If—
a the percentage (“the actual percentage”) of the profits or assets to which the investing company is, or would be, beneficially entitled as mentioned in sub-paragraph (2)(b)(i) or (ii) is less than the proportionate percentage, but
b having regard to the proportion that the actual percentage bears to the proportionate percentage, the difference can reasonably be regarded as insignificant,
the investing company is treated as meeting the condition in sub-paragraph (2)(b)(i) or (ii) (as the case may be).
6 Paragraph 3B (owning ordinary share capital) applies for the purposes of sub-paragraph (1).
7 Paragraph 8(2) applies for the purposes of sub-paragraph (2).
8 In this paragraph “ordinary shares” means shares in the ordinary share capital of the company invested in.

Aggregation of holdings of group companies

C295C1299
1 For the purposes of paragraphs 7 and 8A(2) (the substantial shareholding requirement) a company that is a member of a group is treated—
a as holding any shares or interest in shares held by any other company in the group, and
b as having the same entitlement as any such company to any rights enjoyed by virtue of holding shares or an interest in shares.
2 Sub-paragraph (1) is subject to paragraph 17(4) (exclusion of aggregation in case of assets of long-term insurance fund of insurance company).

Effect of earlier no-gain/no-loss transfer

10
1 For the purposes of this Part the period for which a company has held shares is treated as extended by any earlier period during which the shares concerned, or shares from which they are derived, were held—
a by a company from which the shares concerned were transferred to the first-mentioned company on a no-gain/ no-loss transfer, or
b by a company from which the shares concerned, or shares from which they are derived, were transferred on a previous no-gain/no-loss transfer—
i to a company within paragraph (a), or
ii to another company within this paragraph.
2 For the purposes of sub-paragraph (1)—
a a “no-gain/no-loss transfer” means a disposal and corresponding acquisition that by virtue of any enactment relating to chargeable gains are deemed to be for a consideration such that no gain or loss accrues to the person making the disposal;
b a transfer shall be treated as if it had been a no-gain/no- loss transfer if it is a transfer to which subsection (1) of section 171 (transfers within a group) would apply but for subsection (1A) or subsection (3) of that section.
3 Where sub-paragraph (1) applies to extend the period for which a company (“company A”) is treated as having held any shares, that company shall be treated for the purposes of this Part as having had at any time the same entitlement—
a to shares, and
b to any rights enjoyed by virtue of holding shares,
as the company (“company B”) that at that time held the shares concerned or, as the case may be, the shares from which they are derived.
4 The shares and rights to be so attributed to company A include any holding or entitlement attributed at that time to company B under paragraph 9 (aggregation of holdings of group companies).
5 In this paragraph, except in paragraphs (a) to (c) of sub-paragraph (6), “shares” includes an interest in shares.
6 For the purposes of this paragraph shares are “derived” from other shares only where—
a a company becomes a co-owner of shares previously owned by it alone, or vice versa,
b a company’s interest in shares as co-owner changes (without the company ceasing to be a co-owner),
c one holding of shares is treated by virtue of section 127 as the same asset as another, or
d there is a sequence of two or more of the occurrences mentioned in paragraphs (a) to (c).The reference in paragraph (c) to section 127 includes a reference to that provision as applied by any enactment relating to corporation tax.

Effect of deemed disposal and reacquisition

C202C399C405C37511
1 For the purposes of this Part a company is not regarded as having held shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—
a the shares concerned, or
b shares, or an interest in shares, from which those shares are derived.
2 For the purposes of this Part a company is not regarded as having held an interest in shares throughout a period if, at any time during that period, there is a deemed disposal and reacquisition of—
a the interest concerned, or
b shares, or an interest in shares, from which that interest is derived.
3 In this paragraph—
  • “deemed disposal and reacquisition” means a disposal and immediate reacquisition treated as taking place under any enactment relating to corporation tax;
  • “derived” has the same meaning as in paragraph 10.

Effect of repurchase agreement

12
1 This paragraph applies where—
a a company (“the borrower”) which holds shares in another company sells the shares under an arrangement by reference to which the borrower has a debtor repo, and
b by virtue of paragraph 6 of Schedule 13 to the Finance Act 2007 (sale and repurchase of securities) the sale is ignored for the purposes of corporation tax in respect of chargeable gains.
2 For the period for which the arrangement is in force—
a the borrower shall be treated for the purposes of this Part as continuing to hold the shares and accordingly as retaining its entitlement to any rights attaching to them, and
b the lender shall be treated for those purposes as not holding the shares and as not becoming entitled to any such rights.
This is subject to the following qualification.
3 If at any time before the end of that period the borrower, or another member of the same group as the borrower, becomes the holder—
a of any of the shares, or
b of any shares directly or indirectly representing any of them,
sub-paragraph (2) does not apply after that time in relation to those shares or, as the case may be, the shares represented by them.
4 Expressions used in this paragraph and in Schedule 13 to the Finance Act 2007 have the same meaning in this paragraph as in that Schedule.

Effect of stock lending arrangements

13
1 This paragraph applies where—
a a company that holds shares in another company transfers the shares under a stock lending arrangement, and
b by virtue of section 263B(2) (stock lending arrangements) the disposal is disregarded for the purposes of the enactments relating to chargeable gains.
2 During the period of the stock lending arrangement—
a the lender shall be treated for the purposes of this Part as continuing to hold the shares transferred and accordingly as retaining his entitlement to any rights attached to them, and
b the borrower shall be treated for those purposes as not holding the shares transferred and as not becoming entitled to any such rights.This is subject to the following qualification.
3 If at any time before the end of the period of the stock lending arrangement the lender, or another member of the same group as the lender, becomes the holder—
a of any of the shares transferred, or
b of any shares directly or indirectly representing any of the shares transferred,
sub-paragraph (2) does not apply after that time in relation to those shares or, as the case may be, in relation to the shares represented by those shares.
4 In this paragraph a “stock lending arrangement” means arrangements between two persons (“the borrower” and “the lender”) under which—
a the lender transfers shares to the borrower otherwise than by way of sale, and
b a requirement is imposed on the borrower to transfer those shares back to the lender otherwise than by way of sale.
5 Any reference in this paragraph to the period of a stock lending arrangement is to the period beginning with the transfer of the shares by the lender to the borrower and ending—
a with the transfer of the shares back to the lender in pursuance of the arrangement, or
b when it becomes apparent that the requirement for the borrower to make a transfer back to the lender will not be complied with.
6 The following provisions apply for the purposes of this paragraph as they apply for the purposes of section 263B—
a subsections (5) and (6) of that section (references to transfer back of securities to include transfer of other securities of the same description);
b section 263C (references to transfer back of securities to include payment in respect of redemption).

Effect in relation to company invested in of earlier company reconstruction etc

14
1 This paragraph applies where shares in one company (“company X”)—
a are exchanged (or deemed to be exchanged) for shares in another company (“company Y”), or
b are deemed to be exchanged by virtue of section 136 for shares in company X and shares in another company (“company Y”),
in circumstances such that, under section 127 as that section applies by virtue of section 135 or 136, the original shares and the new holding are treated as the same asset.
2 Where company Y—
a is the company invested in, and is accordingly the company by reference to which the requirement of paragraph 7 (the substantial shareholding requirement) falls to be met, or
b is a company by reference to which, by virtue of this paragraph, that requirement may be met, or
c is a company by reference to which, by virtue of paragraph 15 (effect of earlier demerger) that requirement may be met,
that requirement may instead be met, in relation to times before the exchange (or deemed exchange), by reference to company X.
3 If in any case that requirement can be met by virtue of this paragraph (or by virtue of this paragraph together with paragraph 15), it shall be treated as met.
4 In sub-paragraph (1) “original shares” and “new holding” shall be construed in accordance with sections 126, 127, 135 and 136.

Effect in relation to company invested in of earlier demerger

15
1 This paragraph applies where shares in one company (“the subsidiary”) are transferred by another company (“the parent company”) on a demerger.
2 Where the subsidiary—
a is the company invested in, and is accordingly the company by reference to which the requirement of paragraph 7 (the substantial shareholding requirement) falls to be met, or
b is a company by reference to which, by virtue of this paragraph, that requirement may be met, or
c is a company by reference to which, by virtue of paragraph 14 (effect of earlier company reconstruction etc), that requirement may be met,
that requirement may instead be met, in relation to times before the transfer, by reference to the parent company.
3 If in any case that requirement can be met by virtue of this paragraph (or by virtue of this paragraph together with paragraph 14), it shall be treated as met.
4 In this paragraph a “transfer of shares on a demerger” means a transfer such that, by virtue of section 192(2)(b), sections 126 to 130 apply as if the parent company and the subsidiary were the same company and the transfer were a reorganisation of that company’s share capital not involving a disposal or acquisition.

Effect of transfer of trading assets within a group

15A
1 For the purposes of this Part, the period for which the investing company is treated as holding a substantial shareholding in the company invested in is extended in accordance with sub-paragraph (3) if the following conditions are met.
2 The conditions are—
a that, immediately before the disposal, the investing company holds a substantial shareholding in the company invested in,
b that an asset which, at the time of the disposal, is being used for the purposes of a trade carried on by the company invested in was transferred to it by the investing company or another company,
c that, at the time of the transfer of the asset, the company invested in, the investing company and, if different, the company which transferred the asset were all members of the same group, and
d that the asset was previously used by a member of the group (other than the company invested in) for the purposes of a trade carried on by that member at a time when it was such a member.
2A For the purposes of sub-paragraph (2)(b) and (d), “trade” includes oil and gas exploration and appraisal.
3 The investing company is to be treated as having held the substantial shareholding at any time during the final 12 month period when the asset was used as mentioned in sub-paragraph (2)(d) (if it did not hold a substantial shareholding at that time).
4 “The final 12 month period” means the period of 12 months ending with the time of the disposal.

Effect of investing company’s liquidation

16Where assets of the investing company, or of a company that is a member of the same group as the investing company, are vested in a liquidator under section 145 of the Insolvency Act 1986 or Article 123 of the Insolvency (Northern Ireland) Order 1989 or otherwise, this Part applies as if the assets were vested in, and the acts of the liquidator in relation to the assets were the acts of, the company (acquisitions from or disposals to him by the company being disregarded accordingly).

Special rules for assets of insurance company held for the purposes of its long-term business

C34617
1 In the following two cases paragraph 8(1) (meaning of substantial shareholding) has effect as if, in paragraphs (a), (b) and (c), “30%" were substituted for “10%".
2 The first case is where the investing company is an insurance company and the disposal is of an asset held by it for the purposes of its long-term business.
3 The second case is where—
a the investing company is a 51% subsidiary of an insurance company, and
b the insurance company holds as an asset for the purposes of its long-term business shares or an interest in shares—
i in the investing company, or
ii in another company through which it owns shares in the investing company.The reference in paragraph (b)(ii) to owning shares through another company has the same meaning as in Chapter 3 of Part 24 of CTA 2010 (subsidiaries).
4 Where the investing company is a member of a group that includes an insurance company, paragraph 9 (aggregation of holdings of group companies) does not apply in relation to shares or an interest in shares held by the insurance company for the purposes of its long-term business.
4A The reference in sub-paragraph (2) to an asset held by the investing company for the purposes of its long-term business, and the references in sub-paragraphs (3) and (4) to shares or an interest in shares held for the purposes of its long-term business, do not include an asset or assets which formed part of the long-term business fixed capital of the company in question.
F5445 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Part 3 Requirements to be met in relation to F1360... company invested in

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F182918. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Requirements relating to the company invested in

19
C171C571 The company invested in must—
a have been a qualifying company throughout the period—
i beginning with the start of the latest twelve-month period by reference to which the requirement of paragraph 7 (the substantial shareholding requirement) is met, and
ii ending with the time of the disposal, and
b in a case where sub-paragraph 1A) applies, be a qualifying company immediately after the time of the disposal.
1A This sub-paragraph applies where—
a the disposal is a disposal to a person connected with the investing company, or
b the requirement in paragraph 7 is met by virtue of paragraph 15A.
2 For this purpose a “qualifying company” means a trading company or the holding company of a trading group or a trading subgroup.
2A If the conditions in paragraph 15A(2)(b) to (d) are met, sub-paragraph (2B) applies for the purpose of determining whether the requirement of sub-paragraph (1)(a) is satisfied.
2B The company invested in is to be treated as having been a trading company at any time during the final 12 month period when the asset was used as mentioned in paragraph 15A(2)(d) (if it was not a trading company at that time).
2C “The final 12 month period” has the meaning given in paragraph 15A(4).
3 If the disposal is by virtue of section 28(1) or (2) (asset disposed of under contract) treated as made at a time before the asset is conveyed or transferred, the requirements in sub-paragraph (1)(a) and (b) must also be complied with as they would have effect if the references there to the time of the disposal were to the time of the conveyance or transfer.
4 Section 1122 of CTA 2010 (meaning of “connected” persons) applies for the purposes of sub-paragraph (1A)(a).

Meaning of “trading company"

20
1 In this Schedule “trading company” means a company carrying on trading activities whose activities do not include to a substantial extent activities other than trading activities.
2 For the purposes of sub-paragraph (1) “trading activities” means activities carried on by the company—
a in the course of, or for the purposes of, a trade being carried on by it,
b for the purposes of a trade that it is preparing to carry on,
c with a view to its acquiring or starting to carry on a trade, or
d with a view to its acquiring a significant interest in the share capital of another company that—
i is a trading company or the holding company of a trading group or trading subgroup, and
ii if the acquiring company is a member of a group, is not a member of that group.
3 Activities do not qualify as trading activities under sub-paragraph (2)(c) or (d) unless the acquisition is made, or (as the case may be) the company starts to carry on the trade, as soon as is reasonably practicable in the circumstances.
4 The reference in sub-paragraph (2)(d) to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordinary share capital in the other company—
a such as would make that company a 51% subsidiary of the acquiring company, or
b such as would give the acquiring company a qualifying shareholding in a joint venture company without making the two companies members of the same group.

Meaning of “trading group"

21
1 In this Schedule “trading group” means a group—
a one or more of whose members carry on trading activities, and
b the activities of whose members, taken together, do not include to a substantial extent activities other than trading activities.
2 For the purposes of sub-paragraph (1) “trading activities” means activities carried on by a member of the group—
a in the course of, or for the purposes of, a trade being carried on by any member of the group,
b for the purposes of a trade that any member of the group is preparing to carry on,
c with a view to any member of the group acquiring or starting to carry on a trade, or
d with a view to any member of the group acquiring a significant interest in the share capital of another company that—
i is a trading company or the holding company of a trading group or trading subgroup, and
ii is not a member of the same group as the acquiring company.
3 Activities do not qualify as trading activities under sub-paragraph (2)(c) or (d) unless the acquisition is made, or (as the case may be) the group member in question starts to carry on the trade, as soon as is reasonably practicable in the circumstances.
4 The reference in sub-paragraph (2)(d) to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordinary share capital in the other company—
a such as would make that company a member of the same group as the acquiring company, or
b such as would give the acquiring company a qualifying shareholding in a joint venture company without making the joint venture company a member of the same group as the acquiring company.
5 For the purposes of this paragraph the activities of the members of the group shall be treated as one business (with the result that activities are disregarded to the extent that they are intra-group activities).

Meaning of “trading subgroup"

22
1 In this Schedule “trading subgroup” means a subgroup—
a one or more of whose members carry on trading activities, and
b the activities of whose members, taken together, do not include to a substantial extent activities other than trading activities.
2 For the purposes of sub-paragraph (1) “trading activities” means activities carried on by a member of the subgroup—
a in the course of, or for the purposes of, a trade being carried on by any member of the subgroup,
b for the purposes of a trade that any member of the subgroup is preparing to carry on,
c with a view to any member of the subgroup acquiring or starting to carry on a trade, or
d with a view to any member of the subgroup acquiring a significant interest in the share capital of another company that—
i is a trading company or the holding company of a trading group or trading subgroup, and
ii is not a member of the same group as the acquiring company.
3 Activities do not qualify as trading activities under sub-paragraph (2)(c) or (d) unless the acquisition is made, or (as the case may be) the subgroup member in question starts to carry on the trade, as soon as is reasonably practicable in the circumstances.
4 The reference in sub-paragraph (2)(d) to the acquisition of a significant interest in the share capital of another company is to an acquisition of ordinary share capital in the other company—
a such as would make that company a member of the same subgroup as the acquiring company, or
b such as would give the acquiring company a qualifying shareholding in a joint venture company without making the two companies members of the same group.
5 For the purposes of this paragraph the activities of the members of the subgroup shall be treated as one business (with the result that activities are disregarded to the extent that they are intra-subgroup activities).

Treatment of holdings in joint venture companies

23
1 This paragraph applies where a company (“the company”) has a qualifying shareholding in a joint venture company.
2 In determining whether the company is a trading company—
a its holding of shares in the joint venture company shall be disregarded, and
b it shall be treated as carrying on an appropriate proportion—
i of the activities of the joint venture company, or
ii where the joint venture company is a holding company, of the activities of that company and its 51% subsidiaries.This sub-paragraph does not apply if the company is a member of a group and the joint venture company is a member of the same group.
3 In determining whether the company is F2447... the holding company of a trading group—
a every holding of shares in the joint venture company by a member of the group having a qualifying shareholding in that company shall be disregarded, and
b each member of the group having a qualifying shareholding in the joint venture company shall be treated as carrying on an appropriate proportion—
i of the activities of the joint venture company, or
ii where the joint venture company is a holding company, of the activities of that company and its 51% subsidiaries.This sub-paragraph does not apply if the joint venture company is a member of the group.
4 In determining whether the company is the holding company of a trading subgroup—
a every holding of shares in the joint venture company by the company and any of its 51% subsidiaries having a qualifying shareholding in the joint venture company shall be disregarded, and
b the company and each of its 51% subsidiaries having a qualifying shareholding in the joint venture company shall be treated as carrying on an appropriate proportion—
i of the activities of the joint venture company, or
ii where the joint venture company is a holding company, of the activities of that company and its 51% subsidiaries.This sub-paragraph does not apply if the joint venture company is a member of the same group as the company.
5 In sub-paragraphs (2)(b), (3)(b) and (4)(b) “an appropriate proportion” means a proportion corresponding to the percentage of the ordinary share capital of the joint venture company held by the company concerned.
6 In this paragraph “shares”, in relation to a joint venture company, includes securities of that company or an interest in shares in or securities of that company.
7 For the purposes of this paragraph the activities of a joint venture company that is a holding company and its 51% subsidiaries shall be treated as a single business (so that activities are disregarded to the extent that they are intra-group activities or, as the case may be, intra-subgroup activities).

Meaning of “joint venture company" and “qualifying shareholding"

24
1 For the purposes of this Schedule a company is a “joint venture company” if, and only if—
a it is a trading company or the holding company of a trading group or trading subgroup, and
b there are five or fewer persons who between them hold 75% or more of its ordinary share capital.In determining whether there are five or fewer such persons as are mentioned in paragraph (b), the members of a group are treated as if they were a single company.
2 For the purposes of this Schedule—
a a company that is not a member of a group has a “qualifying shareholding” in a joint venture company if, and only if, it holds shares or an interest in shares in the joint venture company by virtue of which it holds 10% or more of that company’s ordinary share capital;
b a company that is a member of a group has a “qualifying shareholding” in a joint venture company if, and only if—
i it holds ordinary share capital of the joint venture company, and
ii the members of the group between them hold 10% or more of the ordinary share capital of that company.

Effect in relation to company invested in of earlier company reconstruction, demerger etc

25The provisions of—
a paragraph 14 (effect of earlier company reconstruction etc), and
b paragraph 15 (effect of earlier demerger),
have effect in relation to the requirements of paragraph 19 (requirements in relation to company invested in) as they have effect in relation to the requirement of paragraph 7 (the substantial shareholding requirement).

Part 4 Interpretation

Meaning of “trade"

27In this Schedule “trade” means anything that—
a is a trade, profession or vocation, within the meaning of the Income Tax Acts, and
b is conducted on a commercial basis with a view to the realisation of profits.

Meaning of “twelve-month period"

28For the purposes of this Schedule a “twelve-month period” means a period ending with the day before the first anniversary of the day with which, or in the course of which, the period began.

Meaning of “interest in shares"

29
1 References in this Schedule to an interest in shares are to an interest as a co-owner of shares.
2 It does not matter whether the shares are owned jointly or in common, or whether the interests of the co-owners are equal.

Meaning of “qualifying institutional investor”

30A
1 In this Schedule “qualifying institutional investor” means a person falling within any of A to G below.
  1. Pension schemes
    The trustee or manager of—
    1. a registered pension scheme, other than an investment-regulated pension scheme, or
    2. an overseas pension scheme, other than one which would be an investment-regulated pension scheme if it were a registered pension scheme.
    “Investment-regulated pension scheme” has the same meaning as in Part 1 of Schedule 29A to the Finance Act 2004.
    “Overseas pension scheme” has the same meaning as in Part 4 of that Act.
  2. Life assurance businesses
    A company carrying on life assurance business, if immediately before the disposal its interest in the investing company is held as part of its long-term business fixed capital.
    “Life assurance business” has the meaning given in section 56 of the Finance Act 2012.
    Section 137 of that Act applies for the purposes of determining whether an interest forms part of the long-term business fixed capital of a company.
  3. Sovereign wealth funds etc
    A person who cannot be liable for corporation tax or income tax (as relevant) on the ground of sovereign immunity.
  4. Charities
    A charity.
  5. Investment trusts
    An investment trust.
  6. Authorised investment funds
    An authorised investment fund which meets the genuine diversity of ownership condition throughout the accounting period of the fund in which the disposal is made.
    “Authorised investment fund” has the same meaning as in the Authorised Investment Funds (Tax) Regulations 2006 (SI 2006/964).
    Regulation 9A of the Authorised Investment Funds (Tax) Regulations 2006 (genuine diversity of ownership) applies for this purpose.
  7. Exempt unauthorised unit trusts
    The trustees of an exempt unauthorised unit trust, where the trust meets the genuine diversity of ownership condition throughout the accounting period of the trust in which the disposal is made.
    Regulation 9A of the Authorised Investment Funds (Tax) Regulations 2006 (genuine diversity of ownership) applies for this purpose (treating references to an authorised investment fund as including an exempt unauthorised unit trust).
  8. Exempt Reserved Investor Fund (Contractual Scheme)
    Exempt Reserved Investor Fund (Contractual Scheme) (within the meaning given by paragraph 3B(7)).
2 The Treasury may by regulations amend this Schedule so as to add or remove a person as a “qualifying institutional investor” (and may in particular do so by changing the conditions subject to which a person is a qualifying institutional investor).

Index of defined expressions

31In this Schedule the expressions listed below are defined or otherwise explained by the provisions indicated:
asset related to sharesparagraph 30
companyparagraph 26(1)(a)
company invested inparagraph 1
Exempt unauthorised unit trust paragraph 3B(7)
51% subsidiaryparagraph 26(4) and (5)
group (and member of group)paragraph 26(1)(b) and (5)
holding companyparagraph 26(3)
interest in sharesparagraph 29
investing companyparagraph 1
joint venture companyparagraph 24(1)
Qualifying institutional investor paragraph 30A
qualifying shareholding (in joint venture company)paragraph 24(2)
subgroupparagraph 26(2)
tradeparagraph 27
trading companyparagraph 20
trading groupparagraph 21
trading subgroupparagraph 22
twelve-month periodparagraph 28

Part 5 Consequential provisions

Meaning of “chargeable shares" or “chargeable asset"

32Any exemption conferred by this Schedule shall be disregarded in determining whether shares are “chargeable shares”, or an asset is a “chargeable asset”, for the purposes of any enactment relating to corporation tax or capital gains tax.

Negligible value claims

33
1 This paragraph applies where—
a a company makes a claim under section 24(2) (assets of negligible value) in relation to shares held by it, and
b by virtue of this Schedule any loss accruing to the company on a disposal of the shares at the time of the claim would not be an allowable loss.
2 Where this paragraph applies the company may not exercise the option under section 24(2) to specify a time earlier than the time of the claim as the time when the shares are treated as sold and reacquired by virtue of that subsection.
3 This paragraph applies to—
a an interest in shares in a company, or
b an asset related to shares in a company,
as it applies to shares in that company.

Reorganisations etc: deemed accrual of chargeable gain or allowable loss held over on earlier transaction

34
1 The exemptions conferred by this Schedule do not apply to or affect a chargeable gain or allowable loss deemed to accrue on a disposal by virtue of section 116(10)(b) (reorganisations, conversions and reconstructions: deemed accrual of gain or loss held over on earlier transaction).
F3192 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2 Sub-paragraph (1) does not apply where the relevant earlier transaction is a disposal and reacquisition deemed to have occurred (in a period of account beginning before 1 January 2005) under section 92(7) of the Finance Act 1996 (convertible securities etc: creditor relationships).

Recovery of charge postponed on transfer of assets to non-resident company

F188435. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Appropriation of asset to trading stock

36
1 Where—
a an asset acquired by a company otherwise than as trading stock of a trade carried on by it is appropriated by the company for the purposes of the trade as trading stock (whether on the commencement of the trade or otherwise), and
b if the company had then sold the asset for its market value, a chargeable gain or allowable loss would have accrued to the company but for an exemption conferred by this Schedule,
the company is treated for the purposes of the enactments relating to chargeable gains as if it had thereby disposed of the asset for its market value.
2 Section 173 (transfers within a group: trading stock) applies in relation to this paragraph as it applies in relation to section 161 (appropriations to and from stock).

Recovery of held-over gain on claim for gifts relief

37
1 This paragraph applies where—
a a company disposes of an asset,
b the expenditure allowable in computing a gain or loss on that disposal falls to be reduced because of a claim for relief under section 165 (gifts relief) in relation to an earlier disposal, and
c by virtue of this Schedule any gain accruing to the company on the disposal mentioned in paragraph (a) would not be a chargeable gain.
2 Where this paragraph applies the amount of the held-over gain, or an appropriate proportion of it, shall be treated as accruing to the company, at the time of the disposal mentioned in sub-paragraph (1)(a), as a chargeable gain to which this Schedule does not apply.
3 An “appropriate proportion” means a proportion determined on a just and reasonable basis having regard to the subject matter of the disposal mentioned in sub-paragraph (1)(a) and the subject matter of the earlier disposal that was the subject of the claim for relief under section 165.
4 In this paragraph “held-over gain” has the same meaning as in section 165.

Degrouping: time when deemed sale and reacquisition treated as taking place

38
1 Where—
a a company, as a result of ceasing at any time (“the time of degrouping”) to be a member of a group, is treated by section 179(3) as having sold and immediately reacquired an asset, and
b if the company owning the asset at the time of degrouping had disposed of it immediately before that time, any gain accruing on the disposal would by virtue of this Schedule not have been a chargeable gain,
section 179(3) shall have effect as if it provided for the deemed sale and reacquisition to be treated as taking place immediately before the time of degrouping.
2 Where—
a a company, as a result of ceasing at any time (“the relevant time”) to satisfy the conditions in section 179(7), is treated by section 179(6) as having sold and immediately reacquired an asset, and
b if the company owning the asset at the relevant time had disposed of it immediately before that time, any gain accruing on the disposal would by virtue of this Schedule not have been a chargeable gain,
section 179(6) shall have effect as if it provided for the deemed sale and reacquisition to be treated as taking place immediately before the relevant time.
3 Any reference in this paragraph to a disposal or other event taking place immediately before the time of degrouping or the relevant time is to its taking place immediately before that time but on the same day.

Effect of FOREX matching regulations

39
1 No gain or loss shall be treated as arising under the FOREX matching regulations on a disposal on which by virtue of this Schedule any gain would not be a chargeable gain.
2 The “FOREX matching regulations” means any regulations made under Schedule 15 to the Finance Act 1993 (exchange gains and losses: alternative method of calculation).

SCHEDULE 7AD 

Gains of insurance company from venture capital investment partnership

Introduction

1This Schedule applies where the assets held by an insurance company (“the company”) for the purposes of its long-term business include assets held by the company as a limited partner in a venture capital investment partnership (“the partnership”).

Meaning of “venture capital investment partnership”

2
1 A “venture capital investment partnership” means a partnership in relation to which the following conditions are met.
2 The first condition is that the sole or main purpose of the partnership is to invest in unquoted shares or securities.This condition shall not be regarded as met unless it appears from—
a the agreement constituting the partnership, or
b any prospectus issued to prospective partners,
that that is the sole or main purpose of the partnership.
3 The second condition is that the partnership does not carry on a trade.
4 The third condition is that not less than 90% of the book value of the partnership’s investments is attributable to investments that are either—
a shares or securities that were unquoted at the time of their acquisition by the partnership, or
b shares that were quoted at the time of their acquisition by the partnership but which it was reasonable to believe would cease to be quoted within the next twelve months.
5 For the purposes of the third condition—
a the following shall be disregarded—
i any holding of cash, including cash deposited in a bank account or similar account but not cash acquired wholly or partly for the purpose of realising a gain on its disposal;
ii any holding of quoted shares or securities acquired by the partnership in exchange for unquoted shares or securities;
b whether the 90% test is met shall be determined by reference to the values shown in the partnership’s accounts at the end of a period of account of the partnership.
6 Where a partnership ceases to meet the above conditions, the company shall be treated as if the partnership had continued to be a venture capital investment partnership until the end of the period of account of the partnership during which it ceased to meet the conditions.
7 A partnership that ceases to meet those conditions cannot qualify again as a venture capital investment partnership.For this purpose a partnership is treated as the same partnership notwithstanding a change in membership if any person who was a member before the change remains a member.

Interest in relevant assets of partnership treated as single asset

3
1 Where this Schedule applies section 59 (partnerships) does not have effect to make the company chargeable on its share of gains accruing on each disposal of relevant assets of the partnership.
2 Instead—
a the company’s interest in relevant assets of the partnership is treated as a single asset (“the single asset”) acquired by the company when it became a member of the partnership, and
b the following provisions of this Schedule have effect.
3 For the purposes of this Schedule the “relevant assets” of the partnership are the shares and securities held by the partnership, other than qualifying corporate bonds.
4 Nothing in this Schedule shall be read—
a as affecting the operation of section 59 in relation to partners who are not insurance companies carrying on long-term business or are not limited partners, or
b as imposing any liability on the partnership as such.

The cost of the single asset

4
1 The company is treated as having given, wholly and exclusively for the acquisition of the single asset, consideration equal to the amount of capital contributed by it on becoming a member of the partnership.
2 Any further amounts of capital contributed by it to the partnership are treated on a disposal of the single asset as expenditure incurred wholly and exclusively on the asset for the purpose of enhancing its value and reflected in its state or nature at the time of the disposal.
3 Where the investments of the partnership include qualifying corporate bonds, the amount to be taken into account under sub-paragraph (1) or (2) is proportionately reduced.
4 The reduction is made by applying to that amount the fraction:
A-BA
where—
  • A is the book value of all shares and securities held by the partnership at the end of the period of account of the partnership in which the amount of capital in question is fully invested by the partnership, and
  • B is the book value of all qualifying corporate bonds held by the partnership at the end of that period of account.
5 For the purposes of sub-paragraph (4) the “book value” means the value shown in the partnership’s accounts at the end of the period of account.

Deemed disposal of single asset in case of distribution

5
1 There is a disposal of the single asset on each occasion on which the company receives a distribution from the partnership that does not consist entirely of income or the proceeds of sale or redemption of assets that are not relevant assets.
2 The disposal is taken to be for a consideration equal to the amount of the distribution or of so much of it as does not consist of income or the proceeds of sale or redemption of assets that are not relevant assets.
3 Where—
a the partnership disposes of relevant assets on which a chargeable gain or allowable loss would accrue if they were held by the company alone, and
b no distribution of the proceeds of the disposal is made within twelve months of the disposal,
the company is treated as having received its share of the proceeds as a distribution at the end of the period of account of the partnership following that in which the disposal took place, or at the end of the period of six months after the date of the disposal, whichever is the later.
4 The operation of sub-paragraph (3) is not affected by the partnership having ceased to be a venture capital investment partnership before the time at which the distribution is treated as received by the company.
5 Where sub-paragraph (3) applies, any subsequent actual distribution of the proceeds is disregarded.

Apportionment in case of part disposal

6
1 For the purposes of section 42 (apportionment of cost etc in case of part disposal) the market value of the property remaining undisposed of on a part disposal of the single asset shall be determined as follows.
2 If there is no further disposal of that asset in the period of account in which the part disposal in question takes place, the market value of the property remaining undisposed of shall be taken to be equal to the company’s share of the book value of the relevant assets of the partnership as shown in the partnership’s accounts at the end of that period of account.
3 If there is a further disposal of that asset in the period of account in which the part disposal in question takes place, or more than one, the market value of the property remaining undisposed of shall be taken to be equal to the sum of—
a the amount or value of the consideration on the further disposal or, as the case may be, the total amount or value of the consideration on the further disposals, and
b the amount (if any) of the company’s share of the book value of the relevant assets of the partnership as shown in the partnership’s accounts at the end of that period of account.

Disposal of partnership asset giving rise to offshore income gain

7
1 Nothing in this Schedule shall be read as affecting the operation of regulations under section 354(1) of TIOPA 2010 (see the Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001)).
2 Where an offshore income gain accrues to the company under such regulations from the disposal of any relevant asset of the partnership, the amount of any distribution received or treated as received by the company from the partnership that represents the whole or part of the proceeds of disposal of that asset is treated for the purposes of this Schedule as reduced by the amount of the whole or a corresponding part of the offshore income gain.

Exclusion of negligible value claim

8No claim may be made in respect of the single asset under section 24(2) (assets that have become of negligible value).

Investment in other venture capital investment partnerships

9
1 For the purposes of paragraph 2 (meaning of “venture capital investment partnership”) an investment by way of capital contribution to another venture capital investment partnership shall be treated as an investment in unquoted shares or securities.
2 The Treasury may by regulations make provision, in place of but corresponding to that made by paragraphs 3 to 8, in relation to gains accruing on a disposal of relevant assets by such a partnership.
3 The regulations may make provision for any period of account to which, in accordance with paragraphs 11 to 13, this Schedule applies.

Interpretation

C30510
1 In this Schedule—
  • F46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
  • “limited partner” means—
    1. a person carrying on a business as a limited partner in a partnership registered under the Limited Partnership Act 1907, or
    2. a person carrying on a business jointly with others who, under the law of a country or territory outside the United Kingdom, is not entitled to take part in the management of the business and is not liable beyond a certain limit for debts or obligations incurred for the purposes of the business;
  • “relevant assets” has the meaning given by paragraph 3(3);
  • “securities” has the same meaning as in section 132 and also includes any debentures;
  • “unquoted” and “quoted”, in relation to shares or securities, refer to listing on a recognised stock exchange.
2 References in this Schedule to the partnership’s accounts are to accounts drawn up in accordance with generally accepted accounting practice.If no such accounts are drawn up, the references to the treatment of any matter, or the amounts shown, in the accounts of the partnership are to what would have appeared if accounts had been drawn up in accordance with generally accepted accounting practice.
3 References in this Schedule to capital contributed to a limited partnership include amounts purporting to be provided by way of loan if—
a the loan carries no interest,
b all the limited partners are required to make such loans, and
c the loans are accounted for as partners' capital, or partners' equity, in the accounts of the partnership.
4 For the purposes of this Schedule the assets of—
a a Scottish partnership, or
b a partnership under the law of any other country or territory under which assets of a partnership are regarded as held by or on behalf of the partnership as such,
shall be treated as held by the members of the partnership in the proportions in which they are entitled to share in the profits of the partnership.References in this Schedule to the company’s interest in, or share of, the partnership’s assets shall be construed accordingly.

General commencement and transitional provisions

11
1 Subject to paragraph 12 (election to remain outside Schedule), this Schedule applies—
a to periods of account of the partnership beginning on or after 1st January 2002, and
b to a period of account of the partnership beginning before that date and ending on or after it, unless the company elects that it shall not do so.
2 Where the company became a member of the partnership before the beginning of the first period of account of the partnership to which this Schedule applies, the cost of the single asset at the beginning of that period of account shall be taken to be equal to the total of the relevant indexed base costs.
3 For the purposes of sub-paragraph (2)—
a the “indexed base cost” means—
i in relation to a holding that by virtue of section 104 is to be treated as a single asset, what would be the indexed pool of expenditure within the meaning of section 110 if the holding were disposed of, and
ii in relation to any other asset, the amount of expenditure together with the indexation allowance that would be fall to be deducted if the asset were disposed of; and
b the “relevant indexed base costs” means the indexed base costs that would be taken into account in computing in accordance with section 59 the gain or loss of the company if all the shares and securities (other than qualifying corporate bonds) held by the partnership were disposed of on the last day of the company’s accounting period immediately preceding its first accounting period beginning on or after 1st January 2002.
4 No account shall be taken under this Schedule of a distribution by the partnership in a period of account to which this Schedule applies to the extent that it represents a chargeable gain accruing in an earlier period to which this Schedule does not apply.

Election to remain outside Schedule

12If the company—
a became a member of the partnership before the beginning of the first period of account of the partnership to which this Schedule would otherwise apply, or
b made its first contribution of capital to the partnership before 17th April 2002,
it may elect that the provisions of this Schedule shall not apply to it in relation to that partnership.

How and when election to be made

13Any election under paragraph 11 or 12 must be made—
a by notice to an officer of the Board,
b not later than the end of the period of two years after the end of the company’s first accounting period beginning on or after 1st January 2002.

F2433 SCHEDULE 7B 

Modification of Act in relation to overseas life insurance companies

Section 214B.

F24331. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24332. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24333. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24334. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24335. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24336. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24336A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24336B. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24337. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24337A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24338. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24339. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24339A. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F243310. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F243311. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F243312. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F243313. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F243314. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F243315. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F243316. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 7C 

Relief for transfers to Schedule 2 share plans

Introductory

1
1 A person (“the claimant”) who makes a disposal of shares (“the disposal”) to the trustees of the plan trust of a share incentive plan (“the plan”) is entitled to claim relief under paragraph 5 if—
a the conditions in paragraph 2 are fulfilled, and
b paragraph 3(1) or (2) applies.
2 Sub-paragraph (1) does not apply to a company that makes a disposal of shares.
3 In this paragraph the references to a disposal of shares include a disposal of an interest in shares.

Conditions relating to the disposal

2
1 The first condition is that, at the time of the disposal, the plan is a Schedule 2 SIP under Schedule 2 to ITEPA 2003.
2 The second condition is that the relevant shares meet the requirements in Part 4 of that Schedule (types of shares that may be awarded) in relation to the plan.For this purpose that Part applies as if paragraph 27(1)(a) and (c) and (2) (listed shares and shares in a company under the control of a company whose shares are listed) were omitted.
3 The third condition is that, at any time in the entitlement period, the trustees hold, for the beneficiaries of the plan trust, shares in the relevant company that—
a constitute not less than 10% of the ordinary share capital of the company, and
b carry rights to not less than 10% of—
i any profits available for distribution to shareholders of the company, and
ii any assets of that company available for distribution to its shareholders in the event of a winding up.
4 For the purposes of sub-paragraph (3), shares that have been appropriated to, or acquired on behalf of, an individual under the plan shall continue to be treated as held by the trustees of the plan trust for the beneficiaries of that trust until such time as they cease to be subject to the plan (within the meaning given by paragraph 97 of Schedule 2 to ITEPA 2003).
5 The fourth condition is that, at all times in the proscribed period, there are no unauthorised arrangements under which the claimant or a person connected with him may be entitled to acquire (directly or indirectly) from the trustees of the plan trust any shares, or an interest in or right deriving from any shares.
6 For the purposes of this paragraph—
  • “ordinary share capital” has the meaning given in section 989 of ITA 2007;
  • “the relevant company” means the company of whose share capital the relevant shares form part; and
  • “the relevant shares” means the shares that are, or an interest in which is, the subject of the disposal.

Reinvestment of disposal proceeds

3
1 This sub-paragraph applies if the claimant obtains consideration for the disposal and, at any time in the acquisition period, all of the amount or value of the consideration is applied by him in making an acquisition of assets or an interest in assets (“replacement assets”) which—
a are, immediately after the time of the acquisition, chargeable assets in relation to the claimant, and
b are not shares in, or debentures issued by, the relevant company or a company which is (at the time of the acquisition) in the same group as the relevant company;
but the preceding provisions of this sub-paragraph shall have effect without the words “, at any time in the acquisition period,” if the acquisition is made pursuant to an unconditional contract entered into in the acquisition period.
2 This sub-paragraph applies if—
a sub-paragraph (1) would have applied but for the fact that part only of the amount or value mentioned in that sub-paragraph is applied as there mentioned, and
b all the amount or value so mentioned except for a part which is less than the amount of the gain (whether all chargeable gain or not) accruing on the disposal is so applied.
3 In sub-paragraph (1)(b)—
  • “the relevant company” has the meaning given in paragraph 2(6); and
  • “group” shall be construed in accordance with section 170.

Provision supplementary to paragraphs 2 and 3

4
1 This paragraph applies for the purposes of paragraphs 2 and 3.
2 The entitlement period is the period beginning with the disposal and ending on the expiry of 12 months beginning with the date of the disposal.
3 The acquisition period is the period beginning with the disposal and ending on the expiry of six months beginning with—
a the date of the disposal, or
b if later, the date on which the third condition (set out in paragraph 2(3)) is first fulfilled.
4 The proscribed period is the period beginning with the disposal and ending on—
a the date of the acquisition, or
b if later, the date on which the third condition (set out in paragraph 2(3)) is first fulfilled.
5 All arrangements are unauthorised unless they only allow shares to be appropriated to or acquired on behalf of an individual under the plan.

The relief

5
1 Where the claimant is entitled to claim relief under this paragraph and paragraph 3(1) applies, he shall, on making a claim in the period of 2 years beginning with the acquisition, be treated for the purposes of this Act—
a as if the consideration for the disposal were (if otherwise of a greater amount or value) of such amount as would secure that on the disposal neither a gain nor a loss accrues to him, and
b as if the amount or value of the consideration for the acquisition were reduced by the excess of the amount or value of the actual consideration for the disposal over the amount of the consideration which the claimant is treated as receiving under paragraph (a).
2 Where the claimant is entitled to claim relief under this paragraph and paragraph 3(2) applies, he shall, on making a claim in the period of 2 years beginning with the acquisition, be treated for the purposes of this Act—
a as if the amount of the gain accruing on the disposal were reduced to the amount of the part mentioned in paragraph 3(2)(b), and
b as if the amount or value of the consideration for the acquisition were reduced by the amount by which the gain is reduced under paragraph (a) above.
3 Nothing in sub-paragraph (1) or (2) shall affect the treatment for the purposes of this Act of the other party to the disposal or of the other party to the acquisition.
4 The provisions of this Act fixing the amount of the consideration deemed to be given for a disposal or acquisition shall be applied before the preceding provisions of this paragraph are applied.

Dwelling-houses: special provision

6
1 Sub-paragraph (2) applies where—
a a claim is made under paragraph 5,
b immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, any replacement asset was a chargeable asset in relation to the claimant,
c the asset is a dwelling-house or part of a dwelling-house or land, and
d there was a time in the period beginning with the acquisition and ending with the time when paragraph 5(1) or (2) falls to be applied such that, if the asset (or an interest in it) were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
2 In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant.
3 Sub-paragraph (4) applies where—
a the provisions of paragraph 5(1) or (2) have been applied,
b any replacement asset which, immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, was a chargeable asset in relation to the claimant consists of a dwelling-house or part of a dwelling-house or land, and
c there is a time after paragraph 5(1) or (2) has been applied such that, if the asset (or an interest in it) were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
4 In such a case—
a the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly, but
b any gain treated as accruing in consequence of the application of paragraph (a) shall be treated as accruing at the time mentioned in sub-paragraph (3)(c) or, if there is more than one such time, at the earliest of them.
5 Sub-paragraph (6) applies where—
a a claim is made under paragraph 5,
b immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, any replacement asset was a chargeable asset in relation to the claimant,
c the asset was an option to acquire (or to acquire an interest in) a dwelling-house or part of a dwelling-house or land,
d the option has been exercised, and
e there was a time in the period beginning with the exercise of the option and ending with the time when paragraph 5(1) or (2) falls to be applied such that, if the asset acquired on exercise of the option were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
6 In such a case the option shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant.
7 Sub-paragraph (8) applies where—
a the provisions of paragraph 5(1) or (2) have been applied,
b any replacement asset which, immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, was a chargeable asset in relation to the claimant consisted of an option to acquire (or to acquire an interest in) a dwelling-house or part of a dwelling-house or land,
c the option has been exercised, and
d there is a time after paragraph 5(1) or (2) has been applied such that, if the asset acquired on exercise of the option were disposed of at that time, it would be within section 222(1) and the individual there mentioned would be the claimant or the claimant’s spouse or civil partner.
8 In such a case—
a the option shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly, but
b any gain treated as accruing in consequence of the application of paragraph (a) shall be treated as accruing at the time mentioned in sub-paragraph (7)(d) or, if there is more than one such time, at the earliest of them.
9 References in this paragraph to an individual include a person entitled to occupy under the terms of a settlement.

Shares: special provision

7
1 Sub-paragraph (2) applies where—
a a claim is made under paragraph 5,
b immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, any replacement asset was a chargeable asset in relation to the claimant,
c the asset consists of shares, and
d relief is claimed under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 (enterprise investment scheme) at any time in the period beginning with the acquisition and ending when paragraph 5(1) or (2) falls to be applied.
2 In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant.
3 Sub-paragraph (4) applies where—
a the provisions of paragraph 5(1) or (2) have been applied,
b any replacement asset which, immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, was a chargeable asset in relation to the claimant consists of shares, and
c at any time after paragraph 5(1) or (2) has been applied relief is claimed in respect of the asset under Chapter III of Part VII of the Taxes Act or Part 5 of ITA 2007 (enterprise investment scheme).
4 In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly.

Meaning of “chargeable asset”

8For the purposes of this Schedule an asset is a chargeable asset in relation to the claimant at a particular time if, were the asset to be disposed of at that time, any gain accruing to him on the disposal would be a chargeable gain, and either—
a the claimant would be chargeable to capital gains tax as a result of section 1A(1) (persons and gains chargeable to capital gains tax) in respect of the gain, or
b he would be chargeable to capital gains tax as a result of section 1A(3)(a) (non-resident with United Kingdom branch or agency) in respect of the gain,
unless (were he to dispose of the asset at that time) the claimant would fall to be regarded for the purposes of any double taxation relief arrangements as not liable in the United Kingdom to tax on any gains accruing to him on the disposal.

SCHEDULE 7D 

F1076... Share schemes and share incentives

Section 238A

C65Part 1  Schedule 2 share incentive plans

Introductory

1
1 The provisions of this Part of this Schedule apply for capital gains tax purposes in relation to a Schedule 2 share incentive plan (“the plan”).
2 This Part of this Schedule forms part of the SIP code (see section 488 of ITEPA 2003 ( F92... share incentive plans)).
3 Accordingly, expressions used in this Part of this Schedule and contained in the index at the end of Schedule 2 to that Act ( F92... share incentive plans) have the meaning indicated by the index.
4 In particular, for the purposes of paragraphs 5 and 7 of this Schedule “market value” has the meaning given by paragraph 92 of Schedule 2 to that Act (determination of market value); and Part 8 of this Act has effect subject to this paragraph.

Gains accruing to trustees

2
1 Any gain accruing to the trustees is not a chargeable gain if the shares—
a are shares in relation to which the requirements of Part 4 of Schedule 2 to ITEPA 2003 ( F1641... share incentive plans: types of shares that may be awarded) are met, and
b are awarded to employees, or acquired on their behalf as dividend shares, in accordance with the plan within the relevant period.
2 If any of the shares in the company in question are readily convertible assets at the time the shares are acquired by the trustees, the relevant period is the period of two years beginning with the date on which the shares were acquired by the trustees.This is subject to sub-paragraph (4).
3 If at the time of the acquisition of the shares by the trustees none of the shares in the company in question are readily convertible assets, the relevant period is—
a the period of five years beginning with the date on which the shares were acquired by the trustees, or
b if within that period any of the shares in that company become readily convertible assets, the period of two years beginning with the date on which they did so,
whichever ends first.This is subject to sub-paragraph (4).
4 If the shares are acquired by the trustees by virtue of a payment in respect of which a deduction is allowed under section 989 of CTA 2009 (deduction for contribution to plan trust), the relevant period is the period of ten years beginning with the date of acquisition.
5 For the purposes of determining whether shares are awarded to a participant within the relevant period, shares acquired by the trustees at an earlier time are taken to be awarded to a participant before shares of the same class acquired by the trustees at a later time.
6 Sub-paragraph (5) is subject to paragraph 78(1) of Schedule 2 to ITEPA 2003 (acquisition by trustees of shares from employee share ownership trust).
7 For the purposes of this paragraph “readily convertible assets” has the meaning given by sections 701 and 702 of that Act (readily convertible assets).This is subject to sub-paragraph (8).
8 In determining for the purposes of this paragraph whether shares are readily convertible assets any market for the shares that—
a is created by virtue of the trustees acquiring shares for the purposes of the plan, and
b exists solely for the purposes of the plan,
shall be disregarded.
9 In relation to shares acquired by the trustees before 11th May 2001 this paragraph has effect with the substitution—
a in sub-paragraph (2), of “If the shares are readily convertible assets at the time they” for the words before “are acquired”, and
b in sub-paragraph (3)—
i of “If at the time of their acquisition by the trustees the shares are not readily convertible assets” for the words before “the relevant period”, and
ii in paragraph (b), of “the shares in question” for “any of the shares in that company”.

Participant absolutely entitled as against trustees

3
1 Sub-paragraph (2) applies to any shares awarded to a participant under the plan.
2 The participant is treated for capital gains tax purposes as absolutely entitled to those shares as against the trustees.
3 Sub-paragraph (2) applies notwithstanding anything in the plan or the trust instrument.

Different classes of shares

4
1 For the purposes of Chapter 1 of Part 4 of this Act (shares, securities, options etc: general) a participant’s plan shares are treated, so long as they are subject to the plan, as of a different class from any shares (which would otherwise be treated as of the same class) that are not plan shares.
2 For the purposes of that Chapter, any shares to which sub-paragraph (3) applies shall be treated as of a different class from any shares to which sub-paragraph (4) applies, even if they would otherwise fall to be treated as of the same class.
3 This sub-paragraph applies to any shares transferred to the trustees of the plan trust by a qualifying transfer that have not been awarded to participants under the plan.
4 This sub-paragraph applies to any shares held by the trustees that were not transferred to them by a qualifying transfer.
5 In this paragraph “qualifying transfer” has the meaning given in paragraph 78(2) of Schedule 2 to ITEPA 2003 (acquisition by trustees of shares from employee share ownership trust).
6 For the purposes of Chapter 1 of Part 4 of this Act any shares which—
a were acquired by the trustees by virtue of a payment in respect of which a deduction is allowed under paragraph 9 of Schedule 4AA to the Taxes Act (deduction for contribution to plan trust), and
b have not been awarded under the plan,
shall be treated as of a different class from any shares held by the trustees that were not so acquired by them, even if they would otherwise fall to be treated as of the same class.

No chargeable gain on shares ceasing to be subject to the plan

5
1 Shares which cease to be subject to the plan are treated as having been disposed of and immediately reacquired by the participant at market value.
2 Any gain accruing on that disposal is not a chargeable gain.

Deemed disposal by trustees on disposal of beneficial interest

6
1 If at any time the participant’s beneficial interest in any of his shares is disposed of, the shares in question shall be treated for the purposes of the SIP code as having been disposed of at that time by the trustees for the like consideration as was obtained for the disposal of the beneficial interest.
2 For this purpose there is no disposal of the participant’s beneficial interest if and at the time when—
a in England and Wales or Northern Ireland, that interest becomes vested in any person on the insolvency of the participant or otherwise by operation of law, or
b in Scotland, that interest becomes vested in a judicial factor, in a trustee of the participant’s sequestrated estate or in a trustee for the benefit of the participant’s creditors.
3 If a disposal of shares falling within this paragraph is not at arm’s length, the proceeds of the disposal shall be taken for the purposes of the SIP code to be equal to the market value of the shares at the time of the disposal.

Treatment of forfeited shares

7
1 If any of the participant’s plan shares are forfeited, they are treated as having been disposed of by the participant and acquired by the trustees at market value at the date of forfeiture.
2 Any gain accruing on that disposal is not a chargeable gain.

Disposal of rights under rights issue

8
1 Any gain accruing on the disposal of rights under paragraph 77 of Schedule 2 to ITEPA 2003 (power of trustees to raise funds to subscribe for rights issue) is not a chargeable gain.
2 Sub-paragraph (1) does not apply to a disposal of rights unless similar rights are conferred in respect of all ordinary shares in the company.

Part 2  Schedule 3 SAYE option schemes

Introductory

9
1 This Part of this Schedule forms part of the SAYE code (see section 516 of ITEPA 2003 ( F1184... SAYE option schemes)).
2 Accordingly, expressions used in this Part of this Schedule and contained in the index at the end of Schedule 3 to that Act ( F1184... SAYE option schemes) have the meaning indicated by the index.

Market value rule not to apply

10
1 This paragraph applies where—
a a share option (“the option”) has been granted to an individual—
i in accordance with the provisions of a Schedule 3 SAYE option scheme, and
ii by reason of the individual’s office or employment as a director or employee of a company,
b the individual exercises the option in accordance with the provisions of the SAYE option scheme at a time when the scheme is a Schedule 3 SAYE option scheme, and
c condition A or condition B in section 519(2) or (3) of ITEPA 2003 (no charge in respect of exercise of option) is met.
2 The company mentioned in sub-paragraph (1)(a)(ii) may be—
a the company whose shares are the subject of the option, or
b some other company.
3 Sub-paragraph (3A) applies for the purposes of sub-paragraph (1)(b) if—
a the SAYE option scheme is not to be a Schedule 3 SAYE option scheme by virtue of paragraph 40H or 40I of Schedule 3 to ITEPA 2003, and
b the option was granted before, but exercised at or after, the time mentioned in paragraph 40H(2)(a)(i) or (ii) or 40I(7)(a)(i) or (ii) of that Schedule (as the case may be).
3A The scheme is to be taken still to be a Schedule 3 SAYE option scheme when the option is exercised.
4 Section 17(1) (disposals and acquisitions treated as made at market value) shall not apply in calculating the consideration for—
a the individual’s acquisition of shares by the exercise of the option, or
b any corresponding disposal of those shares to the individual.
5 References in sub-paragraphs (1)(b) and (4) above to the individual include references to a person exercising the option in accordance with provision included in the scheme by virtue of paragraph 32 of Schedule 3 to ITEPA 2003 (exercise of options: death); and sub-paragraph (1)(c) above does not apply in relation to a person so exercising the option.

Part 3  Schedule 4 CSOP schemes

Introductory

11
1 This Part of this Schedule forms part of the CSOP code (see section 521 of ITEPA 2003 ( F2702... CSOP schemes)).
2 Accordingly, expressions used in this Part of this Schedule and contained in the index at the end of Schedule 4 to that Act ( F2692... CSOP schemes) have the meaning indicated by the index.
3 This Part of this Schedule applies where—
a a share option (“the option”) has been granted to an individual—
i in accordance with the provisions of a Schedule 4 CSOP scheme, and
ii by reason of the individual’s office or employment as a director or employee of a company, and
b shares (“the relevant shares”) are acquired by the exercise of the option.
4 The company mentioned in sub-paragraph (3)(a)(ii) may be—
a the company whose shares are the subject of the option, or
b some other company.

Relief where income tax charged in respect of grant of option

12
1 This paragraph applies where an amount (the “employment income amount”) counted as employment income of the individual under section 526 of ITEPA 2003 (charge where option granted at a discount) in respect of the option.
2 For the purposes of section 38(1)(a) (acquisition and disposal costs etc.), that part of the employment income amount which is attributable to the relevant shares shall be treated as consideration given for the acquisition of the relevant shares.
3 This paragraph also applies where the individual was chargeable to income tax on an amount in respect of the option under—
a subsection (6) of section 185 of ICTA (as it had effect before 1st January 1992),
b subsection (6A) of that section (as it had effect in relation to options obtained on or after 1st January 1992 but before 29th April 1996), or
c subsection (6) of that section (as it had effect in relation to options obtained on or after 29th April 1996);
and in such a case the “employment income amount” means the amount on which the individual was so chargeable.
4 This paragraph applies whether or not—
a the exercise of the option is in accordance with the provisions of the CSOP scheme, or
b the CSOP scheme is a Schedule 4 CSOP scheme at the time of the exercise.

Market value rule not to apply

13
1 This paragraph applies where—
a the individual exercises the option in accordance with the provisions of the CSOP scheme at a time when the scheme is a Schedule 4 CSOP scheme, and
b the condition in section 524(2) of ITEPA 2003 (no charge in respect of exercise of option) is met.
2 Section 17(1) (disposals and acquisitions treated as made at market value) shall not apply in calculating the consideration for—
a the individual’s acquisition of the relevant shares by the exercise of the option, or
b any corresponding disposal of the relevant shares to the individual.
3 Sub-paragraph (2) also applies where the option is exercised at a time when the scheme is a Schedule 4 CSOP scheme in accordance with provision included in the scheme by virtue of paragraph 25 of Schedule 4 to ITEPA 2003 (exercise of options: death); and references in that sub-paragraph to the individual are to be read accordingly.

F1900Part 4 Enterprise management incentives

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

C321SCHEDULE 8 

Leases

Section 240.

Leases of land as wasting assets: curved line restriction of allowable expenditure

1
1 A lease of land shall not be a wasting asset until the time when its duration does not exceed 50 years.
2 If at the beginning of the period of ownership of a lease of land it is subject to a sublease not at a rackrent and the value of the lease at the end of the duration of the sublease, estimated as at the beginning of the period of ownership, exceeds the expenditure allowable under section 38(1)(a) in computing the gain accruing on a disposal of the lease, the lease shall not be a wasting asset until the end of the duration of the sublease.
3 In the case of a wasting asset which is a lease of land the rate at which expenditure is assumed to be written off shall, instead of being a uniform rate as provided by section 46, be a rate fixed in accordance with the Table below.
4 Accordingly, for the purposes of the computation of the gain accruing on a disposal of a lease, and given that —
a the percentage derived from the Table for the duration of the lease at the beginning of the period of ownership is P(1),
b the percentage so derived for the duration of the lease at the time when any item of expenditure attributable to the lease under section 38(1)(b) is first reflected in the nature of the lease is P(2), and
c the percentage so derived for the duration of the lease at the time of the disposal is P(3), then—
i there shall be excluded from the expenditure attributable to the lease under section 38(1)(a) a fraction equal to —
P (1) - P (3 ) ,P (1)
and
ii there shall be excluded from any item of expenditure attributable to the lease under section 38(1)(b) a fraction equal to—
P (2) - P (3 ) .P (2)
5 This paragraph applies notwithstanding that the period of ownership of the lease is a period exceeding 50 years and, accordingly, no expenditure shall be written off under this paragraph in respect of any period earlier than the time when the lease becomes a wasting asset.
6 Section 47 shall apply in relation to this paragraph as it applies in relation to section 46.
Table
YearsPercentage
50 (or more)100
4999.657
4899.289
4798.902
4698.490
4598.059
4497.595
4397.107
4296.593
4196.041
4095.457
3994.842
3894.189
3793.497
3692.761
3591.981
3491.156
3390.280
3289.354
3188.371
3087.330
2986.226
2885.053
2783.816
2682.496
2581.100
2479.622
2378.055
2276.399
2174.635
2072.770
1970.791
1868.697
1766.470
1664.116
1561.617
1458.971
1356.167
1253.191
1150.038
1046.695
943.154
839.399
735.414
631.195
526.722
421.983
316.959
211.629
15.983
00
If the duration of the lease is not an exact number of years the percentage to be derived from the Table above shall be the percentage for the whole number of years plus one-twelfth of the difference between that and the percentage for the next higher number of years for each odd month counting an odd 14 days or more as one month.

Premiums for leases

2
1 Subject to this Schedule where the payment of a premium is required under a lease of land, or otherwise under the terms subject to which a lease of land is granted, there is a part disposal of the freehold or other asset out of which the lease is granted.
2 In applying section 42 to such a part disposal, the property which remains undisposed of includes a right to any rent or other payments, other than a premium, payable under the lease, and that right shall be valued as at the time of the part disposal.
3
1 This paragraph applies in relation to a lease of land.
2 Where under the terms subject to which a lease is granted, a sum becomes payable by the tenant in lieu of the whole or part of the rent for any period, or as consideration for the surrender of the lease, the lease shall be deemed for the purposes of this Schedule to have required the payment of a premium to the landlord (in addition to any other premium) of the amount of that sum, being a premium which—
a is due when the sum is payable by the tenant; and
b where the sum is payable in lieu of rent, is in respect of the period in relation to which the sum is payable.
3 Where, as consideration for the variation or waiver of any of the terms of a lease, a sum becomes payable by the tenant otherwise than by way of rent, the lease shall be deemed for the purposes of this Schedule to have required the payment of a premium to the landlord (in addition to any other premium) of the amount of that sum, being a premium which—
a is due when the sum is payable by the tenant; and
b is in respect of the period from the time when the variation or waiver takes effect to the time when it ceases to have effect.
4 Where under sub-paragraph (2) or (3) above a premium is deemed to have been received by the landlord, that shall not be the occasion of any recomputation of the gain accruing on the receipt of any other premium, and the premium shall be regarded—
a in the case of a premium deemed to have been received for the surrender of a lease, as consideration for a separate transaction which is effected when the premium is deemed to be due and consists of the disposal by the landlord of his interest in the lease; and
b in any other case, as consideration for a separate transaction which is effected when the premium is deemed to be due and consists of a further part disposal of the freehold or other asset out of which the lease is granted.
5 If under sub-paragraph (2) or (3) above a premium is deemed to have been received by the landlord, otherwise than as consideration for the surrender of the lease, and the landlord is a tenant under a lease the duration of which does not exceed 50 years, this Schedule shall apply—
a as if an amount equal to the amount of that premium deemed to have been received had been given by way of consideration for the grant of the part of the sublease covered by the period in respect of which the premium is deemed to have been paid; and
b as if that consideration were expenditure incurred by the sublessee and attributable to that part of the sublease under section 38(1)(b).
7 Sub-paragraph (3) above shall apply in relation to a transaction not at arm's length, and in particular in relation to a transaction entered into gratuitously, as if such sum had become payable by the tenant otherwise than by way of rent as might have been required of him if the transaction had been at arm's length.

Subleases out of short leases

4
1 In the computation of the gain accruing on the part disposal of a lease which is a wasting asset by way of the grant of a sublease for a premium the expenditure attributable to the lease under paragraphs (a) and (b) of section 38(1) shall be apportioned in accordance with this paragraph, and section 42 shall not apply.
2 Out of each item of the expenditure attributable to the lease under paragraphs (a) and (b) of section 38(1) there shall be apportioned to what is disposed of —
a if the amount of the premium is not less than what would be obtainable by way of premium for the said sublease if the rent payable under that sublease were the same as the rent payable under the lease, the fraction which, under paragraph 1(3) of this Schedule, is to be written off over the period which is the duration of the sublease, and
b if the amount of the premium is less than the said amount so obtainable, the said fraction multiplied by a fraction equal to the amount of the said premium divided by the said amount so obtainable.
3 If the sublease is a sublease of part only of the land comprised in the lease this paragraph shall apply only in relation to a proportion of the expenditure attributable to the lease under paragraphs (a) and (b) of section 38(1) which is the same as the proportion which the value of the land comprised in the sublease bears to the value of that and the other land comprised in the lease; and the remainder of that expenditure shall be apportioned to what remains undisposed of.

Exclusion of premiums taxed as receipts of a property business etc.

5
1 Where by reference to any premium any amount is brought into account by virtue of any of sections 277 to 281 of ITTOIA 2005 or sections 217 to 221 of CTA 2009 as a receipt of a UK property business, that amount out of the premium shall be excluded from the consideration brought into account in the computation of the gain accruing on the disposal for which the premium is consideration except where the consideration is taken into account in the denominator of the fraction by reference to which an apportionment is made under section 42.
2 Where by reference to any premium in respect of a sublease granted out of a lease the duration of which (that is of the lease) does not, at the time of granting the lease, exceed 50 years, any amount is brought into account by virtue of any of sections 277 to 281 of ITTOIA 2005 or sections 217 to 221 of CTA 2009 as a receipt of a UK property business that amount shall be deducted from any gain accruing on the disposal for which the premium is consideration as computed in accordance with the provisions of this Act apart from this sub-paragraph, but not so as to convert the gain into a loss, or to increase any loss.
3 Subject to subsection (4) below, where any amount is brought into account by virtue of section 284 or 285 of ITTOIA 2005 or section 224 or 225 of CTA 2009 (sale of land with right to reconveyance or leaseback) as a receipt of a UK property business, a sum of that amount shall be excluded from the consideration brought into account in the computation of the gain accruing on the disposal of the estate or interest in respect of which income tax becomes so chargeable, except where the consideration is taken into account in the denominator of the fraction by reference to which an apportionment is made under section 42.
4 If what is disposed of is the remainder of a lease or a sublease out of a lease the duration of which does not exceed 50 years, sub-paragraph (3) shall not apply but the amount there referred to shall be deducted from any gain accruing on the disposal as computed in accordance with the provisions of this Act apart from this sub-paragraph and sub-paragraph (3), but not so as to convert the gain into a loss, or to increase any loss.
5 References in sub-paragraphs (1) and (2) above to a premium include references to—
F2193a . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
b a sum that becomes payable by the tenant under the terms subject to which a lease is granted in lieu of the whole or a part of the rent for any period,
c a sum that becomes payable by the tenant under the terms subject to which a lease is granted as consideration for the surrender of the lease, and
d a sum that becomes payable by the tenant (otherwise than by way of rent) as consideration for the variation or waiver of any of the terms of a lease.
6 Section 37 shall not be taken as authorising the exclusion of any amount from the consideration for a disposal of assets taken into account in the computation of the gain by reference to any amount from which a sum representing income tax is required to be deducted under Part 15 of ITA 2007.
6
1 If under section 292 of ITTOIA 2005 or section 232 of CTA 2009 (allowance where, by the grant of a sublease, a lessee has converted a capital amount into a right to income) a person is to be treated as incurring expenses in consequence of having granted a sublease, the amount of any loss accruing to the person on the disposal by way of the grant of the sublease shall be reduced by the total amount of rent which the person is thereby treated as paying, or the total amount of expenses which the person is thereby treated as incurring, over the term of the sublease (and without regard to whether relief is thereby effectively given over the term of the sublease), but not so as to convert the loss into a gain, or to increase any gain.
2 Nothing in section 37 of this Act shall be taken as applying in relation to any amount brought into account by virtue of section 282 of ITTOIA 2005 or section 222 of CTA 2009 (assignments for profit of lease granted at undervalue) as a receipt of a UK property business..
3 If any adjustment is made—
a under section 301 or 302 of ITTOIA 2005, or
b under section 238 or 239 of CTA 2009,
on a claim made under that section, any necessary adjustment shall be made to give effect to the consequences of the claim on the operation of this paragraph or paragraph 5 above.
7If—
a under section 277 of ITTOIA 2005 any amount is brought into account by virtue of section 278 of that Act as a receipt of a UK property business which is carried on by any person, or
b under section 217 of CTA 2009 any amount is brought into account by virtue of section 218 of that Act as a receipt of a UK property business which is carried on by any company,
that person shall be treated for the purposes of the computation of any gain accruing to him as having incurred at the time the lease was granted expenditure of that amount (in addition to any other expenditure) attributable to the asset under section 38(1)(b).
7AReferences in paragraphs 5 to 7 above to an amount brought into account as a receipt of a F950... UK property business include references to an amount brought into account as a receipt of an overseas property business.

Duration of leases

8
1 In ascertaining for the purposes of this Act the duration of a lease of land the following provisions shall have effect.
2 Where the terms of the lease include provision for the determination of the lease by notice given by the landlord, the lease shall not be treated as granted for a term longer than one ending at the earliest date on which it could be determined by notice given by the landlord.
3 Where any of the terms of the lease (whether relating to forfeiture or to any other matter) or any other circumstances render it unlikely that the lease will continue beyond a date falling before the expiration of the term of the lease, the lease shall not be treated as having been granted for a term longer than one ending on that date.
4 Sub-paragraph (3) applies in particular where the lease provides for the rent to go up after a given date, or for the tenant⿿s obligations to become in any other respect more onerous after a given date, but includes provision for the determination of the lease on that date, by notice given by the tenant, and those provisions render it unlikely that the lease will continue beyond that date.
5 Where the terms of the lease include provision for the extension of the lease beyond a given date by notice given by the tenant this paragraph shall apply as if the term of the lease extended for as long as it could be extended by the tenant, but subject to any right of the landlord by notice to determine the lease.
6 It is hereby declared that the question what is the duration of a lease is to be decided, in relation to the grant or any disposal of the lease, by reference to the facts which were known or ascertainable at the time when the lease was acquired or created.

Leases of property other than land

9
1 Paragraphs 2, 3, 4 and 8 of this Schedule shall apply in relation to leases of property other than land as they apply to leases of land, but subject to any necessary modifications.
2 Where by reference to any capital sum within the meaning of section 681DM of ITA 2007 (leases of assets other than land) any person has been charged to income tax on any amount, that amount out of the capital sum shall be deducted from any gain accruing on the disposal for which that capital sum is consideration, as computed in accordance with the provisions of this Act apart from this sub-paragraph, but not so as to convert the gain into a loss, or increase any loss.
3 In the case of a lease of a wasting asset which is movable property the lease shall be assumed to terminate not later than the end of the life of the wasting asset.

Interpretation

10
1 In this Act, unless the context otherwise requires “lease” —
a in relation to land, includes an underlease, sublease or any tenancy or licence, and any agreement for a lease, underlease, sublease or tenancy or licence and, in the case of land outside the United Kingdom, any interest corresponding to a lease as so defined,
b in relation to any description of property other than land, means any kind of agreement or arrangement under which payments are made for the use of, or otherwise in respect of, property,
and “lessor”, “lessee” and “rent” shall be construed accordingly.
2 In this Schedule “premium” includes any like sum, whether payable to the intermediate or a superior landlord, and for the purposes of this Schedule any sum (other than rent) paid on or in connection with the granting of a tenancy shall be presumed to have been paid by way of premium except in so far as other sufficient consideration for the payment can be shown to have been given.
3 In the application of this Schedule to Scotland “premium” includes in particular a grassum payable to any landlord or intermediate landlord on the creation of a sublease.

F152SCHEDULE 8A 

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1
1 This Schedule applies where—
a an individual makes a disposal of a debt to which section 252(1) applies (“the relevant disposal”),
b the debt (“the section 252 debt”) is not situated in the United Kingdom, and
c money or money's worth which is remitted foreign income (“the section 37 amount”) is excluded under section 37 from the consideration for the relevant disposal.
2 For this purpose “remitted foreign income” means income of the individual which is chargeable to income tax on the alternative basis of charge set out in Chapter A1 of Part 14 of ITA 2007 (remittance basis).
3 In determining whether the condition in sub-paragraph (1)(c) is met, the following provisions of this Schedule are to be ignored.

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1522. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1523. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1524. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

SCHEDULE 8B 

Hold-over relief for gains re-invested in social enterprises

Section 255A

When does the Schedule apply?

1
1 This Schedule applies if—
a a chargeable gain accrues to an individual (“the investor”),
b the investor acquires one or more assets (“the social holding”),
c the investor is eligible for SI relief under Part 5B of ITA 2007 in respect of the consideration given for the social holding, and
d conditions A, B, C, D and E are met.
2 Condition A is that the gain is one that accrues—
a on the disposal by the investor of an asset,
b in accordance with section 169N (but see sub-paragraph (7)), or
c as a result of the operation of paragraph 5 in connection with a chargeable event within paragraph 6(1)(c) or (d).
3 Condition B is that the gain is one that accrues—
a on or after 6 April 2014, and
b before 6 April 2023 (but see sub-paragraph (8)).
4 Condition C is that the investor is resident in the United Kingdom—
a when the gain accrues, and
b when the social holding is acquired.
5 Condition D is that the social holding is acquired by the investor on the investor's own behalf.
6 Condition E is that the social holding is acquired—
a in the 3 years beginning with the day when the gain accrues, or
b in the year that ends at the beginning of that day.
7 The reference in sub-paragraph (2)(b) to a gain accruing in accordance with section 169N does not include such a gain so far as it is chargeable to capital gains tax at the rate in section 169N(3) (rate where business asset disposal relief is available).
8 The Treasury may by order substitute a later date for the date for the time being specified in sub-paragraph (3)(b).
2
1 This Schedule also applies if—
a a chargeable gain accrues to an individual (“the investor”),
b the gain accrues as a result of the operation of paragraph 5 in connection with a chargeable event within paragraph 6(1)(a), (b) or (c),
c the chargeable event is either—
i a disposal to a social enterprise of shares in or debentures of the social enterprise, or
ii the cancellation, extinguishment, redemption or repayment by a social enterprise of shares in or debentures of the social enterprise,
d as part of the chargeable event or in connection with it, and in place of the shares or debentures, the investor acquires one or more assets (“the social holding”) from the social enterprise,
e other than the investor's ceasing to hold the shares or debentures, no detriment is suffered in return for the acquisition of the social holding,
f the asset acquired, or each of the assets acquired, is a share in or debenture of the social enterprise,
g but for section 257LA of ITA 2007 (consideration for acquisition must be wholly in cash and fully paid) the investor would be eligible for SI relief under Part 5B of ITA 2007 in respect of the consideration given for the social holding, and
h conditions F, G, H and J are met.
2 Condition F is that the gain is one that accrues—
a on or after 6 April 2014, and
b before 6 April 2023 (but see sub-paragraph (6)).
3 Condition G is that the investor is resident in the United Kingdom—
a when the gain accrues, and
b when the social holding is acquired.
4 Condition H is that the social holding is acquired by the investor on the investor's own behalf.
5 Condition J is that the social holding is acquired—
a in the 3 years beginning with the day when the gain accrues, or
b in the year that ends at the beginning of that day.
6 The Treasury may by order substitute a later date for the date for the time being specified in sub-paragraph (2)(b).
7 In this paragraph “debenture” includes any instrument creating or acknowledging indebtedness.
8 A reference in this paragraph to a social enterprise is a reference to a body that is a social enterprise for the purposes of Part 5B of ITA 2007 (see section 257J of that Act).

Interpretation of Schedule

3
1 In the following provisions of this Schedule—
  • “the amount invested” means, in a case where this Schedule applies because of paragraph 1, the consideration mentioned in paragraph 1(1)(c),
  • “the investor” means the individual mentioned in paragraph 1(1)(a) or, as the case may be, paragraph 2(1)(a),
  • “the original gain” means the chargeable gain mentioned in paragraph 1(1)(a) or, as the case may be, paragraph 2(1)(a), and
  • “the social holding” means the asset or assets mentioned in paragraph 1(1)(b) or, as the case may be, paragraph 2(1)(d).
2 In this Schedule, a “disposal within marriage or civil partnership” is a disposal to which section 58 (certain disposals between spouses or civil partners) applies.

Claim to hold gain over while invested in a social enterprise

4
1 The investor may make a claim for the original gain to be reduced—
a in a case within paragraph 1, by the amount invested, or by a part of that amount specified in the claim, or
b in a case within paragraph 2, to the extent specified in the claim,
but, in either case, subject as follows.
2 The reduction may not be more than the original gain or, if the original gain has already been reduced under one or more of the listed provisions, the reduction may not be more than the reduced gain.
3 In a case within paragraph 1, the claim may not relate to any part of the amount invested that under any of the listed provisions has already been set against a chargeable gain.
4 The “listed provisions” are—
a sub-paragraph (1),
b Schedule 5B, and
c paragraph 1(5) of Schedule 5BB.
5 The total of all reductions claimed by the investor under sub-paragraph (1) in any tax year must not be more than £1,000,000.
6 If there is relief by way of a reduction under sub-paragraph (1) then, for the purposes of this Schedule, that relief—
a is attributable to the asset or assets that form the social holding, but
b ceases to be attributable to any particular asset, or to any particular part of a particular asset, when—
i a chargeable event occurs in relation to that asset or part, or
ii the person holding the asset or part dies.

Held-over gain treated as accruing on disposal etc of the qualifying investment

5
1 This paragraph applies if there has been a reduction under paragraph 4(1).
2 A chargeable gain equal to the amount of the reduction is treated as accruing when a chargeable event occurs in relation to the social holding without any chargeable event having previously occurred in relation to any of the holding.
3 When a chargeable event occurs in relation to part only of the social holding without any chargeable event having previously occurred in relation to any of that part, a chargeable gain calculated in accordance with sub-paragraph (4) is treated as accruing.
4 The calculation is—
  • Step 1 Subtract from the amount of the reduction any chargeable gains previously treated as accruing as a result of the operation of sub-paragraph (3).
  • Step 2 Attribute a proportionate part of the amount calculated at Step 1 to each part of the social holding held, immediately before the occurrence of the chargeable event in question, by the investor or a person who has acquired any part of the holding from the investor on a disposal within marriage or civil partnership.
  • Step 3 The amount attributed at Step 2 to the part of the social holding in relation to which that chargeable event occurs is the chargeable gain treated as accruing as a result of the operation of subparagraph (3) on the occurrence of that event.

Chargeable events

6
1 A chargeable event occurs in relation to an asset that forms the whole or any part of the social holding if (after the acquisition of the holding)—
a the investor disposes of the asset otherwise than by way of a disposal within marriage or civil partnership,
b the asset is disposed of, otherwise than by way of a disposal to the investor, by a person who acquired the asset on a disposal made within marriage or civil partnership,
c the asset is cancelled, extinguished, redeemed or repaid, or
d any of the conditions in Chapters 3 and 4 of Part 5B of ITA 2007 for the investor's eligibility for SI relief under that Part in respect of the amount invested fails to be met.
In this sub-paragraph “asset” includes part of an asset.
2 In the event of the death of—
a the investor, or
b a person who, on a disposal within marriage or civil partnership, has acquired the whole or any part of the social holding,
nothing which occurs at or after the time of death is a chargeable event in relation to any part of the holding held by the deceased person immediately before the time of death.
3 If a person makes a disposal of assets of a particular class while retaining other assets of that class—
a assets of that class acquired by the person on an earlier day are treated for the purposes of this Schedule as disposed of before assets of that class acquired by the person on a later day, and
b assets of that class acquired by the person on the same day are treated for the purposes of this Schedule as disposed of in the following order—
i first, any to which neither relief under this Schedule, nor SI relief under Part 5B of ITA 2007, is attributable,
ii next, any to which relief under this Schedule, but not SI relief under that Part, is attributable,
iii next, any to which SI relief under that Part, but not relief under this Schedule, is attributable, and
iv finally, any to which both SI relief under that Part, and relief under this Schedule, are attributable.
4 For the purposes of sub-paragraph (3), assets—
a to which relief under this Schedule is attributable, and
b which have not been held continuously by the investor since the social holding was acquired,
are treated as having been acquired when the social holding was acquired if SI relief under Part 5B of ITA 2007 is not also attributable to them.
5 For the purposes of sub-paragraph (3), assets—
a to which SI relief under Part 5B of ITA 2007 is attributable, and
b which were transferred to an individual as mentioned in section 257T of ITA 2007 (transfers between spouses or civil partners),
are treated as having been acquired when the social holding was acquired.
6 Chapter 1 of Part 4 of this Act has effect subject to sub-paragraphs (3) to (5).
7 Sections 104, 105 and 106A do not apply to assets to which relief under this Schedule is attributable if SI relief under Part 5B of ITA 2007 is not also attributable to them.
8 Where, at the time of a chargeable event, an asset that formed the whole or any part of the social holding is treated for the purposes of this Act as represented by assets which consist of or include assets other than that asset—
a so much of the original gain as is attributable to the asset is treated, in determining for the purposes of this paragraph the amount of the original gain to be treated as attributable to each of those assets, as apportioned in such manner as may be just and reasonable between those assets, and
b as between different assets treated as representing the same asset, sub-paragraphs (3) to (5) apply with the necessary modifications in relation to those assets as they would apply in relation to the asset.
9 In order to determine, for the purposes of sub-paragraph (8), the amount of the original gain attributable to any asset, a proportionate part of the amount of the original gain is to be attributed to each asset that forms the whole or any part of so much of the social holding as is held, immediately before the occurrence of the chargeable event in question, by the investor or a person who has acquired any part of the social holding from the investor on a disposal within marriage or civil partnership.
10 In subsections (8) and (9) references to the original gain are to so much of the original gain as remains after deduction from it of the amount of any chargeable gain treated as accruing as a result of the previous operation of paragraph 5.

Person to whom held-over gain is treated as accruing

7
1 This paragraph applies where a chargeable gain is treated as accruing as a result of the operation of paragraph 5.
2 If the chargeable event is a disposal, that chargeable gain is treated as accruing to the person who makes the disposal.
3 If the chargeable event occurs—
a when an asset, or part of an asset, is cancelled, extinguished, redeemed or repaid, or
b when a condition, for eligibility for relief in respect of the consideration given for the acquisition of an asset, fails to be met,
that chargeable gain is treated as accruing to the person who holds the asset, or part, when the chargeable event occurs.

Claims: procedure

8
1 Sections 257P(1), 257PA(1) and 257PB to 257PD of ITA 2007—
a apply in relation to a claim under this Schedule in respect of the social holding as they apply in relation to a claim under Part 5B to ITA 2007 in respect of an investment, and
b as they so apply, have effect as if any reference to the requirements for relief under that Part were a reference to the conditions for the application of this Schedule.
2 In section 257PE(2) of ITA 2007 (power to make consequential amendments etc when amending provision about claims for SI relief) “enactment” includes (in particular) sub-paragraph (1).

SCHEDULE 9 

Gilt-edged securities

Section 288.

Part I  General

1For the purposes of this Act “gilt-edged securities” means the securities specified in Part II of this Schedule, and such stocks and bonds issued under section 12 of the National Loans Act 1968M81, denominated in sterling and issued after 15th April 1969, as may be specified by order made by the Treasury.
1A
1 Any security which is a strip of a security which is a gilt-edged security for the purposes of this Act is also itself a gilt-edged security for those purposes.
2 In this paragraph “strip” has the same meaning as in section 47 of the Finance Act 1942.
2The Treasury shall cause particulars of any order made under paragraph 1 above to be published in the London and Edinburgh Gazettes as soon as may be after the order is made.
3Section 14(b) of the Interpretation Act 1978M82 (implied power to amend orders made by statutory instrument) shall not apply to the power of making orders under paragraph 1 above.

Part II  Existing gilt-edged securities

Stocks and bonds charged on the National Loans Fund
12¾%Treasury Loan 1992
8%Treasury Loan 1992
10%Treasury Stock 1992
3%Treasury Stock 1992
12¼%Exchequer Stock 1992
13½%Exchequer Stock 1992
10½%Treasury Convertible Stock 1992
2%Index-linked Treasury Stock 1992
12½%Treasury Loan 1993
6%Funding Loan 1993
13¾%Treasury Loan 1993
10%Treasury Loan 1993
8¼%Treasury Stock 1993
14½%Treasury Loan 1994
12½%Exchequer Stock 1994
9%Treasury Loan 1994
10%Treasury Loan 1994
13½%Exchequer Stock 1994
8½%Treasury Stock 1994
8½%Treasury Stock 1994 "A"
2%Index-linked Treasury Stock 1994
3%Exchequer Gas Stock 1990-95
12%Treasury Stock 1995
10¼%Exchequer Stock 1995
12¾%Treasury Loan 1995
9%Treasury Loan 1992-96
15¼%Treasury Loan 1996
13¼%Exchequer Loan 1996
14%Treasury Stock 1996
2%Index-linked Treasury Stock 1996
10%Conversion Stock 1996
13¼%Treasury Loan 1997
10½%Exchequer Stock 1997
8¾%Treasury Loan 1997
8¾%Treasury Loan 1997 "B"
8¾%Treasury Loan 1997 "C"
15%Exchequer Stock 1997
6¾%Treasury Loan 1995-98
15½%Treasury Loan 1998
12%Exchequer Stock 1998
12%Exchequer Stock 1998 "A"
9¾%Exchequer Stock 1998
9¾%Exchequer Stock 1998 "A"
9½%Treasury Loan 1999
10½%Treasury Stock 1999
12½%Exchequer Stock 1999
12½%Exchequer Stock 1999 "A"
12½%Exchequer Stock 1999 "B"
2½%Index-linked Treasury Convertible Stock 1999
10½%Conversion Stock 1999
9%Conversion Stock 2000
9%Conversion Stock 2000 "A"
13%Treasury Stock 2000
8½%Treasury Loan 2000
14%Treasury Stock 1998-2001
2½%Index-linked Treasury Stock 2001
9¾%Conversion Stock 2001
10%Treasury Stock 2001
9½%Conversion Loan 2001
12%Exchequer Stock 1999-2002
12%Exchequer Stock 1999-2002 "A"
9½%Conversion Stock 2002
10%Conversion Stock 2002
9%Exchequer Stock 2002
9¾%Treasury Stock 2002
13¾%Treasury Stock 2000-2003
13¾%Treasury Stock 2000-2003 "A"
2½%Indexed-linked Treasury Stock 2003
9¾%Conversion Loan 2003
10%Treasury Stock 2003
3½%Funding Stock 1999-2004
11½%Treasury Stock 2001-2004
9½%Conversion Stock 2004
10%Treasury Stock 2004
12½%Treasury Stock 2003-2005
12½%Treasury Stock 2003-2005 "A"
10½%Exchequer Stock 2005
9½%Conversion Stock 2005
9½%Conversion Stock 2005 "A"
8%Treasury Loan 2002-2006
8%Treasury Loan 2002-2006 "A"
2%Indexed-linked Treasury Stock 2006
9¾%Conversion Stock 2006
11¾%Treasury Stock 2003-2007
11¾%Treasury Stock 2003-2007 "A"
8½%Treasury Loan 2007
13½%Treasury Stock 2004-2008
9%Treasury Loan 2008
9%Treasury Loan 2008 "A"
2½%Indexed-linked Treasury Stock 2009
8%Treasury Stock 2009
2½%Indexed-linked Treasury Stock 2011
9%Conversion Loan 2011
5½%Treasury Stock 2008-2012
2½%Indexed-linked Treasury Stock 2013
7¾%Treasury Loan 2012-2015
2½%Treasury Stock 1986-2016
2½%Indexed-linked Treasury Stock 2016
2½%Indexed-linked Treasury Stock 2016 "A"
12%Exchequer Stock 2013-2017
2½%Indexed-linked Treasury Stock 2020
2½%Indexed-linked Treasury Stock 2024
2½%Annuities 1905 or after
2¾%Annuities 1905 or after
2½%Consolidated Stock 1923 or after
4%Consolidated Loan 1957 or after
3½%Conversion Loan 1961 or after
2½%Treasury Stock 1975 or after
3%Treasury Stock 1966 or after
3½%War Loan 1952 or after
10%Conversion Stock 1996 "A"
10%Conversion Stock 1996 "B"
12%Exchequer Stock 1998 "B"
9%Conversion Stock 2000 "B"
13%Treasury Stock 2000 "A"
10%Treasury Stock 2001 "A"
10%Treasury Stock 2001 "B"
9¾%Treasury Stock 2002 "A"
9¾%Treasury Stock 2002 "B"
10%Treasury Stock 2003 "A"
9½%Conversion Stock 2004 "A"
9%Treasury Loan 2008 "B"
9%Treasury Loan 2008 "C"
9%Conversion Loan 2011 "A"
Securities issued by certain public corporations and guaranteed by the Treasury
3%North of Scotland Electricity Stock 1989-92

SCHEDULE 10 

Consequential amendments

Section 290.

Post Office Act 1969 c. 48

F21261. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Taxes Management Act 1970 c. 9

2
1 The Taxes Management Act 1970 shall have effect subject to the following amendments.
2 In sections 11(1)(b), 27(1), 47(1), 57(1)(a), 78(3)(b), 111 and 119(4) for (2)In sections 11(1)(b), 27(1), 47(1), 57(1)(a), F560..., 111 and 119(4) for “Capital Gains Tax Act 1979” there shall be substituted “ 1992 Act ”.
3 In section 12(2)—
a for “Capital Gains Tax Act 1979” there shall be substituted “ 1992 Act ”;
b for “19(4)” there shall be substituted “ 51(1) ”;
c for “71” there shall be substituted “ 121 ”;
d for “130, 131 or 133”there shall be substituted “ 263, 268 or 269 ”;
e for “128(6)” there shall be substituted “ 262(6) ”.
4 In section 25(9) for “sections 64, 93 and 155(1) of the Capital Gains Tax Act 1979” there shall be substituted “ sections 99 and 288(1) of the 1992 Act. ”
F18255 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6 In section 30(2)(a) and (3)(a) for “47 of the Finance (No.2) Act 1975” there shall be substituted “ 283 of the 1992 Act ”.
7 In section 31(3)(c) for “38 of the Finance Act 1973” there shall be substituted “ 276 of the 1992 Act ”.
8 In section 86(4) for “7 of the Capital Gains Tax Act 1979” there shall be substituted “ 7 of the 1992 Act ”.
9 In section 87A(3) for the words from “section 267(3C)” to “1979” there shall be substituted “ 137(4), 139(7) or 179(11) of the 1992 Act or section 96(8) of the Finance Act 1990 ”. This sub-paragraph shall come into force on the day appointed under section 95 of the Finance (No.2) Act 1987 for the purposes of section 85 of that Act.
10 In section 98 —
a in column 1 of the Table —
i for “149D of the Capital Gains Tax Act 1979” there shall be substituted “ 151 of the 1992 Act ”;
ii for “6(9) of Schedule 1 to the Capital Gains Tax Act 1979” there shall be substituted “ 2(9) of Schedule 1 to the 1992 Act ”;
iii for “84 of the Finance Act 1981”there shall be substituted “ 98 of the 1992 Act ”;
F370iv . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F370v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
vi for “12 of Schedule 16 to the Finance Act 1991” there shall be substituted “ 10 of Schedule 5 to the 1992 Act ”; and
b in column 2 of the Table —
i for “149D of the Capital Gains Tax Act 1979” there shall be substituted “ 151 of the 1992 Act ”; and
ii for “13 to 16 of Schedule 16 to the Finance Act 1991”there shall be substituted “ 11 to 14 of Schedule 5 to the 1992 Act ”.
11 In section 118(1)—
a in the definition of “chargeable gain” for “Capital Gains Tax Act 1979” there shall be substituted “ 1992 Act ”; and
b in paragraph (b) of the definition of “the Taxes Acts” for “the Capital Gains Tax Act 1979” there shall be substituted “ the Taxation of Chargeable Gains Act 1992 ”and
c immediately after that definition there shall be inserted— “ the 1992 Act ”means the Taxation of Chargeable Gains Act 1992.

Finance Act 1973 c. 51

F11173. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

British Aerospace Act 1980 c. 26

4In section 12(2) of the British Aerospace Act 1980 for “272(5) of the Income and Corporation Taxes Act 1970” there shall be substituted “ 170(12) of the Taxation of Chargeable Gains Act 1992 ”.

British Telecommunications Act 1981 c. 38

5In section 82(1) for “Capital Gains Tax Act 1979” and “Schedule 5” there shall be substituted respectively “ Taxation of Chargeable Gains Act 1992 ” and “ Schedule 2 ”.

Value Added Tax Act 1983 c. 55

F18196. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Telecommunications Act 1984 c. 12

F21727. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Inheritance Tax Act 1984 c. 51

8
1 The Inheritance Tax Act shall have effect subject to the following amendments.
2 In section 31(4G)(b) for “147 of the Capital Gains Tax Act 1979” there shall be substituted “ 258 of the 1992 Act ”.
3 In section 79(2) for “147 of the Capital Gains Tax Act” and “147” (where it secondly appears) there shall be substituted respectively “ 258 of the 1992 Act ”and “ 258 ”.
4 In section 97 —
a the amendments made by section 138(6) of the Finance Act 1989 shall continue to have effect notwithstanding the repeal by this Act of that provision; and
b for “273(1) of the Taxes Act 1970”, “272 of the Taxes Act 1970” and “273 to 281” there shall be substituted respectively “ 171(1) of the 1992 Act ”, “ 170 of the 1992 Act ”and “ 171 to 181 ”.
5 In sections 107(4), 113A(6) and 124A(6) for “77 to 86 of the Capital Gains Tax Act 1979” there shall be substituted “ 126 to 136 of the 1992 Act ”.
6 In section 135 for “section 78 of the Capital Gains Tax Act 1979”, “84”, “77(1)”, “82”, “85”, “86”, “78”, “93” and “77(1) of the Capital Gains Tax Act 1979” there shall be substituted respectively “ 127 of the 1992 Act ”, “ 134 ”, “ 126(1) ”, “ 132 ”, “ 135 ”, “ 136 ”, “ 127 ”, “ 99 ”and “ 126(1) ”.
7 In section 138 for “3 to the Capital Gains Tax Act 1979” there shall be substituted “ 8 to the 1992 Act ”.
8 In section 165 for “Capital Gains Tax Act 1979” and “59” shall be substituted “ 1992 Act ”and “ 282 ”.
9 In section 183 for “section 78 of the Capital Gains Tax Act 1979”, “77(1)”, “82”, “85”, “86”, “78”, “93” and “77(1) of the Capital Gains Tax Act 1979” there shall be substituted respectively “ 127 of the 1992 Act ”, “ 126(1) ”, “ 132 ”, “ 135 ”, “ 136 ”, “ 127 ”, “ 99 ”and “ 126(1) ”.
10 In section 187 for “153 of the Capital Gains Tax Act 1979” shall be substituted “ 274 of the 1992 Act ”.
11 In section 194 for “3 to the Capital Gains Tax Act 1979” there shall be substituted “ 8 to the 1992 Act ”.
12 In section 270 for “Capital Gains Tax Act 1979” and “63” there shall be substituted “ 1992 Act ”and “ 286 ”.
13 In section 272 at the end there shall be added “ and “the 1992 Act” means the Taxation of Chargeable Gains Act 1992. ”

Finance Act 1985 c. 54

9In section 81 for “Capital Gains Tax Act 1979” there shall be substituted “ Taxation of Chargeable Gains Act 1992 ”.

Trustee Savings Bank Act 1985 c. 58

10
1 In paragraph 2 of Schedule 2 to the Trustee Savings Bank Act 1985 —
a for “Capital Gains Tax Act 1979” there shall be substituted “ 1992 Act ”; and
b for “5 to the Act of 1979” there shall be substituted “ 2 to the 1992 Act ”.
2 In paragraph 3 of that Schedule —
a for “II of Part II of the Act of 1979” there shall be substituted “ III of Part II of the 1992 Act ”; and
b for “12 of Schedule 5 to the Act of 1979” there shall be substituted “ 16 of Schedule 2 to the 1992 Act ”.
3 In paragraph 4 of that Schedule —
a for “Act of 1979” (in three places) there shall be substituted “ 1992 Act ”;
b for “134” and “26” there shall be substituted respectively “ 251 ”and “ 30 ”; and
c for “278 of the Taxes Act” (in both places) there shall be substituted “ 178 or 179 of the 1992 Act ”.
4 In paragraph 9 —
a at the end of sub-paragraph (1) there shall be added— “the 1992 Act” means the Taxation of Chargeable Gains Act 1992; ”and
b in sub-paragraph (2) for “Capital Gains Tax Act 1979” there shall be substituted “ 1992 Act ”.

Transport Act 1985 c. 67

11In section 130—
a in subsection (3) for “Capital Gains Tax Act 1979” and “5” there shall be substituted “ Taxation of Chargeable Gains Act 1992 ”and “ 2 ”;and
b in subsection (4) for “278 of the Income and Corporation Taxes Act 1970” there shall be substituted “ 178 or 179 of the Taxation of Chargeable Gains Act 1992 ”.

Airports Act 1986 c. 31

12In section 77(2) of the Airports Act 1986 for “272(5) of the Income and Corporation Taxes Act 1970” there shall be substituted “ 170(12) of the Taxation of Chargeable Gains Act 1992 ”.

Gas Act 1986 c. 44

13In section 60(2) of the Gas Act 1986 for “272(5) of the Income and Corporation Taxes Act 1970” there shall be substituted “ 170(12) of the Taxation of Chargeable Gains Act 1992 ”.

Income and Corporation Taxes Act 1988 c. 1

14
1 The Income and Corporation Taxes Act 1988 shall have effect subject to the following amendments
2 In section 11(2) for paragraph (b) there shall be substituted—
3 In section 56(5) for “82 of the 1979 Act” there shall be substituted “ 132 of the 1992 Act ”.
4 In section 119(1) after “122” there shall be inserted “ and section 201 of the 1992 Act ”.
F12265 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F8736 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F4387 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F15458 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F24729 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F247210 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F247211 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F247212 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13 In section 187(2) for “1979 Act” (in the definition of “market value” ) and “77(1)(b) of the 1979 Act” (in the definition of “new holding”) there shall be substituted respectively “ 1992 Act ”and “ 126(1)(b) of the 1992 Act ”.
F176014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F69715 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F119616 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17 In sections 299 and 305 for “77(2)(a) of the 1979 Act” and “78” there shall be substituted respectively “ 126(2)(a) of the 1992 Act ”and “ 127 ”.
18 In section 312 for “86(1) of the 1979 Act” and “150 of the 1979 Act” there shall be substituted respectively “ 136(1) of the 1992 Act ”and “ 272 of the 1992 Act ”.
F219519 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F14020 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F61921 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F120822 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F120823 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F120824 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F105125 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
26 In section 450(6) for “31 or 33 of the 1979” there shall be substituted “ 37 or 39 of the 1992 ”.
F192027 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F192028 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F19029 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
30 In subsection (1) of section 502 in the definition of “ring fence profits” for “same meaning as in section 79(5) of the Finance Act 1984” there shall be substituted “ meaning given by subsection (1A) below ”and at the end of that subsection there shall be inserted—
31 In section 505(3), (5)(b) and (6) for “145 of the 1979 Act” there shall be substituted “ 256 of the 1992 Act ”.
F222932 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33 In section 574(1) for “1979” there shall be substituted “ 1992 ”.
34 In section 575—
a in subsection (1)(c) for “22(2) of the 1979 Act” there shall be substituted “ 24(2) of the 1992 Act ”;
b in subsection (2) for “78 of the 1979 Act” , in both places, there shall be substituted “ 127 of the 1992 Act ”; and
c in subsection (3) for “85 or 86 of the 1979 Act” and “87” there shall be substituted “ 135 or 136 of the 1992 Act ”and “ 137 ”.
F58035 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F58036 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F58037 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F58038 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F108739 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F58240 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F171041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16642 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F252843 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F252844 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F252845 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F86446 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F252847 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F252848 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F252849 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F179250 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F183451 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F45152 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
53 In section 831—
a at the end of subsection (3) there shall be inserted— “the 1992 Act” means the Taxation of Chargeable Gains Act 1992. ”; and
b in subsection (5) for “1979” there shall be substituted “ 1992 ”.
F142954 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F147755 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
56 In section 843(2) for “10 of the 1979 Act” there shall be substituted “ 277 of the 1990 Act ”.
F214457 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
58 In paragraph 5(7) of Schedule 10 for “1979” there shall be substituted “ 1992 ”.
59 In paragraph 12(2) of Schedule 20 for “145 of the 1979” there shall be substituted “ 256 of the 1992 ”.
60 In paragraph 7 of Schedule 22 for “149B(1)(g) of the 1979” there shall be substituted “ 271(1)(g) of the 1992 ”.
F255861 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
62 In paragraph 3 of Schedule 26 for “II of Part II of the 1979” there shall be substituted “ III of Part II of the 1992 ”.
F15963 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

British Steel Act 1988 c. 35

15In section 11(2) of the British Steel Act 1988 for “272(5) of the Income and Corporation Taxes Act 1970” there shall be substituted “ 170(12) of the Taxation of Chargeable Gains Act 1992 ”.

Finance Act 1988 c. 39

16
1 The Finance Act 1988 shall have effect subject to the following amendments.
2 In section 50(4) for “3 to the Capital Gains Tax Act 1979” there shall be substituted “ 8 to the Taxation of Chargeable Gains Act 1992 ”.
F16233 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16234 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F16235 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F536 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 In paragraph 6(2) of Schedule 12 for “72 of the Capital Gains Tax Act 1979” there shall be substituted “ 122 of the Taxation of Chargeable Gains Act 1992 ”.

Health and Medicines Act 1988 c. 49

17In section 6(2) of the Health and Medicines Act 1988 for “272(5) of the Income and Corporation Taxes Act 1970” there shall be substituted “ 170(12) of the Taxation of Chargeable Gains Act 1992 ”.

Water Act 1989 c. 15

18In section 95 of the Water Act 1989—
a in subsection (4) for “Capital Gains Tax Act 1979 (⿿the 1979 Act⿝)” there shall be substituted “ Taxation of Chargeable Gains Act 1992 (“the 1992 Act”) ”;
b in subsection (5) for “1979” there shall be substituted “ 1992 ”; and
c in subsection (6) for “134 of the 1979” there shall be substituted “ 251 of the 1992 ”.

Finance Act 1989 c. 26

19
1 In section 69(9) of the Finance Act 1989 for “85(1) of the Capital Gains Tax Act 1979” and “77” there shall be substituted “ 135(1) of the Taxation of Chargeable Gains Act 1992 ”and “ 126 ”.
2 In section 70(2) of that Act for “Capital Gains Tax Act 1979” and “32(1)(a)” there shall be substituted “ Taxation of Chargeable Gains Act 1992 ”and “ 38(1)(a) ”.
3 In section 158(2) of that Act in paragraph (a) for “section 47(1) of the Finance (No.2) Act 1975” there shall be substituted “ section 283(1) of the Taxation of Chargeable Gains Act 1992 ”.
4 In section 178(2) of that Act for paragraph (i) there shall be substituted—
;
5 In Schedule 5 to that Act in paragraphs 8 and 11 for “85(1) of the Capital Gains Tax Act 1979” and “77” there shall be substituted “ 135(1) of the Taxation of Chargeable Gains Act 1992 ”and “ 126 ”.
F4066 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Electricity Act 1989 c. 29

20
1 In paragraph 2 of Schedule 11 to the Electricity Act 1989 for “278 of the Income and Corporation Taxes Act 1970” and “272 of the Income and Corporation Act 1970” there shall be substituted respectively “ 178 or 179 of the 1992 Act ”and “ 170 of the 1992 Act ”; and at the end of that paragraph there shall be added—
2 In paragraph 3 of that Schedule for “117 of the Capital Gains Tax Act 1979” and “117” (where it secondly appears) there shall be substituted “ 154 of the 1992 Act ”and “ 154 ”.
3 In paragraphs 4 and 5 of that Schedule for “Capital Gains Tax Act 1979” (in each place) there shall be substituted “ 1992 Act ”.

Capital Allowances Act 1990 c. 1

F74621. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Finance Act 1990 c. 29

22
1 The Finance Act 1990 shall have effect subject to the following amendments.
2 In section 116(5) for “150(1) to (3) and 152 of the Capital Gains Tax Act 1979” there shall be substituted “ 272(1) to (4) and 273 of the Taxation of Chargeable Gains Act 1992 ”.
3 In section 120 for “27 of the Capital Gains Tax Act 1979” there shall be substituted “ 28 of the Taxation of Chargeable Gains Act 1992 ”.
F22174 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5 In Schedule 12—
a in paragraph 2—
i for “the Capital Gains Tax Act 1979 (“the 1979 Act”)” there shall be substituted “ the Taxation of Chargeable Gains Act 1992 (“the 1992 Act”) ”;
ii for “5” there shall be substituted “ 2 ”; and
iii for “134 of the 1979” there shall be substituted “ 251 of the 1992 ”;
b in paragraphs 4, 5 and 6 for “1979” there shall be substituted “ 1992 ”;
c in paragraph 7 for “115 to 119 of the 1979” there shall be substituted “ 152 to 156 of the 1992 ”; and
d in paragraph 10 for the definition of “the 1979 Act” there shall be substituted— “the 1992 Act” means the Taxation of Chargeable Gains Act 1992. ”

Finance Act 1991 c. 31.

23In section 72(4) of the Finance Act 1991 for “5(1) of the Capital Gains Tax Act 1979” there shall be substituted “ 3(1) of the Taxation of Chargeable Gains Act 1992 ”.

Ports Act 1991 c. 52

24
1 In section 16 of the Ports Act 1991 for “Capital Gains Tax Act 1979” and “29A(1)” there shall be substituted respectively “ 1992 Act ”and “ 17(1) ”.
2 In section 17 of that Act—
a for “1979” (wherever it occurs) there shall be substituted “ 1992 ”;
b in subsection (6) for “278(3) or (3C) of the Income and Corporation Taxes Act 1970” there shall be substituted “ 178(3) or (5) or 179(3) or (6) of the 1992 Act ”;
c in subsection (7)—
i for paragraph (a) there shall be substituted—
; and
ii in paragraph (b) for “278(3)”, “278(3C)” and “subsection (3D) of that section” there shall be substituted “ 178(3) or 179(3) ”, “ 178(5) or 179(6) ”and “ section 178(6) or 179(7) ”respectively; and
d in subsection (13) for “272 to 281 of the Income and Corporation Taxes Act 1970”, “(1E) and (1F) of section 272” and “(1E)” there shall be substituted “ 170 to 181 of the 1992 Act ”, “ (7) and (8) of section 170 ”and “ (7) ”respectively.
3 In section 18 of that Act—
a in subsections (2) and (8) for “1979” there shall be substituted “ 1992 ”;
b in subsection (4) for “267(1) or 273(1) of the Income and Corporation Taxes Act 1970” there shall be substituted “ 139(1) or 171(1) of the 1992 Act ”.
4 In section 20 of that Act for “27 of the Capital Gains Tax Act 1979” there shall be substituted “ 28 of the 1992 Act ”.
5 In section 35 of that Act—
a in subsection (3) for “Capital Gains Tax Act 1979” there shall be substituted “ 1992 Act ”; and
b in subsection (6) for “278 of the Income and Corporation Taxes Act 1970” and “273 to 281” there shall be substituted “ 178 or 179 of the 1992 Act ”and “ 171 to 181 ”.
6 In section 40(1) of that Act there shall be added at the end “ and “the 1992 Act” means the Taxation of Chargeable Gains Act 1992. ”

British Technology Group Act 1991 c. 66

25In section 12(2) of the British Technology Group Act 1991 for “345 of the Income and Corporation Taxes Act 1988” there shall be substituted “ 8 of the Taxation of Chargeable Gains Act 1992 ”.

SCHEDULE 11 

Transitional provisions and savings

Section 290.

Part I Valuation

Preliminary

1
1 This Part of this Schedule has effect in cases where the market value of an asset at a time before the commencement of this Act is material to the computation of a gain under this Act; and in this Part any reference to an asset includes a reference to any part of an asset.
2 Where sub-paragraph (1) above applies, the market value of an asset (or part of an asset) at any time before the commencement of this Act shall be determined in accordance with sections 272 to 274 but subject to the following provisions of this Part.
3 In any case where section 274 applies in accordance with sub-paragraph (2) above the reference in that section to inheritance tax shall be construed as a reference to capital transfer tax.

Gifts and transactions between connected persons before 20th March 1985

2
1 Where sub-paragraph (1) above applies for the purpose of determining the market value of any asset at any time before 20th March 1985M83 (the date when section 71 of the Finance Act 1985, now section 19, replaced section 151 of the 1979 Act, which is reproduced below) sub-paragraphs (2) to (4) below shall apply.
2 Except as provided by sub-paragraph (4) below section 19 shall not apply in relation to transactions occurring before 20th March 1985.
3 If a person is given, or acquires from one or more persons with whom he is connected, by way of 2 or more gifts or other transactions, assets of which the aggregate market value, when considered separately in relation to the separate gifts or other transactions, is less than their aggregate market value when considered together, then for the purposes of this Act their market value shall be taken to be the larger market value, to be apportioned rateably to the respective disposals.
4 Where—
a one or more transactions occurred on or before 19th March 1985 and one or more after that date, and
b had all the transactions occurred before that date sub-paragraph (3) above would apply, and had all the transactions occurred after that date section 19 would have applied,
then those transactions which occurred on or before that date and not more than 2 years before the first of those which occurred after that date shall be treated as material transactions for the purposes of section 19.

Valuation of assets before 6th July 1973

3Section 273 shall apply for the purposes of determining the market value of any asset at any time before 6th July 1973 M84 (the date when the provisions of section 51(1) to (3) of the Finance Act 1973, which are now contained in section 273, came into force) notwithstanding that the asset was acquired before that date or that the market value of the asset may have been fixed for the purposes of a contemporaneous disposal, and in paragraphs 4 and 5 below a “section 273 asset” is an asset to which section 273 applies.
4
1 This paragraph applies if, in a case where the market value of a section 273 asset at the time of its acquisition is material to the computation of any chargeable gain under this Act—
a the acquisition took place on the occasion of a death occurring after 30th March 1971 and before 6th July 1973, and
b by virtue of paragraph 9 below, the principal value of the asset for the purposes of estate duty on that death would, apart from this paragraph, be taken to be the market value of the asset at the date of the death for the purposes of this Act.
2 If the principal value referred to in sub-paragraph (1)(b) above falls to be determined as mentioned in section 55 of the Finance Act 1940M85 or section 15 of the Finance (No.2) Act (Northern Ireland) 1946 M86 (certain controlling shareholdings to be valued on an assets basis), nothing in section 273 shall affect the operation of paragraph 9 below for the purpose of determining the market value of the asset at the date of the death.
3 If sub-paragraph (2) above does not apply, paragraph 9 below shall not apply as mentioned in sub-paragraph (1)(b) above and the market value of the asset on its acquisition at the date of the death shall be determined in accordance with sections 272 (but with the same modifications as are made by paragraphs 7 and 8 below) and 273.
5
1 In any case where—
a before 6th July 1973 there has been a part disposal of a section 273 asset (“the earlier disposal”), and
b by virtue of any enactment, the acquisition of the asset or any part of it was deemed to be for a consideration equal to its market value, and
c on or after 6th July 1973 there is a disposal (including a part disposal) of the property which remained undisposed of immediately before that date (“the later disposal”),
sub-paragraph (2) below shall apply in computing any chargeable gain accruing on the later disposal.
2 Where this sub-paragraph applies, the apportionment made by virtue of paragraph 7 of Schedule 6 to the Finance Act 1965 M87 (corresponding to section 42 of this Act) on the occasion of the earlier disposal shall be recalculated on the basis that section 273(3) of this Act was in force at the time and applied for the purposes of the determination of—
a the market value referred to in sub-paragraph (1)(b) above, and
b the market value of the property which remained undisposed of after the earlier disposal, and
c if the consideration for the earlier disposal was, by virtue of any enactment, deemed to be equal to the market value of the property disposed of, that market value.

Valuation of assets on 6th April 1965

6
1 For the purpose of ascertaining the market value of any shares or securities in accordance with paragraph 1(2) of Schedule 2, section 272 shall have effect subject to the provisions of this paragraph.
2 Subsection (3)(a) shall have effect as if for the words, “one-quarter” there were substituted the words “ one-half ”, and as between the amount under paragraph (a) and the amount under paragraph (b) of that subsection the higher, and not the lower, amount shall be chosen.
3 Subsection (5) shall have effect as if for the reference to an amount equal to the buying price there were substituted a reference to an amount halfway between the buying and selling prices.
4 Where the market value of any shares or securities not within section 272(3) falls to be ascertained by reference to a pair of prices quoted on a stock exchange, an adjustment shall be made so as to increase the market value by an amount corresponding to that by which any market value is increased under sub-paragraph (2) above.

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 an asset before 25th March 1973 section 272(3) and (4) shall have effect subject to the following modifications—
a for “quoted in The Stock Exchange Daily Official List” and “quoted in that List” there shall be substituted respectively “ quoted on the London Stock Exchange ”and “ so quoted ”;
b for “The Stock Exchange Daily Official List” there shall be substituted “ the Stock Exchange Official Daily List ”;
c for “The Stock Exchange provides a more active market elsewhere than on the London trading floor” there shall be substituted “ some other stock exchange in the United Kingdom affords a more active market ”; and
d for “if the London trading floor is closed” there shall be substituted “ if the London Stock Exchange is closed ”.
2 For the purposes of ascertaining the market value of an asset before 13th December 1979 section 272 shall have effect as if the following subsection were inserted after subsection (5)—

Depreciated valuations referable to deaths before 31st March 1973

8In any case where this Part applies, section 272(2) shall have effect as if the following proviso were inserted at the end—Provided that where capital gains tax is chargeable, or an allowable loss accrues, in consequence of a death before 31st March 1973 and the market value of any property on the date of death taken into account for the purposes of that tax or loss has been depreciated by reason of the death, the estimate of the market value shall take that depreciation into account.

Estate duty

9
1 Where estate duty (including estate duty leviable under the law of Northern Ireland) is chargeable in respect of any property passing on a death after 30th March 1971 and the principal value of an asset forming part of that property has been ascertained (whether in any proceedings or otherwise) for the purposes of that duty, the principal value so ascertained shall, subject to paragraph 4(3) above, be taken for the purposes of this Act to be the market value of that asset at the date of the death.
2 Where the principal value has been reduced under section 35 of the Finance Act 1968M89 or section 1 of the Finance Act (Northern Ireland) 1968M90 (tapering relief for gifts inter vivos etc.), the reference in sub-paragraph (1) above to the principal value as ascertained for the purposes of estate duty is a reference to that value as so ascertained before the reduction.

Part II Other transitory provisions

Value-shifting

10
1 Section 30 applies only where the reduction in value mentioned in subsection (1) of that section (or, in a case within subsection (9) of that section, the reduction or increase in value) is after 29th March 1977.
2 No account shall be taken by virtue of section 31 of any reduction in the value of an asset attributable to the payment of a dividend before 14th March 1989.
3 No account shall be taken by virtue of section 32 of any reduction in the value of an asset attributable to the disposal of another asset before 14th March 1989.
4 Section 34 shall not apply where the reduction in value, by reason of which the amount referred to in subsection (1)(b) of that section falls to be calculated, occurred before 14th March 1989.

Assets acquired on disposal chargeable under Case VII of Schedule D

11
1 In this paragraph references to a disposal chargeable under Case VII are references to cases where the acquisition and disposal was in circumstances that the gain accruing on it was chargeable under Case VII of Schedule D, or where it would have been so chargeable if there were a gain so accruing.
2 The amount or value of the consideration for the acquisition of an asset by the person acquiring it on a disposal chargeable under Case VII shall not under any provision of this Act be deemed to be an amount greater than the amount taken into account as consideration on that disposal for the purposes of Case VII.
3 Any apportionment of consideration or expenditure falling to be made in relation to a disposal chargeable under Case VII in accordance with section 164(4) of the Income and Corporation Taxes Act 1970M91, and in particular in a case where section 164(6) of that Act (enhancement of value of land by acquisition of adjoining land) applied, shall be followed for the purposes of this Act both in relation to a disposal of the assets acquired on the disposal chargeable under Case VII and, where the disposal chargeable under Case VII was a part disposal, in relation to a disposal of what remains undisposed of.
4 Sub-paragraph (3) above has effect notwithstanding section 52(4).

Unrelieved Case VII losses

12Where no relief from income tax (for a year earlier than 1971-72) has been given in respect of a loss or part of a loss allowable under Case VII of Schedule D, the loss or part shall, notwithstanding that the loss accrued before that year, be an allowable loss for the purposes of capital gains tax, but subject to any restrictions imposed by section 18.

Devaluation of sterling: securities acquired with borrowed foreign currency

13
1 This paragraph applies where, in pursuance of permission granted under the Exchange Control Act 1947M92, currency other than sterling was borrowed before 19th November 1967 for the purpose of investing in foreign securities (and had not been repaid before that date), and it was a condition of the permission—
a that repayment of the borrowed currency should be made from the proceeds of the sale in foreign currency of the foreign securities so acquired or out of investment currency, and
b that the foreign securities so acquired should be kept in separate accounts to distinguish them from others in the same ownership,
and securities held in such a separate account on 19th November 1967 are in this paragraph referred to as “designated securities” .
2 In computing the gain accruing to the borrower on the disposal of any designated securities or on the disposal of any currency or amount standing in a bank account on 19th November 1967 and representing the loan, the sums allowable as a deduction under section 38(1)(a) shall, subject to sub-paragraph (3) below, be increased by multiplying them by seven-sixths.
3 The total amount of the increases so made in computing all gains (and losses) which are referable to any one loan (made before 19th November 1967) shall not exceed one-sixth of the sterling parity value of that loan at the time it was made.
4 Designated securities which on the commencement of this paragraph constitute a separate 1982 holding (within the meaning of section 109), shall continue to constitute a separate 1982 holding until such time as a disposal takes place on the occurrence of which sub-paragraph (3) above operates to limit the increases which would otherwise be made under sub-paragraph (2) in allowable deductions.
5 In this paragraph and paragraph 14 below, “foreign securities” means securities expressed in a currency other than sterling, or shares having a nominal value expressed in a currency other than sterling, or the dividends on which are payable in a currency other than sterling.

Devaluation of sterling: foreign insurance funds

14
1 The sums allowable as a deduction under section 38(1)(a) in computing any gains to which this paragraph applies shall be increased by multiplying by seven-sixths.
2 This paragraph applies to gains accruing—
a to any underwriting member of Lloyd's, or
b to any company engaged in the business of marine protection and indemnity insurance on a mutual basis, on the disposal by that person after 18th November 1967 of any foreign securities which on that date formed part of a trust fund—
i established by that person in any country or territory outside the United Kingdom, and
ii representing premiums received in the course of that person's business, and
iii wholly or mainly used for the purpose of meeting liabilities arising in that country or territory in respect of that business.

Gilt-edged securities past redemption date

15So far as material for the purposes of this or any other Act, the definition of “gilt-edged securities” in Schedule 9 to this Act shall include any securities which were gilt-edged securities for the purposes of the 1979 Act, and the redemption date of which fell before 1st January 1992.

Qualifying corporate bonds, company reorganisations, share conversions etc.

16
1 Part IV of this Act has effect subject to the provisions of this paragraph.
2 The substitution of Chapter II of that Part for the enactments repealed by this Act shall not alter the law applicable to any reorganisation or reduction of share capital, conversion of securities or company amalgamation taking place before the coming into force of this Act.
3 Sub-paragraph (2) above applies in particular to the law determining whether or not any assets arising on an event mentioned in that sub-paragraph are to be treated as the same asset as the original holding of shares, securities or other assets.
4 In relation to a disposal or exchange on or after 6th April 1992, the following amendments shall be regarded as always having had effect, that is to say, the amendments to section 64 of, or Schedule 13 to, the Finance Act 1984M93 made by section 139 of, or paragraph 6 of Schedule 14 to, the Finance Act 1989M94, paragraph 28 of Schedule 10 to the Finance Act 1990 or section 98 of, or paragraph 1 of Schedule 10 to, the Finance Act 1991M95, or by virtue of the amendments to paragraph 1 of Schedule 18 to the Taxes Act made by section 77 of the Finance Act 1991M96.

Land: allowance for betterment levy

17
1 Where betterment levy charged in the case of any land in respect of an act or event which fell within Case B or Case C or, if it was the renewal, extension or variation of a tenancy, Case F—
a has been paid, and
b has not been allowed as a deduction in computing the profits or gains or losses of a trade for the purposes of Case I of Schedule D;
then, if the person by whom the levy was paid disposes of the land or any part of it and so claims, the following provisions of this paragraph shall have effect.
2 Paragraph 9 of Schedule 2 shall apply where the condition stated in sub-paragraph (1)(a) of that paragraph is satisfied, notwithstanding that the condition in sub-paragraph (1)(b) of that paragraph is not satisfied.
3 Subject to the following provisions of this paragraph, there shall be ascertained the excess, if any, of—
a the net development value ascertained for the purposes of the levy, over
b the increment specified in sub-paragraph (6) below;
and the amount of the excess shall be treated as an amount allowable under section 38(1)(b).
4 Where the act or event in respect of which the levy was charged was a part disposal of the land, section 38 shall apply as if the part disposal had not taken place and sub-paragraph (5) below shall apply in lieu of sub-paragraph (3) above.
5 The amount or value of the consideration for the disposal shall be treated as increased by the amount of any premium or like sum paid in respect of the part disposal, and there shall be ascertained the excess, if any, of—
a the aggregate specified in sub-paragraph (7) below, over
b the increment specified in sub-paragraph (6) below;
and the amount of the excess shall be treated as an amount allowable under section 38(1)(b).
6 The increment referred to in sub-paragraphs (3)(b) and (5)(b) above is the excess, if any, of—
a the amount or value of the consideration brought into account under section 38(1)(a), over
b the base value ascertained for the purposes of the levy.
7 The aggregate referred to in sub-paragraph (5)(a) above is the aggregate of—
a the net development value ascertained for the purposes of the levy, and
b the amount of any premium or like sum paid in respect of the part disposal, in so far as charged to tax under Schedule A (or, as the case may be, Case VIII of Schedule D), and
c the chargeable gain accruing on the part disposal.
8 Where betterment levy in respect of more than one act or event has been charged and paid as mentioned in sub-paragraph (1) above, sub-paragraphs (2) to (7) above shall apply without modifications in relation to the betterment levy in respect of the first of them; but in relation to the other or others sub-paragraph (3) or, as the case may be, (5) above shall have effect as if the amounts to be treated thereunder as allowable under section 38(1)(b) were the net development value specified in sub-paragraph (3)(a) or, as the case may be, the aggregate referred to in subparagraph (5)(a) of this paragraph.
9 Where the disposal is of part only of the land sub-paragraphs (2) to (8) above shall have effect subject to the appropriate apportionments.
10 References in this paragraph to a premium include any sum payable as mentioned in section 34(4) or (5) of the Taxes Act (sums payable in lieu of rent or as consideration for the surrender of lease or for variation or waiver of term) and, in relation to Scotland, a grassum.

Non-resident trusts

18Without prejudice to section 289 or Part III of this Schedule—
a any tax chargeable on a person which is postponed under subsection (4)(b) of section 17 of the 1979 Act shall continue to be postponed until that person becomes absolutely entitled to the part of the settled property concerned or disposes of the whole or part of his interest, as mentioned in that subsection; and
b section 70 of and Schedule 14 to the Finance Act 1984M97 shall continue to have effect in relation to amounts of tax which are postponed under that Schedule, and accordingly in paragraph 12 of that Schedule the references to section 80 of the Finance Act 1981M98 and to subsections (3) and (4) of that section include references to section 87 of this Act and subsections (4) and (5) of that section respectively.

Private residences

19The reference in section 222(5)(a) to a notice given by any person within 2 years from the beginning of the period mentioned in section 222(5) includes a notice given before the end of the year 1966-67, if that was later.

Works of art etc.

20The repeals made by this Act do not affect the continued operation of sections 31 and 32 of the Finance Act 1965 M99, in the form in which they were before 13th March 1975, in relation to estate duty in respect of deaths occurring before that date.

Disposal before acquisition

21The substitution of this Act for the corresponding enactments repealed by this Act shall not alter the effect of any provision enacted before this Act (whether or not there is a corresponding provision in this Act) so far as it relates to an asset which—
a was disposed of before being acquired, and
b was disposed of before the commencement of this Act.

Estate duty

22Nothing in the repeals made by this Act shall affect any enactment as it applies to the determination of any principal value for the purposes of estate duty.

Validity of subordinate legislation

23So far as this Act re-enacts any provision contained in a statutory instrument made in exercise of powers conferred by any Act, it shall be without prejudice to the validity of that provision, and any question as to its validity shall be determined as if the re-enacted provision were contained in a statutory instrument made under those powers.

Amendments in other Acts

24
1 The repeal by this Act of the Income and Corporation Taxes Act 1970 M100 does not affect—
a the amendment made by paragraph 3 of Schedule 15 of that Act to section 26 of the Finance Act 1956M101, or
b paragraph 10 of that Schedule so far it applies in relation to the Management Act.
2 The repeal by this Act of Schedule 7 to the 1979 Act does not affect the amendments made by that Schedule to any enactment not repealed by this Act.

Saving for Part III of this Schedule

25The provisions of this Part of this Schedule are without prejudice to the generality of Part III of this Schedule.

Part III Assets acquired before commencement

26
1 The substitution of this Act for the enactments repealed by this Act shall not alter the effect of any provision enacted before this Act (whether or not there is a corresponding provision in this Act) so far as it determines—
a what amount the consideration is to be taken to be for the purpose of the computation under this Act of any chargeable gain; or
b whether and to what extent events in, or expenditure incurred in, or other amounts referable to, a period earlier than the chargeable periods to which this Act applies may be taken into account for any tax purposes in a chargeable period to which this Act applies.
2 Without prejudice to sub-paragraph (1) above, the repeals made by this Act shall not affect—
a the enactments specified in Part V of Schedule 14 to the Finance Act 1971 M102 (charge on death) so far as their operation before repeal falls to be taken into account in chargeable periods to which this Act applies,
b the application of the enactments repealed by the 1979 Act to events before 6th April 1965 M103 in accordance with paragraph 31 of Schedule 6 to the Finance Act 1965.
3 This paragraph has no application to the law relating to the determination of the market value of assets.
27Where the acquisition or provision of any asset by one person was, immediately before the commencement of this paragraph and by virtue of any enactment, to be taken for the purposes of Schedule 5 to the 1979 Act to be the acquisition or disposal of it by another person, then, notwithstanding the repeal by this Act of that enactment, Schedule 2 to this Act shall also have effect as if the acquisition or provision of the asset by the first-mentioned person had been the acquisition or provision of it by that other person.

Part IV Other general savings

28Where under any Act passed before this Act and relating to a country or territory outside the United Kingdom there is a power to affect Acts passed or in force before a particular time, or instruments made or having effect under such Acts, and the power would, but for the passing of this Act, have included power to change the law which is reproduced in, or is made or has effect under, this Act, then that power shall include power to make such provision as will secure the like change in the law reproduced in, or made or having effect under, this Act notwithstanding that this Act is not an Act passed or in force before that time.
29
1 The continuity of the law relating to the taxation of chargeable gains shall not be affected by the substitution of this Act for the enactments repealed by this Act and earlier enactments repealed by and corresponding to any of those enactments (“the repealed enactments”).
2 Any reference, whether express or implied, in any enactment, instrument or document (including this Act or any Act amended by this Act) to, or to things done or falling to be done under or for the purposes of, any provision of this Act shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision in the repealed enactments has or had effect, a reference to, or as the case may be, to things done or falling to be done under or for the purposes of, that corresponding provision.
3 Any reference, whether express or implied, in any enactment, instrument or document (including the repealed enactments and enactments, instruments and documents passed or made after the passing of this Act) to, or to things done or falling to be done under or for the purposes of, any of the repealed enactments shall, if and so far as the nature of the reference permits, be construed as including, in relation to the times, years or periods, circumstances or purposes in relation to which the corresponding provision of this Act has effect, a reference to, or as the case may be to things done or falling to be done under or for the purposes of, that corresponding provision.

SCHEDULE 12 

Repeals

Section 290.

ChapterShort titleExtent of Repeal
1968 c. 48International Organisations Act 1968In Schedule 1, paragraph 24(b).
1970 c. 10Income and Corporation Taxes Act 1970The whole Act.
1970 c. 24Finance Act 1970Sections 27 and 28.
Section 29(3), (5), (6), (7) and (9).
Schedule 3.
Schedule 6.
1971 c. 68Finance Act 1971Section 55.
1973 c. 51Finance Act 1973Section 38(1), (3) to (5) and (8).
1974 c. 30Finance Act 1974Section 29.
1974 c. 44Housing Act 1974Section 11.
1975 c. 45Finance (No.2) Act 1975Section 47.
Section 58.
1976 c. 40Finance Act 1976Section 54.
In section 131(2) the words “and capital gains tax".
1977 c. 36Finance Act 1977Sections 41 and 42.
1979 c. 14Capital Gains Tax Act 1979The whole Act.
1979 c. 47Finance (No.2) Act 1979Section 17.
1980 c. 48Finance Act 1980Section 61(2).
Sections 77 to 84.
Section 117.
Schedule 18.
1981 c. 35Finance Act 1981Section 38(3) and (4).
Sections 79 to 91.
In section 135 the words “capital gains tax and".
1982 c. 39Finance Act 1982Section 80.
Sections 83 to 88.
Section 148.
Schedule 13.
1982 c. 53Administration of Justice Act 1982Section 46(2)(f).
1983 c. 20Mental Health Act 1983In Schedule 4 paragraph 49.
1983 c. 28Finance Act 1983Section 34.
Schedule 6.
1983 c. 49Finance (No.2) Act 1983Section 7.
1984 c. 32London Regional Transport Act 1984In Schedule 6 paragraphs 7 and 8.
1984 c. 43Finance Act 1984Section 44.
Section 50.
Section 56(3) and (4).
Sections 63 to 71.
Section 79 to 81.
In section 126(3)(b) the words “and capital gains tax".
Schedules 11, 13 and 14.
1984 c. 51Inheritance Tax Act 1984In Schedule 8 paragraphs 9 to 12 and 23.
1985 c. 54Finance Act 1985Sections 67 to 72.
Section 95(1)(b).
Schedules 19 to 21.
1985 c. 71Housing (Consequential Provisions) Act 1985In Schedule 2 paragraph 18.
1986 c. 41Finance Act 1986Sections 58, 59 and 60.
1986 c. 56Parliamentary Constituencies Act 1986In Schedule 3 paragraph 6.
1987 c. 16Finance Act 1987Section 40.
Section 68(3).
1987 c. 51Finance (No.2) Act 1987Section 64.
Section 73.
Sections 79, 80 and 81.
In Schedule 6, paragraphs 2, 4 and 5.
1988 c. 1Income and Corporation Taxes Act 1988Section 122(1)(b) (and the word “and" immediately preceding it), (3) and (8).
Sections 345 to 347.
Section 761(4).
In Schedule 28, paragraph 8(4) and (5).
In Schedule 29, paragraphs 10(4)(b), 12 and 15 to 28; in the Table in paragraph 32, the entries relating to the Income and Corporation Taxes Act 1970, the Finance Act 1970, the Finance (No.2) Act 1975, the Capital Gains Tax Act 1979, Schedule 18 to the Finance Act 1980, sections 83 and 84 of the Finance Act 1981, Schedule 6 to the Finance Act 1983, section 50 of the Finance Act 1984, sections 68, 71 and 72 of, and Schedules 19 and 20 to, the Finance Act 1985 and section 58 of the Finance Act 1986.
1988 c. 39Finance Act 1988Section 62 to 64.
Sections 96 to 104.
Section 105(1) to (5).
Sections 106 to 116.
Section 118.
In Schedule 6, paragraph 6(5).
Schedules 8 to 11.
In Schedule 12, paragraphs 4, 5 and 7(b).
In Schedule 13, paragraphs 16, 17 and 18.
1988 c. 48Copyright, Designs and Patents Act 1988In Schedule 7 paragraph 26.
1989 c. 26Finance Act 1989Section 91(2).
Section 92(3) and in subsection (4) the words “the Capital Gains Tax Act 1979 or any other enactment relating to capital gains tax".
Section 96(3).
Section 122.
Section 123(1)(a).
Section 124 to 141.
Section 179(1)(a)(vi).
In Schedule 12, paragraph 6.
Schedules 14 and 15.
1989 c. 40Companies Act 1989In Schedule 18, paragraph 20.
1990 c. 1Capital A1lowances Act 1990In Schedule 1, paragraphs 3 and 9(1) to (3).
1990 c. 29Finance Act 1990Section 28(3).
Sections 31 to 40.
Sections 46 and 47.
Section 54.
Sections 63 to 65.
Section 70.
Section 72.
Section 81(3) and (6).
Section 83 to 86.
Section 127(2).
In Schedule 6, paragraph 10.
Schedule 8.
In Schedule 9, paragraphs 1 and 2.
In Schedule 10, paragraphs 28 and 29(2) and (3).
In Schedule 12, paragraph 2(2).
In Schedule 14, paragraphs 17, 18 and 19(2), (3) and (4).
In Schedule 18, paragraph 3.
1991 c. 21Disability Living Allowance and Disability Working Allowance Act 1991In Schedule 2 paragraph 9.
1991 c. 31Finance Act 1991Section 57(4).
Section 67.
Section 77(2).
Section 78(2), (3), (6) and (7).
Sections 83 to 102.
In Schedule 6, paragraph 6.
In Schedule 7, paragraphs 14 and 15.
In Schedule 10, paragraphs 1 and 4.
Schedules 16 to 18.
1991 c. 52Ports Act 1991Section 18(8)(a).
1992 c. 6Social Security (Consequential Provisions) Act 1992In Schedule 2, paragraph 51.
Statutory Instruments
NumberTitleExtent of Repeal
S.I. 1979/1231Capital Gains Tax (Gilt-edged Securities) (No. 1) Order 1979The whole Order.
S.I. 1979/1676Capital Gains Tax (Gilt-edged Securities) (No. 2) Order 1979The whole Order.
S.I. 1980/507Capital Gains Tax (Gilt-edged Securities) (No. 1) Order 1980The whole Order.
S.I. 1980/922Capital Gains Tax (Gilt-edged Securities) (No. 2) Order 1980The whole Order.
S.I. 1980/1910Capital Gains Tax (Gilt-edged Securities) (No. 3) Order 1980The whole Order.
S.I. 1981/615Capital Gains Tax (Gilt-edged Securities) (No. 1) Order 1981The whole Order.
S.I. 1981/1879Capital Gains Tax (Gilt-edged Securities) (No. 2) Order 1981The whole Order.
S.I. 1982/413Capital Gains Tax (Gilt-edged Securities) (No. 1) Order 1982The whole Order.
S.I. 1982/1774Capital Gains Tax (Gilt-edged Securities) (No. 2) Order 1982The whole Order.
S.I. 1983/1774Capital Gains Tax (Gilt-edged Securities) Order 1983The whole Order.
S.I. 1984/1966Capital Gains Tax (Gilt-edged Securities) Order 1984The whole Order.
S.I. 1986/12Capital Gains Tax (Gilt-edged Securities) Order 1986The whole Order.
S.I. 1987/259Capital Gains Tax (Gilt-edged Securities) Order 1987The whole Order.
S.I. 1988/360Capital Gains Tax (Gilt-edged Securities) Order 1988The whole Order.
S.I. 1989/944Capital Gains Tax (Gilt-edged Securities) Order 1989The whole Order.
S.I. 1991/2678Capital Gains Tax (Gilt-edged Securities) Order 1991The whole Order.

 

TABLE OF DERIVATIONS Note: The following abbreviations are used in this Table:
1970= Income and Corporation Taxes Act 1970 c. 10.
1970(F)= Finance Act 1970 c. 24.
1973= Finance Act 1973 c. 51.
HA1974= Housing Act 1974 c. 44.
1975(2)= Finance (No. 2) Act 1975 c. 45.
1976= Finance Act 1976 c. 40.
1977= Finance Act 1977 c. 36.
1979= Capital Gains Tax Act 1979 c. 14.
1979(2)= Finance (No. 2) Act 1979 c. 47.
1980= Finance Act 1980 c. 48.
1981= Finance Act 1981 c. 35.
1982= Finance Act 1982 c. 39
AJA1982= Administration of Justice Act 1982 c. 53.
1983(2)= Finance (No. 2) Act 1983 c. 49.
LRTA1984= London Regional Transport Act 1984 c. 32.
1984= Finance Act 1984 c. 43.
ITA= Inheritance Tax Act 1984 c. 51.
CCCPA= Companies Consolidation (Consequential Provisions) Act 1985 c. 9.
1985= Finance Act 1985 c. 54.
HCPA= Housing (Consequential Provisions) Act 1985 c. 71.
1986= Finance Act 1986 c. 41.
PCA= Parliamentary Constituencies Act 1986 c. 56.
1987= Finance Act 1987 c. 16.
1987(2)= Finance (No. 2) Act 1987 c. 51.
ICTA= Income and Corporation Taxes Act 1988 c. 1.
1988= Finance Act 1988 c. 39.
CDPA1988= Copyright, Designs and Patents Act 1988 c. 48.
HA1988= Housing Act 1988 c. 50.
1989= Finance Act 1989 c. 26.
CAA= Capital Allowances Act 1990 c. 1.
1990= Finance Act 1990 c. 29.
DLA1991= Disability Living Allowance and Disability Working Allowance Act 1991 c. 21 Sch. 2 §9; Disability Living Allowance and Disability Working Allowance (Northern Ireland Consequential Amendments) Order 1991 Art. 2.
1991= Finance Act 1991 c. 31.
SSCP= Security Security (Consequential Provisions) Act 1992 c. 6; Security Security (Consequential Provisions) Act (Northern Ireland) 1992 c. 9.
SI 1988/744= The Finance (No. 2) Act 1987 (Commencement) Order 1988.
SI 1989/1299= The Income Tax (Stock Lending) Regulations 1989.
SI 1989/1788= The Finance Act 1989 (Repeal of Tithe Redemption Enactments) (Appointed Day) Order 1989.
SI 1991/736= Capital Gains (Annual Exempt Amount) Order 1991.
Provision of BillDerivation
11979 s. 1.
2(1)1979 s. 2.
(2)1979 s. 4(1).
(3)1979 s. 29(5).
3(1)1979 s. 5(1); 1980 s. 77(2); 1982 s. 80(1).
(2)-(4)1979 s. 5(1A), (1B), (1C); 1982 s. 80(2); S.I. 1991/736.
(5), (6)1979 s. 5(4), (5); 1982 s. 80(1).
(7)1979 Sch. 1 §4.
(8)1979 s. 5(6).
41988 s. 98.
51988 s. 100.
61988 s. 102; 1991 Sch. 6 §6.
71979 s. 7; 1980 s. 61(2).
8ICTA s. 345, 834.
91979 s. 18(1)-(3).
10(1)1979 s. 12(1).
(2)1979 s. 12(1A); 1989 s. 128(2).
(3)ICTAs. 11(2)(b), 6(4).
(4)1979 s. 12(2).
(5)1979 s. 12(2A); 1989 s. 126(2).
(6)1979 s. 12(3).
111979 s. 18(5)-(8); ICTA Sch. 29 §16.
121979 s. 14.
13(1)-(9)1979 s. 15(1)-(9).
(10)1981 s. 85.
(11)1979 s. 15(10).
141979 s. 16.
151979 s. 28(1), (2), 30; 1982 s. 86.
161979 s. 29(1)-(4).
171979 s. 29A(1), (2); 1981 s. 90.
181979 s. 62; 1981 s. 90(3)(a), (b).
191985 s.71(1)-(4), (6), (7).
201985 Sch. 21.
211979 s. 19(1), (2).
221979 s. 20.
231979 s. 21.
241979 s. 22.
251989 s. 127; 1990 Sch. 9 §2.
261979 s. 23.
271979 s. 24.
281979 s. 27.
291979 s. 25.
30(1)1979 s. 26(1); 1989 s. 135(1).
(2)1979 s. 26(1A); 1989 s. 135(1).
(3)-(7)1979 s. 26(2)–(6).
(8)1979 s. 26(7); 1989 s. 135(2).
(9)1979 s. 26(8); 1989 s. 135(3).
311979 s. 26A; 1989 s. 136.
321979 s. 26B; 1989 s. 136.
331979 s. 26C; 1989 s. 136.
341979 s. 26D; 1989 s. 137.
351988 s. 96; Sch.8 §1(3); 1989 Sch. 15 §4(2); 1990 s. 70(7)(b), Sch. 12 §2(2); 1979 s. 28(3); 1991 s. 78(7).
361988 s. 97.
37(1)-(3)1979 s. 31(1)-(3); CAA Sch. 1 §3.
(4)1979 s. 31(4); ICTA Sch. 29 §17.
381979 s. 32.
391979 s. 33; ICTA Sch. 29 §19.
401970 s. 269; 1981 s. 38(3), (4).
411979 s. 34; 1988 Sch. 13 §16; CAA Sch. 1 §3.
421979 s. 35.
431979 s. 36.
441979 s. 37.
451979 s. 127.
461979 s. 38.
471979 s. 39.
481979 s. 40(2).
491979 s. 41.
501979 s. 42.
511979 s. 19(4), (5).
521979 s. 43.
531982 s. 86(2)-(4), (6); 1985 Sch. 19 §1.
541982 s. 87; 1985 Sch. 19 §2.
55(1)1985 s. 68(4).
(2)1985 s. 68(5); 1988 Sch. 8 §11.
(3)1985 s. 68(5A); 1988 s. 118.
(4)1985 s. 68(6).
(5)1985 s. 68(7), (7A); 1988 s. 118; 1989 Sch. 15 §4; 1990 s. 70(7); 1991 s. 78(6), 99(1).
(6)1985 s. 68(8).
56(1)1982 Sch. 13 §1; 1985 Sch. 19 §5(1).
(2)1982 Sch. 13 §2; 1985 Sch. 19 §5(2)(b).
571982 Sch. 13 §4.
581979 s. 44.
591979 s. 60.
601979 s. 46.
611979 s. 99; AJA 1982 s. 46(2)(f).
621979 s. 49; 1981 s. 90(3)(a).
631979 s. 50.
641979 s. 47.
651979 s. 48.
661979 s. 61.
671980 s. 79; 1979 s. 56A; 1982 s. 84; 1989 s. 124(3).
681979 s. 51.
691979 s. 52.
701979 s. 53; 1981 s. 86.
711979 s. 54; 1981 s. 87.
721979 s. 55(1),(3)-(6); 1982 s. 84.
73(1)1979 s. 56(1); 1981 s. 87.
(2), (3)1979 s. 56(1A), (1B); 1982 s. 84(2).
741979 s. 56A; 1982 s. 84; 1989 Sch. 14 §6(1).
751979 s. 57.
761979 s. 58.
771988 Sch. 10 §1-4.
78(1), (2)1988 Sch. 10 §5(1), (2).
(3)1988 Sch. 10 §5(3); 1991 s. 89(3).
791988 Sch. 10 §6-9.
801991 s. 83.
811991 s. 84.
821991 s. 85.
831991 s. 86.
841991 s. 87.
85(1)1981 s. 88(1).
(2)-(9)1991 s. 88(1)-(8).
86(1)-(3)1991 Sch. 16 §1(1)-(3).
(4)1991 Sch. 16 §2.
(5)
87(1), (2)1981 s. 80(1), (2).
(3)1980 s. 80(2A); 1991 s. 89(2).
(4)-(7)1981 s. 80(3)-(6).
(8)1981 s. 80(6A); 1991 Sch. 18 §1.
(9)1981 s. 80(7).
(10)1981 s. 80(1), (8); 1984 s. 70(3).
881981 s. 80A; 1991 Sch. 18 §2.
891981 s. 81; 1991 Sch. 18 §3.
901981 s. 82.
911991 Sch. 17 §4.
92(1)1991 Sch. 17 §2(3).
(2)1991 Sch. 17 §2(2), (4), (5).
(3)1991 Sch. 17 §3(1), (2).
(4)-(6)1991 Sch. 17 §3(3)-(5).
93(1)1991 Sch. 17 §5(1)(a), (b), (d), 6(1)(a), (b), (d).
(2)1991 Sch. 17 §5(1)(c), (2), (3).
(3)1991 Sch. 17 §6(1)(c), (2), (3).
(4)1991 Sch. 17 §7.
941991 Sch. 17 §8.
951991 Sch. 17 §9.
961981 s. 82A; 1991 Sch. 18 §4.
97(1)(a)1981 s. 83(1), (11); 1991 Sch. 17 §1(c), 18 §6(2).
(b)1981 s. 83(1A); 1991 Sch. 18 §6(3).
(2)-(6)1981 s. 83(2)-(6); 1990 Sch. 14 §18; 1991 Sch. 18 §6(4), (5).
(7)1981 s. 83(7); 1984 s. 71; 1991 Sch. 18 §6(5).
(8)-(10)1981 s. 83(8)-(10); 1991 Sch. 18 §5.
981981 s. 84.
99(1)1979 s. 93.
(2)1979 s. 92(1)(a), (b); 1987 s. 40(3).
(3)1979 s. 92(2), (3)(a); 1987 s. 40(4).
100(1)1980 s. 81(1).
(2)1979 s. 96.
(3)1979 s. 92(1)(d).
1011979 s. 98; 1980 s. 81.
1021989 s. 140.
1031990 s. 54.
104(1), (2)1985 Sch. 19 §8, 9(1), 17(1).
(3)1979 s. 66(3), (4); 1985 s. 68(9), (10), Sch. 19 §8(1)(c), 9(3).
(4)1985 Sch. 19 §8(2).
(5)1985 Sch. 19 §8(3).
(6)1985 Sch. 19 §10.
1051979 s. 66(1), (2); 1985 Sch. 19 §17(2).
1061975(2) s. 58; 1979 Sch. 7.
107(1), (2)1985 Sch. 19 §16(1), (2).
(3)-(6)1985 Sch. 19 §18
(7)-(9)1985 Sch. 19 §19.
1081982 s. 88; 1985 Sch. 19 §3.
109(1)-(3)1982 Sch. 13 §6(1), (2), 7(1), 8(1), (2)(a), (3), 9, 10.
(4), (5)1985 Sch. 19 §6(3), (4).
(6)1985 Sch. 19 §7(2), (3).
110(1)-(3)1985 Sch. 19 §11.
(4)1985 Sch. 19 §12.
(5)-(9)1985 Sch. 19 §13.
(10), (11)1985 Sch. 19 §14.
1111988 s. 113.
1121985 Sch. 19 §21(2), (3), 20.
1131982 Sch. 13 §6, 1985 Sch. 19 §5(5).
1141985 Sch. 19 §15.
1151979 s. 67; 1986 s. 59.
116(1)1984 s. 64(7)
(2)-(4)1984 Sch. 13 §7.
(5)-(8)1984 Sch. 13 §8.
(9)1984 Sch. 13 §9.
(10), (11)1984 Sch. 13 §10; 1985 s. 67(2)(c); 1989 s. 139; 1990 s. 70(6).
(12)-(14)1984 Sch. 13 §11.
(15)1984 Sch. 13 §12; 1990 s. 85.
117(1)1984 s. 64(2)(b), (c), (2A); 1991 s. 98.
(2)1984 s. 64(3).
(3)1984 s. 64(3A)-(3D); 1989 s. 139; 1990 Sch. 10 §28.
(4)-(6)1984 s. 64(3E)-(3G); 1991 Sch. 10 §1.
(7), (8)1984 s. 64(4), (5); 1989 Sch. 14 §6(4).
(9)1984 s. 64(5A)-(5D); 1989 s. 139; 1990 Sch. 10 §28.
(10)1984 s. 64(6); 1989 s. 139.
(11)(a)1984 s. 64(8).
(11)(b), (12)1984 s. 64(9)-(11); 1991 Sch. 10 §1.
(13)1991 Sch. 10 §1(5).
1181979 s. 132A; ICTA Sch. 29 §23; 1989 s. 96(3).
1191979 s. 33A; ICTA Sch. 29 §20.
120(1)1988 s. 84.
(2)-(7)1979 s. 32A; ICTA Sch. 29 §18.
1211979 s. 71.
1221979 s. 72
1231979 s. 73.
1241979 s. 74.
1251979 s. 75; 1988 Sch. 8 §7.
1261979 s. 77; 1982 Sch. 13 §5(3).
1271979 s. 78.
128(1)1979 s. 79(1).
(2)1979 s. 79(1), first and second provisos; 1981 s. 91.
(3), (4)1979 s. 79(2), (3).
1291979 s. 80.
1301979 s. 81.
1311982 Sch. 13 §5(1), (2).
1321979 s. 82; 1982 Sch. 13 §5(3).
1331979 s. 83.
134(1)1979 s. 84(1).
(2)1979 s. 84(2), (3).
(3)1979 s. 84(4); 1985 s. 67(2).
(4)-(6)1979 s. 84(5)-(7).
1351979 s. 85; 1982 Sch. 13 §5(3).
1361979 s. 86.
1371979 s. 87; 1987(2) Sch. 6 §5.
1381979 s. 88.
139(1), (2)1970 s. 267(1), (2); 238(4).
(3)1970 s. 267(2A); 1990 s. 65(1).
(4)1970 s. 267(3); 1980 s. 81(2).
(5)-(7)1970 s. 267(3A)-(3C); 1977 s. 41.
(8)1987(2) Sch. 6 §2.
(9)1970 s. 267(4).
1401970 s. 268A; 1977 s. 42.
1411979 s. 89; 1981 s. 91(2).
1421979 s. 90; 1981 s. 90(3).
143(1), (2)1985 s. 72(1), (2); 1987(2) s. 81(1), (2).
(3), (4)1985 s. 72(2A), (2B); 1987(2) s. 81(3).
(5), (6)1985 s. 72(3), (4).
144(1)-(4)1979 s. 137(1)-(4); 1987(2) s. 81.
(5)-(9)1979 s. 137(6)-(10); 1987(2) s. 81.
1451982 Sch. 13 §7.
1461979 s. 138; 1980 s. 84(5), (6); 1987(2) s. 81.
1471979 s. 139.
1481991 s. 102.
1491991 Sch. 10 §4.
1501979 s. 149C; 1985 Sch. 19 §16(3); ICTA Sch. 29 §26; 1990 Sch. 14 §17; 1991 s. 99(2).
151(1), (2)1979 s. 149D(1), (2); ICTA Sch. 29 §26.
(3)1979 s. 149D(2A); 1988 s. 116.
152(1), (2)1979 s. 115(1), (2).
(3), (4)1979 s. 115(3).
(5)-(8)1979 s. 115(4)-(7).
(9)1979 s. 115(7A); 1988 Sch. 8 §9.
(10), (11)1979 s. 115(8), (9).
1531979 s. 116.
154(1), (2)1979 s. 117(1), (2); 1990 s. 40(2).
(3), (4)1979 s. 117(2A), (3); 1990 s. 40(3), (4).
(5)-(7)1979 s. 117(4)-(6).
1551979 s. 118; 1988 s. 112.
1561979 s. 119.
1571979 s. 120; 1985 s. 70(9).
1581979 s. 121.
1591989 s. 129.
1601989 s. 133.
1611979 s. 122.
1621979 s. 123.
1631985 s. 69; 1991 s.100.
1641985 s. 70(1)-(8); 1991 s. 100.
165(1), (2)1979 s. 126(1), (1A); 1989 Sch. 14 §1.
(3)1979 s. 126(2); 1985 s. 70(9); 1989 Sch. 14 §1(3).
(4)-(6)1979 s. 126(3)-(5).
(7)-(9)1979 s. 126(6)-(8); 1981 s. 90(3)(a); 1985 s. 70(9).
(10), (11)1979 s. 126(9), (10); 1989 Sch. 14 §1.
1661979 s. 126A; 1989 Sch. 14 §2.
1671979 s. 126B; 1989 Sch. 14 §2.
1681981 s. 79; 1989 Sch. 14 §6; 1991 s. 92(2).
1691986 s. 58; 1989 Sch. 14 §6.
170(1)1970 s. 238(4); 1988 Sch. 14 Part V Note 3
(2)1970 s. 272(1); 1989 s. 138(1); 1990 s. 70(2).
(3)-(8)1970 s. 272(1A)-(1F); 1989 s. 138(2); 1990 s. 86.
(9)1970 s. 272(2); 1987(2) s. 79; CCCPA Sch. 2.
(10), (11)1970 s. 272(3), (4); 1989 s. 138(3), (4).
(12), (13)1970 s. 272(5).
(14)1970 s. 272(6); LRTA 1984 Sch. 6 §7.
171(1)1970 s. 273(1).
(2)1970 s. 273(2); 1980 s. 81(4); 1987(2) s. 64(3); 1990 s. 65(2).
(3)1970 s. 273(2A); 1988 s. 115.
(4)1970 s. 273(3).
1721970 s. 273A; 1990 s. 70.
1731970 s. 274.
174(1)-(3)1970 s. 275(1), (1A), (1B); 1990 s. 70(3).
(4)1970 s. 275(2).
(5)1970 s. 275(3); 1980 s. 81(5).
175(1)1970 s. 276(1); 1987(2) s. 64(4).
(2)1970 s. 276(1A); 1987(2) s. 64(4); 1990 s. 65(3).
(3)1970 s. 276(2).
(4)1990 s. 65(6).
1761970 s. 280; CCCPA Sch. 2; 1988 Sch. 8 §6.
1771970 s. 281; 1990 s. 70(4).
178(1)-(3)1970 s. 278(1)-(3).
(4)-(6)1970 s. 278(3B)-(3D); 1989 s. 138(5).
(7)1970 s. 278(3F); 1989 s. 138(5).
(8)-(10)1970 s. 278(4)-(6).
179(1)-(3)1970 s. 278(1)-(3); 1987(2) Sch. 6 §4(2).
(4)1970 s. 278(3A); 1987(2) Sch. 6 §4(2).
(5)-(9)1970 s. 278(3B)-(3F); 1989 s. 138(5).
(10)1970 s. 278(4).
(11)1970 s. 278(5); 1987(2) Sch. 6 §4(3).
(12)1970 s. 278(5A); 1987(2) Sch. 6 §4(4).
(13)1970 s. 278(6).
180(1), (2)1970 s. 278(8); 1987(2) s. 95(2); 1989 s. 138(7).
(3)-(7)1989 s. 138(8)-(12).
1811970 s. 278A; 1970(F) s. 27.
1821988 Sch. 11 §1, 2.
1831988 Sch. 11 §3.
1841988 Sch. 11 §4, 5, 6; 1990 s. 70(8).
1851988 s. 105(1)-(5).
1861988 s. 106.
1871988 s. 107.
1881989 s. 132.
189ICTA s. 346.
190ICTA s. 347.
1911989 s. 134.
1921980 s. 117, Sch. 18 §9, 10, 15, 23.
1931987(2) s. 80.
1941988 s. 62.
1951988 s. 63.
1961988 s. 64.
1971984 s. 79.
1981984 s. 80.
1991989 s. 131.
2001990 s. 64.
201(1), (2)ICTAs. 122(1).
(3)ICTAs. 122(3).
(4)ICTAs. 122(8).
202(1), (2)1970(F) s. 29(5), Sch. 6 §3.
(3), (4)1970(F) Sch. 6 §4.
(5), (6)1970(F) Sch. 6 §5.
(7), (8)1970(F) Sch. 6 §6.
(9)-(11)1970(F) Sch. 6 §7.
2031970(F) s. 29(6), (7), (9), Sch. 6 §8, 9.
2041979 s. 140, 149A(2).
2051979 s. 141.
2061979 s. 142; 1988 s. 101.
207(1)-(3)1979 s. 142A(1)-(3); ICTA Sch. 29 §24.
(4), (5)1979 s. 142A(4A), (4B); 1989 s. 91; S.I. 1989/1299.
(6)1979 s. 142A(4).
2081985 Sch. 19 §22, 23.
2091979 s. 142A(5-7); 1989 s. 92.
2101979 s. 143.
2111970 s. 267A; 1990 Sch. 9 §1.
2121990 s. 46; 1991 Sch. 7 §14.
2131990 s. 47.
2141990 Sch. 8; 1991 Sch. 7 §15.
2151979 s. 149A(1); ICTA Sch. 29 §26.
2161988 Sch. 12 §1, 4.
2171988 Sch. 12 §5.
2181970 s. 342; HCPA Sch. 2 §18; 1991 s. 95, 96.
2191970 s. 342A; HA 1974 s. 11; HCPA Sch. 2 §18; 1991 s. 95, 96.
2201970 s. 342B; 1984 s. 56(3).
2211979 s. 123A; ICTA Sch. 29 §22.
2221979 s. 101; ICTA Sch. 29 §21; 1991 s. 93.
223(1)-(3)1979 s. 102(1)-(3); 1991 s. 94.
(4)1980 s. 80(1); 1991 s. 94.
(5), (6)1979 s. 102(5), (6); 1991 s. 94.
(7)1979 s. 102(3), (4); 1988 Sch. 8 §8.
2241979 s. 103.
2251979 s. 104.
226(1), (2)1979 s. 105(1), (2); 1988 s. 111(1), (2).
(3)1988 s. 111(3).
(4)-(7)1979 s. 105(3)-(6).
2271990 s. 31.
2281990 s. 32.
2291990 s. 33.
2301990 s. 34.
2311990 s. 35.
2321990 s. 36.
2331990 s. 37.
2341990 s. 38.
2351990 s. 39.
2361990 s. 40(5)-(8).
2371979 s. 144.
2381979 s. 144A; ICTA Sch. 29 §25.
2391979 s. 149; 1981 s. 90(3); ITA Sch. 8 §11; CCCPA Sch. 2.
2401979 s. 106, 129.
241(1)1984 s. 50(1).
(2)1984 s. 50(2)-(9).
(3)1984 Sch. 11 §1; 1985 s. 70(10).
(4)-(8)1984 Sch. 11 §4-7.
2421979 s. 107; 1984 s. 63; 1986 s. 60.
2431979 s. 108.
2441979 s. 109.
2451979 s. 110.
2461979 s. 111.
2471979 s. 111A; 1982 s. 83.
2481979 s. 111B; 1982 s. 83.
2491979 s. 112.
2501979 s. 113; 1988 Sch. 6 §6(5).
2511979 s. 134.
2521979 s. 135.
253(1)-(5)1979 s. 136(1)-(5).
(6)-(8)1979 s. 136(5A)-(5C); 1990 s. 83.
(9)1979 s. 136(6); 1990 s. 83.
(10)-(12)1979 s. 136(7)-(9).
(13)1979 s. 136(9A); 1990 s. 83.
(14), (15)1979 s. 136(10), (11); 1989 Sch. 12 §6.
2541979 s. 136A; 1990 s. 84.
2551979 s. 136B; 1990 s. 84.
2561979 s. 145.
2571979 s. 146; 1981 s. 90; ITA Sch. 8 §9.
2581979 s. 147; ITA Sch. 8 §10; 1985 s. 95(1)(b).
2591979 s. 146A; 1989 s. 125.
2601979 s. 147A; 1989 Sch. 14 §4.
2611979 s. 147B; 1989 Sch. 14 §4.
2621979 s. 128; 1989 s. 123.
2631979 s. 130.
2641983(2) s. 7; PCA Sch. 3 §6.
2651984 s. 126; 1985 s. 96.
2661976 s. 131.
2671991 s. 78(1)-(3), (8).
2681979 s. 131.
2691979 s. 133.
2701981 s. 135.
2711979 s. 149B; ICTA Sch. 29 §26; 1988 Sch. 12 §7(b), Sch. 13 §17; 1990 s. 28(3), 81, Sch. 18 §3; 1991 s. 57(4).
2721979 s. 150(1)-(4), (6).
2731979 s. 152.
2741979 s. 153.
2751979 s. 18(4); 1984 s. 69; CDPA 1988 Sch. 7 §26.
276(1)1973 s. 38(1); ICTA s. 830(1).
(2), (3)1973 s. 38(2), (3).
(4)-(6)1973 s. 38(3A)-(3C); 1984 s. 81(2); 1989 s. 130(1).
(7)1973 s. 38(4); ICTA Sch. 29 §12.
(8)1973 s. 38(5); 1984 s. 81.
2771979 s. 10.
2781979 s. 11.
279(1)-(6)1979 s. 13; 1991 s. 97.
(7)1988 s. 104.
(8)1991 s. 97.
2801979 s. 40(1).
2811979 s. 7A; 1989 Sch. 14 §5.
2821979 s. 59.
283(1)1975(2) s. 47(1); 1989 s. 179(1).
(2)1975(2) s. 47(4).
(3)1975(2) s. 47(8).
(4), (5)1975(2) s. 47(11),(12).
2841979 s. 154.
2851987(2) s. 73; ICTA s. 841(3).
2861979 s. 63 ICTA Sch. 29 §15.
2871979 s. 5(1C), 92(3), 102(5), (7), 137(10), 142A(5), 149D(3), Sch. 2 §1; 1984 s. 64(3F), (12), 126(1), (4); 1985 s. 96(1), Sch. 19 §21(4); 1987(2) s. 73, 81, 95(2), Sch. 6 §2, 4, 5; ICTA s. 828, Sch. 29 §24, 26; 1989 s. 92(6); 1990 s. 46(9); 1991 s. 94, Sch. 10 §1, Sch. 17 §4(8).
2881979 s. 155; 1979 s. 64; 1984 s. 64; 1985 s. 72(6); ICTA Sch. 29 §27; 1988 Sch. 13 §18; 1989 Sch. 14 §6; 1990 s. 127(2).
289
290
291
Sch. 1 §1(1)1979 Sch. 1 §5(1); 1980 s. 77(4)(c); 1981 s. 89(2); DLA 1991.
(2)1979 Sch. 1 §5(1A); 1981 s. 89(3).
(3)1979 Sch. 1 §5(1B); 1981 s. 89(3); 1982 s. 80(3).
(4)1979 Sch. 1 §5(1C); 1981 s. 89(3).
(5)1979 Sch. 1 §5(1D); 1981 s. 89(3); 1982 s. 80(3).
(6)1979 Sch. 1 §5(2); Mental Health Act 1983 Sch. 4 §49; 1981 s. 89(4); DLA 1991; SSCP.
(7)1979 Sch. 1 §5(3); 1981 s. 89(5).
2(1)1979 Sch. 1 §6(1); 1980 s. 78(2).
(2)1979 Sch. 1 §6(2); 1980 s. 78(3); 1982 s. 80(3)(b), (d).
(3)1979 Sch. 1 §6(3); 1980 s. 78(3); 1982 s. 80(3)(e).
(4)1979 Sch. 1 §6(4); 1980 s. 78(3); 1982 s. 80(3)(c), (d).
(5)1979 Sch. 1 §6(5); 1980 s. 78(3).
(6)1979 Sch. 1 §6(6); 1980 s. 78(3); 1982 s. 80(3)(d).
(7)-(9)1979 Sch. 1 §6(7)-(9); 1980 s. 78(3).
Sch. 2 §1-31979 Sch. 5 §1-3; 1982 Sch. 13 §11.
4(1)
(2)1979 Sch. 5 §4(1).
(3)-(7)1979 s. 65.
(8)-(13).1979 Sch. 5 §4(2)-(7).
5-81979 Sch. 5 §5-8.
9-151979 Sch. 5 §9, 10.
161979 Sch. 5 §11.
171979 Sch. 5 §12.
181979 Sch. 5 §13; 1982 Sch. 13 §11.
19-231979 Sch. 5 §14-18.
Sch. 3 §11988 Sch. 8§1; 1989 Sch. 15§4(2); 1990 s. 70(7)(b),Sch. 12§2(2); 1991 s. 78(7).
21988 Sch. 8§2.
31988 Sch. 8§3.
41988 Sch. 8§4; 1989 Sch. 15§3.
51988 Sch. 8§5.
61988 Sch. 8§10.
71988 Sch. 8§12; 1990 s. 63.
81988 Sch. 8§13; 1989 Sch. 15§5.
91988 Sch. 8§14.
Sch. 4 §11988 Sch. 9§1; 1991 s. 101(2).
21988 Sch. 9§2; 1991 s. 101(3), (4).
31988 Sch. 9§2A; 1991 s. 101(5).
4(1)-(4)1988 Sch. 9§3; 1989 Sch. 15§2; 1991 s. 101(6)-(8)
(5)1989 Sch. 15§1.
5-81988 Sch. 9§4-7.
91988 Sch. 9§8; 1991 s. 101(9).
Sch. 51991 Sch. 16§3-16.
Sch. 6 §1-121985 Sch. 20§1-12; 1991 s. 100.
131985 Sch. 20§13; 1988 s. 110; 1991 s. 100.
141985 Sch. 20§14.
151985 Sch. 20§15; 1988 s. 110.
161985 Sch. 20§16; 1988 s. 110.
Sch. 7 §11979 Sch. 4§1; ITA 1984 Sch. 8§12; 1989 Sch. 14§3(2).
21979 Sch. 4§2; 1989 Sch. 14§3(3).
31979 Sch. 4§3; ITA 1984 Sch. 8§12; 1989 Sch. 14§3(4).
41979 Sch. 4§4; 1989 Sch. 14§3(5).
5, 61979 Sch. 4§5, 6; 1989 Sch. 14§3(6).
71979 Sch. 4§7; 1989 Sch. 14§3(7).
81979 Sch. 4§8; 1985 s. 70(9).
Sch. 81979 Sch. 3.
Sch. 9 §1-31979 Sch. 2§1-3.
Part II1979 Sch. 2 Part II together with the securities specified in the Capital Gains Tax (Gilt-edged Securities) Orders 1979-1991 made under paragraph 1 of Schedule 2 to the 1979 Act; Gas Act 1986 (c. 44) s. 50(3).

Footnotes

  1. I1
    Act partly in force at Royal Assent and otherwise in force or coming into force as mentioned in s.289.
  2. C1
    Act applied (with modifications) by S.I. 1992/415, reg. 3 (with regs. 4-7)
    Power to extend conferred (27.7.1993 with application as mentioned in s. 165(1) of the amending Act) by 1993 c. 34, s. 134, Sch. 15 para. 4(10)
    Power to extend conferred (27.7.1993 with application as mentioned in s. 165(1) of the amending Act) by 1993 c. 34, s. 165, Sch. 16 para. 3(3)(b)
    Act modified (27.7.1993 with application as mentioned in s. 165(1) of the amending Act) by 1993 c. 34, s. 169, Sch. 17 paras. 2(1), 4(1)
  3. C2
    S. 22 excluded (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para.17
  4. C3
    S. 37 extended (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment as mentioned in s. 184(3)) by 1993 c. 34, ss. 176(2)(b), 184(3)
  5. C4
    S. 37(1) restricted (16.7.1992, with effect as mentioned in s. 65(6) of the amending Act) by 1992 c. 48, s. 65(2)(e)(5)
  6. C5
    S. 39 extended (27.7.1993 with effect for the years 1992-93 and subsequent years of assessment as mentioned in s. 184(3)) by 1993 c. 34, s. 176(2)(b), 184(3)
  7. M1
    1981 c. 35.
  8. M2
    1983 c. 28.
  9. C6
    S. 41 modified (16.7.1992)) by 1992 c. 48, s. 77, Sch. 17 paras. 6(2)(5),7
  10. C7
    S. 60(1) applied (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 21(2)(d)
  11. M3
    1982 c. 53.
  12. M4
    1925 c. 18.
  13. C8
    S. 71 excluded (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 21(2)(d)
  14. C9
    S. 76(1) excluded (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 21(2)(e)
  15. C10
    S. 99 extended (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 22(2)
  16. M5
    1982 c. 53.
  17. M6
    1985 c. 54.
  18. M7
    1985 c. 54.
  19. M8
    S.I.1986/387.
  20. M9
    1985 c. 54.
  21. M10
    1978 c. 30.
  22. M11
    1983 c. 28.
  23. M12
    1984 c. 43.
  24. F1
    Words in s. 116(11) inserted (retrosp.) by 1992 c. 48, s. 46(1)(3)
  25. F2
    S. 117(6A) inserted (27.7.1993 with effect as mentioned in s. 84(3)) by 1993 c. 34, s. 84(1)(3)
  26. M13
    1984 c. 43.
  27. M14
    1968 c. 13.
  28. M15
    1939 c. 117.
  29. M16
    1968 c. 13.
  30. M17
    1958 (7 Eliz. 2) c.6.
  31. M18
    1920 c.18.
  32. M19
    1972 c. 65.
  33. C11
    S. 122 modified (27.7.1992) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 16(2)(b)
  34. I2
    S. 137(5):30.9.1993 appointed for the purposes of s. 137(5) by S.I. 1992/3066, art. 2(2)(d) in force at 30.9.1993 by S.I. 1992/3066, art. 2(2)(d)
  35. C12
    S. 139 excluded (27.7.1993 with application as mentioned in s. 165(1)) by 1993 c. 34, s. 169, Sch. 17 para. 7(2)(b)
  36. I3
    S. 139(8): 30.9.1993 appointed for the purposes of s. 139(8) by S.I. 1992/3066, art. 2(2)(d)
  37. M20
    1970 c. 10.
  38. F3
    S. 140(6A) inserted (retrosp.) by 1992 c. 48, s. 46(1)(4)
  39. M21
    1970 c. 10.
  40. M22
    1970 c. 10.
  41. F4
    Cross heading inserted (retrosp.) by 1992 c. 48, s.44
  42. F5
    S. 140A inserted (retrosp.) by 1992 c. 48, s.44
  43. F6
    S. 140B inserted (retrosp.) by 1992 c. 48, s.44
  44. F7
    S. 140C inserted (retrosp.) by 1992 c. 48, s. 45
  45. F8
    S. 140D inserted (retrosp.) by 1992 c. 48, s. 45
  46. C13
    S. 144 extended (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 26(2)
  47. M23
    1991 c. 31.
  48. F9
    S. 149A inserted (27.7.1993) by 1993 c. 34, s.104
  49. M24
    1983 c. 28.
  50. M25
    1981 c. 35.
  51. M26
    1981 c. 35.
  52. F10
    S. 151(4) inserted (27.7.1993) by 1993 c. 34, s.85
  53. C14
    Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras.3, 7
    Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)
  54. C15
    Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras.3, 7
    Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)
  55. C16
    Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras.3, 7
    Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)
  56. C17
    Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras. 3, 7
    Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)
  57. M27
    1968 c.59.
  58. F11
    Words in s. 155 inserted (27.7.1993 with effect as mentioned in s. 86(4)) by 1993 c. 34, s. 86(1)(4)
  59. C18
    Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras.3, 7
    Ss. 152-156 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 6(2)
  60. F12
    Words in s. 157 substituted (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 7 Pt. I para. 1(1)
  61. F13
    Words in s. 165 substituted (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 7 Pt. I para. 1(1)
  62. M28
    1962 c. 46.
  63. M29
    1968 c. 73.
  64. M30
    1968 c. 73.
  65. C19
    S. 171 excluded (27.7.1993 with application as mentioned in s. 165(1)) by 1993 c. 34, s. 169, Sch. 17 para. 7(2)(b)
  66. C20
    S. 176 modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 18(2)
  67. C21
    S. 177: modified (27.7.1993 with application as mentioned in s. 165(1)) by 1993 c. 34, s. 169, Sch. 17 paras. 5(1); modified (27.7.1993 with application as mentioned in s. 165(1)) by 1993 c. 34, s. 169, Sch. 17 paras. 5(3); modified (27.7.1993 with application as mentioned in s. 165(1)) by 1993, s. 169, Sch. 17 paras. 6(2); modified (27.7.1993 with applicaton as mentioned in s. 165(1)) by 1993 c. 34, Sch. 17 paras. 6(3)
  68. F14
    Words in s. 177(2) inserted (retrosp.) by 1992 c. 48, s. 46(1)(6)
  69. F15
    S. 177A inserted (27.7.1993 with application as mentioned in s. 88(3)) by 1993 c. 34, s. 88(1)
  70. I4
    s. 179: 30.9.1993 appointed for the purposes of s. 179 by S.I. 1992/3066, art. 2(2)(d)
  71. C22
    S. 179 excluded (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 4(1)
    S. 179: modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 4(2); modified (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 51(2)
  72. F16
    Words in s. 179(4) substituted (27.7.1993 with effect as mentioned in s. 89(2)) by 1993 c. 34, s. 89(1)(2)
  73. I5
    S. 189: 30.9.1993 appointed for the purposes of s. 189 by S.I. 1992/3066, art. 2(2)(d)
  74. M31
    1983 c. 28.
  75. M32
    1975 c. 22.
  76. M33
    1980 c. 48.
  77. M34
    1975 c. 22.
  78. F17
    S. 206 repealed (27.7.1993, the repeal of subsections (2)-(5) having effect for the year 1994-95 and subsequent years of assessment, the repeal of subsection (1) having effect for the year 1992-93 and subsequent years of assessment, as mentioned in Notes 4, 5) by 1993 c. 34, s. 213, Sch. 23 Pt. III Table(12) Notes 4, 5; S. 206 further amended (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment) by 1993 c. 34, ss. 183(7), 184(3)
  79. F18
    S. 207 repealed (27.7.1993 with effect for the year 1994 and subsequent underwriting years as mentioned in Note 2) by 1993 c. 34, s. 213, Sch. 23 Pt. III Table(12) Note 2
  80. F19
    S. 208 repealed (27.7.1993 with effect for the year 1994 and subsequent underwriting years as mentioned in Sch. 23, Pt. III Table (12) Note 2) by 1993 c. 34, s. 213, Sch. 23 Pt. III Table(12) Note 2
  81. F20
    S. 209 repealed (27.7.1993, the repeal of subsections (1)(2)(6) having effect for the year 1994-95 and subsequent years of assessment, the repeal of subsections (3)-(5) having effect for the year 1992-3 and subsequent years of assessment, as mentioned in Notes 4, 5) by 1993 c. 34, s. 213, Sch. 23 Pt. III Table(12) Notes 4, 5; s. 209 further amended (27.7.1993 with effect for the year 1992-93 and subsequent years of assessment as mentioned in s. 184(3)) by 1993 c. 34, ss. 183(8)(a)(b), 184(3)
  82. C23
    S. 212 modified (31.7.1992) by S.I. 1992/1655, arts. 1, 21
    S. 212 amended (27.7.1993) by 1993 c. 34, s. 91(1)
    S. 212 excluded (27.7.1993) by 1993 c. 34, s. 91(1)
  83. F21
    S. 212(3)(4)(6) repealed (27.7.1993 with effect in relation to accounting periods beginning on or after 1.1.1993) by 1993 c. 34, ss. 91(2)(b), 213, Sch. 23 Pt. III Table(8) Note
  84. F22
    S. 212(8) repealed (27.7.1993 with effect as mentioned in s. 91(1)) by 1993 c. 34, ss. 91(1), 213, Sch. 23 Pt. III Table(8) Note
  85. F23
    S. 213(1A) inserted (27.7.1993) by 1993 c. 37, s. 91(4)
  86. F24
    S. 213(9) repealed (27.7.1993 with effect in relation to accounting periods beginning on or after 1.1.1993) by 1993 c. 34, s. 213, Sch. 23 Pt. III Table(8) Note
  87. M35
    1986 c. 53.
  88. F25
    Cross heading inserted (19.2.1993) by 1992 c. 48, s. 56, Sch. 9 para. 21(3); S.I. 1993/236, art. 2
  89. F26
    S. 217A inserted (19.2.1993) by 1992 c. 48, s. 56, Sch. 9 para. 21(3); S.I. 1993/236, art.2
  90. F27
    S. 217B inserted (19.2.1993) by 1992 c. 48, s. 56, Sch. 9 para. 21(3); S.I. 1993/236, art.2
  91. F28
    S. 217C inserted (19.2.1993) by 1992 c. 48, s. 56, Sch. 9 para. 21(3); S.I. 1993/236, art.2
  92. M36
    1964 c. 56.
  93. M37
    1985 c. 69.
  94. M38
    1985 c. 69.
  95. M39
    S.I. 1981/156 (N.I.3).
  96. M40
    1989 c. 26.
  97. M41
    1989 c. 26.
  98. M42
    1989 c. 26.
  99. M43
    1990 c. 29.
  100. M44
    1989 c. 26.
  101. M45
    1984 c. 51.
  102. M46
    1984 c. 51.
  103. F29
    S. 251(6) inserted (27.7.1993 with effect as mentioned in s. 84(3)) by 1993 c. 34, s. 84(2)(3)
  104. M47
    1984 c. 51.
  105. M48
    1984 c. 51.
  106. M49
    1986 c. 56.
  107. M50
    1984 c. 51.
  108. M51
    1991 c. 31.
  109. M52
    1959 c. 49.
  110. M53
    1927 c. 41.
  111. F30
    Words in s. 271(6)(a) substituted (1.9.1992) by 1992 c. 44, s. 11(2), Sch. 8 Pt. I para. 1(1)(2)(9); S.I. 1992/1874, art.2
  112. M54
    1947 c. 30.
  113. C24
    S. 272(2)-(4) applied (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 24(5)
  114. C25
    S. 273(3) applied (27.7.1993) by 1993 c. 37, s. 12, Sch. 2 Pt. I para. 24(6)
  115. C26
    S. 275 applied (with effect in relation to accounting periods beginning after 31.12.1992 as mentioned in Sch. 19AC) by 1988 c. 1, Sch. 19AC (as inserted by 1993 c. 34, s. 97, Sch. 9 para.1)
  116. M55
    1964 c. 29.
  117. M56
    1975 c. 22.
  118. M57
    1972 c. 40.
  119. M58
    1978 c. 18.
  120. M59
    1989 c. 26.
  121. M60
    1979 c. 14.
  122. M61
    1986 c. 53.
  123. M62
    1970 c. 9.
  124. M63
    1988 c. 1.
  125. M64
    1978 c. 30.
  126. M65
    1965 c. 25.
  127. M66
    1982 c. 39.
  128. M67
    1990 c. 8.
  129. M68
    1972 c. 52.
  130. M69
    1964 c. 28 (N.l.).
  131. M70
    1964 c. 29.
  132. M71
    1975 c. 22.
  133. M72
    1975 c. 22.
  134. M73
    1984 c. 51.
  135. M74
    1984 c. 51.
  136. M75
    1984 c. 51.
  137. F31
    Words in Sch. 7 para. 7(1) substituted (27.7.1993 with effect in relation to any disposal made on or after 16.3.1993 as mentioned in s. 87(2)) by 1993 c. 34, s. 87, Sch. 7 Pt. I para. 1(1)
  138. M76
    1978 c. 30.
  139. M77
    S.I. 1979/1573 (N.I. 13).
  140. F32
    Sch. 7A inserted (27.7.1993 with effect as mentioned in s. 88(3) of the amending Act) by 1993 c. 34, c. 88(2), Sch. 8
  141. F33
    S. 188 repealed (retrospective to 30.11.1993) by Finance Act 1994 (c. 9), s. 251(1)(a)(10), Sch. 26 Pt. 8(1)
  142. C27
    S. 30 excluded (retrospective to 5.11.2993) by Finance Act 1994 (c. 9), s. 252(2), Sch. 24 para. 4(1)
  143. F34
    S. 175(2A)-(2C) inserted (retrospectively as respects s. 175(2A), with application in accordance with s. 48(5) of the amending Act as respects s. 175(2B)(2C)) by Finance Act 1995 (c. 4), s. 48(1)(3) (with s. 48(4)(5))
  144. C28
    S. 117 applied by 1993 c. 34, s. 153(11A) (as inserted (retrospective to 27.7.1993) by Finance Act 1995 (c. 4), Sch. 24 paras. 1, 4(4))
    S. 117 modified by 1993 c. 34, Sch. 17 para. 5 (as substituted (retrospective to 27.7.1993) by Finance Act 1995 (c. 4), Sch. 24 paras. 1, 6)
  145. F35
    S. 196(5)(5A) substituted for s. 196(5) (retrospectively and with effect in accordance with s. 181(4)(5) of the amending Act) by Finance Act 1996 (c. 8), s. 181(3)
  146. M78
    1975 c. 22.
  147. M79
    1964 c. 28 (N.I.).
  148. M80
    1975 c. 22.
  149. F36
    S. 138A inserted (retrospectively) by Finance Act 1997 (c. 16), s. 89(1)(2) (with s. 89(3)-(8))
  150. F37
    Words in Sch. 5 para. 2(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(2)(a)(i) (with Sch. 2)
  151. F38
    Words in Sch. 5B para. 14(7) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 32(3) (with Sch. 3)
  152. F39
    Words in s. 238A(2)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 35(4), 89 (with Sch. 8 paras. 90-96)
  153. F40
    Words in s. 288(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 385(c) (with Sch. 2 Pts. 1, 2)
  154. F41
    Word in s. 53(4) omitted (with effect in accordance with Sch. 2 para. 83 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 79(b)
  155. C29
    S. 139 restricted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1995 (c. 4), s. 131(1)(2)(a)
  156. F42
    Words in s. 230(3)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 119
  157. C30
    S. 30 excluded (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 4 (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  158. F43
    Ss. 284A, 284B inserted (with effect in accordance with s. 76(2) of the amending Act) by Finance Act 1999 (c. 16), s. 76(1)
  159. F44
    Words in Sch. 5B para. 19(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(14)(e) (with Sch. 2)
  160. C31
    S. 236I applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 86(3A)(a) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 15(3)(4))
  161. F45
    S. 35(3)(d)(xvi) inserted (E.W.S.) (8.6.2005 for specified purposes, 24.7.2005 in so far as not already in force) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 33; S.I. 2005/1444, art. 2(1), Sch. 1; S.I. 2005/1909, art. 2, Sch.
  162. F46
    Words in Sch. 7AD para. 10(1) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)
  163. F47
    Sch. 7A para. 1(2) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 3(3)
  164. F48
    Words in s. 176(1) substituted (with effect in accordance with s. 28(2) of the amending Act) by Finance Act 2018 (c. 3), s. 28(1)
  165. F49
    Words in s. 120(4) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(4)(a) (with Sch. 7)
  166. F50
    S. 35(3)(ca) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 2(b)
  167. F51
    Words in Sch. 5B para. 1A(7) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(3)(c) (with Sch. 2)
  168. F52
    S. 159A substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 53
  169. F53
    Sch. 10 para. 16(6) repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)
  170. F54
    Words in s. 219(1)(d) substituted (1.4.2012) by Localism Act 2011 (c. 20), s. 240(2), Sch. 19 para. 32; S.I. 2012/628, art. 6(i) (with arts. 9, 11, 14, 15, 17)
  171. F55
    Words in s. 195(2)(3) substituted (with effect in accordance with s. 68(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 19 para. 12(2)
  172. F56
    Words in s. 204(10)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 79
  173. F57
    S. 116(16) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 60(4) (with Sch. 15)
  174. F58
    Sch. 5 para. 9(7)(da)(db) inserted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 4(1)(a) (with Sch. 22 para. 4(3))
  175. F59
    S. 54(1B) inserted (with effect in accordance with s. 26(6)(7) of the amending Act) by Finance Act 2018 (c. 3), s. 26(3)(b)
  176. C32
    S. 152 modified (24.7.2002) by Finance Act 2002 (c. 23), Sch. 29 para. 132
  177. F60
    S. 139(1B) inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 1
  178. F61
    Word in s. 169K(9) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(12)
  179. C33
    S. 158 applied (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(7) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  180. C34
    S. 117(2AA) modified (27.7.1999) by Finance Act 1999 (c. 16), s. 65(11)
  181. F62
    Words in Sch. 4C para. 9(3)(a)(i) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 107(5)
  182. F63
    Words in Sch. 2 para. 4(8) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(b)
  183. F64
    Words in s. 96(3) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 94(2)
  184. F65
    Words in Sch. 4C para. 5(1) substituted (with effect in accordance with Sch. 12 para. 35(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 35(1)(a)(2)(c), 41
  185. F66
    S. 2A(3)(4) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 39, 42 (with Sch. 4 paras. 43-46)
  186. F67
    S. 179ZA inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 4
  187. F68
    Words in s. 64(1)(b) substituted (with effect in accordance with Sch. 12 para. 12(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 12(1)(b)
  188. C35
    Ss. 135, 136 excluded by Income and Corporation Taxes Act 1988 (c. 1), s. 757 (as amended (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 4(5))
  189. F69
    Ss. 236B-236F omitted (with effect in accordance with s. 13(6)-(8) of the amending Act) by virtue of Finance Act 2017 (c. 10), s. 13(4)
  190. F70
    Words in Sch. 5B para. 16(1)(2) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(i)
  191. F71
    Words in s. 69(2B)(c) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 82(3)
  192. F72
    Words in s. 184G(4) substituted (with effect in accordance with s. 63(3) of the amending Act) by Finance Act 2014 (c. 26), s. 63(1)(b)
  193. F73
    Sch. 5 para. 9(11) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 4(2)
  194. C36
    S. 211(1) modified (with effect in accordance with reg. 1 of the amending S.I.) by The Friendly Societies (Taxation of Transfers of Business) Regulations 1995 (S.I. 1995/171), regs. 1, 4(1)(2)(e)
  195. F74
    Words in s. 47A(7)(a) substituted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(9)(a)
  196. F75
    Words in s. 151E(1) substituted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 98(2)(a)
  197. F76
    Words in Sch. 7D Pt. 3 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 186, 204 (with Sch. 8 paras. 205-215)
  198. F77
    S. 41A inserted (with effect in accordance with Sch. 9 para. 5(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 5(1)
  199. F78
    Word in s. 169K(1)(a) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(2)(a)
  200. F79
    Words in Sch. 5 para. 2A(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(3)(a)(i) (with Sch. 2)
  201. F80
    Words in Sch. 5 para. 2A(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(3)(b)(i) (with Sch. 2)
  202. F81
    S. 16A inserted (with effect in accordance with s. 27(6) of the amending Act) by Finance Act 2007 (c. 11), s. 27(3)
  203. F82
    Word in s. 169(3)(a) substituted (with effect in accordance with Sch. 12 para. 37(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 37(1)(a), 41
  204. F83
    Sch. 2 para. 4(6) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(a)
  205. F84
    Word in s. 169K(3C) substituted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(8)
  206. F85
    Words in Sch. 4A para. 7(5)(c) substituted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 7(2)(b)
  207. F86
    S. 196(5B)-(5F) substituted for s. 196(5B) (with effect in accordance with Sch. 15 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 3(5)
  208. F87
    Words in s. 261ZA heading substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(7)
  209. F88
    S. 167A(4)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(4)(b)
  210. F89
    Words in s. 213(8I) substituted (with effect in accordance with s. 70(5) of the amending Act) by Finance Act 2006 (c. 25), s. 70(5)(b) (with s. 70(10)-(11))
  211. F90
    S. 149B inserted (with effect in accordance with s. 54(6) of the amending Act) by Finance Act 1998 (c. 36), s. 54(5)
  212. F91
    Words in s. 149A(1)(c) inserted (with effect in accordance with Sch. 5 para. 6(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 4(3)
  213. F92
    Word in Sch. 7D para. 1(2)(3) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 42(3), 89 (with Sch. 8 paras. 90-96)
  214. F93
    Words in Sch. 7A para. 6(1)(c) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 91
  215. F94
    Words in s. 150(1) inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 15 para. 29
  216. C37
    Act applied (22.7.2004) by Finance Act 2004 (c. 12), Sch. 23 para. 10(4)
  217. F95
    Words in s. 213(8H) substituted (with effect in accordance with s. 70(5) of the amending Act) by Finance Act 2006 (c. 25), s. 70(5)(a) (with s. 70(10)-(11))
  218. F96
    S. 161(5)(a) substituted (with effect in accordance with s. 82 of the amending Act) by Finance Act 2016 (c. 24), s. 79(10) (with savings in 2017 c. 32, s. 39(1)(2))
  219. F97
    Words in Sch. 5AAA para. 1(7) omitted (10.4.2020) by virtue of The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(g)(ii)
  220. F98
    S. 150C inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(1)
  221. F99
    Word in s. 150A(6)(b) omitted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 6 para. 20(3)(a)
  222. F100
    Words in s. 79B(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 30(4)(a)
  223. F101
    Words in s. 196(1) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 6(3)
  224. C38
    Ss. 104-114 modified (6.4.1999) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), regs. 1, 34(2) (as amended (6.4.2008) by S.I. 2008/704, regs. 1, 15(2), (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 87, 89)
  225. C39
    S. 263A applied (with modifications) (with effect in accordance with reg. 1(2) of the amending S.I.) by The Sale and Repurchase of Securities (Modification of Enactments) Regulations 2007 (S.I. 2007/2486), regs. 1(1), 2(2), 4
  226. F102
    S. 76B inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(1)
  227. F103
    Sch. 5B para. 3(2) repealed (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 30(2), Sch. 27 Pt. III(14)
  228. F104
    Words in s. 150A(6)(c) substituted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 20(3)(b)
  229. F105
    Words in s. 140E(5)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 51(2)
  230. C40
    S. 17 restricted (30.9.2013) by The BRB (Residuary) Limited (Tax Consequences) Order 2013 (S.I. 2013/2242), arts. 1, 3(b)
  231. F106
    Words in s. 288(8) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 7(c) (with reg. 1(2))
  232. F107
    S. 168A substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 57
  233. F108
    Words in s. 210A(11) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 80(4)(b)
  234. C41
    S. 127 modified (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 84(2) (with s. 84(1))
  235. C42
    S. 171 excluded (with effect in accordance with s. 1329(1) of the affecting Act) by Corporation Tax Act 2009 (c. 4), ss. 830(1), 1329(1) (with Sch. 2 Pts. 1, 2)
  236. F109
    Words in s. 169H(7) substituted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 2
  237. F110
    Sch. 7AA repealed (with effect in accordance with s. 70(6)-(8) of the amending Act) by Finance Act 2006 (c. 25), s. 70(4), Sch. 26 Pt. 3(9) (with s. 70(10)-(11))
  238. F111
    Words in s. 87(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 35(4)
  239. C43
    S. 37(1) modified (22.7.2004) by Finance Act 2004 (c. 12), s. 133(5)(a)
  240. F112
    S. 248B(1)(2) substituted (with effect in accordance with art. 2(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2013 (S.I. 2013/234), arts. 1, 2(1)
  241. F113
    S. 151N(2)(j) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(13)(b)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  242. F114
    Words in s. 263B(4) inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 13 para. 2(3)(c) (with Sch. 13 para. 4(1)(2))
  243. F115
    Words in s. 142(3) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 434(3) (with Sch. 2)
  244. F116
    Words in s. 137(6) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(5)(b)
  245. F117
    Words in s. 132(3)(a) inserted (with effect in accordance with s. 88(6) of the amending Act) by Finance Act 1997 (c. 16), s. 88(2)(a)
  246. C44
    Act modified (with effect in accordance with reg. 1(2) of the affecting S.I.) by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), regs. 97-110 (as amended (8.6.2013) by S.I. 2013/1400, reg. 14)
  247. F118
    Words in s. 263B(4)(b) inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 13 para. 2(3)(b)
  248. F119
    Words in s. 151N(2A) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818), regs. 1(3), 4(2)(b); 2020 c. 1, Sch. 5 para. 1(1)
  249. F120
    Words in Sch. 4 para. 9(1)(b) repealed (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 43(a)(ii), Sch. 41 Pt. V(11)
  250. F121
    Sch. 5BB inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 5
  251. F122
    S. 47B omitted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 47
  252. C45
    S. 236K applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 86(3A)(b) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 15(3)(4))
  253. F123
    S. 167A(6)(7) substituted for s. 167A(6) (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(5)
  254. C46
    S. 116 applied (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 80(1)
  255. F124
    Words in s. 116(13) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 51, Sch. 41 Pt. V(10)
  256. F125
    Words in s. 261(2)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 104(3)
  257. F126
    Words in s. 120(5A) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(5)(a) (with Sch. 7)
  258. F127
    S. 53(1B) inserted (with effect in accordance with s. 26(6)(7) of the amending Act) by Finance Act 2018 (c. 3), s. 26(2)
  259. F128
    S. 278 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 46, Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  260. F129
    S. 150G inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 4
  261. F130
    S. 75 repealed (with effect in accordance with Sch. 39 of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. VIII(4)
  262. F131
    S. 101(1B) inserted (with application in accordance with s. 134(5) of the amending Act) by Finance Act 1998 (c. 36), s. 134(3)
  263. F132
    Words in Sch. 7C para. 8(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 93(b)
  264. F133
    Sch. 7C inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 48(2), Sch. 9
  265. F134
    S. 151(2)(aa)-(ac) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 27(2)(b)
  266. F135
    Words in s. 261ZA(5)(b)(i) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(5)(b)
  267. F136
    S. 210B inserted (with effect in accordance with Sch. 33 para. 15(2)(3) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 15(1)
  268. F137
    Words in Sch. 8B para. 2(2)(b) substituted (10.6.2021) by Finance Act 2021 (c. 26), s. 20(b)
  269. F138
    Words in s. 150A(5) substituted (with effect in accordance with Sch. 13 para. 24(8)(a) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(3)
  270. F139
    Word in s. 87B(1)(a) inserted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 18(a) (with Sch. 46 para. 26)
  271. F140
    Sch. 10 para. 14(20) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  272. F141
    Sch. 7AC para. 19(1A) inserted (with effect in accordance with s. 27(6) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 27(5)(b)
  273. C47
    S. 127 excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), regs. 1(1), 66(1)
  274. F142
    Words in s. 117(6C) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 433(3) (with Sch. 2)
  275. F143
    Words in s. 175(1A)(b) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
  276. F144
    S. 217C(2) substituted (with effect in accordance with Sch. 29 para. 32(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 32(1) (with Sch. 29 para. 46(5))
  277. C48
    Act modified (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 41(8)
  278. F145
    S. 179(2)-(2ZB) substituted for s. 179(2) (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(4)
  279. C49
    S. 107 applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 76(4), 1184(1) (with Sch. 2)
  280. F146
    Words in s. 185(4) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
  281. F147
    Words in s. 116(8A) inserted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 2
  282. F148
    Sch. 5B para. 10(4) inserted (with effect in accordance with Sch. 18 para. 15(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 15(1)(b)
  283. F149
    Word in s. 169K(3) substituted (with effect in accordance with s. 41(6) of the amending Act) by Finance Act 2015 (c. 11), s. 41(3)(a)
  284. F150
    Word in Sch. 5B para. 16(7)(c) inserted (with effect in accordance with Sch. 18 para. 19(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 19(1)(b)(iii)
  285. F151
    Sch. 4C para. 7A omitted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 136 (with Sch. 7 para. 155)
  286. C50
    S. 138(2) applied (6.4.2007) by Income Tax Act 2007 (c. 3), ss. 247(2), 1034(1) (with Sch. 2)
  287. F152
    Sch. 8A omitted (with effect in accordance with s. 34(6) of the amending Act) by virtue of Finance Act 2012 (c. 14), s. 35(5)
  288. C51
    Ss. 253, 254 modified (11.1.1994 retrospective) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 9(3)(4)
  289. F153
    Sch. 5 para. 2(4)(c) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(2)(b)
  290. F154
    Words in s. 179(2A) substituted (with effect in accordance with s. 31(5) of the amending Act) by Finance Act 2011 (c. 11), s. 31(2)(a)
  291. F155
    Words in s. 222B(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 73(2)
  292. F156
    Ss. 195A-195E inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 5
  293. F157
    Words in s. 253(3) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 65 (with Sch. 15)
  294. C52
    S. 213(1A) modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 38
  295. C53
    Act modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 98, Sch. 10 para. 5(4)
  296. F158
    Ss. 151E-151G inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 370 (with Sch. 2 Pts. 1, 2)
  297. F159
    Sch. 10 para. 14(63) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2
  298. F160
    Sch. 4B inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(2), Sch. 25
  299. F161
    Words in s. 125A(1) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 233(b) (with Sch. 2)
  300. F162
    Sch. 4C para. 1(2)-(3A) substituted for Sch. 4C para. 1(2)(3) (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 132 (with Sch. 7 para. 155)
  301. F163
    Words in s. 171(3) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(10)
  302. F164
    S. 104(2)(2A) substituted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 85(2)
  303. F165
    Words in s. 64(1) substituted (with effect in accordance with Sch. 12 para. 12(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 12(1)(a)
  304. C54
    S. 236K applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 13A(2) (as inserted (with effect in accordance with Sch. 37 para. 10(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 10(1))
  305. F166
    Sch. 10 para. 14(42) repealed (with effect in accordance with Sch. 40 Pt. II(10) Note 1 of the amending Act) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(10)
  306. F167
    Words in Sch. 4 para. 2(5) omitted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 74(3)(a)
  307. F168
    Words in s. 225E(6)(b) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 9
  308. F169
    Word in s. 150A(2) repealed (with effect in accordance with Sch. 13 para. 24(8)(a) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(1), Sch. 27 Pt. III(14)
  309. F170
    S. 253(4A) inserted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 40
  310. F171
    Word in s. 88(1)(a) inserted (with effect in accordance with s. 130(3) of the amending Act) by Finance Act 1998 (c. 36), s. 130(2)(a)
  311. F172
    S. 35(6)(a) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 58(7)(a)
  312. F173
    Ss. 151A, 151B inserted (with effect in accordance with s. 72(8) of the amending Act) by Finance Act 1995 (c. 4), s. 72(3)
  313. F174
    Sch. 4C para. 8(6) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(10)
  314. F175
    Words in s. 223(1) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(3)(a)
  315. F176
    S. 179(2C) inserted (with application in accordance with s. 133(3) of the amending Act) by Finance Act 1998 (c. 36), s. 133(2)
  316. F177
    Sum in S. 169N(4) substituted (with effect in accordance with Sch. 3 para. 2 of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 1(a)
  317. F178
    S. 214 repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 5(3)(b), Sch. 27 Pt. 2(10)
  318. C55
    S. 236L applied by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 312E(3) (as inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5)
  319. C56
    S. 30(5) excluded (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 9(3)
  320. C57
    Sch. 7AC para. 19(1) modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 34(2)(c)
  321. C58
    S. 276(7) modified (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(2)(b)
  322. C59
    Ss. 170-181 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 35(a) (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
  323. F179
    Words in s. 24(1) substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 3 (with S.I. 2008/1579, reg. 4(1))
  324. F180
    Sch. 5AAA para. 13(2A) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 10(c)
  325. F181
    Words in s. 288(1) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 87(2)(d)
  326. C60
    S. 135 excluded by Offshore Funds (Tax) Regulation 2009 (S.I. 2009/3001), reg. 36A(2)(c) (as substituted (8.6.2013) by S.I. 2013/1400, regs. 1(1), 15(a) (with reg. 1(2)))
  327. F182
    S. 171A(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 62
  328. F183
    Sch. 5 para. 2A and cross-heading inserted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 2(2)
  329. F184
    Words in s. 73(1) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 61
  330. F185
    Words in s. 87B(1)(b) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(b)
  331. F186
    Sch. 4C para. 13(1)(1A) substituted for Sch. 4C para. 13(1) (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 145(2) (with Sch. 7 para. 155)
  332. F187
    Words in Sch. 5AA para. 5(a)(i) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 14 (with ss. 2(2), 5(2))
  333. F188
    Words in s. 116(8A) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 366(2)(a) (with Sch. 2 Pts. 1, 2)
  334. F189
    S. 142 substituted for ss. 141, 142 (with application in accordance with s. 126(2) of the amending Act) by Finance Act 1998 (c. 36), s. 126(1)
  335. C61
    S. 173 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 118(6)(c) (with s. 147, Sch. 17)
  336. F190
    Sch. 10 para. 14(29) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  337. F191
    Words in s. 133(4)(a) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 53(3)
  338. F192
    Ss. 103D, 103DA substituted for s. 103D (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 6
  339. C62
    S. 104(1) restricted (31.7.1998) by Finance Act 1998 (c. 36), s. 124(8)(c)
  340. F193
    Words in Sch. 5B para. 1(2)(a) repealed (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 13(1)(a), Sch. 42 Pt. 2(13)
  341. F194
    S. 222(8D)(c) and word inserted (22.7.2020) by Finance Act 2020 (c. 14), s. 24(2)(d)
  342. F195
    Words in s. 63(1) repealed (with effect in accordance with Sch. 12 para. 11(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 11(1)(a), Sch. 26 Pt. 3(15)
  343. F196
    Ss. 261B-261E and cross-heading inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 329 (with Sch. 2)
  344. F197
    Words in s. 228(5)(b) substituted (with effect in accordance with Sch. 12 para. 22(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 22(1)
  345. F198
    Words in s. 283(4) repealed (with effect in accordance with Sch. 12 para. 24(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 24(1)(b), Sch. 26 Pt. 3(15)
  346. F199
    Word in s. 119B(2) inserted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 24(5)(a), 47
  347. F200
    Words in s. 35(10) inserted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(10)
  348. F201
    Words in Sch. 5 para. 2(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(2)(a)(ii) (with Sch. 2)
  349. F202
    Words in s. 261E(2)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 79(b)
  350. F203
    Words in s. 140DA(1)(c) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(4)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  351. C63
    Act modified (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), s. 240(5)(o), Sch. 24 para. 6(1); S.I. 2012/628, art. 3(b)
  352. F204
    S. 106A(5A) inserted (with effect in accordance with s. 74(5) of the amending Act) by Finance Act 2006 (c. 25), s. 74(2)
  353. F205
    S. 53(2)(a) substituted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(2)(b) (with Sch. 12)
  354. F206
    Words in s. 63(2) repealed (with effect in accordance with Sch. 12 para. 11(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 11(1)(b)(iii), Sch. 26 Pt. 3(15)
  355. F207
    Words in Sch. 7A para. 7(6)(b) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 6(8)
  356. F208
    S. 210A(9) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 12(7), 42 (with Sch. 4 paras. 43-46)
  357. F209
    S. 119A(5) substituted (1.9.2004) by Finance Act 2004 (c. 12), s. 85(2), Sch. 16 para. 6(2) (with Sch. 16 para. 6(4)); S.I. 2004/1945, art. 2
  358. F210
    Words in s. 61(3) substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), s. 148(1), Sch. 11 para. 30(2)(c); S.I. 2009/1604, art. 2(d)
  359. F211
    S. 16(3) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 24
  360. F212
    Words in s. 99A(4) substituted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 8(d)(i) (with reg. 1(2))
  361. F213
    Words in Sch. 4C para. 12A(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(7)
  362. F214
    Words in s. 96(5)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 94(4)
  363. F215
    Words in s. 37(5A)(a) substituted (with effect in accordance with s. 81 of the amending Act) by Finance Act 2016 (c. 24), s. 77(7) (with savings in 2017 c. 32, s. 39(1)(2))
  364. F216
    Words in s. 175(2A) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(3)(a)
  365. F217
    Word in s. 87B(1)(b) omitted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 18(b) (with Sch. 46 para. 26)
  366. F218
    S. 105A(9) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(4) (with Sch. 2)
  367. F219
    S. 169D(10) omitted (with effect in accordance with Sch. 44 para. 12(6)(7) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 44 para. 12(5)
  368. F220
    Words in s. 151B(3)(c) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 315(2)(b) (with Sch. 2)
  369. F221
    Words in Sch. 5AAA para. 3(4) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 4
  370. F222
    Words in s. 152(4) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(1)(b)
  371. F223
    S. 263ZA inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 217 (with Sch. 7)
  372. F224
    Words in s. 184H(2)(b) omitted (with effect in accordance with s. 63(3) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 63(2)(a)
  373. F225
    Words in s. 210(6)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 116(3)(c)
  374. F226
    Words in s. 150A(10A) inserted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 20(5)
  375. F227
    S. 171(5) inserted (with application in accordance with s. 136(5) of the amending Act) by Finance Act 1998 (c. 36), s. 136(3)
  376. F228
    S. 225A inserted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 5
  377. C64
    S. 288(3A) extended (30.9.2013) by The BRB (Residuary) Limited (Tax Consequences) Order 2013 (S.I. 2013/2242), arts. 1, 3(a)(ii)
  378. C65
    Sch. 7D Pt. 1 applied (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 2 para. 87 (with Sch. 7)
  379. F229
    Sch. 8 para. 7 substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 451(4) (with Sch. 2)
  380. F230
    Words in s. 59(3) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 365(3)(b) (with Sch. 2 Pts. 1, 2)
  381. F231
    Words in s. 99(2)(a) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 62(1)
  382. F232
    Words in s. 184I(7)(a) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 22(4)
  383. F233
    Pt. 2 Ch. 7 omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 7
  384. F234
    S. 261A and cross-heading inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 444 (with Sch. 2)
  385. F235
    S. 247(5A) inserted (with application in accordance with s. 48(6) of the amending Act) by Finance Act 1995 (c. 4), s. 48(2)
  386. F236
    S. 211(2)(3) substituted for s. 211(2)(2A) (with effect in accordance with Sch. 9 para. 17(1) of the amending Act) by Finance Act 2007 (c. 11), Sch. 9 para. 14(2)
  387. F237
    S. 257(2A)-(2C) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 328 (with Sch. 2)
  388. F238
    Sch. 4 para. 9(1)(c) omitted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 74(5)(b)
  389. C66
    Sch. 4C applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 20(3)
  390. F239
    S. 169LA(2)(3) omitted (with effect in accordance with s. 85(9) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 85(4)
  391. F240
    S. 170(8)(aa) inserted (with retrospective effect in accordance with art. 1(2) of the amending S.I.) by The Corporation Tax Act 2010 (Amendment) Order 2010 (S.I. 2010/2902), arts. 1(1), 2(2)(b)
  392. C67
    S. 17 restricted (E.W.S.) (24.7.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 25; S.I. 2005/1909, art. 2, Sch.
  393. F241
    Sch. 7A para. 11(3)(b) and preceding word omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 9
  394. F242
    Words in Sch. 5B para. 19(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(14)(b) (with Sch. 2)
  395. F243
    S. 59A inserted (6.4.2001) by Limited Liability Partnerships Act 2000 (c. 12), ss. 10(3), 19(1); S.I. 2000/3316, art. 2; s. 59A substituted (retrospectively) (6.4.2001) by Finance Act 2001 (c. 9), s. 75(2)(6) (with Sch. 3)
  396. F244
    Words in s. 84(1)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 89
  397. F245
    Words in s. 210(5)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 116(2)(a)
  398. F246
    Words in s. 195(8) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(6)
  399. F247
    Words in s. 223(3) substituted (with effect in accordance with art. 8(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 8(2)
  400. F248
    Words in s. 135 cross-heading repealed (with effect in accordance with Sch. 9 paras. 7, 8, Sch. 40 Pt. 3(2) Note of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(2)
  401. F249
    S. 99A(5)(6) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 8(e) (with reg. 1(2))
  402. F250
    S. 73(1A) inserted (with effect in accordance with Sch. 12 para. 45 of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 42
  403. F251
    Words in s. 56(2) substituted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(5)(a) (with Sch. 12)
  404. F252
    Words in Sch. 5B para. 13C(3) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(11)(a) (with Sch. 2)
  405. F253
    S. 136 substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 2
  406. C68
    S. 105 modified (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 121(4) (with s. 147, Sch. 17)
  407. F254
    S. 151F repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 201, Sch. 10 Pt. 7 (with Sch. 9 paras. 1-9, 22)
  408. F255
    Words in s. 288(1) inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 45 para. 148(3)(a)
  409. F256
    Words in s. 226B(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 323 (with Sch. 2)
  410. F257
    Word in s. 98(2)(a) repealed (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 16(1)(b)(2), Sch. 26 Pt. 3(15)
  411. F258
    Words in s. 151B(6)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 315(3) (with Sch. 2)
  412. F259
    Word in s. 275(1)(e) substituted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(5)(b)
  413. F260
    S. 62(2AA) inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 17(3)
  414. F261
    Sch. 7A para. 8(2) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 7(3)
  415. F262
    Words in s. 167(2)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 100(2)
  416. F263
    Words in s. 224(2) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(6)(c)
  417. F264
    S. 56(3)(4) added (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(5)(b) (with Sch. 12)
  418. F265
    Words in s. 140E(6)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 51(3)
  419. F266
    Words in s. 83A(4)(b) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(a)
  420. F267
    S. 184G(2)(3) substituted (with effect in accordance with s. 63(3) of the amending Act) by Finance Act 2014 (c. 26), s. 63(1)(a)
  421. F268
    S. 140(6B)(6C) substituted for s. 140(6B) (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 5 (with S.I. 2008/1579, reg. 4(1))
  422. F269
    Words in s. 225(1)(a) substituted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(b)
  423. F270
    S. 53(2A) inserted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(3) (with Sch. 12)
  424. F271
    Words in s. 114(2) substituted (with effect in accordance with s. 26(6)(7) of the amending Act) by Finance Act 2018 (c. 3), s. 26(5)(a)
  425. C69
    Act construed as one with Finance Act 2005 (c. 7), ss. 30-33, Sch. 1 by Finance Act 2005 (c. 7), s. 41(3) (with s. 45)
  426. F272
    Sch. 4C para. 8B cross-heading omitted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 140 (with Sch. 7 para. 155)
  427. C70
    Act modified (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 113(2)
  428. C71
    S. 170(3)-(6) applied (with effect in accordance with s. 1184(1) of the affecting Act) by Corporation Tax Act 2010 (c. 4), ss. 996(3), 1184(1) (with Sch. 2)
  429. F273
    Words in s. 236A substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 214 (with Sch. 7)
  430. C72
    S. 100 excluded (9.12.2021) by S.I. 2006/964, reg. 14DA(2)(e) (as inserted by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(2))
  431. F274
    S. 225(1)(c) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(d)
  432. F275
    S. 271(1)(h) repealed (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(3)(c), 284(1), Sch. 42 Pt. 3 (with Sch. 36)
  433. F276
    Word in s. 140D(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 5(b) (with S.I. 2008/1579, reg. 4(1))
  434. F277
    Words in s. 271(1) repealed (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(3), 284(1), Sch. 42 Pt. 3 (with Sch. 36)
  435. F278
    Words in Sch. 4C para. 4(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(4)(a)
  436. F279
    Words in s. 169K(3AA) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(5)
  437. F280
    Words in s. 288(8) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 202 (with Sch. 9 paras. 1-9, 22)
  438. F281
    Words in s. 159(2)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 98(2)
  439. F282
    Words in s. 169O(3) omitted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by virtue of Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 6
  440. F283
    Words in s. 224(1) substituted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 3(2)
  441. F284
    Words in Sch. 5A para. 2(1)(d) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 109(2)(b) (with Sch. 46 para. 109(6))
  442. F285
    Words in Sch. 5 para. 9(10) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(5)(b)(i) (with Sch. 2)
  443. F286
    S. 151BB inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 317 (with Sch. 2)
  444. F287
    Words in s. 259(1)(a) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 19(2); S.I. 2010/862, art. 2 (with Sch.)
  445. F288
    S. 158(1)(f) and preceding word inserted (with effect in accordance with art. 6(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 6(2)
  446. C73
    S. 171(1) restricted (8.11.1995) by Atomic Energy Authority Act 1995 (c. 37), Sch. 3 para. 4(1)
  447. F289
    Words in Sch. 5BB para. 2(1) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 57(3)(a)
  448. F290
    Words in s. 169LA(5) omitted (with effect in accordance with s. 85(9) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 85(5)
  449. C74
    S. 155 restricted (24.7.2002) by Finance Act 2002 (c. 23), Sch. 29 para. 132(5)
  450. F291
    Words in s. 211ZA(9) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 180
  451. C75
    Act modified (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 123(4)(5)
  452. F292
    S. 140DA inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 6 (with S.I. 2008/1579, reg. 4(1))
  453. C76
    Sch. 1A paras. 9, 10 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 11(3)
  454. F293
    Words in Sch. 4C para. 5(1)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 107(4)(b)
  455. F294
    S. 58(2)(c) and preceding word omitted (with effect in accordance with s. 13(6)-(8) of the amending Act) by virtue of Finance Act 2017 (c. 10), s. 13(2)(a)(ii)
  456. F295
    Words in s. 271(12) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(7), 284(1) (with Sch. 36)
  457. F296
    Word in Sch. 4C para. 12A(3) substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 144 (with Sch. 7 para. 155)
  458. F297
    Words in Sch. 5 para. 2(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(2)(b)(ii) (with Sch. 2)
  459. F298
    S. 47A(5)(5A) substituted for s. 47A(5) (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(7)
  460. F299
    Words in s. 106A(5A)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 97(a)
  461. F300
    Words in s. 97(1) inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4)(a), Sch. 26 para. 4(a)
  462. F301
    Words in s. 248E(6) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(8)
  463. F302
    Words in Sch. 5B para. 16(3A) substituted (with effect in accordance with Sch. 15 para. 35(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 35(3) (with Sch. 3)
  464. F303
    S. 252 substituted (with effect in accordance with s. 34(6) of the amending Act) by Finance Act 2012 (c. 14), s. 35(4)
  465. F304
    Words in Sch. 7AC para. 5(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(2) (with Sch. 2)
  466. F305
    S. 88(2) substituted (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 109(2)
  467. C77
    S. 100 excluded by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 14B (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2008/3159, regs. 1(1), 11)
  468. F306
    S. 212(1)(c) and preceding word inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 137
  469. F307
    Words in s. 166(2) repealed (with effect in accordance with s. 251(1)(a)(7) of the amending Act) by Finance Act 1994 (c. 9), s. 251(7)(a), Sch. 26 Pt. VIII(1)
  470. F308
    Words in s. 179(6) substituted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(8)(a)
  471. F309
    Words in s. 41(7) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 78(3)(c)
  472. C78
    S. 116 modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 para. 30(2)
  473. C79
    S. 152 applied (with modifications) (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(3) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  474. C80
    S. 171 excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 9
  475. F310
    S. 154(2A)-(2C) substituted for s. 154(2A)(2B) (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 6 (with S.I. 2008/1579, reg. 4(1))
  476. F311
    Words in Sch. 5BB para. 1(3)(a) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 57(2)(b)
  477. F312
    S. 24(3A)-(3F) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(2)
  478. F313
    Words in s. 151B(3)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 315(2)(b) (with Sch. 2)
  479. C81
    Sch. 4C para. 8A applied (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 para. 126(4)
  480. F314
    Words in s. 263B(4)(a) inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 13 para. 2(3)(a)
  481. F315
    Words in Sch. 5B para. 6(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(5)(a) (with Sch. 2)
  482. F316
    Sch. 4C para. 12(1)(a) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(3)(a)
  483. F317
    Sch. 4A inserted (with application in accordance with s. 91(3) of the amending Act) by Finance Act 2000 (c. 17), s. 91(2), Sch. 24
  484. F318
    S. 195F inserted (with effect in accordance with Sch. 15 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 2
  485. C82
    Act modified (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), regs. 27-32
  486. F319
    Sch. 7AC para. 34(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 386, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  487. F320
    S. 223(8)(aa) inserted (with effect in accordance with s. 16(4) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 16(1)
  488. F321
    S. 24(1A)-(1C) inserted (with effect in accordance with art. 4(6) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 4(2)
  489. C83
    S. 236J applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 75A(3) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 14(1)(2))
  490. F322
    Words in Sch. 5AAA para. 1(3) substituted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(e)
  491. F323
    Words in s. 184I(4) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 22(2)(b)
  492. F324
    Sch. 5B para. 13(12) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 30(6) (with Sch. 3)
  493. C84
    S. 175(2A)(c) restricted (1.5.1995) by Finance Act 1995 (c. 4), s. 48(4)
  494. F325
    S. 253(3A) inserted (with effect in accordance with Sch. 39 para. 8(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 8(3)
  495. F326
    S. 71(2)-(2D) substituted for s. 71(2) (with application in accordance with s. 75(2) of the amending Act) by Finance Act 1999 (c. 16), s. 75(1)
  496. F327
    Words in s. 263ZA(1)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 333(2)(a) (with Sch. 2)
  497. F328
    Words in s. 196(5) inserted (1.10.2018) by Wales Act 2017 (c. 4), s. 71(4), Sch. 6 para. 21(4) (with Sch. 7 paras. 1, 6); S.I. 2017/1179, reg. 4(b)
  498. F329
    S. 122(6) inserted (with effect in accordance with Sch. 3 paras. 5, 7 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 3 para. 4(3) (with Sch. 3 para. 6(4))
  499. F330
    Words in Sch. 5A para. 3(1)(b) substituted (with effect in accordance with Sch. 12 para. 34(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(g)
  500. F331
    Words in Sch. 4C para. 1A(3) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 107(2)
  501. C85
    S. 151A(4)(5) applied by Income and Corporation Taxes Act 1988 (c. 1), Sch. 15B para. 8(6)(c) (as inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 71(2), Sch. 15)
  502. F332
    Words in Sch. 7AC para. 3(2)(c)(ii) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 92
  503. F333
    Ss. 116A, 116B inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 367 (with Sch. 2 Pts. 1, 2)
  504. F334
    S. 83A inserted (with effect in accordance with s. 33(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 33(1)
  505. F335
    S. 225(2) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(4)
  506. F336
    Words in Sch. 7AD para. 7(2) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(4)(b)
  507. F337
    Sch. 7AC para. 19(2A)-(2C) inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 6(3)
  508. F338
    Word in s. 140E(2)(d)(ii) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(5)(a)(iii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  509. F339
    Words in s. 86A(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(4)
  510. F340
    Words in s. 213(1A) repealed (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 64, Sch. 27 Pt. 2(7) (with Sch. 7 Pt. 2)
  511. F341
    Words in s. 91(1)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 44
  512. C86
    Act modified (1.1.2010) by The Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), reg. 3(1)
  513. C87
    S. 122 excluded by Finance Act 2002 (c. 23), Sch. 29 para. 85A(6) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 11 (with S.I. 2008/1579, reg. 4(1)))
  514. F342
    Word in s. 261C(3)(a) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 183
  515. F343
    Sch. 5B para. 14A(6)(a) repealed (with effect in accordance with Sch. 18 para. 18(2) to the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 18(1), Sch. 42 Pt. 2(13)
  516. F344
    Sch. 5AAA para. 46(12) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 15(c)
  517. F345
    Words in s. 283(4) substituted (with effect in accordance with Sch. 12 para. 24(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 24(1)(a)
  518. F346
    Ss. 92-95 omitted (with effect in accordance with Sch. 7 para. 115 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 113
  519. F347
    Sch. 4C para. 7A cross-heading omitted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 136 (with Sch. 7 para. 155)
  520. F348
    S. 179(3A)-(3H) inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(6)
  521. C88
    S. 153 restricted (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(3)
  522. F349
    S. 132(3)(ia)(ib) inserted (with effect in accordance with s. 88(6) of the amending Act) by Finance Act 1997 (c. 16), s. 88(2)(b)
  523. C89
    S. 218 modified (E.W.) (1.12.2008) by The Transfer of Housing Corporation Functions (Modifications and Transitional Provisions) Order 2008 (S.I. 2008/2839), arts. 1(1), 3, Sch. para. 1 (with art. 6)
  524. F350
    Words in s. 169N(4B) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 58
  525. F351
    Word in s. 271(4) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 445(3)(e) (with Sch. 2)
  526. C90
    Pt. IV: power to modify conferred (7.4.2005) by Finance Act 2005 (c. 7), s. 21(8)-(10)
  527. F352
    Ss. 117A, 117B repealed (with effect in accordance with Sch. 40 Pt. 3(10) Note 2 of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(10)
  528. F353
    Sch. 4B para. 3(2) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 8(3)(b)
  529. F354
    S. 210C inserted (with effect in accordance with Sch. 10 para. 17(4) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 3
  530. F355
    S. 86(2) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 91(3)
  531. F356
    Sch. 4AA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 17
  532. F357
    S. 223B inserted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(5)
  533. C91
    S. 210B modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 35
  534. F358
    Words in s. 145(1) omitted (with effect in accordance with Sch. 2 para. 83 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 81(2)
  535. F359
    S. 119(7)-(7B) substituted for s. 119(7) (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 308(4) (with Sch. 2)
  536. F360
    Words in s. 251(5) substituted (with effect in accordance with Sch. 12 para. 23(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 23(1)(b)
  537. F361
    Words in s. 253(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 382 (with Sch. 2 Pts. 1, 2)
  538. F362
    Words in s. 144(8)(c)(i) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 65(a)
  539. F363
    Words in Sch. 4C para. 1A(1) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(a)(ii)
  540. C92
    Ss. 152-156 modified (3.5.1994) by Finance Act 1994 (c. 9), Sch. 25 para. 3(2)
  541. F364
    Words in s. 86A heading substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(9)
  542. F365
    Words in s. 104(6) substituted (with effect in accordance with s. 123(6) of the amending Act) by Finance Act 1998 (c. 36), s. 123(5)(b)
  543. F366
    Word in Sch. 5B para. 11(5) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(9)(a) (with Sch. 2)
  544. F367
    S. 179(1AA) inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 9 (with S.I. 2008/1579, reg. 4(1) (with S.I. 2008/1579, reg. 4(1)))
  545. F368
    Words in s. 196 heading substituted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 6(2)
  546. F369
    S. 169SA inserted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 4
  547. F370
    Sch. 10 para. 2(10)(a)(iv)(v) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 60(f)(ii)
  548. F371
    S. 214C and cross-heading omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 35
  549. F372
    Word in Sch. 4B para. 1(1) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 8(2)
  550. F373
    Words in Sch. 7AC para. 17(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(5)
  551. F374
    Words in s. 210A(8)(b) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 12(6), 42 (with Sch. 4 paras. 43-46)
  552. F375
    Word in s. 185(1) substituted (with effect in accordance with Sch. 8 para. 9(5) of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 9(3)
  553. C93
    S. 154 applied (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(6) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  554. F376
    Sch. 5B para. 14A(2) substituted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 34(a) (with Sch. 3)
  555. F377
    Sch. 5B para. 3(1)(e) and preceding word substituted for Sch. 5B para. 3(1)(e)(f) (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 30(1)(b)
  556. F378
    Words in s. 119A(5A) inserted (with effect in accordance with Sch . 2 paras. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 49(2)(b)
  557. C94
    S. 144 applied (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), ss. 562(1), 883(1) (with s. 563, Sch. 2)
  558. F379
    S. 169K(4A) inserted (with effect in accordance with s. 84(14) of the amending Act) by Finance Act 2016 (c. 24), s. 84(9)
  559. F380
    Words in s. 116B(1)(a) substituted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 5(3), 12
  560. F381
    S. 239ZA inserted (with effect in accordance with art. 11(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 11(3)
  561. F382
    Words in s. 210A(6)(a) omitted (with effect in relation to accounting periods beginning on or after 1.4.2020) by virtue of Finance Act 2020 (c. 14), Sch. 4 paras. 12(4)(a), 42 (with Sch. 4 paras. 43-46)
  562. F383
    S. 175(2A)(ba) inserted (with effect in accordance with Sch. 29 para. 10(7) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 10(4) (with Sch. 29 paras. 10(8), 46(5))
  563. F384
    Words in Sch. 7AC para. 8(2) substituted (with retrospective effect in accordance with art. 1(2) of the amending S.I.) by The Corporation Tax Act 2010 (Amendment) Order 2010 (S.I. 2010/2902), arts. 1(1), 2(3)
  564. F385
    Words in s. 288(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(f) (with Sch. 2)
  565. F386
    Words in s. 260(1) substituted (with effect in accordance with s. 90(5) of the amending Act) by Finance Act 2000 (c. 17), s. 90(2)
  566. C95
    S. 140E(2)(d) modified (temp.) (8.7.2008) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), regs. 1(2), 6(1), Sch. 4 para. 2(c) (with reg. 6(2))
  567. F387
    S. 140A(5) omitted (with effect in accordance with reg. 3(1) of the amending S.I.) by virtue of The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(6) (with S.I. 2008/1579, reg. 4(1))
  568. F388
    S. 203(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 378 (with Sch. 2 Pts. 1, 2)
  569. C96
    Act applied (with effect in accordance with s. 83(3) of the amending Act) by Finance Act 2002 (c. 23), Sch. 26 para. 48(9)
  570. F389
    S. 263E inserted (with effect in accordance with Sch. 6 para. 9(2)(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 6 para. 9(1)
  571. F390
    Word in s. 116(11) inserted (with effect in accordance with s. 64(5) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 64(1)
  572. F391
    Sch. 7C para. 8(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 111
  573. F392
    S. 210A(10)-(10C) substituted for s. 210A(10)(10A) (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 80(3)
  574. F393
    S. 150A(10A) inserted (with effect in accordance with Sch. 13 para. 24(8)(e) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(7)
  575. C97
    Ss. 96-98 applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 20(3)
  576. F394
    Words in Sch. 4C para. 10(1) substituted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 6(1) (with s. 163(4)-(6))
  577. F395
    Word in Sch. 5A para. 4(3) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 109(4)(b) (with Sch. 46 para. 109(6))
  578. F396
    Words in s. 110 heading substituted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 91
  579. F397
    Word in s. 119B(3) inserted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 24(6), 47
  580. F398
    Sch. 5B para. 16(2A) inserted (with effect in accordance with Sch. 15 para. 35(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 35(2) (with Sch. 3)
  581. F399
    S. 101(1A) inserted (29.4.1996 with effect as specified in s. 140(2) of the amending Act) by Finance Act 1996 (c. 8), s. 140(1)
  582. C98
    S. 170(7)(8) applied (with modifications) (3.1.1995) by The Ports (Northern Ireland) Order 1994 (S.I. 1994/2809 (N.I. 16)), arts. 1(2), 19(12)
  583. F400
    Words in Sch. 5B para. 1(4)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 110(2)(b) (with Sch. 46 para. 110(5))
  584. F401
    Words in s. 117(11) substituted (with effect in accordance with art. 63(2) of the amending S.I.) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 63(1)
  585. F402
    Words in Sch. 5 para. 2A(4)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 108(2)(a) (with Sch. 46 para. 108(4))
  586. C99
    S. 213 modified (with effect in accordance with reg. 1 of the amending S.I.) by The Insurance Companies (Capital Redemption Business) (Modification of the Corporation Tax Acts) Regulations 1999 (S.I. 1999/498), regs. 1, 11(2)
  587. C100
    S. 151B modified (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004 (S.I. 2004/2199), regs. 1(1), 6(1), 13(4)
  588. F403
    Words in s. 271(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 261(2) (with Sch. 2)
  589. F404
    Words in s. 213(8F)(a) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(6)
  590. C101
    S. 179 modified (with effect in accordance with reg. 1(2) of the affecting S.I.) by The Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (S.I. 2009/2971), regs. 1(1), 18(4)
  591. F405
    Words in Sch. 4C para. 4(1) substituted (with effect in accordance with Sch. 12 para. 36(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 36(1)(2)(b), 41
  592. F406
    Sch. 10 para. 19(6) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  593. F407
    Words in Sch. 5BB para. 1(2)(a) substituted (17.7.2014) by Finance Act 2014 (c. 26), s. 55(1)(a)
  594. F408
    S. 25ZA substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 26
  595. F409
    S. 150A(8D) inserted (with effect in accordance with Sch. 13 para. 24(8)(d) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(6)
  596. F410
    S. 179(9A) inserted (with effect in accordance with s. 49(3) of the amending Act) by Finance Act 1995 (c. 4), s. 49(2)
  597. F411
    Words in Sch. 5B para. 14(5)(b) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2008 (S.I. 2008/954), arts. 1(1), 18(2)(b) (with art. 4)
  598. F412
    Words in s. 169D(1) inserted (with effect in accordance with s. 63(2) of the amending Act) by Finance Act 2013 (c. 29), s. 63(1)
  599. F413
    S. 279(5) substituted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 41
  600. F414
    Sch. 5AAA para. 21(1)(d) and word inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 8(2)(c)
  601. F415
    Words in s. 213(3) substituted (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(2)(a)
  602. C102
    Act modified by Income and Corporation Taxes Act 1988 (c. 1), s. 737C(11A) (as inserted (with effect in accordance with s. 80(5) of the amending Act) by Finance Act 1995 (c. 4), s. 80(3))
  603. F416
    Sch. 5AAA para. 21(5) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 11(c)
  604. F417
    Words in Sch. 5B para. 6(1) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(h)
  605. F418
    Words in Sch. 7ZA para. 25(a) substituted (with effect in accordance with Sch. 16 para. 4(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(6)(a)
  606. F419
    S. 251(7)(8) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 64 (with Sch. 15)
  607. F420
    Words in s. 225B(2)(b)(i) inserted (6.4.2022) by Divorce, Dissolution and Separation Act 2020 (c. 11), s. 8(1)(8), Sch. para. 53(b); S.I. 2022/283, reg. 2
  608. F421
    Words in s. 64(1)(a) substituted (with effect in accordance with Sch. 12 para. 12(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 12(1)(b)
  609. F422
    S. 253(14)(aa) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 120(4)
  610. F423
    Words in s. 288(1) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(2)(g) (with Sch. 2)
  611. F424
    S. 263A(5) omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 9(4)
  612. F425
    Words in Sch. 5B para. 6(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(5)(a) (with Sch. 2)
  613. F426
    Words in s. 257(3) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 258(6)(a) (with Sch. 2)
  614. F427
    Sch. 2 para. 17(3)(a) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(4)(a)
  615. F428
    Words in s. 53(2) substituted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(2)(a) (with Sch. 12)
  616. F429
    Words in s. 286(4) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 121
  617. F430
    Sch. 5 para. 9(6A) inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 132(3)
  618. F431
    Words in s. 170(2)(c) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 50(2) (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 6(a), 15)
  619. F432
    Words in s. 140C(1)(a) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
  620. F433
    Words in Sch. 5AAA para. 46(4)(b) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 15(b)(ii)
  621. F434
    Words in s. 226(4) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 118(b)
  622. F435
    Words in s. 288(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(b) (with Sch. 2)
  623. C103
    S. 272 applied (22.7.2004) by Finance Act 2004 (c. 12), s. 278(1) (with Sch. 36)
  624. F436
    Words in Sch. 8 para. 5(1)(2) substituted (with effect in accordance with s. 38 of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 63(2)(a) (with Sch. 5 para. 73)
  625. F437
    Words in s. 79B(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 30(2)
  626. F438
    Sch. 10 para. 14(7) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  627. F439
    Words in s. 279B(7) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 122(2)
  628. F440
    Words in s. 279(2)(a) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 40
  629. C104
    S. 16 excluded (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 42(2)
  630. F441
    Words in s. 169LA(1A)(a) substituted (with effect in accordance with Sch. 16 para. 4(4) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 2(3)(b)
  631. F442
    S. 106A(10) substituted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 87(6)
  632. F443
    Words in s. 35(2) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(2)(b)
  633. F444
    Sch. 5B para. 9(3) substituted (with effect in accordance with Sch. 8 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 8 para. 4(4)
  634. F445
    S. 119A(3)(e) and preceding word inserted (with effect in accordance with s. 22(4) of the amending Act) by Finance Act 2005 (c. 7), s. 22(2)(c)
  635. F446
    Sch. 2 para. 1(3) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(2)
  636. C105
    S. 21(2) applied by 1970 c. 9, Sch. 3ZB para. 14(5) (as inserted (17.7.2013) by Finance Act 2013 (c. 29), Sch. 49 paras. 6, 8)
  637. F447
    Ss. 87D-87P inserted (with effect in accordance with Sch. 10 para. 1(12)-(15) of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 1(1)
  638. F448
    Words in s. 140C(3) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(4) (with S.I. 2008/1579, reg. 4(1))
  639. F449
    S. 120(6) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(7), Sch. 8 Pt. 1 (with Sch. 7)
  640. F450
    S. 167A inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 26
  641. F451
    Sch. 10 para. 14(52) repealed (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
  642. F452
    Words in Sch. 7A para. 12(b) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 68
  643. F453
    Words in Sch. 7A para. 8(1) inserted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 7(2)(a)
  644. C106
    Pt. IV Ch. II modified (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 88
  645. F454
    Words in s. 260(5) repealed (with effect in relation to disposals in the year 2003-04 and subsequent years of assessment in accordance with Sch. 27 Pt. III(31) of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(31)
  646. C107
    S. 169Q modified (with application in accordance with Sch. 3 para. 4(1) of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 4(3)
  647. F455
    Words in Sch. 2 para. 22 cross-heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 124(b)(ii)
  648. F456
    Words in Sch. 4A para. 7(5)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 125(a)
  649. F457
    Words in s. 62(2A) substituted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 17(2)
  650. F458
    Words in s. 59(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 28
  651. F459
    Words in s. 48A(2) substituted (with effect in accordance with Sch. 1 paras. 27(5)(6), 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 27(3)(a)
  652. F460
    Sch. 4 para. A1 and cross-heading inserted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 74(2)
  653. F461
    S. 139(9) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(7)
  654. F462
    S. 169LA(7)(b) and preceding word omitted (with effect in accordance with s. 85(9) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 85(6)
  655. C108
    Act modified (with effect in accordance with s. 56 of the amending Act) by Finance Act 2005 (c. 7), s. 53
  656. F463
    S. 268B inserted (with effect in accordance with art. 9(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 9(1)
  657. F464
    S. 275(1)(da) inserted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(4)
  658. F465
    Words in Sch. 2 para. 4(11) substituted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 42(2)
  659. F466
    S. 211(3) repealed (with effect in accordance with Sch. 29 paras. 5(4), 30(5), Sch. 40 Pt. II(12) Note 10 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 30(4), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  660. F467
    Words in s. 261ZA(4)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(4)(b)(ii)
  661. F468
    S. 40(4) added (24.7.2002) by Finance Act 2002 (c. 23), Sch. 25 para. 60(2)
  662. F469
    Words in s. 210A(13) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 80(6)(b)
  663. F470
    Words in s. 210C(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 82
  664. F471
    Words in s. 170(9)(c) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 50(3) (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 6(b), 15)
  665. F472
    S. 212(5)-(7) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(b), Sch. 2
  666. F473
    Words in s. 203(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 39 para. 47
  667. F474
    Words in s. 288(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(2)(a) (with Sch. 2)
  668. F475
    Word in s. 58(2)(a) inserted (with effect in accordance with s. 13(6)-(8) of the amending Act) by Finance Act 2017 (c. 10), s. 13(2)(a)(i)
  669. F476
    Words in s. 90(10)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 43
  670. F477
    Words in s. 168(5)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 101(4)(b)
  671. C109
    Ss. 152-160 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(1)
  672. C110
    S. 17(1) excluded (3.1.1995) by The Ports (Northern Ireland) Order 1994 (S.I. 1994/2809 (N.I. 16)), arts. 1(2), 18(4)
  673. F478
    Words in s. 271(4) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 445(3)(b) (with Sch. 2)
  674. F479
    Words in Sch. 7AC para. 17 cross-heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(8)
  675. F480
    Words in s. 87A substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 36
  676. F481
    Words in Sch. 7C para. 7(1)(d) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 348(3) (with Sch. 2)
  677. F482
    Words in s. 211(2A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 83(3)
  678. F483
    Words in s. 166(1) substituted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 24
  679. F484
    Words in s. 35(6)(aa) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 58(7)(b)
  680. F485
    Words in Sch. 7C para. 2(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 38, 89 (with Sch. 8 paras. 90-96)
  681. F486
    S. 120(5A)(5B) inserted (with effect in accordance with s. 54(6) of the amending Act) by Finance Act 1998 (c. 36), s. 54(2)
  682. F487
    Words in s. 251(5) substituted (with effect in accordance with Sch. 12 para. 23(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 23(1)(a)
  683. F488
    S. 125(6) inserted (with effect in accordance with art. 5(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 5(3)
  684. F489
    Words in s. 251(3) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(12)(b)(i)
  685. F490
    Words in Sch. 5B para. 1A(5)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(3)(b) (with Sch. 2)
  686. F491
    Ss. 103A, 103B omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 5
  687. C111
    Act applied (with modifications) (8.7.2021) by The Payment and Electronic Money Institution Insolvency Regulations 2021 (S.I. 2021/716), reg. 2, Sch. 3 paras. 2, 3 (with reg. 5) (as amended (4.1.2024) by The Payment and Electronic Money Institution Insolvency (Amendment) Regulations 2023 (S.I. 2023/1399), regs. 1(2), 4)
  688. F492
    Words in s. 288(1) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 447(2) (with Sch. 2)
  689. F493
    S. 158(1A)(1B) inserted (with effect in accordance with art. 6(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 6(3)
  690. F494
    Sch. 7A para. 6(1A)-(1C) inserted (with effect in accordance with Sch. 4 para. 42 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 18(4) (with Sch. 4 paras. 43-46)
  691. F495
    Words in s. 168(4) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 101(3)
  692. F496
    Words in Sch. 7AC para. 9(1) substituted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(4)
  693. F497
    S. 41(4A) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(7)
  694. F498
    Word in s. 217(3)(a) repealed (with effect in accordance with Sch. 12 para. 20(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 20(1)(a)(ii), Sch. 26 Pt. 3(15)
  695. C112
    S. 17 excluded (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 39(1)
  696. F499
    Words in Sch. 4C para. 10(1) substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 142(a) (with Sch. 7 para. 155)
  697. F500
    Words in s. 171(5) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 18 para. 16
  698. F501
    S. 37B inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(4)
  699. F502
    Words in Sch. 4A para. 5(1)(2) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 106(2)
  700. F503
    S. 37(5)-(7) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 299 (with Sch. 2)
  701. F504
    Words in s. 81(1)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 85(2)
  702. F505
    Words in Sch. 5B para. 2(1) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(a)
  703. F506
    S. 37(4) repealed (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 2004, Sections 38 to 40 and 45 and Schedule 6 (Consequential Amendment of Enactments) Order 2004 (S.I. 2004/2310), art. 1(2), Sch. para. 48(2)
  704. F507
    Word in s. 41(4)(5) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a), Sch. 7 para. 7
  705. F508
    Words in s. 288(8) inserted (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(4)(b)(i)
  706. F509
    Words in Sch. 7A para. 8(2)(c) substituted (15.9.2016) by Finance Act 2016 (c. 24), s. 55(a)
  707. F510
    Words in s. 271(10) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(6)(a), 284(1) (with Sch. 36)
  708. F511
    Words in s. 230(7)(d) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 119
  709. F512
    Words in Sch. 5B para. 19(1) inserted (with effect in accordance with Sch. 18 para. 20(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 20(1)(b)
  710. F513
    Words in s. 147(2) inserted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(8)(b)
  711. F514
    Sch. BA1 omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 11
  712. C113
    S. 138(2)-(5) applied by Finance Act 1996 (c. 8), Sch. 9 para. 12B(8) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 8 (with S.I. 2008/1579, reg. 4(1)))
  713. F515
    S. 76(1A)(1B) inserted (with effect in accordance with s. 128(4) of the amending Act) by Finance Act 1998 (c. 36), s. 128(1)(b)(2)
  714. C114
    S. 170(3) modified (16.11.2017 for specified purposes, 1.1.2018 in so far as not already in force) by Finance (No. 2) Act 2017 (c. 32), s. 66(4), Sch. 17 para. 8(7) (with Sch. 17 para. 32)
  715. F516
    Words in s. 69(2E) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 82(4)
  716. F517
    S. 120(8) inserted (with effect in accordance with s. 54(6) of the amending Act) by Finance Act 1998 (c. 36), s. 54(4)
  717. F518
    Words in s. 281(2) substituted (with effect in accordance with Sch. 21 para. 10(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 6(2)
  718. C115
    S. 171A excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Risk Transformation (Tax) Regulations 2017 (S.I. 2017/1271), regs. 1(1), 9
  719. F519
    S. 16(2A) inserted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 113(1)
  720. F520
    Words in s. 166(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 99(2)
  721. F521
    Words in s. 288(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(a) (with Sch. 2)
  722. F522
    S. 151BA inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 316 (with Sch. 2)
  723. F523
    S. 169R substituted (with effect in accordance with Sch. 1 para. 15 of the amending Act) by Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 8
  724. F524
    Words in s. 175(2C)(b) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 4
  725. F525
    Word in s. 196(5) substituted (with effect in accordance with Sch. 15 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 3(4)(a)
  726. F526
    Words in Sch. 7A para. 1(1) inserted (with effect in accordance with s. 70(6)-(8) of the amending Act) by Finance Act 2006 (c. 25), s. 70(3) (with s. 70(10)-(11))
  727. F527
    Words in Sch. 5A para. 4(1)(b) substituted (with effect in accordance with Sch. 12 para. 34(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(g)
  728. F528
    S. 87H(2) substituted (2.12.2019) by The Civil Partnership (Opposite-sex Couples) Regulations 2019 (S.I. 2019/1458), reg. 1(2), Sch. 3 para. 15
  729. F529
    Words in s. 184I(4) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 22(2)(a)
  730. C116
    S. 137(1) modified (with effect in accordance with s. 1329(1) of the affecting Act) by Corporation Tax Act 2009 (c. 4), ss. 129(7), 1329(1) (with Sch. 2 Pts. 1, 2)
  731. F530
    Sch. 7AC para. 8A inserted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(3)
  732. F531
    Words in s. 241 heading substituted (with effect in accordance with Sch. 14 para. 15 of the amending Act) by Finance Act 2011 (c. 11), Sch. 14 para. 14(2)(a)
  733. F532
    Word in s. 150A(6) inserted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 20(3)(c)
  734. F533
    Sch. 7A para. 6(3)(a) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 5(3)(a)
  735. F534
    Words in s. 179(9A) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 244(3)(b) (with Sch. 2)
  736. F535
    Words in s. 263E(5) substituted (with effect in accordance with Sch. 5 para. 8(6)(7) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 8(5)
  737. F536
    Words in s. 151J(3) inserted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 6(4)(b) (with art. 1(3))
  738. F537
    Words in s. 218 substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(2); S.I. 2010/862, art. 2 (with Sch.)
  739. C117
    S. 138(2) applied by Income Tax Act 2007 (c. 3), s. 257HB(2) (as inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 1)
  740. F538
    Words in Sch. 8 para. 5(6) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 349 (with Sch. 2)
  741. F539
    S. 69(2F) inserted (with effect in accordance with Sch. 8 para. 6(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 6(1)
  742. F540
    Words in s. 213(8) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 181
  743. F541
    Words in s. 222(9) substituted (with effect in accordance with Sch. 4 para. 18(4) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 17(4)(a)
  744. F542
    Words in Sch. 7C heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 37, 89 (with Sch. 8 paras. 90-96)
  745. F543
    S. 263F(9)(10) substituted for s. 263F(9) (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 11(3)
  746. F544
    Sch. 7AC para. 17(5) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(5)(b), Sch. 27 Pt. 2(10)
  747. F545
    Words in s. 179(13) substituted (with effect in accordance with Sch. 29 para. 4(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 4(4) (with Sch. 29 para. 46(5))
  748. F546
    Sch. 8 para. 7A substituted (with effect in accordance with s. 38 of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 63(5) (with Sch. 5 para. 73)
  749. F547
    S. 214B repealed (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 1, Sch. Pt. 1
  750. F548
    Words in s. 108 heading inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 89
  751. F549
    Words in s. 150(10)(a) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 54
  752. C118
    S. 236T applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 86(3A)(b) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 15(3)(4))
  753. C119
    S. 212 excluded by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 51(2) (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2008/3159, regs. 1(1), 15)
  754. C120
    S. 144A(2)(b) excluded (12.2.2019) by Finance Act 2019 (c. 1), Sch. 2 para. 13(2)
  755. F550
    Words in s. 179(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 244(2) (with Sch. 2)
  756. F551
    Words in s. 288(1) inserted (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 41 (with Sch. 36)
  757. C121
    S. 170 applied (23.3.1995) by The Exchange Gains and Losses (Deferral of Gains and Losses) Regulations 1994 (S.I. 1994/3228), regs. 1(2), 4(1)
  758. F552
    Words in s. 222B(10) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 73(3)
  759. F553
    Word in s. 288(3A)(a) substituted (with effect in accordance with Sch. 39 para. 18(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 17(a)
  760. F554
    Words in s. 210(6)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 116(3)(b)
  761. F555
    Words in s. 117(11)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 2(a)
  762. F556
    S. 138A(2)(c) and preceding word repealed (with effect in accordance with s. 161(6) of the amending Act) by Finance Act 2003 (c. 14), s. 161(2)(b), Sch. 43 Pt. 3(8)
  763. F557
    Words in s. 257(3) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 258(6)(b) (with Sch. 2)
  764. F558
    S. 169A inserted (with effect in accordance with s. 75(5) of the amending Act) by Finance Act 2001 (c. 9), s. 75(3)(5) (with Sch. 3)
  765. F559
    S. 275 renumbered as s. 275(1) (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(2)
  766. F560
    Word in Sch. 10 para. 2(2) repealed (with effect in accordance with Sch. 29 Pt. 8(16) of the amending Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. VIII(16)
  767. C122
    Act applied (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 96(1)(2)
  768. F561
    S. 140C(9) omitted (with effect in accordance with reg. 3(1) of the amending S.I.) by virtue of The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(5) (with S.I. 2008/1579, reg. 4(1))
  769. F562
    S. 169K(3BA) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(7)
  770. F563
    Words in s. 67(6)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 81
  771. F564
    Sch. 5AAA inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 21
  772. F565
    S. 176(7)(c) and preceding word repealed (with effect in accordance with Sch. 29 para. 24(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 24(1), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  773. F566
    Words in s. 140(4) substituted (with effect in accordance with s. 37(3) of the amending Act) by Finance Act 2010 (c. 13), s. 37(1)(a)
  774. F567
    S. 169K(3A)-(3C) inserted (with effect in accordance with s. 41(6) of the amending Act) by Finance Act 2015 (c. 11), s. 41(4)
  775. F568
    Words in Sch. 5B para. 16(7)(a) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(d)(i) (with Sch. 2)
  776. F569
    Pt. 2 Ch. 5 omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 5
  777. F570
    Words in Sch. 7C para. 8(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 93(a)
  778. F571
    Words in s. 72(1B)(a)(iii) substituted (with effect in accordance with s. 60(4) of the amending Act) by Finance Act 2014 (c. 26), s. 60(2)(a)
  779. F572
    Sch. 5B para. 3(6) inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 30(3)
  780. F573
    S. 106A(5)(aa) inserted (with effect in accordance with Sch. 24 paras. 5, 6(4)(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 24 para. 4(2)(b)
  781. F574
    S. 73(2A) inserted (retrospective to 22.3.2006) by Finance Act 2006 (c. 25), Sch. 20 paras. 29(2), 31
  782. F575
    Words in Sch. 5B para. 12 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 127
  783. F576
    Sch. 5B para. 6(3) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(5)(c) (with Sch. 2)
  784. F577
    S. 150D omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 32
  785. F578
    Words in s. 192(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 247(3)(b) (with Sch. 2)
  786. F579
    Words in s. 86A(4)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(5)
  787. F580
    Sch. 10 para. 14(35)-(38) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  788. C123
    Act extended and applied (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 93(4)-(13) (with Sch. 10, Sch. 11, Sch. 15)
  789. C124
    S. 42(2) applied (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 670(5), 1329(1) (with Sch. 2 Pts. 1, 2)
  790. F581
    Words in s. 168(5)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 101(4)(a)
  791. F582
    Sch. 10 para. 14(40) omitted (with effect in accordance with s. 66(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 66(4)(d)
  792. F583
    Words in s. 165(7A)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 55(2)
  793. F584
    Words in Sch. 5B para. 13(10) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 30(5) (with Sch. 3)
  794. F585
    S. 149AB inserted (with effect in accordance with s. 22(5) of the amending Act) by Finance Act 2005 (c. 7), s. 22(3)
  795. F586
    Words in Sch. 5B para. 18(1) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 36(a) (with Sch. 3)
  796. F587
    Words in Sch. 3 para. 1(1) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(a)(i)
  797. F588
    Words in s. 210A(13) inserted (with effect in accordance with Sch. 4 para. 42 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 12(8)(b) (with Sch. 4 paras. 43-46)
  798. F589
    Ss. 105A, 105B inserted (with effect in accordance with s. 50(2)-(4) of the amending Act) by Finance Act 2002 (c. 23), s. 50(1)
  799. F590
    Words in Sch. 5B para. 1A(5)(b) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(e)
  800. F591
    Sch. 5B para. 4(6)(7) inserted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 2(3)
  801. F592
    Word in s. 179(4) substituted (with effect in accordance with s. 44(3)(5) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 2
  802. F593
    Sch. 5B paras. 10-15 and cross-headings inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 35
  803. F594
    Words in s. 85(5) inserted (with effect in accordance with s. 95(5) of the amending Act) by Finance Act 2000 (c. 17), s. 95(3)
  804. F595
    Sch. 7D para. 10(3)(3A) substituted for Sch. 7D para. 10(3) (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 128(3), 146 (with Sch. 8 paras. 147-157)
  805. F596
    Words in s. 263B(2) substituted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 13 para. 2(2) (with Sch. 13 para. 4(1)(2))
  806. F597
    Words in Sch. 5B para. 1(2)(c) substituted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 13(1)(c)
  807. F598
    Words in s. 195(6)(a) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(5)(b)
  808. F599
    Words in s. 228(7) substituted (with effect in accordance with Sch. 12 para. 22(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 22(2)
  809. F600
    Sch. 5 para. 9(1A)(1B) inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 132(1)
  810. F601
    Words in s. 140H(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(a) (with Sch. 9 paras. 1-9, 22)
  811. F602
    Words in s. 155 inserted (with application in accordance with s. 84(2) of the amending Act) by Finance Act 1999 (c. 16), s. 84(1)
  812. F603
    Sch. 7AC inserted (with effect in accordance with s. 44(3)(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 8 para. 1
  813. C125
    S. 151W(b) modified (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 38 (with Sch. 9 paras. 1-9, 22)
  814. F604
    S. 210A(2A)-(2C) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 12(3), 42 (with Sch. 4 paras. 43-46)
  815. F605
    S. 282(5)(6) inserted (with effect in accordance with Sch. 21 para. 10(4) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 7(2)
  816. F606
    S. 151J(2A) inserted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 6(3) (with art. 1(3))
  817. F607
    Words in s. 140H(2)(a) substituted (1.7.2011) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2011 (S.I. 2011/1431), regs. 1(2), 2(2)
  818. C126
    S. 257 applied (with modifications) (with effect in accordance with s. 58(4) of the amending Act) by Finance Act 2002 (c. 23), Sch. 18 para. 9(3)(b)
  819. F608
    S. 223(7)-(7B) substituted for s. 223(7) (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 4(3)
  820. F609
    Word in Sch. 11 para. 7(1)(a) substituted (with effect in accordance with Sch. 38 para. 12(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 12(2)
  821. F610
    Words in s. 246 repealed (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(4), Sch. 41 Pt. V(6)
  822. F611
    Words in Sch. 5 para. 9(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(5)(a)(ii) (with Sch. 2)
  823. F612
    S. 213(3A) repealed (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(3), Sch. 43 Pt. 3(12)
  824. F613
    Words in s. 119(10) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 308(6) (with Sch. 2)
  825. F614
    S. 212(2) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 85(3)
  826. F615
    Words in s. 177(2) substituted (with effect in accordance with Sch. 29 para. 25(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 25(1) (with Sch. 29 para. 46(5))
  827. F616
    Words in Sch. 5B para. 19(1) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 37(a) (with Sch. 3)
  828. F617
    Words in Sch. 7C para. 6(3)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 129
  829. F618
    S. 225C inserted (with effect in accordance with art. 10(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 10(1)
  830. C127
    Act modified (E.W.S.) (7.8.2015) by The Housing and Regeneration Transfer Schemes (Tax Consequences) Regulations 2015 (S.I. 2015/1540), reg. 6 (with reg. 3)
  831. F619
    Sch. 10 para. 14(21) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)
  832. F620
    S. 133(3) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 53(2), Sch. 41 Pt. V(10)
  833. F621
    S. 143(6)(7)(8) substituted for s. 143(6) (with effect in accordance with s. 95(2) of the amending Act) by Finance Act 1994 (c. 9), s. 95(1)
  834. F622
    Words in s. 140GA(c) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(8)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  835. F623
    Words in s. 150A(8B)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(5) (with Sch. 2)
  836. F624
    Sch. 5 para. 8(8A) inserted (with effect in accordance with art. 6 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2017 (S.I. 2017/495), arts. 1, 5(3)
  837. F625
    Words in s. 179(1)(a) substituted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(2)
  838. F626
    Words in s. 210B(6)(a) substituted (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 5(2)
  839. F627
    S. 108(A1) inserted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(4)
  840. F628
    Words in s. 165(7C) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 55(4)
  841. F629
    Words in Sch. 3 para. 1(2) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(b)
  842. F630
    S. 117(9)(10) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  843. F631
    Sch. A1 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 45
  844. F632
    S. 197(4A) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 16, 42 (with Sch. 4 paras. 43-46)
  845. F633
    Words in s. 83(1) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 87
  846. C128
    S. 236T applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 13A(2) (as inserted (with effect in accordance with Sch. 37 para. 10(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 10(1))
  847. F634
    Words in Sch. 5A para. 3(1)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 109(3)(a)(ii) (with Sch. 46 para. 109(6))
  848. F635
    Words in s. 140F(2)(a) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(6)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  849. F636
    Words in s. 151BB(5)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 237 (with Sch. 2)
  850. F637
    S. 143(8) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 64(3)
  851. F638
    S. 171(2)(da) and preceding word inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 135
  852. C129
    Sch. 7AC para. 9 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 34(2)(a)
  853. C130
    S. 236M applied by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 312E(2)(a) (as inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5)
  854. F639
    Word in s. 104(3) omitted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 85(3)
  855. C131
    S. 263A(1) applied (with modifications) (2.1.1996) by The Sale and Repurchase of Securities (Modification of Enactments) Regulations 1995 (S.I. 1995/3220), regs. 1, 4
  856. F640
    Words in Sch. 8 para. 9(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 244 (with Sch. 9 paras. 1-9, 22)
  857. C132
    Ss. 152-154 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(4)
  858. F641
    Words in s. 88(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 41
  859. F642
    S. 281(5)(a) substituted (with effect in accordance with Sch. 18 para. 17(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 15(2)
  860. F643
    Words in s. 179(1A) omitted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 10 para. 3(3)
  861. C133
    S. 236J applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 86(3A)(b) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 15(3)(4))
  862. F644
    S. 150A inserted (3.5.1994) by Finance Act 1994 (c. 9), Sch. 15 para. 30
  863. F645
    Words in Sch. 4C para. 1A(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(3)
  864. F646
    Words in Sch. 5B para. 16(7) substituted (with effect in accordance with Sch. 7 para. 34 of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 para. 31(c)
  865. F647
    Words in s. 120(3) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(3)(b) (with Sch. 7)
  866. F648
    Word in s. 286(3)(b) repealed (with effect in accordance with Sch. 12 para. 45 of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 43(a), Sch. 26 Pt. 3(15)
  867. C134
    S. 212 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 37 (as amended by S.I. 2007/2134, regs. 1(1)(2), 28)
  868. F649
    Words in Sch. 7D para. 10(1)(a)(i) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 128(2)(a), 146 (with Sch. 8 paras. 147-157)
  869. C135
    S. 212 modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 para. 15(2)
  870. F650
    Words in s. 169K(3) substituted (with effect in accordance with s. 41(6) of the amending Act) by Finance Act 2015 (c. 11), s. 41(3)(b)
  871. F651
    S. 196(1B) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 6(4)
  872. F652
    Words in s. 88(3)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 41
  873. F653
    S. 239A and cross-heading substituted for ss. 239A, 239B (6.4.2006) by Finance Act 2004 (c. 12), s. 284(1), Sch. 35 para. 40 (with Sch. 36)
  874. F654
    Words in s. 96(1)(2) inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4), Sch. 26 para. 3
  875. F655
    Words in s. 225(a) substituted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(3)
  876. F656
    Words in s. 210A(6)(a) omitted (with effect in relation to accounting periods beginning on or after 1.4.2020) by virtue of Finance Act 2020 (c. 14), Sch. 4 paras. 12(4)(b), 42 (with Sch. 4 paras. 43-46)
  877. F657
    S. 222(5A) inserted (with effect in accordance with s. 24(9) of the amending Act) by Finance Act 2020 (c. 14), s. 24(2)(a)
  878. C136
    Sch. 2 modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 5 (with Sch. 7 para. 9(1))
  879. F658
    Sch. 5AAA para. 8(4) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 7
  880. F659
    Word in s. 238A heading omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 35(2), 89 (with Sch. 8 paras. 90-96)
  881. F660
    S. 223A inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 5
  882. F661
    Words in s. 151C(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 238 (with Sch. 2)
  883. F662
    S. 256(3)-(5) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 326(3) (with Sch. 2)
  884. F663
    Words in s. 135(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 234 (with Sch. 2)
  885. F664
    Words in Sch. 5B para. 7(1)(a) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(6)(a) (with Sch. 2)
  886. F665
    Sch. 7AC para. 30A and cross-heading inserted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(5)
  887. F666
    Ss. 236B-236G and cross-heading inserted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 20, 38; S.I. 2013/1755, art. 2
  888. C137
    S. 154 modified (1.2.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 7 para. 6(2); S.I. 2001/57, art. 3(1)
  889. C138
    S. 80(7)(b) modified (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(2)(b)
  890. F667
    Words in Sch. 5AAA para. 3(1) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 4
  891. F668
    Word in Pt. 3 Ch. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2
  892. C139
    S. 170 applied (with effect in accordance with s. 81(12) of the amending Act) by Finance Act 1999 (c. 16), s. 81(7)
  893. F669
    Words in s. 149B(4) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 211(4)(b) (with Sch. 7)
  894. F670
    Words in s. 256A heading inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 255 (with Sch. 2)
  895. F671
    Words in s. 120(4) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(4)(b) (with Sch. 7)
  896. F672
    Words in s. 24(3) substituted (with effect in accordance with art. 4(6) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 4(4)(b)
  897. F673
    Words in s. 108(1)(c) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 164 (with Sch. 9 paras. 1-9, 22)
  898. F674
    Words in s. 222(5) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 59(3)(b), Sch. 41 Pt. V(10)
  899. F675
    S. 288(3A)(k) inserted (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 5 para. 16; S.I. 2011/2576, art. 5
  900. F676
    S. 117(8A) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 61(4) (with Sch. 15)
  901. F677
    S. 53(1A) omitted (with effect in accordance with Sch. 2 para. 83 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 79(a)
  902. F678
    Word in s. 91(3) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(7)(b)
  903. F679
    S. 72(2A) inserted (retrospective to 22.3.2006) by Finance Act 2006 (c. 25), Sch. 20 paras. 29(2), 30(3)
  904. F680
    Words in Sch. 5B para. 19(1) repealed (with effect in accordance with Sch. 40 Pt. II(5) Note 4 of the amending Act) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(5)
  905. F681
    S. 149AA(1A) inserted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 19(3), 38; S.I. 2013/1755, art. 2
  906. F682
    Words in s. 86(1)(e) substituted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 30
  907. F683
    S. 222(8A)(c) and word inserted (22.7.2020) by Finance Act 2020 (c. 14), s. 24(2)(c)
  908. F684
    Words in s. 106A(10) inserted (with effect in accordance with Sch. 24 paras. 5, 6(4)(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 24 para. 4(4)
  909. F685
    S. 101C inserted (with application in accordance with s. 135(5) of the amending Act) by Finance Act 1998 (c. 36), s. 135(2)
  910. F686
    Words in Sch. 4A para. 14 substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 344 (with Sch. 2)
  911. F687
    Words in s. 288(3) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(4) (with Sch. 2)
  912. C140
    Act modified (30.9.2013) by The BRB (Residuary) Limited (Tax Consequences) Order 2013 (S.I. 2013/2242), art. 3
  913. F688
    Word in s. 222(7) substituted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 2(b)
  914. F689
    Sch. C1 omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 12
  915. C141
    S. 105 applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 76(4), 1184(1) (with Sch. 2)
  916. F690
    Words in s. 58 heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 107(3)
  917. F691
    Sch. 7A para. 7(2) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 6(4)
  918. F692
    Words in s. 271(1A) inserted (with effect in accordance with Sch. 25 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 25 para. 14(a)
  919. F693
    Words in Sch. 5B para. 16(7) substituted (with effect in accordance with Sch. 18 para. 19(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 19(1)(b)(iv)
  920. F694
    Words in s. 140B(2) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 3(b) (with S.I. 2008/1579, reg. 4(1))
  921. F695
    Word in Sch. 5 para. 4(1)(a) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 3(1)
  922. F696
    Ss. 279C(3)-(4A) substituted for s. 279C(3)(4) (with effect in accordance with Sch. 2 para. 56(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 43(2)
  923. F697
    Sch. 10 para. 14(15) repealed (with effect in accordance with Sch. 3 of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(2)
  924. F698
    S. 181(5) repealed (with effect in accordance with Sch. 29 para. 28(2), Sch. 40 Pt. II(12) Note 9 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 28(1)(b), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  925. F699
    S. 288(1ZA) inserted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 2 para. 101(3)
  926. C142
    S. 179 modified (12.1.2000) by Greater London Authority Act 1999 (c. 29), s. 425(2), Sch. 33 paras. 3, 9; S.I. 1999/3434, art. 2
  927. F700
    Words in s. 56(1)(a) repealed (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), Sch. 26 Pt. V(8)
  928. F701
    Words in Sch. 4C para. 1A cross-heading substituted (5.4.2022) by The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations 2022 (S.I. 2022/230), regs. 1, 4
  929. F702
    Words in s. 279C(4) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 84(3)(b)
  930. F703
    Words in Sch. 5BB para. 1(2)(b) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 57(2)(a)(ii)
  931. F704
    Words in s. 149AA(7) inserted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 27(a), 47
  932. F705
    Words in s. 41(4)(c) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 363(b)(i), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  933. F706
    Words in s. 109(2)(a) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 18(1)(2)
  934. F707
    Words in Sch. 7C para. 1(1) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 220(2) (with Sch. 7)
  935. F708
    Words in Sch. 5B para. 19(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(14)(f) (with Sch. 2)
  936. F709
    S. 257(5) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 258(7) (with Sch. 2)
  937. F710
    S. 117(2AA) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 61(2) (with Sch. 15)
  938. F711
    Words in s. 222(6)(a) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 117(2)(b)
  939. F712
    Sch. 4A para. 7(5)(c) and preceding word inserted (with effect in accordance with Sch. 12 para. 5(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 5(1)(b)
  940. F713
    S. 169F(4A)(4B) inserted (with effect in accordance with Sch. 12 para. 4(2)(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 4(1)(d)
  941. F714
    Words in s. 175(2C) substituted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(3)(b)
  942. F715
    S. 149AA(7) inserted (with effect in accordance with s. 49(9) of the amending Act) by Finance Act 2008 (c. 9), s. 49(1)
  943. F716
    S. 140L(1)(ba) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(12)(a)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  944. F717
    Words in s. 196(5) substituted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 6(7)(a)
  945. F718
    Words in Sch. 5A para. 3(1)(a) substituted (with effect in accordance with Sch. 12 para. 30(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 30(1)(2)(c)
  946. F719
    Words in s. 125A(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 233(a), Sch. 3 Pt. 1 (with Sch. 2)
  947. F720
    S. 223(5)(6) omitted (with effect in accordance with s. 58(4) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 58(2)(b)
  948. F721
    S. 286A inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 384 (with Sch. 2 Pts. 1, 2)
  949. F722
    Words in s. 167A(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(2)(a)
  950. F723
    S. 213(8A)(a) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(4)(a)
  951. F724
    Words in s. 210B(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 81(2)(a)
  952. F725
    Words in Sch. 2 para. 4(11)(c) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(e)(iii)
  953. C143
    S. 154 applied (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(5)
  954. F726
    S. 222(3) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 59(2)
  955. F727
    Words in Sch. 5AA para. 4(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 267(2) (with Sch. 2)
  956. F728
    Words in Sch. 5B para. 7(1)(b) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(6)(b) (with Sch. 2)
  957. F729
    S. 88(1)(c) and preceding word repealed (with effect in accordance with s. 130(3) of the amending Act) by Finance Act 1998 (c. 36), s. 130(2)(b), Sch. 27 Pt. III(30)
  958. F730
    S. 156(4) substituted (with effect in accordance with s. 41(3) of the amending Act) by Finance Act 1998 (c. 36), s. 41(2) (with art. 41(4)-(7))
  959. F731
    Words in s. 88(1) substituted (6.4.2007) by Finance Act 2006 (c. 25), Sch. 12 paras. 35(1)(a)(2)(b), 41
  960. F732
    Words in s. 231(3)(c) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 324 (with Sch. 2)
  961. F733
    Words in s. 97(5) inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4)(b), Sch. 26 para. 4(b)
  962. F734
    Words in Sch. 5 para. 9(10A)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(5)(b)(ii)
  963. F735
    Words in s. 210A(13) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 12(8)(a), 42 (with Sch. 4 paras. 43-46)
  964. F736
    Words in s. 140E(2)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(5)(a)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  965. F737
    Words in s. 140A(1)(b) substituted (with effect in accordance with s. 59(7) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 59(3)(a)
  966. F738
    S. 212(1)(d) and word inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 56(1)
  967. F739
    Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(5)(a)
  968. F740
    Words in s. 218 heading substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(5); S.I. 2010/862, art. 2 (with Sch.)
  969. F741
    Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(c)
  970. F742
    Words in Sch. 5B para. 1(1)(b) inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 27(1)
  971. F743
    S. 224(4) inserted (with effect in accordance with s. 16(4) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 16(2)
  972. F744
    S. 161(3A) inserted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 36
  973. F745
    Words in Sch. 5 para. 2A(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(3)(b)(ii) (with Sch. 2)
  974. F746
    Sch. 10 para. 21 repealed (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 4
  975. F747
    Words in s. 140E(9)(a) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(5)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  976. F748
    Words in s. 169(3)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 102
  977. F749
    Words in s. 225(1)(b) substituted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(c)
  978. F750
    Words in s. 143(1) substituted (with effect in accordance with art. 1(3)(4) of the amending S.I.) by The Income Tax (Trading and Other Income) Act 2005 (Consequential Amendments) Order 2006 (S.I. 2006/959), arts. 1(2), 3(2)(b)
  979. F751
    Ss. 248A-248E and cross-heading inserted (with effect in accordance with art. 8(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 8(1)
  980. F752
    S. 195(8) inserted (with effect in accordance with s. 68(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 19 para. 12(4)
  981. F753
    Words in s. 231(1)(d) repealed (3.5.1994) by Finance Act 1994 (c. 9), Sch. 15 para. 34, Sch. 26 Pt. V(17)
  982. F754
    Words in s. 30(4) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 46
  983. F755
    Words in Sch. 7A para. 6(1)(c) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 18(3), 42 (with Sch. 4 paras. 43-46)
  984. F756
    Word in s. 271(4) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 445(3)(a) (with Sch. 2)
  985. F757
    S. 213(8J) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(9)
  986. F758
    Words in s. 81(4)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 85(4)
  987. F759
    S. 170(2)(a) repealed (with effect in accordance with Sch. 29 para. 1(2), Sch. 40 Pt. II(12) Note 4 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 1(1)(a), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  988. F760
    S. 167A(1)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(2)(b)
  989. F761
    Words in s. 199(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 70(2)
  990. F762
    Words in Sch. 5 para. 1(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 90(4)(b)(ii)
  991. C144
    Ss. 96-98 applied (with modifications) by Income and Corporation Taxes Act 1988 (c. 1), s. 762(3) (as substituted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 93(3))
  992. F763
    Words in s. 116(8A) substituted (with effect in accordance with Sch. 6 para. 8(3) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 6 para. 8(1)(b)
  993. F764
    Words in Sch. 3 para. 1(1) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 65(2)(a)(ii)
  994. F765
    Words in s. 106A(5A)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 97(b)
  995. F766
    Words in Sch. 7C para. 6(5)(e) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 129
  996. F767
    S. 213(4ZB)-(4ZE) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 6 (with reg. 1(2))
  997. F768
    Words in s. 167A(3)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(3)(b)
  998. F769
    S. 242(2A) inserted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 37
  999. F770
    Words in s. 97(1)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 95
  1000. C145
    Ss. 135, 136 excluded (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 82 (with s. 84)
  1001. F771
    Words in s. 196(2) substituted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 6(5)
  1002. F772
    Words in Sch. 5B para. 19(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 268(b) (with Sch. 2)
  1003. F773
    Words in s. 218 substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(3); S.I. 2010/862, art. 2 (with Sch.)
  1004. F774
    S. 258(8A) inserted (with effect in accordance with Sch. 25 para. 9(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 25 para. 9(1)
  1005. F775
    Words in s. 113 heading inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 94(3)
  1006. F776
    Words in s. 139(1A)(a) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 49(2)(a)
  1007. C146
    S. 179 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 8(1)-(3)
  1008. F777
    Words in s. 104(3) substituted (with effect in accordance with s. 123(6) of the amending Act) by Finance Act 1998 (c. 36), s. 123(3)
  1009. F778
    Sch. 5B para. 9(1)(1A) substituted for Sch. 5B para. 9(1) (with effect in accordance with Sch. 8 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 8 para. 4(2)
  1010. F779
    S. 256(8) omitted (with effect in accordance with S.I. 2012/736, art. 9) by virtue of Finance Act 2010 (c. 13), Sch. 6 paras. 13(3), 34(2); S.I. 2012/736, art. 9
  1011. F780
    Ss. 275A, 275B inserted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 5
  1012. F781
    Words in s. 261ZA(3)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(3)(c)
  1013. F782
    Words in s. 203(1) substituted (with effect in accordance with Sch. 39 para. 45(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 45(2)(a)
  1014. F783
    S. 165(8)(a)(aa) substituted for s. 165(8)(a) (with effect in relation to the year 2003-04 and subsequent years of assessment in accordance with s. 140(6) of the amending Act) by Finance Act 1998 (c. 36), s. 140(4)
  1015. F784
    Words in s. 140G(2)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(7)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1016. F785
    Sch. 5 para. 2(3)(da)(db) inserted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), s. 131(1)(a)
  1017. F786
    Sch. 5B para. 1(2)(da) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 7(2)(a)
  1018. F787
    Words in s. 251(3) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(12)(b)(ii)
  1019. F788
    S. 18(9)-(12) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 17, 42 (with Sch. 4 paras. 43-46)
  1020. F789
    S. 16(3A) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 97
  1021. F790
    Words in s. 261ZA(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(3)(a)
  1022. F791
    S. 149C inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 212 (with Sch. 7)
  1023. F792
    Sch. 5 paras. 11-14 repealed (with effect in accordance with s. 97(5) of the amending Act) by Finance Act 1994 (c. 9), s. 97(4), Sch. 26 Pt. V(10)
  1024. F793
    Words in s. 210A(2) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 12(2), 42 (with Sch. 4 paras. 43-46)
  1025. F794
    Words in s. 130(1)(a) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 8(2)(b), Sch. 27 Pt. 6(5)
  1026. F795
    Words in s. 288(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(3) (with Sch. 2)
  1027. F796
    Words in s. 288(1) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 385(a) (with Sch. 2 Pts. 1, 2)
  1028. F797
    S. 139(1AA) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 49(3)
  1029. F798
    Words in s. 35(4) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(5)
  1030. F799
    Sum in S. 169N(4A) substituted (with effect in accordance with Sch. 3 para. 2 of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 1(b)
  1031. F800
    Words in s. 170(2)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 242(2) (with Sch. 2)
  1032. F801
    Words in Sch. 5B para. 14(1) substituted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 32(1)(b) (with Sch. 3)
  1033. F802
    Words in s. 150B(1)(a) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 312(2)(a) (with Sch. 2)
  1034. F803
    S. 219 heading substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(4); S.I. 2010/862, art. 2 (with Sch.)
  1035. F804
    S. 201 repealed (with effect in accordance with Sch. 39 para. 45(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 45(1)
  1036. F805
    S. 263G inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 337 (with Sch. 2)
  1037. F806
    Ss. 263B, 263C inserted (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 5(1); S.I. 1997/991, art. 2
  1038. F807
    Words in Sch. 5 para. 9(4)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 108(3)(b) (with Sch. 46 para. 108(4))
  1039. F808
    Words in s. 139(4) inserted (with application in accordance with s. 134(4) of the amending Act) by Finance Act 1998 (c. 36), s. 134(1)
  1040. F809
    Words in s. 257(2C) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 258(5), Sch. 3 Pt. 1 (with Sch. 2)
  1041. F810
    S. 169G(2)-(5) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 31
  1042. F811
    Words in s. 226(4) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 118(a)
  1043. C147
    S. 161 applied (with modifications) (24.7.2002) by Finance Act 2002 (c. 23), Sch. 26 para. 45(2)
  1044. F812
    S. 151N(2A) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(13)(c) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1045. F813
    Words in s. 140A(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 50
  1046. F814
    Words in s. 155 added (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 1993, Section 86(2), (Fish Quota) Order 1999 (S.I. 1999/564), arts. 1(1), 3
  1047. F815
    Words in s. 88(1) substituted (6.4.2007) by Finance Act 2006 (c. 25), Sch. 12 paras. 35(1)(b)(2)(b), 41
  1048. F816
    Word in Sch. 5A para. 3(3) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 109(3)(b) (with Sch. 46 para. 109(6))
  1049. F817
    Sch. 5AA para. 5(a)(i) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2008 (S.I. 2008/954), arts. 1(1), 17 (with art. 4)
  1050. F818
    Words in Sch. 5B para. 1A(4) substituted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(d)
  1051. F819
    Words in Sch. 5AAA para. 13(3)(a) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 10(d)(i)
  1052. F820
    Words in s. 79B(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 30(5)
  1053. F821
    S. 213(10) omitted (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(10)
  1054. F822
    Words in Sch. 5B para. 16(4) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(a)(i) (with Sch. 2)
  1055. F823
    S. 80A substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 31
  1056. F824
    Words in Sch. 4 para. 4(2) omitted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 74(4)
  1057. F825
    S. 287(2A) inserted (18.3.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(2)(c), Sch. 8 para. 318(3) (with Sch. 9 paras. 1-9, 22)
  1058. F826
    S. 160 repealed (with effect in accordance with s. 251(1)(a)(6) of the amending Act) by Finance Act 1994 (c. 9), s. 251(6), Sch. 26 Pt. VIII(1)
  1059. F827
    S. 195(6)(b) and preceding word omitted (22.3.2001) by virtue of Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(5)(c)
  1060. C148
    S. 38 restricted (3.5.1994) by Finance Act 1994 (c. 9), s. 173(4)(d) (with s. 173(1))
  1061. F828
    Words in s. 167A(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(4)(a)
  1062. F829
    S. 279B(1)(b) substituted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 42
  1063. F830
    Word in s. 91(2) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(7)(b)
  1064. F831
    Words in Sch. 5 para. 2A(10) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(3)(c) (with Sch. 2)
  1065. F832
    Words in Sch. 5AAA para. 7(5)(b) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 6(b)
  1066. C149
    S. 211ZA modified (with effect in accordance with reg. 1(2) of the affecting S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 36
  1067. F833
    Words in Sch. 4C substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(2)
  1068. C150
    Ss. 127-130 excluded (28.7.2000) by Finance Act 2000 (c. 17), Sch. 14 para. 58
  1069. F834
    Words in Sch. 7D para. 2(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 387 (with Sch. 2 Pts. 1, 2)
  1070. F835
    Words in s. 63(2) repealed (with effect in accordance with Sch. 12 para. 11(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 11(1)(b)(i), Sch. 26 Pt. 3(15)
  1071. F836
    Words in s. 139(5) repealed (with effect in accordance with Sch. 9 paras. 7, 8, Sch. 40 Pt. 3(2) Note of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(2)
  1072. F837
    Words in s. 271(1)(f) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 445(2) (with Sch. 2)
  1073. F838
    Words in s. 169I(3) substituted (with effect in accordance with Sch. 16 para. 4(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(a)
  1074. F839
    S. 263E(4A) inserted (with effect in accordance with Sch. 5 para. 8(6)(7) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 8(4)
  1075. C151
    S. 37 excluded (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 672(4), 1329(1) (with Sch. 2 Pts. 1, 2)
  1076. F840
    Words in s. 146(4)(b) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 8(4), Sch. 27 Pt. 6(5)
  1077. F841
    Words in s. 256(1) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 254(2), Sch. 3 Pt. 1 (with Sch. 2)
  1078. F842
    Words in s. 83A(4)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 88(3)(a)
  1079. C152
    Act modified (22.7.2004) by Finance Act 2004 (c. 12), Sch. 36 para. 2(5) (with s. 283(5), Sch. 36)
  1080. C153
    Act modified by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 363A(3) (as inserted (19.7.2011) by Finance Act 2011 (c. 11), s. 59)
  1081. F843
    Sch. 5 para. 2(4A) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(2)(c)
  1082. C154
    Act applied (with modifications) (6.11.2000) by Postal Services Act 2000 (c. 26), Sch. 4 para. 7; S.I. 2000/2957, art. 2(1), Sch. 1
  1083. F844
    Words in s. 251(6) inserted (with effect in accordance with s. 88(6) of the amending Act) by Finance Act 1997 (c. 16), s. 88(5)
  1084. C155
    S. 170 applied (with modifications) (1.8.2004) by Finance Act 2004 (c. 12), ss. 307(4), 319(2) (with s. 314)
  1085. C156
    S. 127 applied (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), ss. 462(2), 723 (with Sch. 7)
  1086. F845
    Words in s. 222(7)(a) substituted (with effect in accordance with s. 24(10) of the amending Act) by Finance Act 2020 (c. 14), s. 24(2)(b)(i)
  1087. F846
    Words in s. 150A(4) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(4) (with Sch. 2)
  1088. F847
    Words in s. 151BA(10)(b)(ii) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 236(b)(ii) (with Sch. 2)
  1089. F848
    Words in s. 125(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 232(a) (with Sch. 2)
  1090. F849
    Words in Sch. 7C para. 2(2) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 220(3)(b)(i) (with Sch. 7)
  1091. C157
    S. 30 excluded (1.2.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 7 para. 5; S.I. 2001/57, art. 3(1)
  1092. F850
    S. 117(A1) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 61(1) (with Sch. 15)
  1093. F851
    S. 25(3A)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 25(2)
  1094. F852
    Words in Sch. 5A para. 2(1)(c) substituted (with effect in accordance with Sch. 12 para. 30(5) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 30(1)(2)(c)
  1095. C158
    Ss. 127-131 applied (with modifications) (with application in accordance with Sch. 3 para. 5(1)-(3) of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 5(7)(a)
  1096. F853
    Words in Sch. 8 para. 3(2) substituted (with effect in accordance with s. 142(5) of the amending Act) by Finance Act 1996 (c. 8), s. 142(2)
  1097. F854
    Words in Sch. 7D para. 10(1)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 128(2)(b), 146 (with Sch. 8 paras. 147-157)
  1098. F855
    Sch. 5B para. 14(3)(c) and preceding word inserted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 16 para. 4(2)(d)
  1099. F856
    S. 151D inserted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 8
  1100. F857
    S. 52A inserted (with effect in accordance with Sch. 2 para. 83 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 78
  1101. F858
    S. 212(2A) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 5(3)(a), Sch. 27 Pt. 2(10)
  1102. F859
    Words in s. 198(5)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 248 (with Sch. 2)
  1103. F860
    Words in s. 213(5A) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
  1104. C159
    Act applied (22.7.2004) by Finance Act 2004 (c. 12), s. 133(2)(10)
  1105. F861
    Words in s. 260(7) inserted (with effect in accordance with Sch. 21 para. 10(9) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 5(5)
  1106. F862
    Words in Sch. 8 para. 5(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(2)(a) (with Sch. 2 Pts. 1, 2)
  1107. F863
    Sch. 4 para. 4(3) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12)
  1108. C160
    S. 179 modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 paras. 5, 19 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
  1109. F864
    Sch. 10 para. 14(46) repealed (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(18)
  1110. F865
    Sch. 5B para. 16(7)(aa) inserted (with effect in accordance with Sch. 18 para. 19(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 19(1)(b)(ii)
  1111. F866
    Words in s. 279(5)(b) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 31(b); S.I. 2009/403, art. 2(2) (with art. 10)
  1112. F867
    Words in s. 283(1) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(1)(b)
  1113. F868
    Words in s. 151N(2A) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) (No. 2) Regulations 2019 (S.I. 2019/818), regs. 1(3), 4(2)(a); 2020 c. 1, Sch. 5 para. 1(1)
  1114. C161
    Act modified by Finance Act 1996 (c. 8), s. 92(7)-(11) (as inserted (with effect in accordance with s. 65(8) of the amending Act) by Finance Act 1999 (c. 16), s. 65(7))
  1115. F869
    Words in s. 140GA(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(8)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1116. F870
    Words in s. 175(2) repealed (with effect in accordance with s. 251(1)(a)(8) of the amending Act) by Finance Act 1994 (c. 9), s. 251(8), Sch. 26 Pt. VIII(1)
  1117. F871
    Words in s. 181(1) substituted (with effect in accordance with Sch. 29 para. 28(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 28(1)(a) (with Sch. 29 para. 46(5))
  1118. F872
    Words in s. 213(3)(ca) substituted (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(2)(d)
  1119. F873
    Sch. 10 para. 14(6) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  1120. F874
    Words in Sch. 5B para. 1A(1) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(a)
  1121. F875
    Words in s. 119A(3) repealed (with effect in accordance with s. 22(4) of the amending Act) by Finance Act 2005 (c. 7), s. 22(2)(d), Sch. 11 Pt. 2(2)
  1122. F876
    S. 39(4) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 300 (with Sch. 2)
  1123. C162
    Act applied (with modifications) by Finance Act 2004 (c. 36), s. 185G (as inserted (6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 6)
  1124. F877
    Ss. 68A, 68B inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 1(2)(4)
  1125. F878
    Words in Sch. 7AC para. 17(3) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(4) (with Sch. 2)
  1126. F879
    S. 149B(5)(6) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 53
  1127. F880
    Words in s. 87(4)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 92(3)
  1128. F881
    Words in s. 222(8B)(b)(iii) substituted (with effect in accordance with S.I. 2012/736, art. 8) by Finance Act 2010 (c. 13), Sch. 6 paras. 13(2), 34(2); S.I. 2012/736, art. 8
  1129. C163
    S. 236J applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 28A(2) (as inserted (with effect in accordance with Sch. 37 para. 11(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 11(1))
  1130. F882
    Pt. 5 Ch. 3A inserted (with effect in accordance with Sch. 16 para. 4(5) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 3
  1131. F883
    Sch. 4C inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4), Sch. 26 Pt. I
  1132. F884
    S. 169LA inserted (with effect in accordance with s. 42(5) of the amending Act) by Finance Act 2015 (c. 11), s. 42(4)
  1133. F885
    Words in Sch. 5B para. 16(7)(a) inserted (with effect in accordance with Sch. 18 para. 19(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 19(1)(b)(i)
  1134. F886
    Words in s. 150B substituted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 21(2)
  1135. F887
    Sch. 4ZA inserted (with effect in accordance with Sch. 12 para. 6(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 6(2)
  1136. F888
    Words in s. 210C(2) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 7(a)
  1137. F889
    Sch. 5AAA para. 33(2A) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 13(b)
  1138. F890
    Pt. 4 Ch. 4 inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 28 (with Sch. 9 paras. 1-9, 22)
  1139. F891
    S. 62(2B) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 29(3)
  1140. F892
    S. 210B(8) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 81(4)
  1141. F893
    Words in s. 41(4)(b) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 363(a)(ii) (with Sch. 2 Pts. 1, 2)
  1142. F894
    S. 151B(8)(c) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(9)
  1143. F895
    Words in Sch. 5B para. 1(1)(b) inserted (with effect in accordance with Sch. 3 para. 5 of the amending Act) by Finance Act 2008 (c. 9), Sch. 3 para. 4
  1144. F896
    Words in s. 48 substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 48
  1145. F897
    Words in s. 140L(1)(b)(c) substituted (1.7.2011) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2011 (S.I. 2011/1431), regs. 1(2), 2(3)(b)
  1146. F898
    Words in s. 259(2)(b) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 19(3); S.I. 2010/862, art. 2 (with Sch.)
  1147. F899
    Words in Sch. 5B para. 18(2)(a) substituted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 36(b)(i) (with Sch. 3)
  1148. F900
    S. 288(7B) inserted (with effect in accordance with s. 74(6) of the amending Act) by Finance Act 2006 (c. 25), s. 74(3)
  1149. F901
    Words in Sch. 5B para. 13(1) substituted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 30(2) (with Sch. 3)
  1150. F902
    Words in s. 89(1) substituted (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 110(2)
  1151. F903
    S. 87B(1)(c) omitted (with effect in accordance with Sch. 46 para. 25 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 18(c) (with Sch. 46 para. 26)
  1152. F904
    S. 223(3A)(3B) inserted (with effect in accordance with art. 8(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 8(3)
  1153. F905
    Words in s. 263A(1) substituted (with effect in relation to an arrangement that comes into force on or after 1.10.2007) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 12(2); S.I. 2007/2483, art. 3
  1154. F906
    S. 150(8A)-(8C) inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 69
  1155. F907
    Word in s. 105(2)(b) substituted (with effect in accordance with s. 72(3) of the amending Act) by Finance Act 2006 (c. 25), s. 72(2)(b)(i)
  1156. F908
    Words in s. 120(3) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(3)(a) (with Sch. 7)
  1157. F909
    S. 288(2A) inserted (with effect for the tax year 2013-14 and subsequent tax years in accordance with s. 34(7) of the amending Act) by Finance Act 2012 (c. 14), s. 34(4)
  1158. F910
    S. 165A inserted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 34
  1159. F911
    Words in s. 39(5)(a) substituted (with effect in accordance with s. 81 of the amending Act) by Finance Act 2016 (c. 24), s. 77(8) (with savings in 2017 c. 32, s. 39(1)(2))
  1160. F912
    Words in Sch. 5B para. 14(3)(b) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(12)(a) (with Sch. 2)
  1161. F913
    S. 139(1)(b) substituted (with effect in accordance with Sch. 29 para. 5(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 5(2) (with Sch. 29 para. 46(5))
  1162. F914
    Words in s. 140(1) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
  1163. F915
    Sch. 4 para. 9(1)(a) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12)
  1164. F916
    Words in Sch. 5B para. 16(1)(a) substituted (with effect in accordance with Sch. 15 para. 35(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 35(1) (with Sch. 3)
  1165. F917
    Words in s. 253(4) substituted (with effect in accordance with Sch. 39 para. 8(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 8(4)
  1166. F918
    Word in Sch. 5B para. 16(7)(b) omitted (with effect in accordance with Sch. 7 para. 34 of the amending Act) by virtue of Finance Act 2012 (c. 14), Sch. 7 para. 31(b)
  1167. F919
    Words in s. 25A(5) omitted (with effect in accordance with Sch. 32 para. 5(2) of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 32 para. 3(4)
  1168. F920
    S. 41(4)(a) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 78(2)
  1169. F921
    S. 198(2A) inserted (with effect in accordance with Sch. 40 para. 13 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 11
  1170. F922
    Word in s. 72(5) substituted (with effect in accordance with Sch. 39 para. 5(4) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 5(2)
  1171. F923
    S. 288(1ZB) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 104(3)
  1172. C164
    S. 236K applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 75A(3) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 14(1)(2))
  1173. F924
    Word in s. 237(a) inserted (with effect in accordance with s. 73(4) of the amending Act) by Finance Act 2006 (c. 25), s. 73(3)(a)
  1174. F925
    Words in s. 140H(3) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(9) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1175. F926
    Words in Sch. 4C para. 12A cross-heading substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(7)
  1176. F927
    Words in s. 213(3)(b) substituted (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(2)(b)
  1177. F928
    S. 107(1)(1A)(2) substituted for s. 107(1)(2) (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(3)
  1178. F929
    S. 119B inserted (with effect in accordance with Sch. 7 para. 80 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 64
  1179. F930
    Words in s. 117(11) repealed (1.1.2007) by The Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006 (S.I. 2006/3291), regs. 1, 2(2)
  1180. F931
    Words in s. 253(4)(d) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 120(3)
  1181. F932
    Words in s. 97(4) inserted (with effect in accordance with Sch. 9 para. 3 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 9 para. 1(1)
  1182. F933
    Words in s. 211ZA(10) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 84
  1183. F934
    S. 174(5) repealed (with effect in accordance with Sch. 29 para. 13(4), Sch. 40 Pt. II(12) Note 6 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 13(3), Sch. 40 Pt. II(12) (with Sch. 29 paras. 13(5), 46(5))
  1184. F935
    Sch. 4ZA paras. 14-16 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 34
  1185. F936
    S. 277 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 45, Sch. 10 Pt. 1 (with Sch. 9 paras. 1-9, 22)
  1186. F937
    Words in s. 143(3)(a)(b) omitted (1.12.2001) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 64(2)
  1187. F938
    Ss. 271ZA, 271ZB and cross-heading inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 9
  1188. F939
    S. 171(1B) inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 61(3)
  1189. C165
    S. 152 restricted (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(3)
  1190. F940
    S. 213(3)(ca) substituted for word at end of s. 213(3)(c) (with effect in accordance with s. 137(6) of the amending Act) by Finance Act 1998 (c. 36), s. 137(3)(b)
  1191. F941
    Words in Sch. 7A para. 6(1)(d) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 91
  1192. F942
    Words in s. 105A(4)(b) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(2)(b) (with Sch. 2)
  1193. F943
    S. 87(7) omitted (with effect in accordance with Sch. 10 para. 1(13) of the amending Act) by virtue of Finance Act 2018 (c. 3), Sch. 10 para. 1(4)(b)
  1194. F944
    S. 225 renumbered as s. 225(1) (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(2)
  1195. F945
    S. 117(2A) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  1196. F946
    Ss. 279A-279D inserted (with effect in accordance with s. 162(3) of the amending Act) by Finance Act 2003 (c. 14), s. 162(1)
  1197. F947
    Words in s. 165(1) substituted (with effect in accordance with s. 90(5) of the amending Act) by Finance Act 2000 (c. 17), s. 90(1)
  1198. F948
    Words in s. 144ZA(1) inserted (with effect in accordance with Sch. 5 para. 6(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 1(2)
  1199. F949
    Words in s. 41(7) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 78(3)(a)
  1200. F950
    Words in Sch. 8 para. 7A repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(6), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  1201. F951
    Words in s. 210A(13) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 80(6)(a)
  1202. F952
    Words in s. 288(1) repealed (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 80, Sch. 4
  1203. F953
    Words in s. 161(3A) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 54(4)
  1204. F954
    S. 179(1)(1A) substituted for s. 179(1) (with effect in accordance with Sch. 29 para. 4(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 4(2) (with Sch. 29 para. 46(5))
  1205. F955
    S. 211(4) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 83(4)
  1206. F956
    Word in s. 150(4)(a) inserted (with effect in accordance with Sch. 13 para. 42(8)(a) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(1)(b)
  1207. F957
    Words in s. 271(1)(a)(ii) inserted (15.11.2004) by The Government Stock (Consequential and Transitional Provision) (No.3) Order 2004 (S.I. 2004/2744), art. 1, Sch. para. 3(2)(b) (with art. 3)
  1208. F958
    S. 222(8A)-(8D) inserted (with effect in accordance with Sch. 4 para. 18(4) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 17(3)
  1209. F959
    S. 171(2)(cd) inserted (with application in accordance with s. 136(5) of the amending Act) by Finance Act 1998 (c. 36), s. 136(2)
  1210. F960
    Pt. 5 Ch. 4 inserted (with effect in accordance with s. 44(2) of the amending Act) by Finance Act 2015 (c. 11), s. 44(1)
  1211. F961
    Words in s. 99B(3) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), regs. 1(1), 89(2)
  1212. F962
    Sch. 5B para. 4(5)(a) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 2(2)
  1213. F963
    Words in Sch. 5B para. 19 repealed (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 3(1), Sch. 20 Pt. III(18)
  1214. C166
    Sch. 5 para. 8 applied (31.7.1998) by Finance Act 1998 (c. 36), Sch. 23 para. 6(6)
  1215. F964
    Sch. 5 para. 9(2) repealed (for the purpose of determining whether any settlement is a qualifying settlement in the year 1999-00 or any subsequent year of assessment) by Finance Act 1998 (c. 36), s. 132(2), Sch. 27 Pt. III(30)
  1216. F965
    S. 271(1)(j) repealed (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(3)(d), 284(1), Sch. 42 Pt. 3 (with Sch. 36)
  1217. F966
    Words in s. 151BA(10)(b)(ii) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 236(b)(i) (with Sch. 2)
  1218. F967
    Words in s. 35(5) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(6)
  1219. F968
    Words in Sch. 4C para. 1A(1) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(a)(i)
  1220. F969
    Words in s. 116(8A) inserted (with effect in accordance with Sch. 6 para. 8(3) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 6 para. 8(1)(a)
  1221. F970
    S. 286(3ZA) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 25(2)(3)
  1222. F971
    S. 170(10A) inserted (with effect in accordance with s. 62(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 62(1)
  1223. F972
    Words in s. 288(8) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 87(3)
  1224. F973
    Words in Sch. 5 para. 1(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 90(2)
  1225. C167
    S. 179 restricted (3.5.1994) by Finance Act 1994 (c. 9), s. 250(2)
  1226. F974
    S. 140A(1A)-(1D) inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(3) (with S.I. 2008/1579, reg. 4(1))
  1227. F975
    Words in Sch. 5B para. 4(1) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(e)
  1228. C168
    S. 39 excluded (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 672(4), 1329(1) (with Sch. 2 Pts. 1, 2)
  1229. F976
    Words in s. 222A(7)(a) substituted (with effect in accordance with Sch. 2 para. 32(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 2 para. 26(2)(b)
  1230. F977
    S. 263H inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 338 (with Sch. 2)
  1231. F978
    S. 62(2A)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 29(2)(b) (with Sch. 1 para. 29(5)(6))
  1232. C169
    S. 116B(1) modified (with effect in accordance with Sch. 24 para. 14(1) of the affecting Act) by Finance Act 2009 (c. 10), Sch. 24 paras. 14(2)(3), 15
  1233. F979
    Words in Sch. 4C para. 1A(3) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(b)(ii)
  1234. F980
    S. 217D and cross-heading inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 250 (with Sch. 2)
  1235. F981
    Words in s. 288(8) omitted (17.7.2013) by virtue of Finance Act 2013 (c. 29), Sch. 45 para. 148(3)(b)
  1236. C170
    S. 171(2)(cc) excluded (with effect in accordance with reg. 1(2)(b) of the amending S.I.) by The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004 (S.I. 2004/2199), regs. 1(1), 12(2)
  1237. F982
    Word in s. 288(3A)(a) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 7(b) (with reg. 1(2))
  1238. F983
    Words in s. 107 substituted (with effect in accordance with s. 123(6) of the amending Act) by Finance Act 1998 (c. 36), s. 123(5)(b)
  1239. F984
    Words in s. 99(2) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 199 (with Sch. 9 paras. 1-9, 22)
  1240. F985
    Ss. 150E, 150F inserted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 3
  1241. F986
    Words in s. 150A(8C) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(6) (with Sch. 2)
  1242. F987
    Words in s. 105A substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 122(2), 146 (with Sch. 8 paras. 147-157)
  1243. C171
    Sch. 7AC para. 19(1) modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 17(5)(b)
  1244. F988
    S. 138A(2A) inserted (with effect in accordance with s. 161(6) of the amending Act) by Finance Act 2003 (c. 14), s. 161(3)
  1245. F989
    Sch. 7AB repealed (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 5(c)
  1246. F990
    S. 151(2) substituted for s. 151(2)(2A) (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 436 (with Sch. 2)
  1247. C172
    S. 107 excluded (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 93(6)
  1248. F991
    Words in s. 87(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 35(2)
  1249. F992
    Sch. 6 repealed (with effect in relation to disposals in the year 2003-04 and subsequent years of assessment in accordance with s. 140(2) of, Sch. 27 Pt. III(31) of the amending Act) by Finance Act 1998 (c. 36), s. 140(2)(c), Sch. 27 Pt. III(31) (with s. 140(1))
  1250. F993
    Words in s. 225B(4) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 8
  1251. F994
    Words in s. 279B(1)(b)(ii) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(2)(a)
  1252. C173
    S. 48 applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 208, 1184(1) (with Sch. 2)
  1253. C174
    S. 137 applied by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 69Z24H (as inserted (1.8.2012) by S.I. 2012/1783, regs. 1, 4)
  1254. F995
    S. 103C inserted (17.7.2012) by Finance Act 2012 (c. 14), s. 36(3)
  1255. F996
    Words in s. 101B(1)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 304 (with Sch. 2)
  1256. F997
    S. 110A omitted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 92
  1257. F998
    Words in s. 149B(2) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 211(3) (with Sch. 7)
  1258. F999
    Words in s. 97(1)-(5) substituted (with effect in accordance with s. 129(3) of the amending Act) by Finance Act 1998 (c. 36), s. 129(2)
  1259. F1000
    S. 140C(6) omitted (with effect in accordance with reg. 3(1) of the amending S.I.) by virtue of The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(5) (with S.I. 2008/1579, reg. 4(1))
  1260. F1001
    S. 263F inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 336 (with Sch. 2)
  1261. F1002
    S. 243(2A) inserted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 38
  1262. F1003
    S. 287(4)(b) substituted (with effect in accordance with s. 125(4) of the amending Act) by Finance Act 2015 (c. 11), s. 125(1)
  1263. F1004
    Words in Sch. 5B para. 19(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 110(4) (with Sch. 46 para. 110(5))
  1264. F1005
    S. 105(3) inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 86
  1265. F1006
    Words in s. 169H(1) substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(1), 8 (with Sch. 3 para. 7(3))
  1266. F1007
    Words in s. 288(1A) substituted (with effect in accordance with Sch. 5 para. 6(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 5(2)
  1267. F1008
    S. 140(6AA) inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 7 (with S.I. 2008/1579, reg. 4(1))
  1268. F1009
    S. 261C(2)(a) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 39
  1269. C175
    S. 23(5) modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 3(2)(3)
  1270. F1010
    Words in s. 90(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 43
  1271. C176
    S. 153 applied (with modifications) (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(3) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  1272. F1011
    Words in s. 271(7) omitted (1.4.2012) by virtue of The Public Bodies (Abolition of the National Endowment for Science, Technology and the Arts) Order 2012 (S.I. 2012/964), arts. 1(2), 3(1), Sch.
  1273. F1012
    Words in s. 87B(4) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(c)
  1274. F1013
    Words in s. 24(2) substituted (with effect in accordance with art. 4(6) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 4(3)
  1275. F1014
    Words in Sch. 5B para. 9(4)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(8)(c) (with Sch. 2)
  1276. F1015
    Words in s. 66(5) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 10(a)
  1277. F1016
    S. 161(3ZB) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 54(3)
  1278. F1017
    Words in Sch. 5AAA para. 21(3)(a) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 8(3)
  1279. F1018
    S. 48A(1)(a) substituted (with effect in accordance with Sch. 1 paras. 27(5)(6), 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 27(2)
  1280. F1019
    Words in s. 150(7) substituted (with effect in accordance with Sch. 13 para. 42(8)(b) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(3)
  1281. F1020
    S. 165(3)(a)(b) repealed (with effect in relation to disposals in the year 2003-04 and subsequent years of assessment in accordance with Sch. 27 Pt. III(31) of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(31)
  1282. C177
    S. 144 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 6(1)(2) (with Sch. 4 paras. 6(4), 14); S.I. 1994/2189, art. 2, Sch.
  1283. F1021
    S. 169LA(1A)-(1C) inserted (with effect in accordance with s. 85(9) of the amending Act) by Finance Act 2016 (c. 24), s. 85(3)
  1284. F1022
    S. 117(6B)(6C) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 61(3) (with Sch. 15)
  1285. F1023
    Words in s. 140A(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(2)(b) (with S.I. 2008/1579, reg. 4(1))
  1286. F1024
    Words in s. 144ZB(2)(a) omitted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 9 paras. 25, 47
  1287. F1025
    S. 59(4) inserted (retrospective to 6.4.2005) by Finance Act 2008 (c. 9), s. 58(2)(4)
  1288. F1026
    Pt. 5 Ch. 3 inserted (with effect in accordance with Sch. 3 para. 5 of the amending Act) by Finance Act 2008 (c. 9), Sch. 3 para. 2 (with Sch. 3 paras. 6-8)
  1289. F1027
    Word in s. 116B(1) substituted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 5(2), 12
  1290. F1028
    Words in s. 140I(3) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(10) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1291. F1029
    Words in s. 169(3)(a) repealed (with effect in accordance with Sch. 12 para. 37(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 37(1)(b), 41, Sch. 26 Pt. 3(15)
  1292. F1030
    S. 225D inserted (with effect in accordance with s. 16(4)(5) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 16(3)
  1293. F1031
    Words in s. 83A(4)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 88(3)(b)
  1294. F1032
    Words in s. 271(3) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 340(2) (with Sch. 2)
  1295. F1033
    Words in s. 288(1) inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 34
  1296. F1034
    Sch. 7A para. 7(3)(b) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 6(5)(b)
  1297. F1035
    Words in s. 271(4) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 445(3)(f) (with Sch. 2)
  1298. F1036
    Words in s. 218 cross-heading substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 80; S.I. 1998/2244, art. 5
  1299. F1037
    Words in s. 169I(7A)(c) substituted (with effect in accordance with Sch. 16 para. 4(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(a)
  1300. F1038
    Words in Sch. 7AC para. 26(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(5)(b) (with Sch. 2)
  1301. F1039
    Sch. 5AZA inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 13 (with reg. 1(2))
  1302. C178
    S. 169Q modified (with application in accordance with Sch. 3 para. 5(1)-(3) of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 5(6)
  1303. F1040
    S. 175(3) substituted (with effect in accordance with Sch. 29 para. 10(7) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 10(6) (with Sch. 29 paras. 10(8), 46(5))
  1304. F1041
    Sch. 7AC para. 15A and cross-heading inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 6(2)
  1305. F1042
    Words in s. 76(1) inserted (with effect in accordance with s. 128(4) of the amending Act) by Finance Act 1998 (c. 36), s. 128(1)(a)
  1306. F1043
    Words in Sch. 5 para. 8(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(4)(b) (with Sch. 2)
  1307. F1044
    S. 165(8)(aa) substituted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 33
  1308. F1045
    Words in s. 122(4)(a) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 52(3)
  1309. F1046
    Words in s. 169K(1)(b) substituted (with effect in accordance with s. 84(14) of the amending Act) by Finance Act 2016 (c. 24), s. 84(2)(b)
  1310. C179
    S. 116(10) excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), regs. 1(1), 66(1)
  1311. F1047
    Words in s. 211(2)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 83(2)(b)
  1312. F1048
    Words in s. 228(8) substituted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 36
  1313. F1049
    Words in Sch. 5B para. 19(1) inserted (with effect in accordance with Sch. 18 para. 20(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 20(1)(a)
  1314. F1050
    Sch. B1 omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 10
  1315. F1051
    Sch. 10 para. 14(25) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(9)
  1316. F1052
    Sch. 5 para. 2A(9A) inserted (with effect in accordance with art. 6 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2017 (S.I. 2017/495), arts. 1, 5(2)
  1317. F1053
    Sch. 4C paras. 8, 8A-8C, 9 and cross-headings substituted for Sch. 4C paras. 8, 9 (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 4(1) (with s. 163(4)-(6))
  1318. F1054
    Words in s. 79B(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 30(3)
  1319. F1055
    Sch. 5B para. 1(2)(g) and preceding word substituted for Sch. 5B para. 1(2)(g)(h) (with effect in accordance with Sch. 8 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 8 para. 2(2)
  1320. F1056
    Words in Sch. 2 para. 4(11)(b) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(e)(ii)
  1321. F1057
    Words in Sch. 7ZA para. 25(c) substituted (with effect in accordance with Sch. 16 para. 4(3) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(6)(b)
  1322. F1058
    Sch. 8 para. 7(a)(b) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(5) (with Sch. 2 Pts. 1, 2)
  1323. F1059
    Words in s. 144ZA(4) substituted (with effect in accordance with Sch. 5 para. 6(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 1(3)
  1324. F1060
    S. 279C(8) omitted (with effect in accordance with Sch. 2 para. 56(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 43(4)
  1325. F1061
    Words in s. 41(7) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 78(3)(b)
  1326. F1062
    Words in s. 286(3A)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 263 (with Sch. 2)
  1327. F1063
    Words in s. 222(8A)(a) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 117(4)(b)
  1328. F1064
    S. 144A inserted (with effect in accordance with s. 96(2) of the amending Act) by Finance Act 1994 (c. 9), s. 96(1)
  1329. F1065
    Words in Sch. 5B para. 14(7) substituted (with effect in accordance with Sch. 18 para. 17(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 17(1)
  1330. F1066
    Words in Sch. 5 para. 1(3)(a) substituted (with application in accordance with s. 174(11) of the amending Act) by Finance Act 1996 (c. 8), s. 174(10)(a)
  1331. F1067
    Words in s. 224(1) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(6)(b)(i)
  1332. F1068
    S. 151A(3) repealed (with effect in accordance with Sch. 19 para. 7 of the amending Act) by Finance Act 2004 (c. 12), Sch. 19 para. 4, Sch. 42 Pt. 2(13)
  1333. F1069
    Words in Sch. 4C para. 12(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(6)
  1334. F1070
    S. 169N(2)-(4B) substituted for s. 169N(2)-(4) (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 5(2)
  1335. F1071
    Word in s. 169(3)(b)(ii) substituted (with effect in accordance with Sch. 12 para. 37(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 37(2), 41
  1336. F1072
    Words in Sch. 8 para. 5 cross-heading substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(3) (with Sch. 2 Pts. 1, 2)
  1337. F1073
    Words in s. 152(4) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(1)(a)
  1338. F1074
    S. 86(4ZA) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 33(3)
  1339. F1075
    Words in s. 179(9A) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 244(3)(c) (with Sch. 2)
  1340. C180
    S. 128 applied (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 47(2)
  1341. F1076
    Word in Sch. 7D heading omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 40, 89 (with Sch. 8 paras. 90-96)
  1342. F1077
    Words in s. 222(7) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 117(3)
  1343. F1078
    Word in s. 138(4) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 179(a)
  1344. C181
    S. 154 restricted (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(2)(b) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  1345. F1079
    Words in s. 196(1)(b) substituted (1.10.2018) by Wales Act 2017 (c. 4), s. 71(4), Sch. 6 para. 21(2) (with Sch. 7 paras. 1, 6); S.I. 2017/1179, reg. 4(b)
  1346. F1080
    S. 98(2)(b) repealed (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 16(1)(c)(2), Sch. 26 Pt. 3(15)
  1347. C182
    S. 171 excluded (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 33(3)(a)
  1348. F1081
    S. 263G(4) omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 12(b)
  1349. F1082
    Words in s. 223(7)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 74(2)
  1350. F1083
    Words in Sch. 5 para. 1(3)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 90(4)(a)
  1351. F1084
    Words in s. 168(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 112
  1352. F1085
    S. 179(10)(a) substituted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(12)
  1353. F1086
    Words in s. 117(11)(b) substituted (1.4.2013) by The Financial Services Act 2012 (Consequential Amendments) Order 2013 (S.I. 2013/636), art. 1(2), Sch. para. 2(b)
  1354. F1087
    Sch. 10 para. 14(39) repealed (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. VI(10)
  1355. C183
    S. 170 applied (29.4.1996) by Finance Act 1996 (c. 8), Sch. 9 para. 11(5)
  1356. F1088
    Words in s. 55(5) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 60
  1357. F1089
    S. 271(9) repealed (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 10 para. 5(2), Sch. 18 Pt. VI(10); S.I. 1997/991, art. 2
  1358. F1090
    Words in s. 171C(3)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 77(3)
  1359. F1091
    Words in s. 169N(7) substituted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 5(3)
  1360. F1092
    Words in s. 169F(4) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(4)(a)
  1361. F1093
    Words in s. 288(1) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 87(2)(a)
  1362. F1094
    Word in s. 140F(2)(c) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(6)(c)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1363. F1095
    S. 263I inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 339 (with Sch. 2)
  1364. F1096
    Words in s. 110 substituted (with effect in accordance with s. 123(6) of the amending Act) by Finance Act 1998 (c. 36), s. 123(5)(b)
  1365. F1097
    Words in s. 260(6ZA)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 76(2)
  1366. F1098
    S. 252A omitted (with effect in accordance with s. 34(6) of the amending Act) by virtue of Finance Act 2012 (c. 14), s. 35(5)
  1367. F1099
    Words in s. 120(5B) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(6)(a) (with Sch. 7)
  1368. C184
    Act modified (1.4.2012) by Budget Responsibility and National Audit Act 2011 (c. 4), s. 29, Sch. 4 para. 4; S.I. 2011/2576, art. 5
  1369. F1100
    Words in s. 80(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 84
  1370. F1101
    Sch. 2 para. 4(11)(a) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(e)(i)
  1371. F1102
    Sch. 1A inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 14
  1372. C185
    S. 42(2) applied (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 668(2), 1329(1) (with Sch. 2 Pts. 1, 2)
  1373. F1103
    Words in Sch. 5B para. 3(5)(a)(b) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(d)
  1374. F1104
    Words in s. 151E(1) substituted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 98(2)(b)
  1375. F1105
    Words in Sch. 5AAA para. 7(2) substituted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1), 5
  1376. C186
    S. 263A applied (with modifications) (2.1.1996) by The Sale and Repurchase of Securities (Modification of Enactments) Regulations 1995 (S.I. 1995/3220), regs. 1, 5
  1377. F1106
    S. 118 repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  1378. F1107
    S. 260(6B) repealed (with effect in accordance with Sch. 21 para. 10(8) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 5(4), Sch. 42 Pt. 2(14)
  1379. F1108
    Words in s. 225(b) substituted (with effect in accordance with Sch. 22 para. 7(1)(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(4)(a)
  1380. F1109
    Words in Sch. 7D Pt. 1 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 41, 89 (with Sch. 8 paras. 90-96)
  1381. F1110
    Words in s. 253(3) substituted (with effect in accordance with Sch. 39 para. 8(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 8(2)(b)
  1382. F1111
    Ss. 148A-148C omitted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 12 para. 8
  1383. F1112
    Words in s. 140J(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(b) (with Sch. 9 paras. 1-9, 22)
  1384. F1113
    Words in s. 48A(2)(c) substituted (with effect in accordance with Sch. 1 paras. 27(5)(6), 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 27(3)(b)
  1385. F1114
    Word in s. 79B(1) inserted (with effect in accordance with Sch. 12 para. 14(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 14(1)
  1386. F1115
    Words in s. 150G omitted (17.7.2014) by virtue of Finance Act 2014 (c. 26), s. 55(2)
  1387. F1116
    Words in Sch. 3 para. 7(8) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 81
  1388. F1117
    Sch. 10 para. 3 repealed (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 10 Pt. 12 (with Sch. 9 paras. 1-9, 22)
  1389. F1118
    S. 25A inserted (with effect in accordance with Sch. 9 para. 4(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 9 para. 4(1)
  1390. F1119
    Words in s. 169I(7B)(c) substituted (with effect in accordance with Sch. 16 para. 4(3) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(c)
  1391. F1120
    Words in Sch. 5A para. 4(1)(a) substituted (with effect in accordance with Sch. 12 para. 30(6) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 30(1)(2)(c)
  1392. F1121
    Words in Sch. 4C para. 12(1)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(6)
  1393. F1122
    Sch. 5B paras. 7-9 and cross-headings inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 34
  1394. F1123
    Words in s. 151(2) substituted (19.7.2011) by Finance Act 2011 (c. 11), s. 40(6)(b)
  1395. F1124
    Words in s. 167A heading substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(6)
  1396. F1125
    Words in s. 219(1) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(2)(b); S.I. 2010/862, art. 2 (with Sch.)
  1397. F1126
    Sch. 4C para. 11 omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 48
  1398. F1127
    Words in s. 140E(1)(b) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 47(2) (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 3(a), 15)
  1399. F1128
    S. 161(6)(a) substituted (with effect in accordance with s. 81 of the amending Act) by Finance Act 2016 (c. 24), s. 77(9) (with savings in 2017 c. 32, s. 39(1)(2))
  1400. F1129
    S. 271(1)(ea) inserted (retrospective to 6.4.2006) by Finance (No. 3) Act 2010 (c. 33), Sch. 14 para. 2(2)(4)
  1401. F1130
    Word in Sch. 2 para. 4(9) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(c)(i)
  1402. C187
    S. 253(4) modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 9(2)(5)
  1403. F1131
    Words in s. 151I(1)(h) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 76(b)
  1404. F1132
    Words in s. 288(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(2)(d) (with Sch. 2)
  1405. F1133
    Words in s. 169D(5) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 19(1)(2)
  1406. F1134
    Words in Sch. 7AD para. 7(1) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 166 (with Sch. 9 paras. 1-9, 22)
  1407. F1135
    S. 99B(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 4
  1408. F1136
    Words in s. 76(1B)(a) substituted (with effect in accordance with Sch. 12 para. 30(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 30(1)(2)(a)
  1409. F1137
    Words in s. 212(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 85(2)
  1410. F1138
    Sch. 8 para. 6(1) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 451(3)(a) (with Sch. 2)
  1411. F1139
    Words in s. 169VL(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 60
  1412. F1140
    S. 62(2A)(2B) inserted (with effect in accordance with s. 121(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 21 para. 5
  1413. F1141
    Words in Sch. 7A para. 8(1) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 7(2)(b)
  1414. F1142
    Words in s. 223(3)(c) inserted (with effect in accordance with art. 7(5) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 7(3)
  1415. F1143
    Words in s. 170(9)(b) inserted (6.4.2001) by Finance Act 2001 (c. 9), s. 75(4)(6) (with Sch. 3)
  1416. F1144
    Words in s. 263ZA(5)(e) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 333(6)(b) (with Sch. 2)
  1417. F1145
    Words in s. 219(2) substituted (1.4.2012) by The Housing (Scotland) Act 2010 (Consequential Provisions and Modifications) Order 2012 (S.I. 2012/700), art. 1(3), Sch. para. 4(3)(b)
  1418. C188
    S. 99(1) excluded in part by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 14B (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2008/3159, regs. 1(1), 11)
  1419. C189
    Act applied (3.5.1994) by Finance Act 1994 (c. 9), Sch. 25 para. 1(2)
  1420. F1146
    Words in s. 85(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 90
  1421. F1147
    Words in s. 253(4A)(b) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 30(b); S.I. 2009/403, art. 2(2) (with art. 10)
  1422. F1148
    S. 210B(6)(b) and preceding word repealed (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 62(a), Sch. 27 Pt. 2(7) (with Sch. 7 Pt. 2)
  1423. F1149
    Words in Sch. 7A para. 6(1)(b) inserted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 18(2), 42 (with Sch. 4 paras. 43-46)
  1424. F1150
    Words in s. 192(3) substituted (28.7.2000) by Finance Act 2000 (c. 17), Sch. 29 para. 29 (with Sch. 29 para. 46(5))
  1425. C190
    S. 162 modified by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85Z3 (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  1426. C191
    S. 174 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 21(2) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  1427. F1151
    Words in s. 228(6) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 75
  1428. F1152
    Words in s. 87(4)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 35(3)(b)
  1429. F1153
    Words in s. 150A(8D) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(7)(a) (with Sch. 2)
  1430. C192
    Ss. 87-89 modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 para. 125(2)
  1431. F1154
    S. 120(7) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(8) (with Sch. 7)
  1432. F1155
    Word in s. 53(2)(b) substituted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(2)(c) (with Sch. 12)
  1433. F1156
    Sch. 5B para. 19(1A)-(1E) inserted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 3(2)
  1434. F1157
    S. 285A(5) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(15)(c) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1435. C193
    S. 179 modified (E.W.S.) (24.7.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 26; S.I. 2005/1909, art. 2, Sch.
  1436. F1158
    S. 39A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(6)
  1437. F1159
    Sch. 4C para. 1A and cross-heading inserted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 133 (with Sch. 7 para. 155)
  1438. F1160
    Word in s. 140F(2)(e)(ii) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(6)(d) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1439. F1161
    Words in s. 213(3)(c) substituted (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(2)(c)
  1440. F1162
    Words in s. 86A(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(3)
  1441. F1163
    S. 145(1A) omitted (with effect in accordance with Sch. 2 para. 83 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 81(3)
  1442. F1164
    Words in s. 219(1)(c) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(2)(a); S.I. 2010/862, art. 2 (with Sch.)
  1443. F1165
    Sch. 5B para. 14AA and cross-heading inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 33 (with Sch. 3)
  1444. F1166
    Words in s. 190(3)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 69(3)
  1445. C194
    Act modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002 (S.I. 2002/1970), reg. 4(1) (with regs. 6, 8)
  1446. F1167
    S. 286(3)(3A) substituted for s. 286(3) (with effect in accordance with s. 74(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 17 para. 31
  1447. F1168
    S. 261H inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 332 (with Sch. 2)
  1448. F1169
    S. 59(2)(3) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 431(3) (with Sch. 2)
  1449. F1170
    S. 259(3) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 19(4); S.I. 2010/862, art. 2 (with Sch.)
  1450. F1171
    Words in Sch. 7C para. 2(6) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 348(2) (with Sch. 2)
  1451. F1172
    Words in s. 150A(10A) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(8) (with Sch. 2)
  1452. F1173
    Words in s. 106A heading omitted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 87(7)
  1453. F1174
    S. 116(8A)(8B) ceased to have effect by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), Sch. 1 para. 10, but that ceasing to have effect deemed never to have had effect by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), regs. 1(2), 5
  1454. F1175
    Ss. 156ZA, 156ZB inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 372 (with Sch. 2 Pts. 1, 2)
  1455. F1176
    Word in s. 104(5) omitted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 85(5)
  1456. F1177
    Words in Sch. 5B para. 1(2)(f) substituted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 13(1)(e)
  1457. F1178
    Words in s. 263G(2) substituted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 12(a)
  1458. C195
    S. 179 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 8(1)(2) (with Sch. 4 paras. 8(3), 14); S.I. 1994/2189, art. 2, Sch.
  1459. F1179
    Words in Sch. 4A para. 7(4) substituted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 7(2)(a)
  1460. F1180
    Words in Sch. 5BB para. 2(2) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 57(3)(b)(i)
  1461. F1181
    Words in s. 143(1)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 369(b) (with Sch. 2 Pts. 1, 2)
  1462. F1182
    Words in s. 288(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 385(b) (with Sch. 2 Pts. 1, 2)
  1463. F1183
    Sch. 5C repealed (with effect in accordance with Sch. 19 para. 7 of the amending Act) by Finance Act 2004 (c. 12), Sch. 19 para. 5, Sch. 42 Pt. 2(13)
  1464. F1184
    Word in Sch. 7D para. 9(1)(2) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 127, 146 (with Sch. 8 paras. 147-157)
  1465. F1185
    S. 85A(3) substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 129(3) (with Sch. 7 para. 155)
  1466. F1186
    Words in s. 140A(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(2)(a) (with S.I. 2008/1579, reg. 4(1))
  1467. F1187
    Words in s. 120(5B) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(6)(b) (with Sch. 7)
  1468. F1188
    Words in Sch. 5AA para. 8(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 267(3) (with Sch. 2)
  1469. F1189
    S. 25(4) repealed (with effect in accordance with Sch. 29 para. 6(5), Sch. 40 Pt. 2(12) Note 3 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 6(3), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  1470. F1190
    Words in s. 143(7)(b) omitted (1.12.2001) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 64(2)
  1471. F1191
    Words in s. 279B(7) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(3)
  1472. F1192
    Words in s. 288(3A)(a) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(3)(a) (with Sch. 2)
  1473. F1193
    S. 35(6)(a)(aa)(b) substituted for s. 35(6)(a)(b) (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 35(b)
  1474. C196
    S. 170 modified (E.W.S.) (1.9.2012) by The National Insurance Contributions (Application of Part 7 of the Finance Act 2004) Regulations 2012 (S.I. 2012/1868), regs. 1, 7(5)
  1475. C197
    S. 212 modified (with effect in accordance with reg. 2(2) of the amending S.I.) by The Insurance Companies and CFCs (Avoidance of Double Charge) Regulations 2012 (S.I. 2012/3044), regs. 1(1), 6
  1476. F1194
    Word in s. 140A(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(2)(c) (with S.I. 2008/1579, reg. 4(1))
  1477. F1195
    Words in s. 97(1)(a) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 20(2) (with Sch. 10 para. 20(5))
  1478. F1196
    Sch. 10 para. 14(16) repealed (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
  1479. F1197
    Words in s. 41(7) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 45(4)
  1480. F1198
    S. 263I(1)(a)(b) substituted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 29 paras. 10(2), 52
  1481. C198
    S. 24 excluded by Finance Act 2002 (c. 23), Sch. 26 para. 30D(5) (as inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 19 (with S.I. 2008/1579, reg. 4(1)))
  1482. F1199
    S. 225B inserted (with effect in accordance with art. 9(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 9(1)
  1483. F1200
    Words in s. 213(5) substituted for the words "assuming that the transferor had continued to carry on the business transferred after the transfer" (with effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(2)
  1484. C199
    S. 116 excluded by Income Tax Act 2007 (c. 3), s. 809FZD(4) (as inserted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2016 (c. 24), s. 37(2))
  1485. C200
    Sch. 2 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 10
  1486. F1201
    S. 178 repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 29 para. 26, Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  1487. C201
    S. 17 excluded (with saving) (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 11(2)
  1488. F1202
    S. 119B(1A) inserted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 24(4), 47
  1489. F1203
    Word in s. 238A(1) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 35(3), 89 (with Sch. 8 paras. 90-96)
  1490. F1204
    Words in s. 176(4) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 57(1)
  1491. F1205
    Words in s. 87(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 35(3)(a)
  1492. F1206
    S. 87B(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 37
  1493. F1207
    Words in Sch. 5AAA para. 21(2)(a) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 8(3)
  1494. F1208
    Sch. 10 para. 14(22)-(24) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 247(d)
  1495. F1209
    Word in s. 91(1)(b) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(7)(b)
  1496. C202
    Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 22(8)
  1497. F1210
    Words in Sch. 5B para. 4 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 127
  1498. F1211
    Words in Pt. 5 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(1)
  1499. F1212
    S. 200 repealed (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(7), Sch. 26 Pt. V(8) (with Sch. 12)
  1500. F1213
    S. 101B inserted (with application in accordance with s. 134(5) of the amending Act) by Finance Act 1998 (c. 36), s. 134(2)
  1501. F1214
    Words in s. 117(11)(b) substituted (1.1.2007) by The Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006 (S.I. 2006/3291), regs. 1, 2(1)(b)
  1502. F1215
    Words in s. 204(10) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 61(a) (with Sch. 7 Pt. 2)
  1503. F1216
    Sch. 5B para. 1(2)(3) substituted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 27(2)
  1504. F1217
    Sch. 4B para. 3(4)(5) substituted for Sch. 4B para. 3(4) (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 130 (with Sch. 7 para. 155)
  1505. F1218
    Words in s. 105A(7) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(3)(c) (with Sch. 2)
  1506. F1219
    Words in Sch. 5AAA para. 1(2) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(c)(i)
  1507. F1220
    Word in s. 150B(1) repealed (with effect in accordance with Sch. 13 para. 25(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 25(1), Sch. 27 Pt. III(14)
  1508. F1221
    Words in s. 288(1) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 104(2)
  1509. F1222
    Words in s. 260(1) substituted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 31(2)
  1510. F1223
    Ss. 222A-222C inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 3
  1511. F1224
    Words in s. 88(1)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 93(a)
  1512. F1225
    Word in s. 108(7) substituted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(5)(a)
  1513. F1226
    Sch. 10 para. 14(5) repealed (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 3 (with Sch. 2)
  1514. F1227
    Words in s. 285A(1) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(15)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1515. F1228
    Words in s. 146(4)(b) substituted (with effect in accordance with Sch. 38 para. 11(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 11(1)
  1516. F1229
    S. 41(9)(10) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 45(5)
  1517. F1230
    Words in Sch. 5B para. 3(1)(c)(d) substituted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 29 (with Sch. 3)
  1518. F1231
    S. 256(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 254(4) (with Sch. 2)
  1519. F1232
    Sch. 3 para. 1A inserted (with effect in accordance with art. 7(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 7(3)
  1520. C203
    S. 122 excluded by Finance Act 2002 (c. 23), Sch. 26 para. 30D(5) (as inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 19 (with S.I. 2008/1579, reg. 4(1)))
  1521. F1233
    Sch. 5B para. 1(6)(7) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 7(2)(b)
  1522. F1234
    Words in s. 167A(3)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(3)(c)
  1523. F1235
    Words in Sch. 5B para. 16(7A) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(e)(ii) (with Sch. 2)
  1524. F1236
    Words in Sch. 5AAA para. 47(1) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 17(a)
  1525. F1237
    Words in Sch. 4A para. 6(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 106(3)(a) (with Sch. 46 para. 106(4))
  1526. F1238
    S. 79A inserted (with application in accordance with s. 93(2) of the amending Act) by Finance Act 2000 (c. 17), s. 93(1)
  1527. F1239
    Words in s. 285A heading inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(15)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1528. F1240
    Words in s. 159(5) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 98(3)
  1529. C204
    S. 236K applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 28A(2) (as inserted (with effect in accordance with Sch. 37 para. 11(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 11(1))
  1530. F1241
    Words in s. 119(10) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 308(5) (with Sch. 2)
  1531. F1242
    S. 171A(7) omitted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 10 para. 2
  1532. F1243
    Word in s. 140B(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 3(c) (with S.I. 2008/1579, reg. 4(1))
  1533. F1244
    Words in s. 175(2B) inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(3)(a)
  1534. F1245
    Words in s. 279D(7) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 85(3)
  1535. F1246
    S. 138A(4)(e) and preceding word repealed (with effect in accordance with s. 161(6) of the amending Act) by Finance Act 2003 (c. 14), s. 161(4)(b), Sch. 43 Pt. 3(8)
  1536. F1247
    S. 37(5A) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 228 (with Sch. 2)
  1537. F1248
    Words in s. 140J(1)(a) substituted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 6
  1538. F1249
    Words in s. 210A(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 71
  1539. F1250
    Words in s. 263ZA(5)(c) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 80(b)
  1540. C205
    Act applied (with modifications) (8.2.2011) by The Investment Bank Special Administration Regulations 2011 (S.I. 2011/245), reg. 1, Sch. 6 Pt. 1 (with reg. 27(a))
  1541. F1251
    Words in s. 179(2B)(c) substituted (with effect in accordance with s. 139(2) of the amending Act) by Finance Act 1998 (c. 36), s. 139(1)(c)
  1542. F1252
    Words in Sch. 7 para. 2(1) substituted (with effect in accordance with Sch. 21 para. 10(4) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 9(2)
  1543. C206
    Act modified (3.5.1994) by Finance Act 1994 (c. 9), s. 173(2)(c) (with s. 173(1))
  1544. F1253
    S. 140A heading substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(7) (with S.I. 2008/1579, reg. 4(1))
  1545. C207
    S. 136 applied by Income and Corporation Taxes Act 1988 (c. 1), s. 842 (as amended (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 4(7))
  1546. F1254
    Words in Sch. 5B para. 1(2)(e) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 13(1)(d)
  1547. F1255
    S. 228(10) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 252 (with Sch. 2)
  1548. F1256
    S. 263AA inserted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 10
  1549. F1257
    Words in s. 151A(7) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 314 (with Sch. 2)
  1550. C208
    S. 17(1) excluded (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 653(3), 1329(1) (with Sch. 2 Pts. 1, 2, Sch. 2 para. 94)
  1551. F1258
    Words in s. 218(1)(a) inserted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(4); S.I. 2010/862, art. 2 (with Sch.)
  1552. F1259
    S. 217(3)(b) repealed (with effect in accordance with Sch. 12 para. 20(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 20(1)(b), Sch. 26 Pt. 3(15)
  1553. F1260
    S. 65(3)(4) inserted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 114(2)
  1554. F1261
    Sch. 5AAA para. 21(3A) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 8(4)
  1555. F1262
    Ss. 182-184 repealed (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(7), Sch. 26 Pt. V(8) (with Sch. 12)
  1556. F1263
    S. 140GA inserted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 4
  1557. F1264
    Words in s. 263ZA(1)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 333(2)(b) (with Sch. 2)
  1558. F1265
    Sch. 5BB para. 1(5)(5A) substituted for Sch. 5BB para. 1(5) (17.7.2013) by Finance Act 2013 (c. 29), s. 57(2)(c)
  1559. F1266
    Words in Sch. 5B para. 16 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 127
  1560. F1267
    Ss. 162B, 162C and cross-heading inserted (with effect in accordance with s. 61(6) of the amending Act) by Finance Act 2013 (c. 29), s. 61(1)
  1561. F1268
    Words in s. 256B title inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 256 (with Sch. 2)
  1562. C209
    S. 154 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 12(2)
  1563. F1269
    Words in s. 223(3) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 4(2)(a)
  1564. F1270
    Words in s. 90(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 43
  1565. F1271
    Words in s. 151BA(10)(b)(iii) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 236(c) (with Sch. 2)
  1566. F1272
    S. 263AZA inserted (with effect in accordance with s. 21(4) of the amending Act) by Finance Act 2007 (c. 11), s. 21(2)
  1567. F1273
    Words in s. 140A(2)-(4) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(4)(b) (with S.I. 2008/1579, reg. 4(1))
  1568. F1274
    Words in s. 150(5) substituted (with effect in accordance with Sch. 13 para. 42(8)(a) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(2)
  1569. F1275
    Words in s. 224(3) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(6)(d)
  1570. F1276
    Sch. 4C para. 12(1)(2) substituted for Sch. 4C para. 12(1)-(3) (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 143(2) (with Sch. 7 para. 155)
  1571. F1277
    S. 213(4ZD)(4ZE) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 9(3)
  1572. F1278
    Words in s. 261(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 104(2)
  1573. F1279
    Words in s. 66(5) substituted (1.10.2015) by Deregulation Act 2015 (c. 20), s. 115(7), Sch. 6 para. 2(12) (with Sch. 6 para. 3); S.I. 2015/1732, art. 2(e)(i)
  1574. F1280
    Words in Sch. 2 para. 4(10)(a) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(d)
  1575. F1281
    Words in s. 139(1)(a) repealed (with effect in accordance with Sch. 9 paras. 7, 8, Sch. 40 Pt. 3(2) Note of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(2)
  1576. F1282
    Words in s. 150A(9)(a) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 54
  1577. F1283
    S. 171(2)(cc) inserted (with application in accordance with s. 135(4) of the amending Act) by Finance Act 1998 (c. 36), s. 135(1)
  1578. F1284
    S. 275(2)-(4) inserted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(8)
  1579. F1285
    S. 39(3B) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(5)
  1580. F1286
    S. 99A(4)(c) repealed (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)
  1581. F1287
    Words in s. 263F(2) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 7(b), 52
  1582. F1288
    Sch. 5B para. 2(3)(a) substituted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 29
  1583. F1289
    Words in s. 288(1) inserted (with effect in accordance with s. 103(6) of the amending Act) by Finance Act 2002 (c. 23), s. 103(3)
  1584. F1290
    Words in s. 140L(1) inserted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 7
  1585. F1291
    Words in Sch. 8 para. 3(3) substituted (with effect in accordance with s. 142(5) of the amending Act) by Finance Act 1996 (c. 8), s. 142(3)
  1586. F1292
    Words in s. 218 heading substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 80; S.I. 1998/2244, art. 5
  1587. F1293
    Words in Sch. 7ZA para. 25(b) substituted (with effect in accordance with Sch. 16 para. 4(3) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(6)(b)
  1588. C210
    Act modified (with effect in accordance with s. 126(9) of the amending Act) by Finance Act 1995 (c. 4), s. 126, Sch. 23 para. 1(1)
  1589. F1294
    Sch. 7AC para. 3(3) omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(b)(ii)
  1590. F1295
    Words in s. 263E(6) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 268(3) (with Sch. 9 paras. 1-9, 22)
  1591. F1296
    Words in Sch. 5B para. 1A(4)(a) substituted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 8 para. 3(2)(b)
  1592. C211
    S. 117 excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Building Societies (Core Capital Deferred Shares) Regulations 2013 (S.I. 2013/460), regs. 1(1), 3(2)(b)
  1593. F1297
    Words in s. 169K(1E) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(4)(a)
  1594. F1298
    Words in s. 286(3) repealed (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 25(1)(3), Sch. 26 Pt. 3(15)
  1595. F1299
    Word in s. 72(1) substituted (with effect in accordance with Sch. 39 para. 5(4) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 5(2)
  1596. F1300
    Words in s. 219(2) substituted (1.11.1998) by virtue of Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 79; S.I. 1998/2244, art. 5
  1597. F1301
    Words in s. 175(2AA) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 64
  1598. F1302
    Words in s. 59(2)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 28
  1599. F1303
    Words in s. 117(A1) repealed (with effect in accordance with Sch. 40 Pt. 3(10) Note 2 of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(10)
  1600. F1304
    Sch. 5B paras. 16-19 and cross-headings inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 36
  1601. F1305
    S. 88(6) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 6
  1602. F1306
    S. 211ZA(2A) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 28(2)
  1603. F1307
    S. 125A and cross-heading inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 309 (with Sch. 2)
  1604. C212
    S. 171(1) excluded (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 7(3)
  1605. F1308
    Words in s. 219(1)(a) inserted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 62(a); S.I. 2008/3068, art. 2(1)(w)(3) (with arts. 6-13)
  1606. F1309
    Words in s. 261ZA(4)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(4)(b)(i)
  1607. F1310
    Sch. 7AC para. 17(4A) inserted (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 2(5)
  1608. C213
    Ss. 127-130 excluded (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 2 para. 88 (with Sch. 7)
  1609. F1311
    Words in Sch. 5B para. 16(6) substituted (with effect in accordance with Sch. 7 para. 34 of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 para. 31(a)
  1610. C214
    S. 106A modified (6.4.1999) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), regs. 1, 34(3)
  1611. F1312
    Words in s. 87(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 92(2)
  1612. F1313
    Words in Sch. 5B para. 2(4) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 22(b)
  1613. F1314
    Word in Sch. 4B para. 3 cross-heading omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 8(3)
  1614. F1315
    Words in s. 238A(2)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 124, 146 (with Sch. 8 paras. 147-157)
  1615. F1316
    Words in Sch. 4 para. 9(1)(b) omitted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 74(5)(a)
  1616. F1317
    Words in s. 96(10)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 230(b) (with Sch. 2)
  1617. F1318
    Words in s. 192(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 247(3)(a) (with Sch. 2)
  1618. F1319
    S. 87(5A) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 35(5)
  1619. F1320
    Words in s. 139(1A)(b) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 49(2)(a)
  1620. F1321
    Words in s. 157 substituted (with effect in relation to the year 2003-04 and subsequent years of assessment in accordance with s. 140(6) of the amending Act) by Finance Act 1998 (c. 36), s. 140(3)
  1621. F1322
    Sch. 4C para. 1 and cross-heading substituted for Sch. 4C paras. 1, 2 (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 2 (with s. 163(4)-(6))
  1622. F1323
    Words in s. 263A(1) substituted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 9(3)
  1623. F1324
    Words in s. 108(1)(c) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(2)(b)
  1624. F1325
    S. 271(1B) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 1
  1625. F1326
    Words in s. 140C(1A) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(3)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1626. F1327
    Words in s. 96(9A) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 121
  1627. C215
    S. 136 excluded by Offshore Funds (Tax) Regulation 2009 (S.I. 2009/3001), reg. 36A(2)(d) (as substituted (8.6.2013) by S.I. 2013/1400, regs. 1(1), 15(a) (with reg. 1(2)))
  1628. F1328
    Words in Sch. 5B para. 16(5) substituted (with effect in accordance with Sch. 15 para. 35(5) of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 35(4) (with Sch. 3)
  1629. F1329
    Words in s. 288(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(h) (with Sch. 2)
  1630. F1330
    Words in s. 149A(2) substituted (with effect in accordance with s. 111(6) of the amending Act) by Finance Act 1996 (c. 8), s. 111(3)
  1631. F1331
    S. 103D(3A) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(9)
  1632. C216
    Act modified (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 2 para. 1(2)(4); S.I. 2011/2329, art. 3
  1633. F1332
    Words in s. 119(6) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 308(3) (with Sch. 2)
  1634. F1333
    Words in s. 288(8) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 26(1)(2)
  1635. F1334
    Words in Sch. 4A para. 7(5)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 125(b)
  1636. F1335
    Words in Sch. 5B para. 19(1) repealed (with effect in accordance with Sch. 33 Pt. 2(3) Note 6 of the amending Act) by Finance Act 2001 (c. 9), Sch. 33 Pt. 2(3) (with Sch. 3)
  1637. F1336
    Words in Sch. 5B para. 4(5)(b) substituted (with effect in accordance with Sch. 13 para. 31(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 31(2)
  1638. F1337
    Words in s. 142(1) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 434(2) (with Sch. 2)
  1639. F1338
    Words in Sch. 7AC para. 10(2)(b) inserted (with effect in accordance with s. 27(6) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 27(4)
  1640. F1339
    S. 249 repealed (with effect in accordance with Sch. 39 para. 49(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 49(1)
  1641. F1340
    Words in s. 25A(2)(a) substituted (with effect in accordance with Sch. 32 para. 5(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 3(2)
  1642. F1341
    Sch. 5 para. 9(8) repealed (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(30)
  1643. F1342
    S. 30(2) substituted (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 1(b)
  1644. F1343
    S. 212(9)(10) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 85(4)
  1645. F1344
    Words in s. 279(5)(a) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 31(a); S.I. 2009/403, art. 2(2) (with art. 10)
  1646. F1345
    S. 211(1)(1A) substituted (with effect in accordance with art. 66(2) of the amending S.I.) for s. 211(1) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 66(1)
  1647. F1346
    S. 179(11)(12) repealed (with effect in accordance with Sch. 29 para. 4(7), Sch. 40 Pt. II(12) Note 8 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 4(5), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  1648. F1347
    Words in Sch. 2 para. 17(3) substituted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 42(3)
  1649. F1348
    Word in s. 108(2) substituted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(5)(a)
  1650. F1349
    S. 100(2)-(2B) omitted (6.4.2014) by virtue of The Unauthorised Unit Trusts (Tax) Regulations 2013 (S.I. 2013/2819), regs. 1(3), 34 (with reg. 32)
  1651. F1350
    S. 55(6)(aa) inserted (with effect in accordance with art. 7(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 7(2)
  1652. F1351
    Words in Sch. 5 para. 4(4) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(4)
  1653. F1352
    Words in s. 275(1)(e) substituted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(5)(a)
  1654. F1353
    S. 272(3)(4) substituted (with effect in accordance with Sch. 26 para. 4(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 26 para. 4(1); S.I. 2015/635, art. 2
  1655. F1354
    Words in s. 96(4)(a)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 94(3)
  1656. C217
    Ss. 171, 172 restricted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1995 (c. 4), s. 131(1)(2)(a)
  1657. F1355
    Words in s. 119B(1) substituted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 24(3), 47
  1658. F1356
    Words in s. 169VK(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 59
  1659. F1357
    Words in Sch. 7C para. 2(4) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 220(3)(c) (with Sch. 7)
  1660. F1358
    S. 210A(12) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 80(5)
  1661. F1359
    Word in s. 140A(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(2)(d) (with S.I. 2008/1579, reg. 4(1))
  1662. F1360
    Words in Sch. 7AC Pt. 3 heading omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(c)
  1663. F1361
    S. 116(4A) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 60(2) (with Sch. 15)
  1664. F1362
    S. 179(5) substituted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(7)
  1665. F1363
    Word in s. 150(8) repealed (with effect in accordance with Sch. 13 para. 42(8)(c) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(4), Sch. 27 Pt. III(14)
  1666. C218
    S. 179 modified (8.11.1995) by Atomic Energy Authority Act 1995 (c. 37), Sch. 3 para. 5(1)(2) (with Sch. 3 para. 5(4))
  1667. F1364
    S. 251(8)(a) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 381(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  1668. F1365
    S. 161(5) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 321 (with Sch. 2)
  1669. F1366
    S. 179(2A)(2B) inserted (with effect in accordance with s. 49(3) of the amending Act) by Finance Act 1995 (c. 4), s. 49(1)
  1670. F1367
    Words in Act substituted (with effect for the tax year 2020-21 and subsequent tax years) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(a), 8 (with Sch. 3 para. 7(3))
  1671. F1368
    S. 169K(6A) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(11)
  1672. F1369
    Words in s. 260(1) inserted (with effect in accordance with Sch. 21 para. 10(4) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 5(2)
  1673. F1370
    Words in s. 257(1)(a) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 258(2) (with Sch. 2)
  1674. F1371
    S. 48(2)-(4) added (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 7(3)
  1675. F1372
    Words in s. 281(7) inserted (with effect in accordance with Sch. 18 para. 17(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 15(4)
  1676. F1373
    Words in Sch. 5B para. 4(5)(b) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(f)
  1677. F1374
    Words in s. 38(2) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 18 para. 5
  1678. F1375
    S. 149A heading substituted (with effect in accordance with Sch. 5 para. 6(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 4(4)
  1679. F1376
    Words in s. 288(1) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 87(2)(e)
  1680. F1377
    S. 219 substituted (1.10.1996) by The Housing Act 1996 (Consequential Provisions) Order 1996 (S.I. 1996/2325), art. 1(2), Sch. 2 para. 20(2)
  1681. F1378
    Words in s. 151D(5) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 239 (with Sch. 2)
  1682. F1379
    S. 171(2)(db) and preceding word inserted (with effect in accordance with Sch. 5 para. 10(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 10(1)
  1683. F1380
    Words in Sch. 7AC para. 26(4) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 53 (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 7, 15)
  1684. F1381
    Word in s. 106A(5) omitted (with effect in accordance with Sch. 24 paras. 5, 6(4)(5) of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 24 para. 4(2)(a)
  1685. F1382
    S. 117(3) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  1686. F1383
    Sch. 5AAA para. 22(4) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 12(b)
  1687. F1384
    S. 184J and cross-heading inserted (with effect in accordance with Sch. 8 para. 11(2) of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 11(1)
  1688. F1385
    Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(a)
  1689. F1386
    S. 263CA inserted (21.7.2009) by Finance Act 2009 (c. 10), Sch. 13 para. 3 (with Sch. 13 para. 4(1)(2)(3))
  1690. F1387
    S. 140(4B) inserted (with effect in accordance with s. 27(2) of the amending Act) by Finance Act 2018 (c. 3), s. 27(1)
  1691. F1388
    Word in s. 140A(1C) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(2)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1692. F1389
    Words in Sch. 5 para. 1(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 90(4)(b)(i)
  1693. F1390
    Words in s. 279C(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 84(2)
  1694. F1391
    S. 111 repealed (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(7), Sch. 26 Pt. V(8) (with Sch. 12)
  1695. F1392
    Words in s. 236G(1) substituted (with effect in accordance with s. 13(6)-(8) of the amending Act) by Finance Act 2017 (c. 10), s. 13(5)
  1696. F1393
    Ss. 256A, 256B inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 327 (with Sch. 2)
  1697. F1394
    Words in Sch. 4C para. 5(1) substituted (with effect in accordance with Sch. 12 para. 35(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 paras. 35(1)(b)(2)(c), 41
  1698. F1395
    Words in s. 261ZA(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(4)(a)
  1699. F1396
    Words in Sch. 5AAA para. 1(2)(b) substituted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(c)(ii)
  1700. F1397
    S. 151BC inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 318 (with Sch. 2)
  1701. F1398
    Words in Sch. 5AAA para. 12(3)(a) inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 9(a)
  1702. F1399
    S. 217D(3)(aa) inserted (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 para. 1, 15
  1703. F1400
    S. 24(2) substituted (with effect in accordance with Sch. 39 para. 4(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 4(1)
  1704. F1401
    S. 156A inserted (6.4.2001) by Limited Liability Partnerships Act 2000 (c. 12), ss. 10(4), 19(1); S.I. 2000/3316, art. 2
  1705. F1402
    Words in s. 41(4)(c) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 430(b) (with Sch. 2)
  1706. F1403
    S. 151K(1)(aa) inserted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 3(2)(b) (with art. 1(3))
  1707. F1404
    Words in Sch. 4C para. 6(1)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(5)
  1708. F1405
    Words in s. 110(1) substituted (with effect in accordance with s. 125(4)(5) of the amending Act) by Finance Act 1998 (c. 36), s. 125(1)
  1709. F1406
    Words in s. 236A cross-heading substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 214 (with Sch. 7)
  1710. F1407
    Words in s. 239(7) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 4(1)(i)
  1711. F1408
    Words in s. 86A(6) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(6)
  1712. F1409
    S. 97(7A) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 15(2)(3)
  1713. F1410
    Sch. 5AAA para. 6(6)(b)-(d) substituted for Sch. 5AAA para. 6(6)(b) and word (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1), 4(2)
  1714. C219
    S. 213 modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 para. 15(2)
  1715. F1411
    Words in s. 263E(3)(b) substituted (with effect in accordance with Sch. 5 para. 8(6)(7) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 8(3)(b)
  1716. F1412
    Sch. 5BA omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 49
  1717. F1413
    S. 98A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 97(2)
  1718. F1414
    Sch. 5AAA para. 46A and cross-heading inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 16
  1719. F1415
    Words in s. 140A(1) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1720. F1416
    S. 25A(4) substituted for s. 25A(4)-(4D) (with effect in accordance with Sch. 32 para. 5(2) of the amending Act) by Finance Act 2009 (c. 10), Sch. 32 para. 3(3)
  1721. F1417
    Words in s. 86A(1)(b) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(3)(a)(i)
  1722. F1418
    S. 113(A1) inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 94(2)
  1723. F1419
    Words in s. 98(2)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 303(b) (with Sch. 2)
  1724. F1420
    Words in s. 179(2B) substituted (with effect in accordance with s. 31(5) of the amending Act) by Finance Act 2011 (c. 11), s. 31(4)
  1725. F1421
    S. 288(3A)(l) inserted (1.10.2011) by Postal Services Act 2011 (c. 5), s. 93(2)(3), Sch. 12 para. 145; S.I. 2011/2329, art. 3
  1726. F1422
    S. 37A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 3 para. 7 (with Sch. 9 paras. 1-9, 22)
  1727. C220
    S. 275(h) modified (31.10.1994) by Trade Marks Act 1994 (c. 26), s. 109(1), Sch. 4 para. 1(1)(2); S.I. 1994/2550, art. 2
  1728. F1423
    Words in s. 151N(1)(h) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(13)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1729. F1424
    Words in Sch. 4C para. 10(1) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(f)
  1730. F1425
    Words in Sch. 5AAA para. 1(4) substituted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(f)
  1731. F1426
    Words in s. 53(1) substituted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(1) (with Sch. 12)
  1732. F1427
    Word in s. 288(8) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 10(b)
  1733. F1428
    Word in s. 72(2) substituted (with effect in accordance with Sch. 39 para. 5(4) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 5(2)
  1734. F1429
    Sch. 10 para. 14(54) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  1735. F1430
    Word in s. 150A(1) repealed (with effect in accordance with Sch. 13 para. 24(8)(a) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(1), Sch. 27 Pt. III(14)
  1736. F1431
    Words in s. 261ZA(5)(b)(i) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(5)(a)
  1737. F1432
    Words in s. 271(4) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 445(3)(c) (with Sch. 2)
  1738. F1433
    Sch. 5B para. 1(5A) inserted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 9(2)
  1739. C221
    S. 169I modified (18.3.2015) by Finance Act 2015 (c. 11), s. 43(4)(5)
  1740. F1434
    Words in Sch. 4C para. 6(1)(b) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(2)
  1741. F1435
    Word in s. 39(1)(2) substituted (31.7.1998) by Finance Act 1998 (c. 36), s. 46(3)(a), Sch. 7 para. 7
  1742. F1436
    S. 195(4)(a)(b) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(3)
  1743. F1437
    S. 169S(3)-(3E) substituted for s. 169S(3)(4) (with effect in accordance with Sch. 16 para. 4(4) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 2(4)
  1744. C222
    S. 283 restricted (1.4.2011) by The Finance Act 2009, Sections 101 to 103 (Income Tax Self Assessment) (Appointed Days and Transitional and Consequential Provisions) Order 2011 (S.I. 2011/701), arts. 1(1), 4(2), 5
  1745. C223
    Ss. 87, 87A, 87C-90 applied (with modifications) by Income and Corporation Taxes Act 1988 (c. 1), s. 762(3) (as substituted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 93(3))
  1746. F1438
    S. 271(1)(a)(i)(ia) substituted for s. 271(1)(a)(i) (15.11.2004) by The Government Stock (Consequential and Transitional Provision) (No.3) Order 2004 (S.I. 2004/2744), art. 1, Sch. para. 3(2)(a) (with art. 3)
  1747. F1439
    Words in s. 97(7) repealed (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 15(1)(a)(3), Sch. 26 Pt. 3(15)
  1748. F1440
    Words in s. 169I(7B)(b) substituted (with effect in accordance with Sch. 16 para. 4(3) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(c)
  1749. F1441
    Words in s. 167(1) substituted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 25
  1750. F1442
    Word in Sch. 7A para. 1(6) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 3(5)
  1751. F1443
    Sch. 4C para. 8B omitted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 140 (with Sch. 7 para. 155)
  1752. F1444
    Words in s. 81(3)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 85(3)
  1753. C224
    Sch. 4C applied (with modifications) by Income and Corporation Taxes Act 1988 (c. 1), s. 762(3) (as substituted (with effect in accordance with Sch. 7 para. 98 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 93(3))
  1754. F1445
    S. 122(5A) inserted (with effect in accordance with art. 18 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2012 (S.I. 2012/266), arts. 1, 17
  1755. F1446
    Words in s. 151N(1)(h) inserted (with effect in accordance with s. 34(4) of the amending Act) by Finance Act 2018 (c. 3), s. 34(2)(a)
  1756. F1447
    Words in s. 169LA heading substituted (with effect in accordance with s. 85(9) of the amending Act) by Finance Act 2016 (c. 24), s. 85(8)
  1757. F1448
    Word in s. 151J(3) omitted (24.5.2022) by virtue of The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 6(4)(a) (with art. 1(3))
  1758. F1449
    Words in s. 100(1) inserted (with effect in accordance with s. 72(8) of the amending Act) by Finance Act 1995 (c. 4), s. 72(2)
  1759. F1450
    S. 22(4) inserted (with effect in accordance with Sch. 3 paras. 5, 7 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 3 para. 4(2) (with Sch. 3 para. 6(3))
  1760. F1451
    Ss. 97A-97C inserted (with effect in accordance with Sch. 9 para. 3 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 9 para. 1(2)
  1761. F1452
    Words in s. 179(2B)(c) substituted (with effect in accordance with s. 139(2) of the amending Act) by Finance Act 1998 (c. 36), s. 139(1)(b)
  1762. F1453
    S. 83A(3)(b) repealed (6.4.2007) by Finance Act 2006 (c. 25), Sch. 12 paras. 32(b), 33, Sch. 26 Pt. 3(15)
  1763. F1454
    Sch. 8 para. 5(5) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 451(2)(d) (with Sch. 2)
  1764. F1455
    Words in s. 288(1) inserted (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(4)(a)
  1765. F1456
    Words in s. 140E(2)(a) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(5)(a)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  1766. F1457
    S. 169K(1)-(2) substituted for s. 169K(1)(2) (with effect in accordance with s. 41(6) of the amending Act) by Finance Act 2015 (c. 11), s. 41(2)
  1767. F1458
    S. 279(1)(b)(c) substituted for s. 279(1)(b) (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 64
  1768. F1459
    Words in s. 176(6) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 57(1)
  1769. F1460
    Words in s. 166(2)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 99(3)
  1770. F1461
    Ss. 198J-198L inserted (with effect in accordance with s. 71(2) of the amending Act) by Finance Act 2014 (c. 26), s. 71(1)
  1771. F1462
    Ss. 255A-255E and cross-heading inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 2
  1772. F1463
    S. 263A heading substituted (with effect in relation to an arrangement that comes into force on or after 1.10.2007) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 12(6); S.I. 2007/2483, art. 3
  1773. F1464
    Words in s. 271(6)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 261(3) (with Sch. 2)
  1774. F1465
    Words in Sch. 5 para. 9(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(5)(a)(i) (with Sch. 2)
  1775. F1466
    Sch. 5AAA para. 1(8) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(h)
  1776. C225
    Act modified by Corporation Tax Act 2010 (c. 4), s. 535A(9) (as inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 115)
  1777. F1467
    Word in s. 222(6) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 59(4), Sch. 41 Pt. V(10)
  1778. F1468
    Words in s. 41(4)(b) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 363(a)(i), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  1779. F1469
    Word in s. 66(5) substituted (30.11.2016) by The Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034), art. 1, Sch. 1 para. 10(b)
  1780. F1470
    S. 86(4A) repealed (with effect in accordance with Sch. 11 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(4)
  1781. F1471
    Words in s. 171(1A) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 61(2)
  1782. F1472
    Words in s. 197(2)(b) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12)
  1783. F1473
    Words in s. 223(3)(b) inserted (with effect in accordance with art. 7(5) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 7(2)
  1784. F1474
    Words in s. 161(3) substituted (with effect in accordance with art. 1(3)(4) of the amending S.I.) by The Income Tax (Trading and Other Income) Act 2005 (Consequential Amendments) Order 2006 (S.I. 2006/959), arts. 1(2), 3(3)
  1785. F1475
    S. 171A(4A)(4B) inserted (with effect in accordance with s. 181(4)(5) of the amending Act) by Finance Act 2012 (c. 14), s. 181(3)
  1786. F1476
    S. 114(3) substituted (with effect in accordance with s. 26(6)(7) of the amending Act) by Finance Act 2018 (c. 3), s. 26(5)(b)
  1787. F1477
    Sch. 10 para. 14(55) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  1788. F1478
    Words in s. 68 substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 1(1)(3)
  1789. F1479
    Sch. 4ZZB omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 19
  1790. C226
    Ss. 104-106 excluded (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 93(6)
  1791. F1480
    Word in s. 276(2)(c) substituted (with effect in accordance with Sch. 38 para. 10(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 10(2)(d)
  1792. F1481
    Word in Pt. 3 heading inserted (with effect in accordance with Sch. 22 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 22 para. 9; S.I. 2010/670, art. 2
  1793. F1482
    Words in s. 140C(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(2)(b) (with S.I. 2008/1579, reg. 4(1))
  1794. C227
    S. 179 excluded (with effect in accordance with reg. 1(2) of the affecting S.I.) by The Mutual Societies (Transfers of Business) (Tax) Regulations 2009 (S.I. 2009/2971), regs. 1(1), 17, 18(3)
  1795. F1483
    S. 142A inserted (with effect in accordance with Sch. 4 para. 12 of the amending Act) by Finance (No. 3) Act 2010 (c. 33), Sch. 4 para. 1
  1796. F1484
    Sch. 5AAA para. 13(1)(ab) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 10(a)
  1797. F1485
    Words in s. 179(2B)-(3) substituted (with effect in accordance with Sch. 29 para. 4(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 4(4) (with Sch. 29 para. 46(5))
  1798. C228
    S. 272 applied by Building Societies Act 1986 (c. 53), s. 102C(3) (as inserted (with effect in accordance with s. 2(2) of the amending Act) by Building Societies (Distributions) Act 1997 (c. 41), s. 1(1))
  1799. F1486
    Words in s. 169F(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(3)
  1800. F1487
    Words in s. 219(1) inserted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 62(c)(i); S.I. 2008/3068, art. 2(1)(w)(3) (with arts. 6-13)
  1801. F1488
    Word in s. 89(3) substituted (with effect in accordance with Sch. 10 para. 1(16) of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 1(6)
  1802. F1489
    Words in Sch. 7AC para. 31 inserted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(6)
  1803. C229
    S. 179 modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 6 (with Sch. 7 para. 9(1))
  1804. F1490
    S. 184I(9A) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 22(5)
  1805. F1491
    Sch. 5B para. 1(5) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 13(2)
  1806. F1492
    Words in s. 65(3)(b) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 80
  1807. F1493
    Words in s. 222(8D)(b) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 213 (with Sch. 7)
  1808. F1494
    Words in Sch. 5B para. 19(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(14)(d) (with Sch. 2)
  1809. F1495
    Words in s. 286(2) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 121
  1810. C230
    S. 80(4)(a)(b) modified (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(2)(b)
  1811. F1496
    Words in Sch. 5B para. 14(1)(a) substituted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 16 para. 4(2)(a)
  1812. C231
    S. 271 modified by Greater London Authority Act 1999 (c. 29), s. 34A(3) (as inserted (15.1.2012) by Localism Act 2011 (c. 20), s. 224(2); S.I. 2012/57, art. 4(1)(cc))
  1813. F1497
    Sch. 5B para. 18(2)(ab) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 36(b)(ii) (with Sch. 3)
  1814. F1498
    S. 119B(2)(a) substituted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 24(5)(b), 47
  1815. F1499
    Words in s. 263ZA(5)(d) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 333(6)(a) (with Sch. 2)
  1816. F1500
    S. 149AA(7)(b) and preceding word inserted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 27(b), 47
  1817. F1501
    Words in s. 140A(4)(a) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(4)(a) (with S.I. 2008/1579, reg. 4(1))
  1818. F1502
    S. 263A inserted (with effect in accordance with s. 80(5) of the amending Act) by Finance Act 1995 (c. 4), s. 80(4)
  1819. F1503
    Words in Sch. 5AAA para. 1(1)(c) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(a)
  1820. F1504
    Words in s. 253(4A)(a) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 30(a); S.I. 2009/403, art. 2(2) (with art. 10)
  1821. F1505
    Words in s. 161(3) substituted (with effect in accordance with s. 26(4) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 26(2)(b)
  1822. C232
    S. 256(4) excluded (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 515(7), 1184(1) (with Sch. 2)
  1823. F1506
    Words in s. 238(2)(a) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 215 (with Sch. 7)
  1824. F1507
    Words in s. 225E(4) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(7)
  1825. F1508
    Words in s. 258(2)(b) omitted (with effect in accordance with art. 12(2) of the amending S.I.) by virtue of The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 12(1)(c)
  1826. F1509
    Sch. 5B para. 14(6) repealed (6.4.2008) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2008 (S.I. 2008/954), arts. 1(1), 18(3), Sch. (with art. 4)
  1827. F1510
    S. 23(6)(7)(8) substituted for s. 23(6) (with effect in accordance with Sch. 39 para. 3(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 3(2)
  1828. F1511
    Sch. 8B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 3
  1829. F1512
    Words in Sch. 2 para. 4(9) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(c)(iii)
  1830. F1513
    Words in s. 202(1) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 39 para. 46(2)(a)
  1831. F1514
    Words in Sch. 5B para. 14(3)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(12)(b) (with Sch. 2)
  1832. F1515
    Words in s. 149AA heading inserted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 19(6)(b), 38; S.I. 2013/1755, art. 2
  1833. F1516
    Words in s. 76(1B)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 83
  1834. F1517
    S. 101A inserted (with application in accordance with s. 133(3) of the amending Act) by Finance Act 1998 (c. 36), s. 133(1)
  1835. F1518
    Words in s. 119A(5A) substituted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 23, 47
  1836. F1519
    Word in s. 150(8A)(a) repealed (with effect in accordance with Sch. 13 para. 42(8)(d) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(5), Sch. 27 Pt. III(14)
  1837. F1520
    Words in s. 217(3)(a) substituted (with effect in accordance with Sch. 12 para. 20(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 20(1)(a)(i)
  1838. F1521
    S. 179(10A) inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(13)
  1839. F1522
    S. 172 repealed (with effect in accordance with Sch. 29 para. 3(2), Sch. 40 Pt. 2(12) Note 5 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 3(1), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  1840. F1523
    Words in Sch. 5AAA para. 21(1) omitted (24.3.2021) by virtue of The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 8(2)(b)
  1841. C233
    S. 169I modified (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 6(2) (with Sch. 13 para. 6(3))
  1842. F1524
    Words in Sch. 5B para. 8(7) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(7)(c) (with Sch. 2)
  1843. F1525
    Words in s. 169K(1E) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(4)(b)
  1844. F1526
    Sch. 5AAA para. 1(1)(d)-(f) substituted for Sch. 5AAA para. 1(1)(d) and word (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(b)
  1845. F1527
    Pt. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 2
  1846. F1528
    Words in s. 195(6) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(5)(a)
  1847. F1529
    S. 211(2A) inserted (with effect in accordance with Sch. 10 para. 17(2)(3) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 2(4)
  1848. F1530
    Words in s. 213(8A)(c)(d) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(4)(b)
  1849. F1531
    Words in Sch. 5AAA para. 13(3)(b) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 10(d)(ii)
  1850. F1532
    Words in Sch. 5B para. 14(3) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(12)(c) (with Sch. 2)
  1851. F1533
    Words in s. 138A(4) substituted (with effect in accordance with s. 161(6) of the amending Act) by Finance Act 2003 (c. 14), s. 161(4)(c)
  1852. F1534
    Sch. 7AD inserted (24.7.2002) by Finance Act 2002 (c. 23), s. 85(2), Sch. 31
  1853. F1535
    Sch. 9 para. 1A inserted (29.4.1996) by Finance Act 1996 (c. 8), Sch. 40 para. 8
  1854. F1536
    S. 59(1) renumbered (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 431(2) (with Sch. 2)
  1855. F1537
    Words in s. 222(8A) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 117(4)(a)
  1856. C234
    S. 122 excluded by Finance Act 2002 (c. 23), Sch. 26 para. 30B(5) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 10 (with S.I. 2008/1579, reg. 4(1)))
  1857. F1538
    S. 276(8)-(10) substituted for s. 276(8) (with effect in accordance with Sch. 29 para. 35(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 35(1) (with Sch. 29 para. 46(5))
  1858. F1539
    S. 41(8) added (with effect in accordance with Sch. 29 para. 12(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 12(1) (with Sch. 29 para. 46(5))
  1859. F1540
    Words in Sch. 5B para. 4(4A) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(4)(b) (with Sch. 2)
  1860. F1541
    Sch. 5AA inserted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 3
  1861. C235
    S. 199(2)(4) modified (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(2)(b)
  1862. F1542
    Words in Sch. 5B para. 19(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 268(a) (with Sch. 2)
  1863. F1543
    Words in s. 169LA(8) inserted (with effect in accordance with s. 85(9) of the amending Act) by Finance Act 2016 (c. 24), s. 85(7)(a)
  1864. F1544
    Words in s. 261E(2)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 79(a)
  1865. F1545
    Sch. 10 para. 14(8) repealed (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. VI(10)
  1866. F1546
    S. 68C inserted (with effect in accordance with Sch. 12 para. 1(5) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 1(2)
  1867. F1547
    Words in s. 130(1)(a) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 8(2)(a)
  1868. F1548
    Words in s. 25(7) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 25(3)
  1869. F1549
    Sch. 4C para. 8C omitted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 140 (with Sch. 7 para. 155)
  1870. F1550
    Words in s. 288(3) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 122(b)
  1871. F1551
    Words in s. 195(4) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(3)
  1872. F1552
    Sch. 5B para. 6 and cross-heading substituted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 33
  1873. F1553
    S. 171(2)(ba) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 61(4)
  1874. C236
    S. 106A modified by The Personal Equity Plan Regulations 1989 (S.I. 1989/469), reg. 27(3) (as substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by S.I. 1998/1869, regs. 1(1), 12)
  1875. F1554
    Words in s. 196(5) inserted (1.10.2018 immediately after Wales Act 2017 (c. 4), Sch. 6 Pt. 2 comes into force) by The Scotland Act 2016 (Onshore Petroleum) (Consequential Amendments) Regulations 2018 (S.I. 2018/79), regs. 1(3), 9
  1876. F1555
    Words in s. 271(10) substituted (with effect in accordance with Sch. 25 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 25 para. 14(b)
  1877. F1556
    Words in s. 230(1)(d) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 119
  1878. F1557
    S. 223ZA inserted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(4)
  1879. F1558
    S. 140F(2)(f) and preceding word inserted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 3(b)
  1880. F1559
    Words in s. 140B(2) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 3(a) (with S.I. 2008/1579, reg. 4(1))
  1881. F1560
    S. 132(4)(5) inserted (with effect in accordance with s. 88(6) of the amending Act) by Finance Act 1997 (c. 16), s. 88(3)
  1882. F1561
    Words in s. 119A(3) inserted (with effect in accordance with s. 22(4) of the amending Act) by Finance Act 2005 (c. 7), s. 22(2)(a)
  1883. F1562
    Words in Sch. 5B para. 4(4C) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(4)(c) (with Sch. 2)
  1884. F1563
    Words in s. 212(1)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 249 (with Sch. 2)
  1885. C237
    S. 283(2) modified (22.7.2004) by Finance Act 2004 (c. 12), s. 109(3)(6)
  1886. F1564
    Words in s. 151H(1) omitted (24.5.2022) by virtue of The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 8(1) (with art. 1(3))
  1887. F1565
    S. 110(6A) inserted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(6) (with Sch. 12)
  1888. F1566
    S. 260(6A) repealed (with effect in accordance with Sch. 21 para. 10(8) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 5(3), Sch. 42 Pt. 2(14)
  1889. C238
    S. 42(2) applied (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 667(2), 1329(1) (with Sch. 2 Pts. 1, 2)
  1890. F1567
    Words in Sch. 4C para. 5(2)(a) inserted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 135 (with Sch. 7 para. 155)
  1891. C239
    S. 222(8A)-(8D) applied by Inheritance Tax Act 1984 (c. 51), s. 8H(7) (as inserted (18.11.2015) by Finance (No. 2) Act 2015 (c. 33), s. 9(4))
  1892. F1568
    S. 106A(8) omitted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 87(5)
  1893. F1569
    Words in s. 177A omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 1
  1894. F1570
    S. 30(8) omitted (with effect in accordance with Sch. 9 para. 6 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 9 para. 1(c)
  1895. F1571
    S. 180 repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 29 para. 27, Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  1896. C240
    S. 30 excluded (6.11.2000) by Postal Services Act 2000 (c. 26), s. 130(1), Sch. 4 para. 6; S.I. 2000/2957, art. 2(1), Sch. 1
  1897. C241
    Act applied by Finance Act 1996 (c. 8), s. 92(10A) (as inserted (with effect in accordance with s. 79(3) of the amending Act) by Finance Act 2002 (c. 23), Sch. 23 para. 5(6))
  1898. F1572
    Words in Sch. 5B para. 19(1) substituted (retrospective to 6.4.2012) by Finance Act 2012 (c. 14), Sch. 7 paras. 32, 35
  1899. F1573
    S. 140A(7) omitted (with effect in accordance with reg. 3(1) of the amending S.I.) by virtue of The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(6) (with S.I. 2008/1579, reg. 4(1))
  1900. C242
    S. 171 modified (with effect in accordance with s. 1184(1) of the affecting Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
  1901. F1574
    Ss. 77-79 omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 5
  1902. F1575
    Word in s. 138A(2)(a) inserted (with effect in accordance with s. 161(6) of the amending Act) by Finance Act 2003 (c. 14), s. 161(2)(a)
  1903. F1576
    Words in s. 218(3) substituted (1.11.1998) by Government of Wales Act 1998 (c. 38), ss. 140, 158(1), Sch. 16 para. 78; S.I. 1998/2244, art. 5
  1904. F1577
    S. 140C(1A)-(1C) inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(3) (with S.I. 2008/1579, reg. 4(1))
  1905. F1578
    Words in s. 97(7) substituted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 15(1)(b)(3)
  1906. F1579
    Sch. 5B para. 4(1)(b) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 2(1)
  1907. F1580
    Words in s. 210B(1)(a)(b) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 81(2)(b)
  1908. F1581
    S. 169D(7) substituted for s. 169D(7)-(9) (with effect in accordance with Sch. 44 para. 12(6)(7) of the amending Act) by Finance Act 2013 (c. 29), Sch. 44 para. 12(4)
  1909. F1582
    Words in s. 256(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 326(2) (with Sch. 2)
  1910. F1583
    Words in s. 169I(7A)(b) substituted (with effect in accordance with Sch. 16 para. 4(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(a)
  1911. F1584
    S. 150(8D) inserted (with effect in accordance with Sch. 13 para. 42(8)(e) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(6)
  1912. F1585
    Words in Sch. 8B para. 1(3)(b) substituted (10.6.2021) by Finance Act 2021 (c. 26), s. 20(b)
  1913. F1586
    Words in s. 196(5) omitted (with effect in accordance with Sch. 15 para. 4 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 15 para. 3(4)(b)
  1914. F1587
    Words in Sch. 5B para. 14(3) substituted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 16 para. 4(2)(c)
  1915. F1588
    Word in s. 170(8)(a) omitted (with retrospective effect in accordance with art. 1(2) of the amending S.I.) by virtue of The Corporation Tax Act 2010 (Amendment) Order 2010 (S.I. 2010/2902), arts. 1(1), 2(2)(a)
  1916. F1589
    S. 213(4ZA) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 86(3)
  1917. F1590
    Words in s. 16(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 298 (with Sch. 2)
  1918. F1591
    Words in Sch. 4C para. 4(2) inserted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 134 (with Sch. 7 para. 155)
  1919. F1592
    Words in s. 30(1)(a) omitted (with effect in accordance with Sch. 9 para. 6 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 9 para. 1(a)
  1920. F1593
    Ss. 150A(8A)-(8C) inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 13 para. 2(4)
  1921. F1594
    Words in Sch. 5 para. 1(3) added (with application in accordance with s. 174(11) of the amending Act) by Finance Act 1996 (c. 8), s. 174(10)(c)
  1922. F1595
    Words in s. 169F(4)(b) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(4)(c)
  1923. F1596
    S. 105(4)(5) inserted (with effect in accordance with Sch. 24 paras. 5, 6(4)(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 24 para. 3
  1924. F1597
    Words in s. 288(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(c) (with Sch. 2)
  1925. F1598
    Words in s. 181(1)(b) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 58, Sch. 41 Pt. V(10)
  1926. C243
    S. 99(1) excluded in part (9.12.2021) by S.I. 2006/964, reg. 14DA(2)(d) (as inserted by The Authorised Investment Funds (Tax) (Amendment) Regulations 2021 (S.I. 2021/1270), regs. 1, 3(2))
  1927. F1599
    Words in s. 168(1)(b) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 101(2)
  1928. C244
    S. 30 modified (E.W.S.) (8.6.2005 for specified purposes, 24.7.2005 in so far as not already in force) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 31; S.I. 2005/1444, art. 2(1), Sch. 1; S.I. 2005/1909, art. 2, Sch.
  1929. F1600
    Words in s. 150A(3)(b) substituted (with effect in accordance with Sch. 7 para. 34 of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 para. 27(a)
  1930. F1601
    Words in s. 159(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 52
  1931. F1602
    Words in s. 230(5)(e) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 119
  1932. F1603
    Words in s. 225(b) substituted (with effect in accordance with Sch. 22 para. 7(1)(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(4)(b)
  1933. F1604
    S. 62(11) inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 29(4)
  1934. F1605
    Words in s. 89(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 42
  1935. F1606
    Words in s. 179(8) substituted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(11)
  1936. F1607
    Words in s. 110(10) substituted (with effect in accordance with s. 26(6)(7) of the amending Act) by Finance Act 2018 (c. 3), s. 26(4)(a)
  1937. F1608
    S. 195(2)(b)(c) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(1)
  1938. F1609
    S. 195(5) repealed (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(4), Sch. 4
  1939. F1610
    S. 154(2D) inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 8 (with S.I. 2008/1579, reg. 4(1))
  1940. C245
    S. 28(1) excluded (with application in accordance with Sch. 3 para. 3(1) of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 3(2)
  1941. F1611
    Words in s. 140E(9)(a) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 47(3) (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 3(b), 15)
  1942. F1612
    Word in s. 204(10) repealed (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 7 para. 61(b), Sch. 27 Pt. 2(7) (with Sch. 7 Pt. 2)
  1943. F1613
    S. 202(1A) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 39 para. 46(3)
  1944. C246
    S. 263A(1) modified (1.1.1999) by The European Single Currency (Taxes) Regulations 1998 (S.I. 1998/3177), regs. 1, 14-18
  1945. F1614
    S. 279C(10) omitted (with effect in accordance with Sch. 2 para. 56(2) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 43(5)
  1946. F1615
    Words in s. 280 substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 65
  1947. F1616
    Words in s. 283(2) substituted (with effect in accordance with s. 92(6) of the amending Act) by Finance Act 1997 (c. 16), s. 92(5)
  1948. F1617
    Words in s. 174(4) substituted (with effect in accordance with Sch. 29 para. 13(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 13(2) (with Sch. 29 paras. 13(5), 46(5))
  1949. F1618
    Figure in s. 116B(2) substituted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 paras. 5(5)(a), 12
  1950. F1619
    S. 169F(3A) inserted (with effect in accordance with Sch. 12 para. 4(2)(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 4(1)(c)
  1951. C247
    S. 253(13) applied (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 9(7) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  1952. F1620
    Words in s. 175(1) inserted (with effect in accordance with Sch. 29 para. 10(7) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 10(2) (with Sch. 29 paras. 10(8), 46(5))
  1953. F1621
    Words in s. 195(3) repealed (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(2)(b), Sch. 4
  1954. F1622
    Ss. 90, 90A substituted for s. 90 (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 111
  1955. F1623
    Sch. 10 para. 16(3)-(5) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
  1956. F1624
    S. 41(4)(aa) inserted (with effect in accordance with s. 73(8)(9) of the amending Act) by Finance Act 2016 (c. 24), s. 73(3)
  1957. F1625
    Words in Sch. 4C para. 4(1) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 107(3)(a)
  1958. F1626
    S. 79B inserted (with application in accordance with s. 94(2) of the amending Act) by Finance Act 2000 (c. 17), s. 94(1)
  1959. F1627
    S. 213(8A)-(8I) inserted (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(5)
  1960. F1628
    Words in Sch. 7D para. 1(1) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 42(2), 89 (with Sch. 8 paras. 90-96)
  1961. F1629
    Words in s. 263CA(9)(e) inserted (6.4.2016) by The Enterprise and Regulatory Reform Act 2013 (Consequential Amendments) (Bankruptcy) and the Small Business, Enterprise and Employment Act 2015 (Consequential Amendments) Regulations 2016 (S.I. 2016/481), reg. 1, Sch. 1 para. 10
  1962. F1630
    S. 261ZA(1)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(2)(b)
  1963. F1631
    S. 76A inserted (with application in accordance with s. 91(3) of the amending Act) by Finance Act 2000 (c. 17), s. 91(1)
  1964. F1632
    S. 88(7) omitted (with effect in accordance with Sch. 7 para. 115 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 109(3)
  1965. F1633
    Words in Sch. 5BB para. 1(2)(a) inserted (17.7.2013) by Finance Act 2013 (c. 29), s. 57(2)(a)(i)
  1966. F1634
    Words in s. 169H(3) substituted (with effect in accordance with s. 42(5) of the amending Act) by Finance Act 2015 (c. 11), s. 42(2)
  1967. F1635
    S. 83A(5) repealed (with effect in accordance with s. 74(6) of the amending Act) by Finance Act 2006 (c. 25), s. 74(4)(b), Sch. 26 Pt. 3(11)
  1968. C248
    Ss. 127-131 restricted (6.4.1999) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), regs. 1, 34(4)
  1969. F1636
    Words in s. 218 cross-heading substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 17(5); S.I. 2010/862, art. 2 (with Sch.)
  1970. F1637
    S. 99(2)(aa)(b) substituted for s. 99(2)(b) (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(2)(b)
  1971. C249
    Ss. 170-181 restricted (12.1.2000) by Greater London Authority Act 1999 (c. 29), ss. 419(3), 425(2); S.I. 1999/3434, art. 2
  1972. F1638
    Words in Sch. 7AC para. 3(2)(b) omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(b)(i)
  1973. C250
    S. 196 modified (temp.) (9.2.2018) by The Scotland Act 2016 (Onshore Petroleum) (Consequential Amendments) Regulations 2018 (S.I. 2018/79), regs. 1(2), 4 (with art. 2)
  1974. F1639
    S. 271(2) repealed (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(5), 284(1), Sch. 42 Pt. 3 (with Sch. 36)
  1975. F1640
    Words in Sch. 4C para. 10(1) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 107(6)
  1976. F1641
    Word in Sch. 7D para. 2(1)(a) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 43, 89 (with Sch. 8 paras. 90-96)
  1977. F1642
    Words in Sch. 5 para. 2A(4)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 108(2)(b) (with Sch. 46 para. 108(4))
  1978. F1643
    Sch. 5AAA para. 13(8) inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 10(e)
  1979. F1644
    S. 236A and cross-heading inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 48(1)
  1980. C251
    S. 103G excluded by Offshore Funds (Tax) Regulation 2009 (S.I. 2009/3001), reg. 36A(2)(a) (as substituted (8.6.2013) by S.I. 2013/1400, regs. 1(1), 15(a) (with reg. 1(2)))
  1981. F1645
    Word in s. 213(7) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 73(2)(a)
  1982. F1646
    Words in s. 99A(4)(b) substituted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 8(d)(ii) (with reg. 1(2))
  1983. F1647
    Words in s. 212(1)(b) omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 5(a) (with reg. 1(2))
  1984. F1648
    Words in s. 108(1)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 307 (with Sch. 2)
  1985. C252
    S. 30 modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 9(1)
  1986. F1649
    Sch. 7AC para. 19(4) inserted (with effect in accordance with s. 27(6) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 27(5)(c)
  1987. F1650
    S. 223(4) omitted (with effect in accordance with s. 24(11) of the amending Act) by virtue of Finance Act 2020 (c. 14), s. 24(3)(b)
  1988. F1651
    S. 210 substituted (with effect in accordance with s. 157(2) of the amending Act) by Finance Act 2003 (c. 14), s. 157(1)
  1989. F1652
    Sch. 4C para. 10(2) omitted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 142(b) (with Sch. 7 para. 155)
  1990. F1653
    Words in s. 224 heading substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(6)(a)
  1991. F1654
    Words in s. 288(1) substituted (21.7.2008) by Finance Act 2008 (c. 9), Sch. 2 para. 101(2)
  1992. F1655
    S. 37(2A) inserted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 6
  1993. F1656
    Ss. 254, 255 repealed (with effect in accordance with s. 141(2)(b) of the amending Act) by Finance Act 1998 (c. 36), s. 141(1)(b), Sch. 27 Pt. III(32)
  1994. F1657
    S. 47A(2) substituted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(4)
  1995. F1658
    S. 184H(3) substituted (with effect in accordance with s. 63(3) of the amending Act) by Finance Act 2014 (c. 26), s. 63(2)(b)
  1996. F1659
    Words in s. 288(1) inserted (with effect in accordance with s. 76(1) of the amending Act) by Finance Act 2001 (c. 9), s. 76(2), Sch. 25 para. 1(3) (with Sch. 3)
  1997. F1660
    Words in Sch. 5 para. 2A(7) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(3)
  1998. C253
    Ss. 127-131 applied by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), regs. 69Z24E(2), 69Z24F(3) (as inserted (1.8.2012) by S.I. 2012/1783, regs. 1, 4)
  1999. F1661
    Sch. 7AC para. 15A(2A) inserted (with effect in accordance with s. 72(2) of the amending Act) by Finance Act 2014 (c. 26), s. 72(1)
  2000. F1662
    S. 169F(5A) inserted (with effect in accordance with reg. 1(6) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(6)
  2001. F1663
    Sch. 4ZZC omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 20
  2002. C254
    S. 253(4) modified (8.11.1995) by Atomic Energy Authority Act 1995 (c. 37), Sch. 3 para. 6(2)
  2003. F1664
    Words in s. 287(1) substituted (18.3.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(2)(c), Sch. 8 para. 318(2) (with Sch. 9 paras. 1-9, 22)
  2004. F1665
    S. 37(2)(a)-(c) substituted for s. 37(2)(a)(b) (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 77
  2005. C255
    S. 272 applied (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 18(5)
  2006. F1666
    Words in s. 169I(7) substituted (with effect in accordance with Sch. 16 para. 4(3) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(c)
  2007. F1667
    S. 119(1)-(5) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 308(2) (with Sch. 2)
  2008. F1668
    S. 165(7D) inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 55(5)
  2009. C256
    S. 117(1)(a) modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Taxation of Regulatory Capital Securities Regulations 2013 (S.I. 2013/3209), regs. 1(1), 4 (with reg. 8)
  2010. F1669
    Pt. 7A inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 6 Pt. 2 (with Sch. 9 paras. 1-9, 22)
  2011. C257
    S. 28 applied (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 24(9) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2012. F1670
    Word in s. 58(2)(a) omitted (1.9.2013) by virtue of Finance Act 2013 (c. 29), Sch. 23 paras. 18(a), 38; S.I. 2013/1755, art. 2
  2013. F1671
    S. 225A(7) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 7(3)
  2014. F1672
    Sch. 4C para. 9 and cross-heading substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 141 (with Sch. 7 paras. 149155)
  2015. C258
    S. 140A(1C) modified (temp.) (8.7.2008) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), regs. 1(2), 6(1), Sch. 4 para. 2(a) (with reg. 6(2))
  2016. F1673
    Words in Sch. 5BB para. 2(2) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 57(3)(b)(ii)
  2017. F1674
    Words in s. 165(7B) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 55(3)
  2018. F1675
    Words in Sch. 5B para. 5(1) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(g)
  2019. F1676
    Word in s. 150A(8A)(a) repealed (with effect in accordance with Sch. 13 para. 24(8)(c) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(5), Sch. 27 Pt. III(14)
  2020. F1677
    S. 288(3A) inserted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 63
  2021. C259
    S. 144(2) excluded (12.2.2019) by Finance Act 2019 (c. 1), Sch. 2 para. 13(2)
  2022. C260
    Ss. 87-90A applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 20(3)(4)
  2023. F1678
    Words in s. 238A(2)(c) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 184, 204 (with Sch. 8 paras. 205-215)
  2024. F1679
    Sch. 5AAA para. 23(9) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 9
  2025. F1680
    S. 170(9)(cc) inserted (with application in accordance with s. 136(4) of the amending Act) by Finance Act 1998 (c. 36), s. 136(1)
  2026. F1681
    Words in Sch. 4 para. 9(1) omitted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 74(5)(c)
  2027. F1682
    Words in s. 52(4) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 50, Sch. 41 Pt. V(10)
  2028. C261
    S. 176 applied (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 para. 8(9)
  2029. F1683
    Word in s. 196 heading substituted (with effect in accordance with Sch. 15 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 3(2)
  2030. F1684
    Words in s. 101C(7) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 305 (with Sch. 2)
  2031. F1685
    Words in s. 86A(8)(c) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(8)
  2032. F1686
    Words in s. 263F(2) substituted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 11(2)
  2033. F1687
    Words in s. 149AA(1) substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 19(2), 38; S.I. 2013/1755, art. 2
  2034. F1688
    Words in s. 108(8) repealed (with effect in accordance with s. 72(3) of the amending Act) by Finance Act 2006 (c. 25), s. 72(2)(c), Sch. 26 Pt. 3(9)
  2035. F1689
    Word in s. 140C(1)(a) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(3)(a)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2036. F1690
    Words in s. 96(10)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 230(a)(i) (with Sch. 2)
  2037. F1691
    Words in s. 179(3B)(c) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 65(2)
  2038. F1692
    Words in s. 212(1)(b) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(a)
  2039. F1693
    S. 151K(7) inserted (24.5.2022) by virtue of The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 3(4) (with art. 1(3))
  2040. C262
    S. 24 excluded by Finance Act 2002 (c. 23), Sch. 26 para. 85(1D) (as inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 21(2) (with S.I. 2008/1579, reg. 4(1)))
  2041. F1694
    Words in Sch. 5AAA para. 21(3)(a) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 11(b)
  2042. F1695
    Words in s. 236A substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 34, 89 (with Sch. 8 paras. 90-96)
  2043. F1696
    Ss. 47A, 47B and cross-heading inserted (with effect in accordance with Sch. 4 paras. 56, 57 of the amending Act) by Finance Act 2013 (c. 29), Sch. 4 para. 45
  2044. F1697
    Words in Sch. 7 para. 2(2)(b)(i) substituted (with effect in accordance with s. 90(5) of the amending Act) by Finance Act 2000 (c. 17), s. 90(3)
  2045. F1698
    S. 169I(7ZA)(7ZB) inserted (with effect in accordance with Sch. 16 para. 4(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(d)
  2046. F1699
    Pt. 2 Ch. 6 omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 6
  2047. F1700
    Word in s. 60(1) substituted (with effect in accordance with Sch. 12 para. 10(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 10(1)
  2048. F1701
    Word in Sch. 4A para. 7(5)(a) repealed (with effect in accordance with Sch. 12 para. 5(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 5(1)(a), Sch. 26 Pt. 3(15)
  2049. F1702
    S. 104(3A) inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 85(4)
  2050. F1703
    Words in s. 143(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 369(a) (with Sch. 2 Pts. 1, 2)
  2051. F1704
    Sch. 5B inserted (with effect in accordance with Sch. 13 para. 4(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 4(3)
  2052. F1705
    S. 271(12) inserted (with effect in accordance with s. 76(1) of the amending Act) by Finance Act 2001 (c. 9), s. 76(2), Sch. 25 para. 4 (with Sch. 3)
  2053. F1706
    Words in Sch. 4C para. 4(2) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(f)
  2054. F1707
    S. 96(9A)(9B) inserted (with effect in accordance with s. 127(4) of the amending Act) by Finance Act 1998 (c. 36), s. 127(3)
  2055. F1708
    Sch. 8 para. 3(4)(5) substituted for Sch. 8 para. 3(4)-(6) (with effect in accordance with s. 142(5) of the amending Act) by Finance Act 1996 (c. 8), s. 142(4)
  2056. F1709
    Words in s. 87B(1)(a) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(5)(a)
  2057. F1710
    Sch. 10 para. 14(41) omitted (with effect in accordance with s. 66(8) of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 66(4)(d)
  2058. C263
    Act modified (12.2.2019) by Finance Act 2019 (c. 1), Sch. 2 para. 17(3)
  2059. F1711
    S. 105A(1)(b)(i)(ii) substituted (with effect in accordance with Sch. 5 para. 6(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 3(2)
  2060. F1712
    Words in s. 288(1) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 385(d) (with Sch. 2 Pts. 1, 2)
  2061. F1713
    Words in s. 165(1) substituted (with effect in accordance with Sch. 21 para. 10(4) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 3(2)
  2062. F1714
    Words in s. 40(4) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 362 (with Sch. 2 Pts. 1, 2)
  2063. F1715
    Words in s. 225 substituted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(2)(a)
  2064. F1716
    Word in s. 140C(1C) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(3)(c) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2065. F1717
    S. 150A(3A) inserted (with effect in accordance with Sch. 7 para. 34 of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 para. 27(b)
  2066. F1718
    Words in s. 276(2)(d) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 262 (with Sch. 2)
  2067. F1719
    Words in Sch. 5 para. 8(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(4)(a)(ii) (with Sch. 2)
  2068. F1720
    Words in s. 222(7)(a) omitted (with effect in accordance with s. 24(10) of the amending Act) by virtue of Finance Act 2020 (c. 14), s. 24(2)(b)(ii)
  2069. F1721
    S. 26A substituted (6.6.2022) by Finance Act 2022 (c. 3), Sch. 6 paras. 1, 6; S.I. 2022/569, reg. 2
  2070. F1722
    S. 169D(4A)-(4F) inserted (with effect in accordance with Sch. 44 para. 12(6)(7) of the amending Act) by Finance Act 2013 (c. 29), Sch. 44 para. 12(3)
  2071. F1723
    Sch. 4C para. 13A and cross-heading inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 6(4) (with s. 163(4)-(6))
  2072. F1724
    Words in s. 169F(2) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(2)
  2073. F1725
    Words in s. 171B(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 63
  2074. F1726
    S. 179B repealed (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 5(b)
  2075. C264
    S. 17 excluded (8.9.2008 for specified purposes) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 7 para. 7(2); S.I. 2008/2358, arts. 2(1), 3(1)
  2076. F1727
    Sch. 4C para. 8 substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 138 (with Sch. 7 paras. 148151(2)155)
  2077. F1728
    Words in s. 271(4) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 445(3)(d) (with Sch. 2)
  2078. F1729
    Words in Sch. 7AC para. 19(1)(b) inserted (with effect in accordance with s. 27(6) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 27(5)(a)
  2079. F1730
    Words in Sch. 5B para. 4(4) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(4)(a) (with Sch. 2)
  2080. F1731
    Words in s. 41(4)(c) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 363(b)(ii) (with Sch. 2 Pts. 1, 2)
  2081. F1732
    Words in Sch. 5 para. 9(11) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(5)(c) (with Sch. 2)
  2082. C265
    S. 171(1) excluded (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 2(2) (with Sch. 7 para. 9(1))
  2083. F1733
    S. 212(7A) repealed (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 18, Sch. 27 Pt. 2(8) (with Sch. 8 Pt. 2)
  2084. F1734
    Word in s. 210C(2) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 7(b)(i)
  2085. F1735
    Words in s. 149A(1)(b) omitted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 9 paras. 26, 47
  2086. C266
    S. 128 applied by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85Z8 (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  2087. F1736
    Words in s. 140C(1)(c) substituted (with effect in accordance with s. 59(7) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 59(4)(a)
  2088. F1737
    Sch. 7A para. 1(8) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 3(6)
  2089. F1738
    Sch. 5B para. 1A and cross-heading inserted (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 28
  2090. F1739
    Words in Sch. 8 para. 10(2) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 67
  2091. F1740
    S. 105(2) substituted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(2)
  2092. C267
    S. 38(1)(a)(b) restricted (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 para. 4(2) (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
  2093. F1741
    S. 164 repealed (with effect in relation to disposals in the year 2003-04 and subsequent years of assessment in accordance with s. 140(2), Sch. 27 Pt. III(31) of the amending Act) by Finance Act 1998 (c. 36), s. 140(2)(b), Sch. 27 Pt. III(31)
  2094. F1742
    Words in s. 288(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(2)(b) (with Sch. 2)
  2095. F1743
    Words in s. 260(6ZB) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 76(3)
  2096. F1744
    Sch. 5B para. 13(4) repealed (with effect in accordance with Sch. 33 Pt. 2(3) Note 6 of the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 30(4), Sch. 33 Pt. 2(3) (with Sch. 3)
  2097. F1745
    Words in s. 219(1) inserted (1.12.2008) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 8 para. 62(c)(ii); S.I. 2008/3068, art. 2(1)(w)(3) (with arts. 6-13)
  2098. F1746
    S. 150A(6)(6A) substituted for s. 150A(6) (with effect in accordance with Sch. 13 para. 24(8)(b) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(4)
  2099. F1747
    S. 119A(8) repealed (1.9.2004) by Finance Act 2004 (c. 12), s. 85(2), Sch. 16 para. 6(3), Sch. 42 Pt. 2(10) (with Sch. 16 para. 6(4)); S.I. 2004/1945, art. 2
  2100. F1748
    Words in Sch. 5AAA para. 49(2) substituted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 18
  2101. F1749
    S. 48 renumbered as s. 48(1) (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 7(2)
  2102. F1750
    Words in s. 195(3) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 79(2)(a)
  2103. F1751
    Words in s. 140L(1)(a) substituted (1.7.2011) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2011 (S.I. 2011/1431), regs. 1(2), 2(3)(a)
  2104. F1752
    Words in s. 116B(2) substituted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 paras. 5(5)(b), 12
  2105. C268
    Sch. 5AAA para. 4(2) modified by 2010 c. 4, s. 269ZZB(9) (as inserted (with effect in accordance with Sch. 4 para. 42 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 11 (with Sch. 4 paras. 43-46))
  2106. F1753
    Words in s. 109(1) substituted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 90(2)
  2107. F1754
    Words in s. 86A(1)(c) omitted (15.3.2018) by virtue of Finance Act 2018 (c. 3), Sch. 10 para. 1(3)(b)
  2108. F1755
    Words in s. 69(2) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 82(2)
  2109. F1756
    S. 48A inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 14
  2110. F1757
    Words in s. 96(10)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 230(a)(ii) (with Sch. 2)
  2111. F1758
    S. 150A(2A) inserted (with application in accordance with Sch. 13 para. 2(1) of the amending Act) by Finance Act 1995 (c. 4), Sch. 13 para. 2(2)
  2112. F1759
    Words in s. 288(1) inserted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 184
  2113. F1760
    Sch. 10 para. 14(14) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  2114. F1761
    Words in s. 96(9A)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 45
  2115. F1762
    Words in s. 170(9)(c) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 375, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  2116. F1763
    Ss. 87-87C substituted for s. 87 (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 108 (with Sch. 7 paras. 116-119)
  2117. F1764
    Words in s. 263E(1)(a) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 260 (with Sch. 2)
  2118. F1765
    Words in s. 179(2A)(b) substituted (with effect in accordance with Sch. 29 para. 4(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 4(3)(b) (with Sch. 29 para. 46(5))
  2119. C269
    S. 127 modified by Income Tax Act 2007 (c. 3), s. 257TA(6) (as inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 11 para. 1)
  2120. F1766
    S. 150A(8D)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(7)(b) (with Sch. 2)
  2121. F1767
    S. 192A and cross-heading inserted (with application in accordance with s. 44(3) of the amending Act) by Finance Act 2002 (c. 23), s. 44(1)
  2122. F1768
    Words in s. 119B heading substituted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by Finance Act 2014 (c. 26), Sch. 9 paras. 24(2), 47
  2123. F1769
    S. 49(2) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 49
  2124. C270
    Sch. 5 para. 9(10A)(a) applied (with modifications) (31.7.1998) by Finance Act 1998 (c. 36), Sch. 23 para. 6(3)
  2125. F1770
    Words in s. 169J(5)(a) substituted (with effect in accordance with Sch. 16 para. 4(2) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(3)(b)
  2126. C271
    S. 122 excluded by Finance Act 1996 (c. 8), Sch. 9 para. 12D(5) (as inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by S.I. 2007/3186, reg. 1(2), Sch. 1 para 16 (with S.I. 2008/1579, reg. 4(1)))
  2127. F1771
    Words in s. 253(14)(b) substituted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 38
  2128. F1772
    Words in s. 86(1)(c) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 91(2)
  2129. C272
    Act modified (12.1.2000) by Greater London Authority Act 1999 (c. 29), Sch. 33 paras. 2, 8; S.I. 1999/3434, art. 2
  2130. F1773
    S. 249 cross-heading substituted (with effect in accordance with Sch. 39 para. 49(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 49(2)
  2131. F1774
    Words in Sch. 7C para. 2(2) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 220(3)(b)(iii) (with Sch. 7)
  2132. F1775
    Words in s. 263H(3)(b) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 9, 52
  2133. F1776
    Words in s. 86A(7) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(7)
  2134. F1777
    S. 41(3)(a)(b) substituted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 78(1)
  2135. F1778
    S. 69A inserted (with effect in accordance with Sch. 12 para. 6(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 6(1)
  2136. F1779
    Words in s. 147(1) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(8)(a)
  2137. F1780
    S. 222(6)(b) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 59(4), Sch. 41 Pt. V(10)
  2138. F1781
    Words in s. 151A(6) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 437 (with Sch. 2)
  2139. C273
    Pt. 4 Ch. 4 applied (with modifications) (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 9 para. 40 (with Sch. 9 paras. 1-9, 22)
  2140. F1782
    S. 151T(7) inserted (with retrospective effect in accordance with art. 1(2) of the amending S.I.) by The Taxation (International and Other Provisions) Act 2010 (Amendment) Order 2010 (S.I. 2010/2901), arts. 1(1), 2
  2141. F1783
    Sch. 7A para. 7(1)(c) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 6(2)
  2142. F1784
    Words in s. 144(8)(a) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 8(3)
  2143. F1785
    Words in s. 223(3) substituted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 4(2)(b)
  2144. F1786
    S. 263B(7) substituted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 29 paras. 5, 52
  2145. F1787
    Words in s. 288(1) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 122(a)
  2146. F1788
    Word in s. 276(6) substituted (with effect in accordance with Sch. 38 para. 10(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 10(2)(d)
  2147. F1789
    Words in s. 140L(1)(c)(i) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 235 (with Sch. 2)
  2148. C274
    Act extended (3.1.1995) by The Ports (Northern Ireland) Order 1994 (S.I. 1994/2809 (N.I. 16)), art. 18(3)
  2149. F1790
    Words in s. 161(3A) repealed (24.7.2002) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(16)
  2150. F1791
    Words in Sch. 5B para. 8 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 127
  2151. F1792
    Sch. 10 para. 14(50) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 3 Pt. 1 (with Sch. 2)
  2152. F1793
    Words in Sch. 5B para. 16(6) substituted (with effect in accordance with Sch. 18 para. 19(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 19(1)(a)
  2153. F1794
    Sch. 7A para. 1(3)(3A)(4)(5) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 3(4)
  2154. F1795
    S. 213(5A) inserted (with effect in accordance with s. 53(2) of the amending Act) by Finance Act 1995 (c. 4), Sch. 9 para. 4
  2155. F1796
    Words in s. 116(11) substituted (with effect in accordance with Sch. 29 para. 19(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 19(1) (with Sch. 29 para. 46(5))
  2156. F1797
    Words in s. 139 heading repealed (with effect in accordance with Sch. 9 paras. 7, 8, Sch. 40 Pt. 3(2) Note of the amending Act) by Finance Act 2002 (c. 23), Sch. 40 Pt. 3(2)
  2157. F1798
    Words in s. 116(8A) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 366(2)(b) (with Sch. 2 Pts. 1, 2)
  2158. F1799
    S. 237(b) repealed (with effect in accordance with s. 73(4) of the amending Act) by Finance Act 2006 (c. 25), s. 73(3)(b), Sch. 26 Pt. 3(10)
  2159. F1800
    Words in s. 97(8) inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4)(b), Sch. 26 para. 4(b)
  2160. F1801
    Words in s. 140H(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(b) (with Sch. 9 paras. 1-9, 22)
  2161. F1802
    Words in s. 210(6) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 116(3)(a)
  2162. C275
    S. 170(7) modified by 1988 c. 1, s. 209(8E) (as inserted (with effect in accordance with s. 87(7)(8) of the amending Act) by Finance Act 1995 (c. 4), s. 87(3))
  2163. C276
    S. 170 modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 1, 37(1)
  2164. F1803
    Words in s. 288(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(2)(e) (with Sch. 2)
  2165. F1804
    S. 98(3) added (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4)(b), Sch. 26 para. 5
  2166. F1805
    Words in Sch. 5A para. 2(1)(c) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 109(2)(a) (with Sch. 46 para. 109(6))
  2167. F1806
    S. 175(2AA) inserted (with effect in accordance with Sch. 29 para. 10(7) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 10(5) (with Sch. 29 paras. 10(8), 46(5))
  2168. C277
    S. 236J applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 13A(2) (as inserted (with effect in accordance with Sch. 37 para. 10(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 10(1))
  2169. F1807
    Sch. 5B para. 13C(4) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(11)(b) (with Sch. 2)
  2170. F1808
    Words in Sch. 4ZA para. 7 substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 67
  2171. F1809
    Sch. 4C para. 7B substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 137 (with Sch. 7 para. 155)
  2172. F1810
    Words in s. 263E(1)(a) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 268(2) (with Sch. 9 paras. 1-9, 22)
  2173. F1811
    Words in s. 140A(4)(a) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(5) (with S.I. 2008/1579, reg. 4(1))
  2174. F1812
    S. 288(4) repealed (with effect in accordance with Sch. 41 Pt. VIII(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. VIII(3)
  2175. F1813
    Words in Sch. 5 para. 2A(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(3)(a)(ii) (with Sch. 2)
  2176. F1814
    S. 85A(2A) inserted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 129(2) (with Sch. 7 para. 155)
  2177. F1815
    Words in s. 176(5) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 57(2)
  2178. F1816
    Words in s. 59(2)(b) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 365(2) (with Sch. 2 Pts. 1, 2)
  2179. F1817
    Words in s. 155 substituted (with effect in accordance with s. 37(4) of the amending Act) by Finance Act 2012 (c. 14), s. 37(1)
  2180. F1818
    S. 149A(4) repealed (with effect in accordance with s. 111(6) of the amending Act) by Finance Act 1996 (c. 8), s. 111(4), Sch. 41 Pt. V(5)
  2181. F1819
    Sch. 10 para. 6 repealed (1.9.1994) by Value Added Tax Act 1994 (c. 23), s. 101(1), Sch. 15
  2182. F1820
    Words in s. 140I(1)(a) substituted (with effect in accordance with reg. 3 of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 5
  2183. C278
    S. 176(1) applied (23.3.1995) by The Exchange Gains and Losses (Transitional Provisions) Regulations 1994 (S.I. 1994/3226), regs. 1(2), 9(6)
  2184. F1821
    Words in s. 140L(1)(c) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(12)(a)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2185. F1822
    S. 171(1)(1A) substituted for s. 171(1) (with effect in accordance with Sch. 29 para. 2(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 2(2) (with Sch. 29 para. 46(5))
  2186. F1823
    S. 271(1A) inserted (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(4), 284(1) (with Sch. 36)
  2187. F1824
    Words in Sch. 2 para. 4(9) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(3)(c)(ii)
  2188. F1825
    Sch. 10 para. 2(5) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 60(f)(i)
  2189. F1826
    S. 150A(13) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(10) (with Sch. 2)
  2190. F1827
    Words in s. 150A(11) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(9)(a) (with Sch. 2)
  2191. F1828
    Pt. 3 Ch. 4 inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 11 (with reg. 1(2))
  2192. F1829
    Sch. 7AC para. 18 and preceding cross-heading omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(d)
  2193. F1830
    Ss. 188A-188K and cross-heading omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 68
  2194. F1831
    Word in Sch. 5 para. 9(7)(e) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 4(1)(b) (with Sch. 22 para. 4(3))
  2195. F1832
    S. 169K(6)-(9) inserted (with effect in accordance with s. 41(6) of the amending Act) by Finance Act 2015 (c. 11), s. 41(5)
  2196. F1833
    Words in s. 108(2) substituted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(5)(b)
  2197. F1834
    Sch. 10 para. 14(51) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  2198. F1835
    Words in s. 258(2)(a) substituted (with effect in accordance with art. 12(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 12(1)(b)
  2199. F1836
    Word in s. 223(8) omitted (with effect in accordance with s. 58(4) of the amending Act) by virtue of Finance Act 2014 (c. 26), s. 58(2)(c)
  2200. C279
    S. 39 excluded (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 670(7), 1329(1) (with Sch. 2 Pts. 1, 2)
  2201. C280
    Act extended (with modifications) and applied (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 92(4)-(6) (with Sch. 10, Sch. 11, Sch. 15)
  2202. F1837
    S. 271(1)(c) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 218 (with Sch. 7)
  2203. C281
    S. 152 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(1)(a) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2204. F1838
    S. 149A(1)(b) substituted (with effect in accordance with Sch. 5 para. 6(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 4(2)
  2205. F1839
    S. 261ZA inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 33
  2206. C282
    S. 185 excluded (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 3(4)
  2207. F1840
    Ss. 169B-169G inserted (with effect in accordance with Sch. 21 para. 10(4) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 4
  2208. F1841
    Words in s. 133(2) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 53(1), Sch. 41 Pt. V(10)
  2209. C283
    S. 116 modified (with effect in accordance with s. 66(1) of the amending Act) by Finance Act 1999 (c. 16), s. 66(2)
  2210. C284
    Act modified (retrospective to 31.12.1995) by Finance Act 1996 (c. 8), s. 203(10)
  2211. C285
    S. 236I applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 13A(2) (as inserted (with effect in accordance with Sch. 37 para. 10(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 10(1))
  2212. F1842
    Words in s. 169E(1) omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 30(b)
  2213. F1843
    Word in Sch. 5 para. 2(3)(e) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), s. 131(1)(b)
  2214. F1844
    S. 140A(6) omitted (with effect in accordance with reg. 3(1) of the amending S.I.) by virtue of The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 2(6) (with S.I. 2008/1579, reg. 4(1))
  2215. C286
    S. 25(2)(3)(5) modified (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(2)(b)
  2216. F1845
    S. 114(A1) inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 95(2)
  2217. F1846
    S. 263A(2) repealed (with effect in relation to an arrangement that comes into force on or after 1.10.2007) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 12(4), Sch. 27 Pt. 2(14); S.I. 2007/2483, art. 3
  2218. F1847
    Words in s. 47A(1) substituted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(3)
  2219. F1848
    S. 161(3ZA) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 54(3)
  2220. F1849
    Sch. 4C para. 4(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(4)(b)
  2221. F1850
    S. 47A(6) substituted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(8)
  2222. F1851
    S. 175(1A) inserted (with effect in accordance with Sch. 29 para. 10(7) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 10(3) (with Sch. 29 paras. 10(8), 46(5))
  2223. C287
    Act modified (retrospective to 29.11.1994) by Finance Act 1995 (c. 4), s. 154(1)(3)
  2224. F1852
    Sch. 7AC para. 12 substituted (with effect in relation to an arrangement that comes into force on or after 1.10.2007) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 13; S.I. 2007/2483, art. 3
  2225. F1853
    Words in Sch. 5B para. 2(2)(3) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(b)
  2226. F1854
    Words in s. 149AA(7) inserted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 19(6)(b), 38; S.I. 2013/1755, art. 2
  2227. F1855
    Words in s. 79B(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 30(4)(b)
  2228. F1856
    Ss. 140E-140G and cross-heading substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 2
  2229. F1857
    Words in s. 217D cross-heading substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 51 (with Sch. 5)
  2230. F1858
    Word in Sch. 5 para. 5(1)(a) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 3(1)
  2231. F1859
    Words in s. 288(1) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 87(2)(c)
  2232. F1860
    S. 63A inserted (with effect in accordance with Sch. 12 para. 11(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 11(2)
  2233. F1861
    Words in Sch. 8 para. 7A inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 451(5) (with Sch. 2)
  2234. F1862
    Words in s. 247(5)(b) substituted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(5)
  2235. F1863
    Words in s. 279C(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 84(3)(a)
  2236. F1864
    S. 85(10)(11) added (with effect in accordance with s. 95(5) of the amending Act) by Finance Act 2000 (c. 17), s. 95(4)
  2237. F1865
    Words in s. 239(7) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 253 (with Sch. 2)
  2238. F1866
    S. 140L(2) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(12)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2239. F1867
    Words in s. 156(4) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 371(b) (with Sch. 2 Pts. 1, 2)
  2240. F1868
    Words in s. 184I(10) inserted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 22(6)
  2241. F1869
    Words in s. 279B(1)(b)(ii) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(2)(b)
  2242. F1870
    Words in s. 105A(4)(b)(i) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(2)(c) (with Sch. 2)
  2243. F1871
    Words in s. 263CA(9)(f) inserted (26.6.2020) by Corporate Insolvency and Governance Act 2020 (c. 12), s. 49(1), Sch. 9 para. 13 (with ss. 2(2), 5(2))
  2244. F1872
    Words in s. 169F(4)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(4)(b)
  2245. F1873
    Word in s. 72(5) repealed (with effect in accordance with Sch. 39 para. 5(4) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 5(2), Sch. 41 Pt. VIII(4)
  2246. F1874
    Words in s. 83A(3)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 88(2)
  2247. C288
    S. 37 excluded (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 670(7), 1329(1) (with Sch. 2 Pts. 1, 2)
  2248. C289
    S. 24 excluded by Finance Act 2002 (c. 23), Sch. 26 para. 30B(5) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 10 (with S.I. 2008/1579, reg. 4(1)))
  2249. C290
    S. 144A applied (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), ss. 562(1), 883(1) (with s. 563, Sch. 2)
  2250. F1875
    Words in Sch. 5A para. 5(1)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 109(5)(a) (with Sch. 46 para. 109(6))
  2251. F1876
    Words in s. 196(5) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 6(7)(b)
  2252. C291
    S. 169M(2)(3) applied (with application in accordance with Sch. 3 para. 3(1) of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 3(5)
  2253. C292
    Act modified (21.2.2009) by The Banking Act 2009 (Parts 2 and 3 Consequential Amendments) Order 2009 (S.I. 2009/317), arts. 1, 3, Sch.
  2254. C293
    S. 2A(1)(a) modified (with application in accordance with Sch. 4 para. 45(1)(2) of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 45(3)
  2255. F1877
    Words in s. 59(2)(b) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 43 (with Sch. 9 paras. 1-9, 22)
  2256. C294
    S. 116 modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 98, Sch. 10 para. 5(1)(3)
  2257. F1878
    S. 106A(7) omitted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 87(4)
  2258. C295
    Sch. 7AC para. 9 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 17(5)(a)
  2259. F1879
    Word in s. 151B(7) substituted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(6)
  2260. F1880
    S. 24A inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(3)
  2261. F1881
    Words in Sch. 8 para. 6(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(4)(b) (with Sch. 2 Pts. 1, 2)
  2262. F1882
    S. 283(2) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(2)
  2263. F1883
    S. 260(6ZD) inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 76(5)
  2264. C296
    S. 210A modified by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), reg. 34A (as inserted by S.I. 2007/2134, regs. 1(1)(2), 27)
  2265. F1884
    Sch. 7AC para. 35 omitted (with effect in accordance with s. 37(3) of the amending Act) by virtue of Finance Act 2010 (c. 13), s. 37(2)
  2266. C297
    S. 23(4)(5) modified (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 10(1)(3) (with Sch. 7 para. 9(1))
  2267. F1885
    Words in s. 87P(1)(e)(ii) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 40
  2268. C298
    S. 251(8) modified (27.7.1999) by Finance Act 1999 (c. 16), s. 65(11)
  2269. F1886
    Words in s. 85(2) substituted (with effect in accordance with s. 95(5) of the amending Act) by Finance Act 2000 (c. 17), s. 95(2)
  2270. F1887
    Words in s. 222(5)(a) substituted (with effect in accordance with Sch. 22 para. 7(1) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 1(2)
  2271. F1888
    Sch. 5 para. 10 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 35
  2272. F1889
    Words in s. 210A(11) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 80(4)(a)
  2273. C299
    S. 138(2)-(5) applied by Finance Act 2002 (c. 23), Sch. 26 para. 30F(3) (as inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 19 (with S.I. 2008/1579, reg. 4(1)))
  2274. F1890
    Words in s. 213(8H) substituted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(7)
  2275. F1891
    S. 204 substituted (with effect in accordance with s. 73(4) of the amending Act) by Finance Act 2006 (c. 25), s. 73(2)
  2276. F1892
    S. 179(1B)-(1D) substituted for s. 179(1B)(1C) (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 7 (with S.I. 2008/1579, reg. 4(1))
  2277. F1893
    Words in Sch. 5B para. 3(3)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 110(3) (with Sch. 46 para. 110(5))
  2278. F1894
    Sch. 5B para. 14A(7) repealed (with effect in accordance with Sch. 33 Pt. 2(3) Note 6 to the amending Act) by Finance Act 2001 (c. 9), Sch. 15 para. 34(b), Sch. 33 Pt. 2(3) (with Sch. 3)
  2279. F1895
    Word in s. 279B(8)(a)(b) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 122(3)
  2280. F1896
    Words in Sch. 5AAA para. 22(3)(a) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 12(a)
  2281. F1897
    Words in s. 52(5) inserted (5.7.2019) by The Capital Allowances (Structures and Buildings Allowances) Regulations 2019 (S.I. 2019/1087), regs. 1, 4(8)
  2282. F1898
    Words in s. 288(8) inserted (28.4.1997) by The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), regs. 1(1), 23(b)
  2283. F1899
    S. 139(1A) inserted (with effect in accordance with Sch. 29 para. 5(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 5(3) (with Sch. 29 para. 46(5))
  2284. F1900
    Sch. 7D Pt. 4 omitted (with effect in accordance with Sch. 3 para. 9(4) of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 3 para. 9(2)
  2285. F1901
    S. 106A(5ZA) inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 87(2)
  2286. C300
    Ss. 127-130 excluded (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 81(1)
  2287. F1902
    Words in s. 169P(3) omitted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by virtue of Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 7
  2288. F1903
    Words in s. 87P(1)(e)(i) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 40
  2289. F1904
    S. 271(1ZA)(1ZB) inserted (retrospective to 6.4.2006) by Finance (No. 3) Act 2010 (c. 33), Sch. 14 para. 2(3)(4)
  2290. F1905
    Words in Sch. 4C para. 6(1) substituted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 47(2)
  2291. F1906
    Words in s. 251(8)(b) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 442 (with Sch. 2)
  2292. F1907
    Words in s. 288(1) inserted (15.11.2004) by The Government Stock (Consequential and Transitional Provision) (No.3) Order 2004 (S.I. 2004/2744), art. 1, Sch. para. 3(3) (with art. 3)
  2293. F1908
    Ss. 198A-198G inserted (with effect in accordance with Sch. 40 para. 13 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 12
  2294. F1909
    Words in s. 184I(5) substituted (with effect in accordance with Sch. 15 para. 44 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 15 para. 22(3)
  2295. F1910
    Words in Sch. 5 para. 2(9) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(2)(b)(i) (with Sch. 2)
  2296. C301
    S. 263B modified (1.1.1999) by The European Single Currency (Taxes) Regulations 1998 (S.I. 1998/3177), regs. 1, 22(2)
  2297. F1911
    Words in s. 151B(3)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 315(2)(a) (with Sch. 2)
  2298. F1912
    S. 151C inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 438 (with Sch. 2)
  2299. F1913
    Words in s. 171(2)(da) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 243 (with Sch. 2)
  2300. F1914
    Sch. 5B para. 5(1)(c) and preceding word substituted for Sch. 5B para. 5(1)(c)(d) (with effect in accordance with s. 74(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 32
  2301. F1915
    Words in s. 219(1)(c) inserted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(2)(c); S.I. 2010/862, art. 2 (with Sch.)
  2302. F1916
    Sch. 5B para. 4(2)-(4C) substituted for Sch. 5B para. 4(2)-(4) (with effect in accordance with Sch. 13 para. 31(3) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 31(1)
  2303. F1917
    Words in s. 114 heading inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 95(3)
  2304. F1918
    Words in s. 82(3)(b) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 86
  2305. F1919
    S. 47A(8) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(10)
  2306. F1920
    Sch. 10 para. 14(27)(28) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  2307. C302
    Act construed as one with Finance Act 1993 (c. 34), Sch. 20A para. 5(3) (as inserted (22.7.2004) by Finance Act 2004 (c. 12), Sch. 25 para. 3)
  2308. F1921
    Words in s. 140F(2)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(6)(b) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2309. F1922
    S. 171(2)(e) and preceding word repealed (with effect in accordance with s. 251(1)(a)(7) of the amending Act) by Finance Act 1994 (c. 9), s. 251(7)(b), Sch. 26 Pt. VIII(1)
  2310. F1923
    S. 263A(1A)(1B) inserted (with effect in relation to an arrangement that comes into force on or after 1.10.2007) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 12(3); S.I. 2007/2483, art. 3
  2311. F1924
    Word in s. 149AA(2) substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 19(4)(b), 38; S.I. 2013/1755, art. 2
  2312. F1925
    Words in Sch. 5 para. 9(10) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(5)(b)(ii) (with Sch. 2)
  2313. F1926
    Words in Sch. 4C para. 5(1)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 107(4)(a)
  2314. F1927
    S. 211B(6) omitted (with effect in accordance with reg. 1(2) of the amending S.I.) by virtue of The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 8(b)
  2315. F1928
    Words in s. 97(4) inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4)(a), Sch. 26 para. 4(a)
  2316. F1929
    Words in s. 91(5)(a) substituted (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 112(3)
  2317. F1930
    Words in Sch. 5B para. 19 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 127
  2318. F1931
    Words in s. 222(9) substituted (with effect in accordance with Sch. 4 para. 18(4) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 17(4)(b)
  2319. F1932
    S. 285 repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 8(6), Sch. 27 Pt. 6(5)
  2320. F1933
    Sch. 5B para. 16(4A) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 5
  2321. C303
    S. 271 extended (12.1.2000) by Greater London Authority Act 1999 (c. 29), s. 419(1)(2)(b), 425(2); S.I. 1999/3434, art. 2
  2322. F1934
    S. 190 substituted for ss. 190, 191 (with effect in accordance with Sch. 29 para. 9(3) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 9(1) (with Sch. 29 paras. 9(4), 46(5))
  2323. F1935
    Ss. 144ZB-144ZD inserted (with effect in accordance with Sch. 5 para. 6(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 2
  2324. F1936
    S. 41(6A) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 45(3)
  2325. F1937
    Sch. 7AC para. 8(2) substituted for Sch. 7AC para. 8(2)(3) (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(3) (with Sch. 2)
  2326. F1938
    Words in Sch. 7C para. 6(1)(d) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 129
  2327. F1939
    Words in s. 213(8B) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(5)
  2328. F1940
    Words in Sch. 5B para. 4(5) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(e)
  2329. F1941
    Words in Sch. 5B para. 1(2)(e) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(2)(a) (with Sch. 2)
  2330. F1942
    Words in s. 288(8) inserted (28.4.1997) by The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), regs. 1(1), 23(a)
  2331. F1943
    Words in s. 106A(5)(b) inserted (with effect in accordance with Sch. 24 paras. 5, 6(4)(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 24 para. 4(2)(c)
  2332. C304
    S. 151 extended (31.7.1998) by Finance Act 1998 (c. 36), s. 123(7)(b)
  2333. F1944
    Words in s. 253(3) substituted (with effect in accordance with Sch. 39 para. 8(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 8(2)(a)
  2334. F1945
    S. 214A repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 5(3)(c), Sch. 27 Pt. 2(10)
  2335. F1946
    S. 244(3) inserted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 39
  2336. F1947
    Words in s. 169K(4) substituted (with effect in accordance with Sch. 16 para. 4(2) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(4)
  2337. F1948
    Words in s. 170(6)(d) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 242(3) (with Sch. 2)
  2338. F1949
    S. 169I(7A)-(7R) inserted (with effect in accordance with Sch. 24 para. 5(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 24 para. 1(3)
  2339. F1950
    S. 222(6A) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 2(a)
  2340. F1951
    S. 69(2DA)(2DB) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 102
  2341. F1952
    Words in s. 225B(2)(b)(i) substituted (6.4.2022) by Divorce, Dissolution and Separation Act 2020 (c. 11), s. 8(1)(8), Sch. para. 53(a); S.I. 2022/283, reg. 2
  2342. F1953
    Words in s. 73(3) substituted (with effect in accordance with Sch. 39 para. 6(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 6(4)
  2343. F1954
    Words in Sch. 5B para. 2(2)(b) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(c)
  2344. F1955
    Words in Sch. 5A para. 2(1)(d) substituted (with effect in accordance with Sch. 12 para. 30(5) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 30(3)
  2345. F1956
    Words in s. 140G(1)(b) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 49 (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 5, 15)
  2346. F1957
    Word in s. 195A(1) substituted (with effect in accordance with Sch. 15 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 1
  2347. F1958
    Words in s. 202(1) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 39 para. 46(2)(b)
  2348. F1959
    Words in s. 288(1) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 7(a) (with reg. 1(2))
  2349. C305
    Sch. 7AD para. 10 modified by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), reg. 50B (as inserted (30.1.2003) by S.I. 2003/23, regs. 1(1), 9)
  2350. F1960
    Words in s. 104(1) inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 17(1)(2)
  2351. F1961
    Words in s. 170(9)(a) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 3(2)(c)
  2352. F1962
    Words in s. 24(3) substituted (with effect in accordance with art. 4(6) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 4(4)(a)
  2353. F1963
    Words in Sch. 7AD para. 7(1) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(4)(a)
  2354. C306
    S. 253(9) modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 9(5) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2355. F1964
    S. 263F(1)(d) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 7(a)(ii), 52
  2356. F1965
    Words in Sch. 5B para. 1A(2) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(b)
  2357. F1966
    Words in s. 105A(7)(a) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(3)(b) (with Sch. 2)
  2358. F1967
    Words in Sch. 3 para. 2(3) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 65(3)
  2359. F1968
    Word in Sch. 7A para. 1(1) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 3(2)
  2360. F1969
    Words in s. 261C(2)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 78
  2361. C307
    S. 37 excluded (19.3.1997) by Finance Act 1997 (c. 16), Sch. 12 para. 12(1)(2)(3)(4), 13, 14 (with Sch. 12 para. 17)
  2362. F1970
    Words in s. 225D(4) substituted (29.4.2019) by The Regulation and Inspection of Social Care (Wales) Act 2016 (Consequential Amendments) Regulations 2019 (S.I. 2019/772), regs. 1(2), 7(3)
  2363. F1971
    Words in s. 96(5) omitted (with application in accordance with s. 96(2) of the amending Act) by virtue of Finance Act 2000 (c. 17), s. 96(1)
  2364. C308
    Ss. 272-274 applied (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), ss. 210(1), 1184(1) (with Sch. 2)
  2365. C309
    S. 16 excluded by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85Z4 (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  2366. F1972
    S. 25(3A) inserted (with effect in accordance with Sch. 29 para. 6(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 6(2) (with Sch. 29 para. 46(5))
  2367. F1973
    Words in s. 87N(2)(d)(ii) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 39
  2368. F1974
    Words in s. 87A(2) substituted (5.4.2022) by The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations 2022 (S.I. 2022/230), regs. 1, 3
  2369. F1975
    Words in s. 149B(1) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 211(2) (with Sch. 7)
  2370. F1976
    S. 119A inserted (with effect in accordance with Sch. 22 para. 50(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 50(1)
  2371. F1977
    Sch. 7A paras. 2-5 omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 4
  2372. F1978
    Words in s. 37(5)(a) substituted (with effect in accordance with s. 82 of the amending Act) by Finance Act 2016 (c. 24), s. 79(8) (with savings in 2017 c. 32, s. 39(1)(2))
  2373. F1979
    Words in Sch. 5 para. 4(4)(b) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 3(2)(a)
  2374. F1980
    Words in s. 61(3)(a) inserted (22.4.2014) by The Crime and Courts Act 2013 (Family Court: Consequential Provision) Order 2014 (S.I. 2014/605), arts. 1, 20
  2375. F1981
    S. 271(7A)-(7C) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 340(3) (with Sch. 2)
  2376. F1982
    Sch. 5B para. 11(5)(b) and preceding word inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(9)(b) (with Sch. 2)
  2377. F1983
    Words in s. 211B(5) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 8(a)
  2378. C310
    Act applied (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 paras. 8(11), 22(4), 26(2)
  2379. F1984
    Sch. 5 para. 8(10) repealed (with effect in accordance with Sch. 41 Pt. 5(30) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(30)
  2380. F1985
    Words in s. 150B(1)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 312(2)(b) (with Sch. 2)
  2381. F1986
    Words in s. 225A(5)(a) substituted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 7(2)(a)
  2382. F1987
    Words in s. 222(8C) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 117(5)
  2383. F1988
    Words in s. 179(6) substituted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(8)(b)
  2384. F1989
    Words in s. 281(6) inserted (with effect in accordance with Sch. 18 para. 17(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 18 para. 15(3)
  2385. F1990
    Words in s. 253(3)(c) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 120(2)
  2386. C311
    S. 272 applied by Income and Corporation Taxes Act 1988 (c. 1), ss. 591C-591D (as inserted (with effect in accordance with s. 61(3) of the amending Act) by Finance Act 1995 (c. 4), s. 61(1))
  2387. F1991
    S. 198H inserted (with effect in accordance with s. 17(2) of the amending Act) by Finance (No. 3) Act 2010 (c. 33), s. 17(1)
  2388. F1992
    Words in Sch. 4A para. 5(1) substituted (6.4.2007) by Finance Act 2006 (c. 25), Sch. 12 paras. 39, 41
  2389. F1993
    Sch. 8A inserted (with effect in accordance with Sch. 9 para. 3 of the amending Act) by Finance Act 2010 (c. 13), Sch. 9 para. 2
  2390. F1994
    Sch. 7AC paras. 3A, 3B and cross-heading inserted (with effect in accordance with s. 28(7) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 28(2)
  2391. F1995
    S. 239 heading substituted (with effect in accordance with art. 11(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 11(2)
  2392. F1996
    S. 48A(7) inserted (with effect in accordance with Sch. 1 paras. 27(5)(6), 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 27(4)
  2393. F1997
    S. 256(3A) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 254(3) (with Sch. 2)
  2394. C312
    S. 100(1) modified (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004 (S.I. 2004/2199), regs. 1(1), 5
  2395. F1998
    Words in s. 288(1) inserted (with effect in accordance with s. 72(8) of the amending Act) by Finance Act 1995 (c. 4), s. 72(7)
  2396. F1999
    S. 217D(3)(a) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 52 (with Sch. 5)
  2397. F2000
    S. 86A substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 120
  2398. F2001
    S. 35A inserted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 59
  2399. F2002
    Words in s. 161(4) inserted (with effect in accordance with Sch. 25 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 25 para. 11(5)
  2400. F2003
    S. 186 repealed (with effect in accordance with s. 251(1)(a)(9) of the amending Act) by Finance Act 1994 (c. 9), s. 251(9), Sch. 26 Pt. VIII(1)
  2401. F2004
    Word in s. 116B heading substituted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 5(2), 12
  2402. F2005
    S. 72(3)(4) substituted (with effect in accordance with Sch. 39 para. 5(4) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 5(3)
  2403. F2006
    Words in s. 35(7) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(8)
  2404. C313
    S. 272 applied (E.W.S.) (8.11.1995) by Gas Act 1995 (c. 45), ss. 17(1), 18(2), Sch. 5 para. 10(2)
  2405. C314
    S. 179 applied (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 8(4) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2406. C315
    S. 272(5) applied (with modifications) (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 10(2)
  2407. F2007
    S. 150B inserted (1.5.1995) by Finance Act 1995 (c. 4), Sch. 13 para. 3
  2408. F2008
    S. 275(1)(j) substituted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(7)
  2409. F2009
    Words in Sch. 8 para. 6(1) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(4)(a) (with Sch. 2 Pts. 1, 2)
  2410. F2010
    Words in s. 263ZA(5)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 80(a)
  2411. F2011
    Words in s. 165(6) repealed (with effect in relation to disposals in the year 2003-04 and subsequent years of assessment in accordance with Sch. 27 Pt. III(31) of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(31)
  2412. F2012
    Words in s. 107 heading inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 88
  2413. F2013
    Words in Sch. 5B para. 8(1)(e)(ii) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(7)(a) (with Sch. 2)
  2414. F2014
    S. 119A(5A) inserted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 63
  2415. F2015
    S. 161(6) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 240 (with Sch. 2)
  2416. C316
    S. 253(7)(8) excluded (11.1.1994 retrospective) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 9(9)
  2417. F2016
    S. 271(1)(d) repealed (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(3)(a), 284(1), Sch. 42 Pt. 3 (with Sch. 36)
  2418. F2017
    Words in Sch. 7AC para. 17(4A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(7)(b)
  2419. F2018
    S. 214BA repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 14(5)(a), Sch. 27 Pt. 2(10)
  2420. F2019
    Word in Sch. 5AAA para. 21(1) omitted (24.3.2021) by virtue of The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 8(2)(a)
  2421. F2020
    Words in s. 112 heading inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 93
  2422. F2021
    S. 151K(1A) inserted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 3(3) (with art. 1(3))
  2423. F2022
    Words in s. 88(3)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 41
  2424. F2023
    Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(5)(b)
  2425. F2024
    Words in s. 219(1)(c) inserted (1.4.2012) by The Housing (Scotland) Act 2010 (Consequential Provisions and Modifications) Order 2012 (S.I. 2012/700), art. 1(3), Sch. para. 4(2)
  2426. F2025
    Words in Sch. 4 para. 4(2) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12)
  2427. F2026
    Words in Sch. 7AC para. 17(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(6)
  2428. F2027
    S. 99A(2)(2A) substituted for s. 99A(2) (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 8(b) (with reg. 1(2))
  2429. F2028
    Words in s. 169L(2) inserted (with effect in accordance with s. 42(5) of the amending Act) by Finance Act 2015 (c. 11), s. 42(3)
  2430. F2029
    S. 140C heading substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(6) (with S.I. 2008/1579, reg. 4(1))
  2431. C317
    S. 17 excluded (15.1.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 26 para. 31(1) (with Sch. 26 para. 31(2)); S.I. 2000/3376, art. 2
  2432. F2030
    Words in Sch. 5 para. 9(4)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 108(3)(a) (with Sch. 46 para. 108(4))
  2433. F2031
    Word in s. 35(3)(c) omitted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 40 para. 2(a)
  2434. F2032
    S. 103 repealed (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(7), Sch. 26 Pt. V(8) (with Sch. 12)
  2435. F2033
    Words in s. 149B(4) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 211(4)(a) (with Sch. 7)
  2436. F2034
    S. 54(1A) omitted (with effect in accordance with Sch. 2 para. 83 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 80(3)
  2437. F2035
    Words in s. 61(3)(a) substituted (22.4.2014) by Crime and Courts Act 2013 (c. 22), s. 61(3), Sch. 9 para. 131; S.I. 2014/954, art. 2(c) (with art. 3) (with transitional provisions and savings in S.I. 2014/956, arts. 3-11)
  2438. F2036
    Words in s. 224(1) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(6)(b)(ii)
  2439. F2037
    Ss. 184G-184I inserted (with effect in accordance with s. 71(4) of the amending Act) by Finance Act 2006 (c. 25), s. 71(1)
  2440. F2038
    Sch. 5A inserted (3.5.1994) by Finance Act 1994 (c. 9), s. 97(3)
  2441. F2039
    Words in s. 54(1) substituted (with effect in accordance with s. 26(6)(7) of the amending Act) by Finance Act 2018 (c. 3), s. 26(3)(a)
  2442. F2040
    S. 198I inserted (with effect in accordance with Sch. 15 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 5
  2443. F2041
    Words in s. 265(3) substituted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 3(2)
  2444. F2042
    S. 103DB inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 8
  2445. F2043
    S. 150B(5A) inserted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 21(3)
  2446. F2044
    Words in s. 39(4)(a) substituted (with effect in accordance with s. 82 of the amending Act) by Finance Act 2016 (c. 24), s. 79(9) (with savings in 2017 c. 32, s. 39(1)(2))
  2447. F2045
    Sch. 5B para. 14A and cross-heading inserted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 16 para. 4(3)
  2448. C318
    S. 62 applied (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 34
  2449. F2046
    S. 55(5A) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 3
  2450. F2047
    Words in s. 179(10)(c) substituted (with effect in accordance with Sch. 29 para. 4(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 4(4) (with Sch. 29 para. 46(5))
  2451. F2048
    Words in s. 62(7) substituted (with application in accordance with s. 52(2) of the amending Act) by Finance Act 2002 (c. 23), s. 52(1)
  2452. F2049
    Words in s. 97(7)(8) substituted (with effect in accordance with s. 129(3) of the amending Act) by Finance Act 1998 (c. 36), s. 129(2)
  2453. F2050
    Word in s. 211ZA(3)(a) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 28(3)
  2454. F2051
    Word in s. 140C(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(2)(c) (with S.I. 2008/1579, reg. 4(1))
  2455. F2052
    Words in Sch. 5B para. 14(3) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 32(2)(b) (with Sch. 3)
  2456. F2053
    Sch. 4C para. 6(1A) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 47(3)
  2457. F2054
    S. 106 repealed (with effect in accordance with s. 72(3) of the amending Act) by Finance Act 2006 (c. 25), s. 72(1), Sch. 26 Pt. 3(9)
  2458. F2055
    Words in s. 169I(5) substituted (with effect in accordance with Sch. 24 para. 5(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 24 para. 1(2)
  2459. F2056
    Words in s. 263E(3)(a) substituted (with effect in accordance with Sch. 5 para. 8(6)(7) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 8(3)(a)
  2460. C319
    S. 116 modified (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 88
  2461. F2057
    Words in s. 97(3) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 20(3) (with Sch. 10 para. 20(5))
  2462. F2058
    S. 36A and cross-heading inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 4
  2463. F2059
    Sch. 1C inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 16
  2464. F2060
    Words in s. 288(1) inserted (22.3.2001) by Capital Allowances Act 2001 (c. 2), Sch. 2 para. 80
  2465. F2061
    Word in s. 271(7) inserted (1.4.2012) by The Public Bodies (Abolition of the National Endowment for Science, Technology and the Arts) Order 2012 (S.I. 2012/964), arts. 1(2), 3(1), Sch.
  2466. F2062
    S. 276A inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 13 paras. 13, 31
  2467. F2063
    Words in Sch. 7AC para. 3(4) omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(b)(iii)
  2468. F2064
    Words in s. 140C(1)(a) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(3)(a)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2469. F2065
    Words in s. 48(4) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 364 (with Sch. 2 Pts. 1, 2)
  2470. F2066
    Words in s. 91(1)(a) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(7)(a)(ii)
  2471. F2067
    S. 198(3) substituted (with effect in accordance with Sch. 40 para. 13 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 10
  2472. F2068
    Sch. 5B para. 19(3)(d) and preceding word inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(15) (with Sch. 2)
  2473. F2069
    Sch. 5B para. 11A and cross-heading inserted (with effect in accordance with Sch. 7 para. 34 of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 para. 30
  2474. F2070
    Words in s. 105(1) substituted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(2)
  2475. F2071
    Words in s. 263E(6) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 268(6) (with Sch. 9 paras. 1-9, 22)
  2476. F2072
    Words in s. 150A(2) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(2) (with Sch. 2)
  2477. F2073
    Ss. 140H-140L and cross-heading inserted (with effect in accordance with reg. 3(3) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 3 para. 1 (with S.I. 2008/1579, reg. 4(2))
  2478. F2074
    Words in s. 169V substituted (with effect for the tax year 2020-21 and subsequent tax years of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 paras. 7(2)(b), 8 (with Sch. 3 para. 7(3))
  2479. F2075
    Words in Sch. 5B para. 19(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(14)(a) (with Sch. 2)
  2480. C320
    Ss. 170-192 restricted (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 4(1)
  2481. F2076
    Words in s. 288(8) substituted (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(4)(b)(ii)
  2482. F2077
    Sch. 4C para. 12A and cross-heading inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 4(2) (with s. 163(4)-(6))
  2483. F2078
    Words in s. 288(1) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 70
  2484. F2079
    Words in s. 169LA(8) substituted (with effect in accordance with s. 85(9) of the amending Act) by Finance Act 2016 (c. 24), s. 85(7)(b)
  2485. F2080
    Ss. 16ZB-16ZD omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 3
  2486. F2081
    S. 275C inserted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 6
  2487. F2082
    Words in s. 288(1) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 10(a)
  2488. F2083
    Words in Sch. 5 para. 4(4) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 3(2)(b)
  2489. F2084
    S. 211A inserted (24.7.2002) by Finance Act 2002 (c. 23), s. 85(1)
  2490. F2085
    Words in s. 35(3)(d) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(4)
  2491. C321
    Sch. 8 modified (with effect in accordance with s. 39(4)(a)(5) of the amending Act) by Finance Act 1995 (c. 4), s. 39(3), Sch. 6 para. 37
  2492. F2086
    S. 190(2)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 69(2)
  2493. F2087
    S. 169D(3) substituted (with effect in accordance with Sch. 44 para. 12(6)(7) of the amending Act) by Finance Act 2013 (c. 29), Sch. 44 para. 12(2)
  2494. F2088
    Words in Sch. 5 para. 9(10A) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(5)(b)(i)
  2495. F2089
    Words in s. 35(9) inserted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(9)
  2496. F2090
    Words in Sch. 4C para. 12(2) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(4)
  2497. F2091
    Words in s. 225 inserted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(5)
  2498. C322
    S. 41 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 21(2)(5)(6) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2499. C323
    S. 236T applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 28A(2) (as inserted (with effect in accordance with Sch. 37 para. 11(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 11(1))
  2500. F2092
    S. 116(8B) inserted (with effect in accordance with Sch. 6 para. 8(3) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 6 para. 8(2)
  2501. F2093
    Words in s. 97(7) inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4)(a), Sch. 26 para. 4(a)
  2502. F2094
    Words in s. 167A(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(3)(a)
  2503. C324
    S. 24 excluded by Finance Act 1996 (c. 8), Sch. 9 para. 12D(5) (as inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 16 (with S.I. 2008/1579, reg. 4(1)))
  2504. C325
    S. 23(4) modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 3(1)(3)
  2505. F2095
    Word in s. 275(1)(d) substituted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(3)
  2506. F2096
    Word in s. 273(2) substituted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 8(5)
  2507. F2097
    Words in Sch. 4 para. 7 substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 66
  2508. F2098
    Words in s. 288(1) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 87(2)(f)
  2509. F2099
    S. 211(1A) repealed (10.7.2003) by Finance Act 2003 (c. 14), Sch. 43 Pt. 3(12)
  2510. C326
    S. 286 applied by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 312G(6)(c) (as inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5)
  2511. F2100
    Words in s. 222(8)(a) repealed (with effect in accordance with Sch. 4 para. 18(4) of the amending Act) by Finance Act 1999 (c. 16), Sch. 4 para. 17(2), Sch. 20 Pt. III(7)
  2512. C327
    S. 236M applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 13A(2) (as inserted (with effect in accordance with Sch. 37 para. 10(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 10(1))
  2513. F2101
    S. 256D(7) omitted (with effect in accordance with S.I. 2012/736, art. 9) by virtue of Finance Act 2010 (c. 13), Sch. 6 paras. 13(5), 34(2); S.I. 2012/736, art. 9
  2514. F2102
    Words in s. 272(6) inserted (19.7.2006) by Finance Act 2006 (c. 25), Sch. 9 para. 6(2)
  2515. C328
    Ss. 236J, 236K applied by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 312E(2)(b) (as inserted (with effect in accordance with Sch. 37 para. 8 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 5)
  2516. F2103
    S. 144ZA inserted (10.7.2003) by Finance Act 2003 (c. 14), s. 158(1) (with s. 158(2))
  2517. C329
    S. 236M applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 75A(3) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 14(1)(2))
  2518. F2104
    Words in s. 288(1A) omitted (with effect in accordance with Sch. 9 para. 48 of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 9 paras. 28, 47
  2519. F2105
    Words in s. 288(1) inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 219(3) (with Sch. 7)
  2520. F2106
    Figures in s. 176(3) substituted (1.10.2009) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2009 (S.I. 2009/1890), arts. 1(1), 9
  2521. F2107
    S. 221 repealed (with effect in accordance with Sch. 39 para. 18(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 15
  2522. C330
    S. 236I applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 28A(2) (as inserted (with effect in accordance with Sch. 37 para. 11(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 11(1))
  2523. F2108
    Words in s. 263ZA(2)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 333(4) (with Sch. 2)
  2524. F2109
    Words in s. 184B(2) repealed (with effect in accordance with s. 32(8) of the amending Act) by Finance Act 2007 (c. 11), s. 32(3), Sch. 27 Pt. 2(4)
  2525. F2110
    Words in Sch. 5B para. 13(2)(b)(i) substituted (with effect in accordance with Sch. 18 para. 16(2)(3) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 16(1)
  2526. F2111
    Sum in Sch. 5B para. 1(2)(da) substituted (with effect in accordance with Sch. 7 para. 33(2) of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 paras. 29, 33(1); S.I. 2012/1896, art. 2(d)
  2527. F2112
    Words in Sch. 4A para. 5(2) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(e)
  2528. C331
    S. 37(1) modified (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 45(2)
  2529. F2113
    Words in Sch. 3 para. 7(2)(c) substituted (15.2.1999) by Petroleum Act 1998 (c. 17), s. 52(4), Sch. 4 para. 32(4) (with Sch. 3); S.I. 1999/161, art. 2(1)
  2530. F2114
    Words in s. 179(9A) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 244(3)(a) (with Sch. 2)
  2531. F2115
    Words in Sch. 5B para. 14A(8)(a) substituted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 34(c) (with Sch. 3)
  2532. F2116
    Word in s. 140C(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(2)(d) (with S.I. 2008/1579, reg. 4(1))
  2533. F2117
    S. 170(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 242(4) (with Sch. 2)
  2534. F2118
    Words in s. 86(4)(a) inserted (with effect in accordance with Sch. 45 para. 153(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 100
  2535. F2119
    Words in Sch. 7C para. 7(3)(c) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 348(3) (with Sch. 2)
  2536. F2120
    S. 177B repealed (with effect in accordance with s. 70(6)-(8) of the amending Act) by Finance Act 2006 (c. 25), s. 70(4), Sch. 26 Pt. 3(9) (with s. 70(10)-(11))
  2537. F2121
    S. 99A inserted (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(3)
  2538. C332
    Ss. 215, 216 restricted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1995 (c. 4), s. 131(1)(2)(a)
  2539. F2122
    S. 256(7)(8) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 254(5) (with Sch. 2)
  2540. F2123
    S. 179(7A)(7B) inserted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(10)
  2541. F2124
    Words in Sch. 4C para. 13(5)(a) substituted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 145(3) (with Sch. 7 para. 155)
  2542. F2125
    Words in Sch. 5B para. 16(7)(aa) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(d)(ii) (with Sch. 2)
  2543. C333
    S. 236M applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 28A(2) (as inserted (with effect in accordance with Sch. 37 para. 11(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 11(1))
  2544. F2126
    Sch. 10 para. 1 repealed (26.3.2001) by The Postal Services Act 2000 (Consequential Modifications No. 1) Order 2001 (S.I. 2001/1149), art. 1(2), Sch. 2
  2545. C334
    S. 17 excluded (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 7(4)
  2546. F2127
    Words in s. 259(1)(b) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 19(3); S.I. 2010/862, art. 2 (with Sch.)
  2547. F2128
    Words in s. 225D(1)(a) omitted (29.4.2019) by virtue of The Regulation and Inspection of Social Care (Wales) Act 2016 (Consequential Amendments) Regulations 2019 (S.I. 2019/772), regs. 1(2), 7(2)(a)
  2548. C335
    Act construed as one with Finance Act 2006 (c. 25), ss. 124-126 (19.7.2006) by Finance Act 2006 (c. 25), s. 127
  2549. F2129
    S. 89(1A)-(4) substituted for s. 89(2)(3) (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 110(3) (with Sch. 7 para. 123)
  2550. F2130
    Words in Sch. 3 para. 1(2) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 7
  2551. C336
    Ss. 104-114 modified by The Personal Equity Plan Regulations 1989 (S.I. 1989/469), reg. 27(2) (as substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by S.I. 1998/1869, regs. 1(1), 12)
  2552. F2131
    Words in s. 140D(2) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 5(a) (with S.I. 2008/1579, reg. 4(1))
  2553. F2132
    S. 39(5) inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 229 (with Sch. 2)
  2554. F2133
    Words in Sch. 4C para. 4(2) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 107(3)(b)
  2555. F2134
    Words in s. 140C(1) substituted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(2)(a) (with S.I. 2008/1579, reg. 4(1))
  2556. F2135
    S. 275(1)(h) substituted (with effect in accordance with Sch. 4 para. 10(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 4 para. 4(6)
  2557. F2136
    Words in s. 140J(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(a) (with Sch. 9 paras. 1-9, 22)
  2558. F2137
    Words in s. 179(4) substituted (with effect in accordance with Sch. 29 para. 4(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 4(4) (with Sch. 29 para. 46(5))
  2559. F2138
    Words in s. 140DA(1)(b) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(4)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2560. F2139
    Words in s. 192(2) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 247(2) (with Sch. 2)
  2561. F2140
    Words in s. 258(2) substituted (with effect in accordance with art. 12(2) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 12(1)(a)
  2562. F2141
    S. 149AA(6A) substituted (with effect in accordance with s. 13(6)-(8) of the amending Act) by Finance Act 2017 (c. 10), s. 13(3)
  2563. F2142
    S. 179(2AA)(2AB) inserted (with effect in accordance with s. 31(5) of the amending Act) by Finance Act 2011 (c. 11), s. 31(3)
  2564. F2143
    S. 102 omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 9 (with reg. 1(2))
  2565. F2144
    Sch. 10 para. 14(57) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  2566. C337
    S. 132 applied (retrospective to 31.12.1995) by Finance Act 1996 (c. 8), s. 203(10)
  2567. F2145
    S. 140C(7) omitted (with effect in accordance with reg. 3(1) of the amending S.I.) by virtue of The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 4(5) (with S.I. 2008/1579, reg. 4(1))
  2568. C338
    S. 136 restricted by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85Y (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  2569. F2146
    Words in s. 223(7A) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 74(3)
  2570. F2147
    S. 153A inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(2)
  2571. F2148
    S. 260(6ZA)-(6ZC) inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 31(3)
  2572. F2149
    S. 122(1A) inserted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 4 (with S.I. 2008/1579, reg. 4(1))
  2573. F2150
    S. 214C and cross-heading inserted (with effect in accordance with s. 121(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 21 para. 7
  2574. F2151
    Word in s. 30(5) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 47(a)
  2575. F2152
    S. 263A(A1) inserted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 9(2)
  2576. F2153
    S. 91(8) omitted (with effect in accordance with Sch. 7 para. 115 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 112(4)
  2577. C339
    S. 288(3A) extended (1.1.2010) by The Northern Rock plc (Tax Consequences) Regulations 2009 (S.I. 2009/3227), regs. 1, 3(2)
  2578. F2154
    Word in Sch. 7C para. 2(2) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 220(3)(b)(ii) (with Sch. 7)
  2579. C340
    S. 138(2)-(5) applied by Finance Act 2002 (c. 23), Sch. 26 para. 30B(8) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 10 (with S.I. 2008/1579, reg. 4(1)))
  2580. F2155
    Sch. 5B paras. 13A-13C and cross-headings inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 31 (with Sch. 3)
  2581. F2156
    Words in s. 263E(6) inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 268(4) (with Sch. 9 paras. 1-9, 22)
  2582. C341
    Act applied (with modifications) (with effect in accordance with s. 58(3) of the amending Act) by Finance Act 2002 (c. 23), Sch. 18 para. 10
  2583. F2157
    Words in s. 105B(7)(8) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 123, 146 (with Sch. 8 paras. 147-157)
  2584. F2158
    Words in Sch. 7A para. 6(3)(b) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 5(3)(b)
  2585. C342
    S. 171 excluded (with effect in accordance with reg. 1(2) of the affecting S.I.) by The Taxation of Insurance Securitisation Companies Regulations 2007 (S.I. 2007/3402), regs. 1(1), 9(2)
  2586. F2159
    Words in s. 62(2AA) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 29(3)
  2587. F2160
    Words in s. 108(1)(c) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(2)(a), Sch. 2
  2588. F2161
    Sch. 7ZA inserted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 5
  2589. F2162
    Words in s. 257(2A) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 258(3) (with Sch. 2)
  2590. F2163
    S. 281(8)(9) inserted (with effect in accordance with Sch. 21 para. 10(4) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 6(3)
  2591. F2164
    Words in Sch. 5 para. 1(2)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 90(3)
  2592. C343
    S. 136 applied (24.7.2002) by Finance Act 2002 (c. 23), Sch. 29 para. 84(1)
  2593. C344
    S. 212 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Insurance Companies (Tax Exempt Business) Regulations 2007 (S.I. 2007/2145), regs. 1(1), 13
  2594. F2165
    Sch. 5AAA para. 49A inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 19
  2595. C345
    Ss. 127-130 applied by Finance Act 1996 (c. 8), s. 93B(3)(a) (as inserted (with effect in accordance with Sch. 11 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), s. 77(1) (with s. 77(2)))
  2596. F2166
    Words in s. 86(1)(e) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 33(2)
  2597. F2167
    Words in s. 184A(2) repealed (with effect in accordance with s. 32(7) of the amending Act) by Finance Act 2007 (c. 11), s. 32(2), Sch. 27 Pt. 2(4)
  2598. C346
    Sch. 7AC para. 17 modified by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 1997 (S.I. 1997/473), reg. 50A (as inserted (30.1.2003) by S.I. 2003/23, regs. 1(1), 9)
  2599. F2168
    Sch. 5AAA para. 46(2)(e) and word inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 15(a)
  2600. C347
    S. 39(1) modified (22.7.2004) by Finance Act 2004 (c. 12), s. 133(5)(b)
  2601. F2169
    Sch. 1 substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 13
  2602. F2170
    Word in Sch. 5B para. 19(3) repealed (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(15), Sch. 3 Pt. 1 (with Sch. 2)
  2603. F2171
    S. 39(3A) inserted (with effect in accordance with Sch. 12 para. 18(1) of the amending Act) by Finance Act 2013 (c. 29), Sch. 12 para. 7
  2604. F2172
    Sch. 10 para. 7 repealed (25.7.2003 for specified purposes, 29.12.2003 in so far as not already in force) by Communications Act 2003 (c. 21), s. 411(2), Sch. 19(1) Note 1 (with Sch. 18); S.I. 2003/1900, arts. 1(2), 2(1), Sch. 1 (with art. 3) (as amended by S.I. 2003/3142, art. 1(3)); S.I. 2003/3142, art. 3(2) (with art. 11)
  2605. F2173
    Words in s. 149AA(2) substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 19(4)(a), 38; S.I. 2013/1755, art. 2
  2606. F2174
    S. 213(5ZA) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(3)
  2607. F2175
    S. 184H(4)(a) substituted (with effect in accordance with s. 63(3) of the amending Act) by Finance Act 2014 (c. 26), s. 63(2)(c)
  2608. C348
    S. 135 restricted by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85X (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  2609. F2176
    Word in s. 261B(4)(a) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 182
  2610. F2177
    Words in s. 169S(5) omitted (18.3.2015) by virtue of Finance Act 2015 (c. 11), s. 43(3)(5)
  2611. F2178
    Words in s. 169D(5) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 113
  2612. F2179
    S. 272(5AA)(5AB) inserted (28.4.1997) by The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), regs. 1(1), 22(b)
  2613. F2180
    Words in s. 138(1) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(6)
  2614. F2181
    Word in s. 169E(1) inserted (13.8.2009) by The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 30(a)
  2615. F2182
    Words in s. 210A(8) omitted (with effect in relation to accounting periods beginning on or after 1.4.2020) by virtue of Finance Act 2020 (c. 14), Sch. 4 paras. 12(5)(b), 42 (with Sch. 4 paras. 43-46)
  2616. F2183
    Sch. 4C para. 6(3) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 9
  2617. F2184
    Words in s. 151J(1)(a) substituted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 6(2) (with art. 1(3))
  2618. F2185
    S. 108(1)(aa) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 59 (with Sch. 15)
  2619. C349
    S. 86(1)(e) modified (31.7.1998) by Finance Act 1998 (c. 36), s. 132(5)
  2620. C350
    S. 171(1) excluded (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 2(3)
  2621. F2186
    Words in s. 47A(3) substituted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(5)
  2622. F2187
    Words in s. 109 heading substituted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 90(3)
  2623. F2188
    S. 226(5) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 61, Sch. 41 Pt. V(10)
  2624. C351
    S. 171 excluded (with effect in accordance with s. 148 of the amending Act) by Finance Act 2012 (c. 14), s. 118(6)(c) (with s. 147, Sch. 17)
  2625. F2189
    Words in Sch. 5B para. 9(2) substituted (with effect in accordance with Sch. 8 para. 12 of the amending Act) by Finance Act 2009 (c. 10), Sch. 8 para. 4(3)
  2626. F2190
    S. 223(8)(ab) inserted (with effect in accordance with s. 58(4) of the amending Act) by Finance Act 2014 (c. 26), s. 58(2)(c)
  2627. C352
    S. 127 applied (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 80(1)
  2628. F2191
    S. 213(8HA) inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Insurance Business Transfer Schemes (Amendment of the Corporation Tax Acts) Order 2008 (S.I. 2008/381), arts. 1(1), 29(8)
  2629. F2192
    Words in s. 287(4) omitted (for the tax year 2023-24 and subsequent tax years) by virtue of Finance Act 2023 (c. 1), s. 8(8)(a)(9)
  2630. F2193
    Sch. 8 para. 5(5)(a) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(2)(d), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  2631. F2194
    S. 187 repealed (with effect in accordance with Sch. 8 para. 9(5) of the amending Act) by Finance Act 2019 (c. 1), Sch. 8 para. 9(1)
  2632. C353
    S. 236T applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 75A(3) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 14(1)(2))
  2633. F2195
    Sch. 10 para. 14(19) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  2634. F2196
    Words in s. 156(4) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 439 (with Sch. 2)
  2635. F2197
    Words in Sch. 2 para. 17(3)(b) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(4)(b)
  2636. F2198
    Word in s. 225(1) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 6(3)(a)
  2637. F2199
    S. 238A inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 216 (with Sch. 7)
  2638. F2200
    Words in s. 213(3) inserted (with effect in accordance with s. 137(6) of the amending Act) by Finance Act 1998 (c. 36), s. 137(3)(a)
  2639. C354
    Act applied (with effect in accordance with reg. 1(1) of the amending S.I.) by The Lloyds Underwriters (Tax) (1991-92) Regulations 1994 (S.I. 1994/728), reg. 3(1) (with reg. 1(2))
  2640. F2201
    S. 257(2B)(a)-(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 258(4) (with Sch. 2)
  2641. F2202
    Words in s. 161(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 54(2)
  2642. C355
    S. 140C(1C) modified (temp.) (8.7.2008) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), regs. 1(2), 6(1), Sch. 4 para. 2(b) (with reg. 6(2))
  2643. F2203
    Words in s. 219(2) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(3)(a); S.I. 2010/862, art. 2 (with Sch.)
  2644. F2204
    Words in s. 161(3) substituted (with effect in accordance with s. 26(4) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 26(2)(a)
  2645. F2205
    Word in s. 151N(2)(h) inserted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(13)(b)(i) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2646. C356
    Act applied (with modifications) (28.4.1997) by The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), regs. 3-8 (with regs. 20-23) (as amended (8.8.1997) by S.I. 1997/1715, regs. 1, 3-5; (1.10.2002) S.I. 2002/1973, regs. 1(2), 2)
  2647. F2206
    Words in s. 260(6ZC) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 76(4)
  2648. F2207
    S. 117(6D) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 200 (with Sch. 9 paras. 1-9, 22)
  2649. F2208
    S. 143(4) repealed (with effect in accordance with s. 95(2) of the amending Act) by Finance Act 1994 (c. 9), s. 95(1), Sch. 26 Pt. V(9)
  2650. F2209
    S. 286(3)(d)(e) inserted (with effect in accordance with Sch. 12 para. 45 of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 43(b)
  2651. F2210
    Words in Sch. 7D Pt. 2 heading substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 126, 146 (with Sch. 8 paras. 147-157)
  2652. F2211
    S. 263G(1)(d) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 8(a), 52
  2653. F2212
    Words in s. 192(4) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12)
  2654. F2213
    S. 261ZA(6)(7) substituted for s. 261ZA(6) (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(6)
  2655. F2214
    Words in Sch. 7A para. 1(6)(a) inserted (with effect in accordance with s. 65(6) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 65(4)
  2656. C357
    S. 151A modified (with effect in accordance with reg. 1(2)(a) of the amending S.I.) by The Venture Capital Trust (Winding up and Mergers) (Tax) Regulations 2004 (S.I. 2004/2199), regs. 1(1), 6(1), 13(4)
  2657. C358
    Act applied (S.) (1.4.2015) by Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11), ss. 62, 70(2) (with s. 69); S.S.I. 2015/108, art. 2
  2658. C359
    S. 41(8) modified (15.1.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 26 para. 10(1) (with Sch. 26 para. 10(2)); S.I. 2000/3376, art. 2
  2659. F2215
    Sch. 5 para. 9(10A)-(10D) inserted (31.7.1998) by Finance Act 1998 (c. 36), s. 132(4)
  2660. C360
    Sch. 7A para. 8(1) applied by 1988 c. 1, Sch. 28A para. 13 (as inserted (with effect in accordance with Sch. 26 para. 5 of the amending Act) by Finance Act 1995 (c. 4), Sch. 26 para. 3)
  2661. F2216
    Words in s. 213(1A) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 86(2)
  2662. F2217
    Sch. 10 para. 22(4) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  2663. C361
    S. 165 modified by S.I. 2006/964, reg. 85Z3 (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Authorised Investment Funds (Tax) (Amendment) Regulations 2010 (S.I. 2010/294), regs. 1(1), 21)
  2664. C362
    S. 170 applied (24.7.2002) by Finance Act 2002 (c. 23), Sch. 26 para. 28(6)
  2665. F2218
    S. 258(1) repealed (with effect in accordance with Sch. 27 Pt. IV of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. IV
  2666. F2219
    Word in Sch. 5AAA para. 46(2) omitted (with effect in accordance with reg. 1(3) of the amending S.I.) by virtue of The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 15(a)
  2667. F2220
    Words in s. 210C(2) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 7(b)(ii)
  2668. F2221
    Words in s. 139(1A) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 49(2)(b)
  2669. C363
    S. 260 modified by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85Z3 (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  2670. F2222
    Words in s. 116(16) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 366(4) (with Sch. 2 Pts. 1, 2)
  2671. C364
    S. 30 excluded (15.1.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 26 para. 36; S.I. 2000/3376, art. 2
  2672. F2223
    S. 179A repealed (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 5(a)
  2673. C365
    Ss. 171A-171C modified (with effect in accordance with s. 1184(1) of the affecting Act) by Corporation Tax Act 2010 (c. 4), ss. 601, 1184(1) (with Sch. 2)
  2674. C366
    S. 162(4) modified (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 46(2)
  2675. F2224
    S. 169LA(1)-(1ZB) substituted for s. 169LA(1) (with effect in accordance with Sch. 16 para. 4(4) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 2(3)(a)
  2676. F2225
    S. 62(4A)(4B) inserted (15.9.2016) by Finance Act 2016 (c. 24), s. 27(3)
  2677. C367
    S. 116 excluded (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 7(1)(b) (with Sch. 7 para. 9(1))
  2678. C368
    Act modified by Income and Corporation Taxes Act 1988 (c. 1), s. 763(6A) (as inserted (with effect in accordance with s. 145(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 26 para. 15(2) (with Sch. 26 para. 17))
  2679. F2226
    Words in s. 140F(2)(c) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(6)(c)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2680. F2227
    Words in s. 203(2) substituted (1.4.2010) by Finance Act 2008 (c. 9), s. 118(2), Sch. 39 para. 29; S.I. 2009/403, art. 2(2) (with art. 10)
  2681. F2228
    Words in s. 251(6)(b) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(12)(c)
  2682. C369
    Act modified (21.12.2007) by Consumers, Estate Agents and Redress Act 2007 (c. 17), s. 66(2), Sch. 4 para. 9 (with s. 6(9)); S.I. 2007/3546, art. 3, Sch.
  2683. F2229
    Sch. 10 para. 14(32) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 3 Pt. 1 (with Sch. 2)
  2684. F2230
    Words in s. 279D(6)(c) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 85(2)
  2685. F2231
    Words in s. 222A(6)(a) substituted (with effect in accordance with Sch. 2 para. 32(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 2 para. 26(2)(a)
  2686. F2232
    Words in Sch. 5AAA para. 12(7) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1), 7
  2687. F2233
    Words in Sch. 5B para. 14(5)(a) substituted (6.4.2008) by The Companies Act 2006 (Consequential Amendments) (Taxes and National Insurance) Order 2008 (S.I. 2008/954), arts. 1(1), 18(2)(a) (with art. 4)
  2688. F2234
    Words in Sch. 5B para. 13(7)(b)(i) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 450(a) (with Sch. 2)
  2689. F2235
    Words in s. 219(1)(d) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(2)(a); S.I. 2010/862, art. 2 (with Sch.)
  2690. F2236
    S. 213A inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 87
  2691. F2237
    S. 144ZA(5) substituted (with effect in accordance with Sch. 5 para. 6(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 1(5)
  2692. F2238
    Word in Sch. 5AAA para. 6(8) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 5
  2693. F2239
    Sch. 4ZZA omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 18
  2694. F2240
    S. 210A inserted (with effect in accordance with Sch. 33 para. 14(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 14(1)
  2695. F2241
    Sch. 5AAA para. 1(2B) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1), 3 (with reg. 10)
  2696. F2242
    Words in Sch. 5AAA para. 1(7) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(g)(i)
  2697. F2243
    Words in s. 263ZA(1)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 333(3) (with Sch. 2)
  2698. F2244
    Words in s. 140F(4) substituted (with effect in accordance with art. 1(3) of the amending S.I.) by The Tax Law Rewrite Acts (Amendment) Order 2013 (S.I. 2013/463), arts. 1(2), 6
  2699. F2245
    Sch. 5 para. 2(7) substituted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), s. 131(2)
  2700. F2246
    Words in s. 169F(2)(a) inserted (with effect in accordance with Sch. 12 para. 4(2)(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 4(1)(b)
  2701. F2247
    S. 1L omitted (for the tax year 2023-24 and subsequent tax years) by virtue of Finance Act 2023 (c. 1), s. 8(6)(9)
  2702. F2248
    S. 65(1) substituted (with effect in accordance with s. 103(7) of the amending Act) by Finance Act 1995 (c. 4), s. 114(1)
  2703. F2249
    Words in s. 210(5)(a) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 116(2)(b)
  2704. F2250
    Words in s. 171C(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 77(2)
  2705. F2251
    Words in s. 190(13) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 246(a) (with Sch. 2)
  2706. F2252
    S. 225E inserted (with effect in accordance with s. 58(4) of the amending Act) by Finance Act 2014 (c. 26), s. 58(2)(c)
  2707. C370
    S. 138(2)-(5) applied by Finance Act 1996 (c. 8), Sch. 9 para. 12F(3) (as inserted (with effect in accordance with reg. 3(1) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 1 para. 16 (with S.I. 2008/1579, reg. 4(1)))
  2708. F2253
    Words in s. 117(11)(b) substituted (1.1.2007) by The Capital Gains Tax (Definition of Permanent Interest Bearing Share) Regulations 2006 (S.I. 2006/3291), regs. 1, 2(1)(a)
  2709. F2254
    Words in Sch. 3 para. 2(1) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 65(3)
  2710. F2255
    Ss. 150A(3)(a)-(c) substituted for s. 150A(3)(a)(aa)(b) (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(3) (with Sch. 2)
  2711. F2256
    Ss. 184A-184F and cross-heading inserted (with effect in accordance with s. 70(6)-(8) of the amending Act) by Finance Act 2006 (c. 25), s. 70(2) (with s. 70(10)-(11))
  2712. F2257
    S. 144ZA(4A) inserted (with effect in accordance with Sch. 5 para. 6(1) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 5 para. 1(4)
  2713. F2258
    Words in Sch. 5 para. 2(1) inserted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 2(1)
  2714. F2259
    Words in s. 167A(3)(c) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 56(3)(d)
  2715. F2260
    Word in s. 281(3)(c) substituted (with effect in accordance with Sch. 38 para. 10(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 10(2)(e)
  2716. F2261
    Sch. 7A para. 7(1A)-(1C) inserted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 6(3)
  2717. F2262
    S. 225A(5)(c) and preceding word inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 7(2)(c)
  2718. F2263
    Sch. 5B para. 16(7)(ba) inserted (with effect in accordance with Sch. 7 para. 34 of the amending Act) by Finance Act 2012 (c. 14), Sch. 7 para. 31(b)
  2719. F2264
    Words in s. 140(6)(b) substituted (with effect in accordance with Sch. 29 para. 23(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 23(1) (with Sch. 29 para. 46(5))
  2720. C371
    Ss. 253, 254 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 9(2)(3) (with Sch. 4 para. 9(3)(5), 14); S.I. 1994/2189, art. 2, Sch.
  2721. F2265
    S. 139(3) repealed (with effect in accordance with s. 251(1)(a)(5) of the amending Act) by Finance Act 1994 (c. 9), s. 251(5), Sch. 26 Pt. VIII(1)
  2722. F2266
    Words in Pt. 5 Ch. 1 heading inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 1(2)
  2723. F2267
    Words in s. 251(8)(b) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 381(b), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  2724. F2268
    Words in s. 59(4) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 28
  2725. F2269
    Words in Sch. 5 para. 8(8) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(4)(a)(i) (with Sch. 2)
  2726. F2270
    Words in s. 170(9)(b) repealed (with effect in accordance with Sch. 29 para. 1(2), Sch. 40 Pt. II(12) Note 4 of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 1(1)(b), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  2727. F2271
    Words in Sch. 5B para. 6(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(5)(b) (with Sch. 2)
  2728. F2272
    S. 87(2A) inserted (with effect in accordance with Sch. 10 para. 1(13) of the amending Act) by Finance Act 2018 (c. 3), Sch. 10 para. 1(4)(a)
  2729. F2273
    Word in s. 105A(1)(b)(ii) omitted (6.4.2014) by virtue of Finance Act 2014 (c. 26), Sch. 8 paras. 122(3), 146 (with Sch. 8 paras. 147-157)
  2730. F2274
    S. 210A(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 80(2)
  2731. F2275
    Words in s. 151B(8)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 315(4) (with Sch. 2)
  2732. C372
    S. 171 excluded (with effect in accordance with reg. 1(2) of the amending S.I.) by The Taxation of Securitisation Companies Regulations 2006 (S.I. 2006/3296), regs. 1(1), 18(1)
  2733. F2276
    S. 179(2A)(a)(aa) substituted for s. 179(2A)(a) (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(5)
  2734. F2277
    S. 288(3A)(e) repealed (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(3)(b), Sch. 3 Pt. 1 (with Sch. 2)
  2735. F2278
    S. 256(6) omitted (with effect in accordance with S.I. 2012/736, art. 9) by virtue of Finance Act 2010 (c. 13), Sch. 6 paras. 13(3), 34(2); S.I. 2012/736, art. 9
  2736. F2279
    S. 58(3)-(5) omitted (with effect in accordance with s. 13(6)-(8) of the amending Act) by virtue of Finance Act 2017 (c. 10), s. 13(2)(b)
  2737. C373
    S. 127 modified (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 93(7)
  2738. F2280
    Words in s. 88(1)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 93(b)
  2739. F2281
    S. 179(2A)(c)(d) substituted (with effect in accordance with s. 31(5) of the amending Act) by Finance Act 2011 (c. 11), s. 31(2)(b)
  2740. C374
    Sch. 5B para. 13(1)(b) excluded (20.5.2020) by Finance Act 2020 (c. 14), s. 110(1)(4)
  2741. F2282
    Word in s. 263F(1)(c) inserted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 29 paras. 7(a)(i), 52
  2742. F2283
    Sch. 7 para. 8 repealed (with effect in relation to disposals in the year 2003-04 and subsequent years of assessment in accordance with Sch. 27 Pt. III(31) of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. III(31)
  2743. F2284
    Words in s. 169D(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 322 (with Sch. 2)
  2744. F2285
    S. 119A(3)(ca) substituted for word following s. 119A(3)(c) (with effect in accordance with s. 22(4) of the amending Act) by Finance Act 2005 (c. 7), s. 22(2)(b)
  2745. C375
    Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 17(6)
  2746. F2286
    Sch. 5AAA para. 12(3A) inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 9(b)
  2747. F2287
    S. 96(10)(aa) inserted (with effect in accordance with art. 6 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2017 (S.I. 2017/495), arts. 1, 4
  2748. F2288
    S. 104(4) substituted (with effect in accordance with s. 123(6) of the amending Act) by Finance Act 1998 (c. 36), s. 123(4)
  2749. F2289
    Words in s. 281(3)(c) repealed (with effect in accordance with Sch. 42 Pt. 2(14) Note 2 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 2(14)
  2750. F2290
    Sch. 5AAA para. 33(1)(2) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 13(a)
  2751. F2291
    Word in s. 60(2) substituted (with effect in accordance with Sch. 12 para. 10(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 10(2)
  2752. C376
    S. 179 applied (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 8(5)
  2753. C377
    S. 170(2)-(11) applied (with modifications) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 554Z(5) (as inserted (19.7.2011) by Finance Act 2011 (c. 11), Sch. 2 para. 1)
  2754. F2292
    Words in Sch. 7AD para. 1 substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 89
  2755. F2293
    S. 187A omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 66
  2756. F2294
    Words in Sch. 5A para. 4(1)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 109(4)(a)(ii) (with Sch. 46 para. 109(6))
  2757. F2295
    Word in Sch. 7AC para. 7 substituted (with effect in accordance with s. 27(6) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), s. 27(3)
  2758. F2296
    Words in s. 110(1)(b) substituted (with effect in accordance with s. 72(3) of the amending Act) by Finance Act 2006 (c. 25), s. 72(2)(d)
  2759. F2297
    Words in s. 190(13) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 246(b) (with Sch. 2)
  2760. F2298
    Words in s. 210B heading substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 81(5)
  2761. F2299
    Words in Sch. 5A para. 4(1)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 109(4)(a)(i) (with Sch. 46 para. 109(6))
  2762. F2300
    Words in Sch. 5B para. 14(3)(c) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 32(2)(a) (with Sch. 3)
  2763. C378
    S. 287(3) excluded (21.7.2009) by Finance Act 2009 (c. 10), Sch. 22 para. 14(2)
  2764. F2301
    Sch. 4C para. 8AA and cross-heading inserted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 139 (with Sch. 7 para. 155)
  2765. F2302
    Words in Sch. 5B para. 2(3)(b) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 6 para. 22(a)
  2766. C379
    S. 2A applied (with modifications) (with effect in accordance with Sch. 4 para. 43(1) of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 para. 44(2)(3)
  2767. C380
    S. 1L excluded (6.4.2021 for the tax years 2021-22, 2022-23, 2023-24, 2024-25 and 2025-26) by Finance Act 2021 (c. 26), s. 40
  2768. F2303
    Sch. 7AC para. 34(2) inserted (with retrospective effect in accordance with art. 1(2) of the amending S.I.) by The Corporation Tax Act 2009 (Amendment) Order 2010 (S.I. 2010/614), art. 2
  2769. F2304
    S. 238(4) repealed (with effect in accordance with s. 112(2)(3) of the amending Act) by Finance Act 1996 (c. 8), s. 112(2), Sch. 41 Pt. V(5)
  2770. F2305
    S. 225D(1)(aa) inserted (29.4.2019) by The Regulation and Inspection of Social Care (Wales) Act 2016 (Consequential Amendments) Regulations 2019 (S.I. 2019/772), regs. 1(2), 7(2)(b)
  2771. C381
    S. 23(4) modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 3(1)-(3) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2772. F2306
    Pt. 5 Ch. 5 inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 2
  2773. F2307
    S. 187B substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 67
  2774. F2308
    Words in Sch. 7AC para. 1(2) omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(a)
  2775. F2309
    Words in Sch. 5B para. 13(5) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(10) (with Sch. 2)
  2776. F2310
    Words in s. 169J(4) substituted (with effect in accordance with Sch. 16 para. 4(3) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(3)(a)
  2777. F2311
    Words in Sch. 5AAA para. 47(1) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 17(b)
  2778. F2312
    Words in s. 105A(4) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(2)(a) (with Sch. 2)
  2779. F2313
    Words in s. 288(1) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 219(2) (with Sch. 7)
  2780. F2314
    S. 275B(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 383 (with Sch. 2 Pts. 1, 2)
  2781. F2315
    Words in s. 150A(4)(a) substituted (with effect in accordance with Sch. 13 para. 24(8)(a) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 24(2)
  2782. F2316
    Words in s. 105A(4)(b)(ii) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(2)(d) (with Sch. 2)
  2783. C382
    S. 140F(2)(e) modified (temp.) (8.7.2008) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), regs. 1(2), 6(1), Sch. 4 para. 2(d) (with reg. 6(2))
  2784. F2317
    S. 120(1)-(1B) substituted for s. 120(1) (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(2) (with Sch. 7)
  2785. F2318
    Words in Sch. 5BB para. 1(5A) substituted (17.7.2014) by Finance Act 2014 (c. 26), s. 55(1)(b)
  2786. F2319
    Words in Sch. 8 para. 5(2) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(2)(b) (with Sch. 2 Pts. 1, 2)
  2787. F2320
    Words in s. 216(2)(b) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12)
  2788. F2321
    Words in s. 279B(8)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(4)
  2789. F2322
    S. 55(7)-(11) inserted (with effect in accordance with s. 93(11) of the amending Act) by Finance Act 1994 (c. 9), s. 93(4) (with Sch. 12)
  2790. F2323
    S. 151N(2)(k) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(13)(b)(ii) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2791. F2324
    Words in s. 87N(2)(d)(i) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 39
  2792. F2325
    Words in Sch. 4C para. 12(1)(b) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 123(3)(b)
  2793. F2326
    S. 35(2A) inserted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(3)
  2794. F2327
    Words in Sch. 5B para. 2(4) repealed (with effect in accordance with Sch. 19 para. 7 of the amending Act) by Finance Act 2004 (c. 12), Sch. 19 para. 6(2), Sch. 42 Pt. 2(13)
  2795. F2328
    Word in Sch. 4B para. 3(1) omitted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 8(3)(a)
  2796. F2329
    S. 258(1A) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 14 para. 34
  2797. C383
    S. 229(1)(3) excluded (with effect in relation to a disposal of shares, or an interest in shares, made on or after 6.4.2001) by Finance Act 2000 (c. 17), s. 54
  2798. F2330
    Words in s. 199(6) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 70(3)
  2799. F2331
    S. 37(1A)-(1C) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 44
  2800. F2332
    Words in s. 196(5) inserted (with effect in accordance with Sch. 40 para. 8 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 6(7)(c)
  2801. F2333
    Words in s. 150A(10) substituted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 20(4)
  2802. F2334
    Words in Sch. 5B para. 19(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(14)(c) (with Sch. 2)
  2803. F2335
    Words in s. 165(2)(b)(i) substituted (with effect in accordance with s. 90(5) of the amending Act) by Finance Act 2000 (c. 17), s. 90(3)
  2804. F2336
    S. 260(2)(b)(ii) repealed (with effect in accordance with Sch. 27 Pt. IV of the amending Act) by Finance Act 1998 (c. 36), Sch. 27 Pt. IV
  2805. C384
    S. 116(10) excluded (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 81(2)
  2806. F2337
    Words in s. 173(3)(b) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
  2807. F2338
    Word in s. 35(2) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 58(2)(a)
  2808. F2339
    Words in Sch. 4 para. 2(5) omitted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 74(3)(b)
  2809. F2340
    S. 99B inserted (with effect in accordance with s. 21(2) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 21(1)
  2810. F2341
    Words in s. 140I(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(b) (with Sch. 9 paras. 1-9, 22)
  2811. F2342
    Words in Sch. 5B para. 1A(1) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 16 para. 7(3)
  2812. F2343
    Word in s. 151B(1) substituted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(6)
  2813. F2344
    Words in Sch. 7A para. 7(3)(c) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 6(5)(c)
  2814. F2345
    Words in Sch. 5AAA para. 6(9) inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1), 4(3)
  2815. F2346
    Words in s. 288(1) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(d) (with Sch. 2)
  2816. F2347
    Words in s. 225B(2)(b)(i) inserted (6.4.2022) by Divorce, Dissolution and Separation Act 2020 (c. 11), s. 8(1)(8), Sch. para. 53(c); S.I. 2022/283, reg. 2
  2817. F2348
    Words in s. 179(7) substituted (with effect in accordance with Sch. 10 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 10 para. 3(9)
  2818. F2349
    S. 169K(6) omitted (with effect in accordance with s. 84(13) of the amending Act) by virtue of Finance Act 2016 (c. 24), s. 84(10)
  2819. F2350
    Sch. 5AAA para. 9(4) inserted (with effect in accordance with reg. 1(4) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 8
  2820. F2351
    Words in Sch. 5AAA para. 7(5)(a) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 6(a)
  2821. F2352
    Words in s. 219(1) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(2)(d); S.I. 2010/862, art. 2 (with Sch.)
  2822. F2353
    Words in s. 85(11) substituted (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 107
  2823. F2354
    Words in s. 175(1) repealed (with effect in accordance with Sch. 29 Pt. VIII(4) of the amending Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. VIII(4)
  2824. F2355
    Words in s. 169I(6) substituted (with effect in accordance with Sch. 16 para. 4(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(a)
  2825. F2356
    Words in s. 138(5) substituted (1.4.2009) by The Transfer of Tribunal Functions and Revenue and Customs Appeals Order 2009 (S.I. 2009/56), art. 1(2), Sch. 1 para. 179(b)
  2826. F2357
    Words in s. 140I(3) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 44(a) (with Sch. 9 paras. 1-9, 22)
  2827. F2358
    Words in s. 59(3) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 365(3)(a) (with Sch. 2 Pts. 1, 2)
  2828. F2359
    S. 223(8) inserted (with effect in accordance with Sch. 22 paras. 7(3)(4), 8 of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 2(3)
  2829. F2360
    Words in s. 261(1) substituted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 32
  2830. F2361
    S. 100A omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 46
  2831. C385
    S. 30 applied (with modifications) (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 15 para. 71(3)
  2832. F2362
    Words in s. 61(3)(a) substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), s. 148(1), Sch. 11 para. 30(2)(a); S.I. 2009/1604, art. 2(d)
  2833. F2363
    Words in s. 140G(2)(a) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(7)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  2834. F2364
    S. 108(1)(b) repealed (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 41 Pt. V(3) (with Sch. 15)
  2835. F2365
    Words in Sch. 5AAA para. 1(2)(d) substituted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(c)(iv)
  2836. F2366
    Pt. 3 Ch. 5 inserted (with effect in accordance with s. 43(2)-(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 43(1)
  2837. F2367
    Words in s. 169O(6) substituted (with effect in accordance with Sch. 16 para. 4(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(5)
  2838. C386
    S. 213(5) modified (with effect in accordance with reg. 1 of the amending S.I.) by The Friendly Societies (Taxation of Transfers of Business) Regulations 1995 (S.I. 1995/171), regs. 1, 4(1)(2)(e)
  2839. F2368
    S. 261F and cross-heading inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 330 (with Sch. 2)
  2840. F2369
    Words in Sch. 8 para. 5(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(2)(c) (with Sch. 2 Pts. 1, 2)
  2841. F2370
    S. 16(4) omitted (with effect in accordance with Sch. 7 para. 81 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 61
  2842. F2371
    Words in s. 106A(10) substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Offshore Funds (Tax) (Amendment) Regulations 2011 (S.I. 2011/1211), regs. 1(1), 44(4)
  2843. F2372
    S. 171(3A) omitted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 24 paras. 9(b), 12
  2844. C387
    S. 236M applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 86(3A)(b) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 15(3)(4))
  2845. F2373
    S. 165(3)(ba) inserted (with effect in accordance with Sch. 21 para. 10(5) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 3(3)
  2846. C388
    S. 152 restricted (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(2)(a) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2847. F2374
    S. 213(3B) repealed (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(3), Sch. 43 Pt. 3(12)
  2848. F2375
    Words in s. 155 inserted (with effect in accordance with s. 61(4) of the amending Act) by Finance Act 2014 (c. 26), s. 61(2)
  2849. C389
    Act applied (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 102, Sch. 13 paras. 13(6), 15(1)
  2850. F2376
    Words in s. 150B(6) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 312(3) (with Sch. 2)
  2851. F2377
    Words in s. 167(2)(b) inserted (with effect in accordance with s. 41(2) of the amending Act) by Finance Act 2021 (c. 26), s. 41(1)
  2852. F2378
    Words in Sch. 7AC para. 6(1)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(2)
  2853. F2379
    Sch. 4C paras. 7A, 7B and cross-headings inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 29 para. 3 (with s. 163(4)-(6))
  2854. C390
    S. 122 excluded by Finance Act 1996 (c. 8), Sch. 9 para. 12B(5) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 8 (with S.I. 2008/1579, reg. 4(1)))
  2855. F2380
    S. 288(5A)(5B) inserted (19.7.2007) by Finance Act 2007 (c. 11), Sch. 26 para. 3
  2856. F2381
    Words in s. 156ZB(1) substituted (with effect in accordance with s. 62(3) of the amending Act) by Finance Act 2014 (c. 26), s. 62(1)
  2857. F2382
    Words in s. 169K(3B) substituted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(6)
  2858. C391
    Act construed as one with Crossrail Act 2008 (c. 18), Sch. 13 (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 3(3)
  2859. F2383
    Words in Sch. 5B para. 3(1) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(d)
  2860. F2384
    Sch. 2 para. 22 omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(5)
  2861. F2385
    Word in s. 138A(4)(c) inserted (with effect in accordance with s. 161(6) of the amending Act) by Finance Act 2003 (c. 14), s. 161(4)(a)
  2862. F2386
    Words in s. 97(3)(a) inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4)(a), Sch. 26 para. 4(a)
  2863. F2387
    S. 99(2)(c) added (28.4.1997) by The Open-ended Investment Companies (Tax) Regulations 1997 (S.I. 1997/1154), regs. 1(1), 20
  2864. F2388
    Words in s. 219(2) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(3)(b); S.I. 2010/862, art. 2 (with Sch.)
  2865. F2389
    Words in Sch. 5A para. 5(1)(b) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 109(5)(b) (with Sch. 46 para. 109(6))
  2866. F2390
    Words in s. 288(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(g) (with Sch. 2)
  2867. C392
    Sch. 4C modified (21.7.2008) by Finance Act 2008 (c. 9), Sch. 7 paras. 152-155
  2868. F2391
    Words in Sch. 8 para. 5(3) substituted (with effect in accordance with s. 38 of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 63(2)(b) (with Sch. 5 para. 73)
  2869. F2392
    Words in s. 117(2AA) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 433(2) (with Sch. 2)
  2870. F2393
    Ss. 171A-171C substituted for s. 171A (with effect in accordance with Sch. 12 para. 5 of the amending Act) by Finance Act 2009 (c. 10), Sch. 12 para. 1
  2871. F2394
    Words in s. 117(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 231 (with Sch. 2)
  2872. C393
    S. 179 excluded (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 3(4), 4(2)
  2873. F2395
    Words in Sch. 4A para. 12 substituted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 7(3)(b)
  2874. F2396
    S. 169K(1AA)(1AB) inserted (with effect in accordance with s. 84(13) of the amending Act) by Finance Act 2016 (c. 24), s. 84(3)
  2875. F2397
    Sch. 5AAA para. 1(2A) inserted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(d)
  2876. F2398
    S. 288(7A) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 447(3) (with Sch. 2)
  2877. C394
    Ss. 253, 254 restricted (11.1.1994 retrospective) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 9(5)
  2878. F2399
    S. 169K(1B)(a) substituted (with effect in accordance with Sch. 16 para. 4(4) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 2(2)
  2879. F2400
    Words in s. 288(1) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 12 (with reg. 1(2))
  2880. F2401
    Words in s. 86A(1)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 34(2)
  2881. F2402
    S. 85A substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 163(1) (with s. 163(4)-(6))
  2882. F2403
    Words in s. 73(1) substituted (with effect in accordance with Sch. 39 para. 6(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 6(2)
  2883. F2404
    Words in s. 140C(5) substituted (with effect in accordance with art. 1(3) of the amending S.I.) by The Tax Law Rewrite Acts (Amendment) Order 2013 (S.I. 2013/463), arts. 1(2), 5
  2884. F2405
    Word in s. 196(1B) substituted (with effect in accordance with Sch. 15 para. 4 of the amending Act) by Finance Act 2011 (c. 11), Sch. 15 para. 3(3)
  2885. F2406
    S. 288(1A) inserted (with effect in accordance with Sch. 22 para. 54(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 22 para. 54(1)
  2886. F2407
    Words in s. 73(3) substituted (with effect in accordance with s. 60(4) of the amending Act) by Finance Act 2014 (c. 26), s. 60(3)
  2887. F2408
    Ss. 59B, 59C inserted (with effect in accordance with Sch. 17 para. 21 of the amending Act) by Finance Act 2014 (c. 26), Sch. 17 para. 17
  2888. F2409
    Words in s. 263G(2) omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 8(b), 52
  2889. F2410
    Words in s. 98(2) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 303(a) (with Sch. 2)
  2890. F2411
    Words in Sch. 7A para. 6(2)(b) omitted (with effect in accordance with paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 5(2)(b)
  2891. F2412
    Words in s. 223A(3)(b) substituted (with effect in accordance with Sch. 2 para. 32(1) of the amending Act) by Finance Act 2019 (c. 1), Sch. 2 para. 26(3)
  2892. C395
    S. 171(1) excluded (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 25(3)
  2893. F2413
    S. 213(4A)(5) substituted for s. 213(5) (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(4)
  2894. F2414
    Words in s. 36 substituted (with effect in accordance with Sch. 2 para. 76 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 73
  2895. F2415
    S. 263D omitted (1.1.2014) by virtue of Finance Act 2013 (c. 29), Sch. 29 paras. 6, 52
  2896. F2416
    Words in s. 263E(6) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 268(5) (with Sch. 9 paras. 1-9, 22)
  2897. F2417
    Words in s. 161(3)(a) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 374 (with Sch. 2 Pts. 1, 2)
  2898. F2418
    S. 116(8A) inserted (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), Sch. 14 para. 60(3) (with Sch. 15)
  2899. F2419
    S. 45(3A)-(3D) inserted (with effect in accordance with s. 40(2) of the amending Act) by Finance Act 2015 (c. 11), s. 40(1)
  2900. F2420
    Words in s. 259(3)(c) substituted (1.4.2012) by The Housing (Scotland) Act 2010 (Consequential Provisions and Modifications) Order 2012 (S.I. 2012/700), art. 1(3), Sch. para. 4(4)
  2901. F2421
    Words in s. 150(4)(a) substituted (with effect in accordance with Sch. 13 para. 42(8)(a) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(1)(a)
  2902. F2422
    Sch. 5B para. 13(1A)(1B) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 30(3) (with Sch. 3)
  2903. F2423
    Words in s. 151I(1)(g) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 76(a)
  2904. F2424
    Sch. 5B para. 1(2)(aza) inserted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 13(1)(b)
  2905. F2425
    Words in s. 210A(10C) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020) by Finance Act 2020 (c. 14), Sch. 4 paras. 40, 42 (with Sch. 4 paras. 43-46)
  2906. F2426
    S. 151E(1A) inserted (with effect in accordance with Sch. 7 Pt. 6 of the amending Act) by Finance (No. 2) Act 2015 (c. 33), Sch. 7 para. 98(3)
  2907. F2427
    Words in s. 271(1)(b) substituted (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(2), 284(1) (with Sch. 36)
  2908. C396
    S. 253(10) modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 9(6) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  2909. F2428
    Words in Sch. 5B para. 19(1) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 37(c) (with Sch. 3)
  2910. F2429
    Words in s. 288(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(2)(f) (with Sch. 2)
  2911. F2430
    Words in s. 219(1)(a) substituted (1.4.2010) by Housing and Regeneration Act 2008 (c. 17), s. 325(1), Sch. 9 para. 18(2)(a); S.I. 2010/862, art. 2 (with Sch.)
  2912. F2431
    Words in Sch. 7A para. 8(1) substituted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 7(2)(c)
  2913. F2432
    Words in s. 179(9)(b) inserted (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 4
  2914. C397
    S. 143(5)(6) applied (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), ss. 562(1), 883(1) (with s. 563, Sch. 2)
  2915. F2433
    Sch. 7B repealed (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2006 (S.I. 2006/3271), reg. 1, Sch. Pt. 1
  2916. C398
    S. 86(1)(e) modified (31.7.1998) by Finance Act 1998 (c. 36), Sch. 23 para. 4(1)
  2917. C399
    Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 34(2)(b)
  2918. F2434
    Ss. 256C, 256D inserted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 257 (with Sch. 2)
  2919. F2435
    Pt. 5 Ch. 1A repealed (with effect in accordance with s. 141(2)(a), Sch. 27 Pt. 3(32) of the amending Act) by Finance Act 1998 (c. 36), s. 141(1)(a), Sch. 27 Pt. 3(32)
  2920. F2436
    Sch. 5B para. 16(7A) inserted (with effect in accordance with Sch. 18 para. 19(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 19(1)(c)
  2921. F2437
    Words in Sch. 4C para. 1A(3) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(b)(i)
  2922. F2438
    Words in s. 85A(2A) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 32(a)
  2923. F2439
    Words in Sch. 7AC para. 26(4) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 269(5)(a) (with Sch. 2)
  2924. F2440
    Words in Sch. 5B para. 1A(4) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 3(2)(a)
  2925. F2441
    Words in s. 210A(8) substituted (with effect in relation to accounting periods beginning on or after 1.4.2020 of the amending Act) by Finance Act 2020 (c. 14), Sch. 4 paras. 12(5)(a), 42 (with Sch. 4 paras. 43-46)
  2926. F2442
    Words in s. 116B(2) substituted (retrospective and with effect in accordance with Sch. 24 paras. 12, 13-16 of the amending Act) by Finance Act 2009 (c. 10), Sch. 24 paras. 5(4), 12
  2927. F2443
    S. 21(1)(b) substituted (19.7.2006) by Finance Act 2006 (c. 25), Sch. 12 para. 9
  2928. F2444
    Words in Sch. 5B para. 5 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 127
  2929. C400
    Act modified by Finance Act 1996 (c. 8), s. 93B(2) (as inserted (with effect in accordance with Sch. 11 paras. 7, 18 of the amending Act) by Finance Act 2002 (c. 23), s. 77(1) (with s. 77(2)))
  2930. F2445
    S. 177B and cross-heading inserted (with effect in accordance with s. 137(5) of the amending Act) by Finance Act 1998 (c. 36), s. 137(1)
  2931. F2446
    S. 247A inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(6)
  2932. F2447
    Words in Sch. 7AC para. 23(3) omitted (with effect in accordance with s. 27(6) of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), s. 27(2)(e)
  2933. F2448
    Words in s. 224(2) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 60
  2934. F2449
    Words in s. 151BA(10)(b)(i) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 236(a) (with Sch. 2)
  2935. F2450
    Words in s. 179(10A)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 65(3)
  2936. C401
    S. 116(10)(a) modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Exchange Gains and Losses (Bringing into Account Gains or Losses) Regulations 2002 (S.I. 2002/1970), regs. 1(1), 9(4)(a)
  2937. F2451
    S. 288(3A)(m) inserted (15.11.2011 for specified purposes, 30.3.2012 for E.W.) by Localism Act 2011 (c. 20), s. 240(5)(o), Sch. 24 para. 6(3); S.I. 2012/628, art. 3(b)
  2938. F2452
    Words in s. 171A(4) inserted (with effect in accordance with s. 181(4)(5) of the amending Act) by Finance Act 2012 (c. 14), s. 181(2)
  2939. F2453
    Words in s. 169I(4)(a) substituted (with effect in accordance with Sch. 16 para. 4(2) of the amending Act) by Finance Act 2019 (c. 1), Sch. 16 para. 1(2)(b)
  2940. F2454
    S. 119C inserted (with effect in accordance with Sch . 2 paras. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 49(3)
  2941. F2455
    S. 223(3)(d) inserted (with effect in accordance with art. 7(5) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 7(4)
  2942. F2456
    Word in s. 151N(2)(h) omitted (with effect in accordance with s. 34(4) of the amending Act) by virtue of Finance Act 2018 (c. 3), s. 34(2)(b)(i)
  2943. F2457
    Words in s. 210A(11)(c) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 379(3) (with Sch. 2 Pts. 1, 2)
  2944. C402
    S. 170(12)-(14) applied (with effect in accordance with s. 1329(1) of the affecting Act) by Corporation Tax Act 2009 (c. 4), ss. 773(2), 1329(1) (with Sch. 2 Pts. 1, 2)
  2945. F2458
    Words in s. 99A(1) substituted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 8(a) (with reg. 1(2))
  2946. F2459
    Words in s. 119A(5)(a) substituted (with effect in accordance with Sch . 2 paras. 52-59 of the amending Act) by Finance Act 2011 (c. 11), Sch. 2 para. 49(2)(a)
  2947. C403
    S. 103H excluded by Offshore Funds (Tax) Regulation 2009 (S.I. 2009/3001), reg. 36A(2)(b) (as substituted (8.6.2013) by S.I. 2013/1400, regs. 1(1), 15(a) (with reg. 1(2)))
  2948. F2460
    Words in Sch. 5AAA para. 46(4)(a) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 15(b)(i)
  2949. F2461
    S. 47A heading substituted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(2)
  2950. F2462
    S. 288(3A)(j) inserted (E.W.) (1.12.2008) by The Housing and Regeneration Act 2008 (Consequential Provisions) Order 2008 (S.I. 2008/3002), art. 1(2), Sch. 1 para. 43 (with Sch. 2); S.I. 2008/3068, art. 2(1)(b)
  2951. F2463
    Words in s. 81(5)(a) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 85(5)
  2952. F2464
    Words in s. 184H(10) inserted (with effect in accordance with s. 63(3) of the amending Act) by Finance Act 2014 (c. 26), s. 63(2)(d)
  2953. C404
    S. 140A restricted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1995 (c. 4), s. 131(1)(2)(a)
  2954. F2465
    S. 163 repealed (with effect in relation to disposals in the year 2003-04 and subsequent years of assessment in accordance with s. 140(2), Sch. 27 Pt. III(31) of the amending Act) by Finance Act 1998 (c. 36), s. 140(2)(a), Sch. 27 Pt. III(31)
  2955. F2466
    Word in s. 83A(3)(a) repealed (6.4.2007) by Finance Act 2006 (c. 25), Sch. 12 paras. 32(a)(ii), 33, Sch. 26 Pt. 3(15)
  2956. C405
    Sch. 7AC para. 11 modified (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 31(4)
  2957. F2467
    Words in s. 47A(7)(c) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(9)(b)
  2958. C406
    S. 144(2) applied (with effect in accordance with s. 1329(1) of the affecting Act) by Corporation Tax Act 2009 (c. 4), ss. 653(2), 1329(1) (with Pts. 1, 2, Sch. 2 para. 94)
  2959. F2468
    S. 140C(8) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 75
  2960. F2469
    S. 261G inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 331 (with Sch. 2)
  2961. F2470
    Ss. 226A, 226B inserted (with effect in accordance with Sch. 22 paras. 7(3)(4), 8 of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 6
  2962. F2471
    Sch. 5AAA para. 33A and cross-heading inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 14
  2963. F2472
    Sch. 10 para. 14(9)-(12) repealed (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 8 Pt. 1 (with Sch. 7)
  2964. F2473
    Words in s. 156(4) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 371(a), Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  2965. F2474
    S. 222A(1)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 72
  2966. F2475
    Words in Sch. 5BB para. 5(2) substituted (17.7.2013) by Finance Act 2013 (c. 29), s. 57(4)
  2967. F2476
    Words in Sch. 5B para. 1(2) substituted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by Finance Act 2009 (c. 10), Sch. 8 para. 2(3)
  2968. F2477
    Word in s. 213(3)(b) substituted (with effect in accordance with Sch. 33 para. 16(6) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 16(2)(b)
  2969. F2478
    Words in s. 86(3) substituted (with effect in accordance with Sch. 12 para. 34(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 34(1)(2)(c)
  2970. F2479
    Words in s. 261ZA(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(2)(a)
  2971. F2480
    Words in s. 41(4)(b) inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 430(a) (with Sch. 2)
  2972. F2481
    S. 237A inserted (with effect in accordance with s. 112(3) of the amending Act) by Finance Act 1996 (c. 8), s. 112(1)
  2973. F2482
    Words in Sch. 5A para. 3(1)(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 109(3)(a)(i) (with Sch. 46 para. 109(6))
  2974. F2483
    S. 99A(3) omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 8(c) (with reg. 1(2))
  2975. C407
    S. 30(5) excluded (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 4(2)(3)
  2976. C408
    S. 217A restricted (with effect in accordance with s. 131(4) of the amending Act) by Finance Act 1995 (c. 4), s. 131(1)(2)(a)
  2977. C409
    S. 17 excluded (15.1.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 26 para. 24(1) (with Sch. 26 para. 24(2)); S.I. 2000/3376, art. 2
  2978. F2484
    Words in s. 116(2) inserted (with effect in accordance with s. 88(6) of the amending Act) by Finance Act 1997 (c. 16), s. 88(4)
  2979. C410
    Act applied by Income and Corporation Taxes Act 1988 (c. 1), Sch. 15B para 8(5) (as inserted (1.5.1995) by Finance Act 1995 (c. 4), s. 71(2), Sch. 15)
  2980. F2485
    Words in Sch. 5AAA para. 1(2)(c) substituted (10.4.2020) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 3(c)(iii)
  2981. F2486
    Words in s. 196(1) substituted (with effect in accordance with s. 181(4) of the amending Act) by Finance Act 1996 (c. 8), s. 181(1)
  2982. F2487
    Words in Sch. 5B para. 14(1) inserted (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 16 para. 4(2)(b)
  2983. F2488
    S. 125(4) substituted (with effect in accordance with art. 5(4) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 5(2)
  2984. F2489
    S. 31 substituted for ss. 31-34 (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 2
  2985. F2490
    Words in s. 86(3) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 91(4)
  2986. F2491
    Word in s. 30(6) substituted (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 47(a)
  2987. F2492
    Sch. 7A para. 10A inserted (with effect in accordance with Sch. 25 para. 20 of the amending Act) by Finance Act 2013 (c. 29), Sch. 25 para. 17
  2988. F2493
    Words in s. 288(1) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 264(2)(c) (with Sch. 2)
  2989. F2494
    Words in s. 222(6) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 117(2)(a)
  2990. F2495
    Word in s. 105(2)(c) repealed (with effect in accordance with s. 72(3) of the amending Act) by Finance Act 2006 (c. 25), s. 72(2)(b)(ii), Sch. 26 Pt. 3(9)
  2991. F2496
    Words in Sch. 5B para. 1A(3) substituted (with effect in accordance with Sch. 18 para. 21 of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 14(c)
  2992. F2497
    Words in Sch. 7C para. 6(7)(d) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 129
  2993. F2498
    Words in Sch. 5B para. 16(7A) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(e)(i) (with Sch. 2)
  2994. F2499
    Words in s. 251(2) substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 5(12)(a)
  2995. F2500
    S. 120(9) inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 51
  2996. F2501
    Words in s. 149AA(7) substituted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 19(6)(a), 38; S.I. 2013/1755, art. 2
  2997. F2502
    Words in s. 167(3) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 100(3)
  2998. F2503
    Words in s. 257(1) inserted (with effect in accordance with s. 72(8) of the amending Act) by Finance Act 1995 (c. 4), s. 72(5)
  2999. F2504
    S. 99(1A) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 3
  3000. F2505
    Words in s. 158(2) repealed (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 373, Sch. 3 Pt. 1 (with Sch. 2 Pts. 1, 2)
  3001. F2506
    Words in Sch. 5 para. 2(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(2)(a)
  3002. F2507
    Words in s. 231(1)(d) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 324 (with Sch. 2)
  3003. F2508
    S. 116(8AA) inserted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 366(3) (with Sch. 2 Pts. 1, 2)
  3004. F2509
    Words in s. 202(3) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 39 para. 46(4)
  3005. C411
    Act modified (with effect in accordance with reg. 1 of the amending S.I.) by The Overseas Life Insurance Companies Regulations 2004 (S.I. 2004/2200), reg. 7
  3006. C412
    S. 127 restricted (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 37
  3007. F2510
    Words in Sch. 5B para. 1(1)(d) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 110(2)(a) (with Sch. 46 para. 110(5))
  3008. F2511
    Words in s. 261ZA(3)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 77(3)(b)
  3009. F2512
    Words in s. 140J(3) omitted (31.12.2020) by virtue of The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(11) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  3010. F2513
    Words in s. 184H(5)(b) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 245 (with Sch. 2)
  3011. F2514
    S. 135 substituted (with effect in accordance with Sch. 9 paras. 7, 8 of the amending Act) by Finance Act 2002 (c. 23), Sch. 9 para. 1
  3012. F2515
    Words in s. 35(6)(b) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 58(7)(c)
  3013. F2516
    Words in s. 63(2) repealed (with effect in accordance with Sch. 12 para. 11(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 11(1)(b)(ii), Sch. 26 Pt. 3(15)
  3014. F2517
    Words in s. 99(1)(c) omitted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by virtue of Finance Act 2013 (c. 29), Sch. 46 para. 96
  3015. F2518
    Words in Sch. 5B para. 8(5)(a) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(7)(b) (with Sch. 2)
  3016. F2519
    S. 263A(5)(6) substituted (with effect in relation to an arrangement that comes into force on or after 1.10.2007) by Finance Act 2007 (c. 11), s. 47(4), Sch. 14 para. 12(5); S.I. 2007/2483, art. 3
  3017. F2520
    Words in s. 288(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 342(2)(e) (with Sch. 2)
  3018. F2521
    Words in Sch. 5 para. 2(10) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 266(2)(c) (with Sch. 2)
  3019. C413
    S. 176(2) applied (23.3.1995) by The Exchange Gains and Losses (Transitional Provisions) Regulations 1994 (S.I. 1994/3226), regs. 1(2), 14(4)
  3020. F2522
    Word in s. 287(2A) substituted (with effect in accordance with Sch. 5 para. 25(1)(2) of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 5 para. 10(4)(a)
  3021. F2523
    S. 150A(6)(ba) inserted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 20(3)(a)
  3022. F2524
    Words in s. 169F(1) substituted (with effect in accordance with Sch. 12 para. 4(2)(3) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 4(1)(a)
  3023. F2525
    Words in Sch. 4A para. 12 substituted (with effect in accordance with Sch. 2 para. 22 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 7(3)(a)
  3024. F2526
    Words in s. 140A(1A) substituted (31.12.2020) by The Taxes (Amendments) (EU Exit) Regulations 2019 (S.I. 2019/689), regs. 1, 6(2)(a) (with regs. 39-41); 2020 c. 1, Sch. 5 para. 1(1)
  3025. C414
    S. 39 extended (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), ss. 1157(2), 1329(1) (with Sch. 2 Pts. 1, 2)
  3026. C415
    Sch. 7AC para. 6 excluded by Corporation Tax Act 2009 (c. 4), s. 782A(3) (as inserted (with effect in accordance with s. 26(5) of the amending Act) by Finance Act 2019 (c. 1), s. 26(3))
  3027. F2527
    Words in Sch. 7C para. 2(1) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 220(3)(a) (with Sch. 7)
  3028. F2528
    Sch. 10 para. 14(43)-(49) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), reg. 1(1), Sch. 2
  3029. F2529
    S. 69(1)-(2E) substituted for s. 69(1)(2) (with effect in accordance with Sch. 12 para. 2(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 2(1)
  3030. F2530
    Words in s. 165(10) substituted (with effect in accordance with Sch. 21 para. 10(7) of the amending Act) by Finance Act 2004 (c. 12), Sch. 21 para. 3(5)
  3031. F2531
    Sch. 5AAA paras. 7A, 7B inserted (24.3.2021) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2021 (S.I. 2021/213), regs. 1(1)(2), 6
  3032. C416
    S. 162(4) modified by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85Z7 (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  3033. F2532
    Words in Sch. 3 para. 7(3)(a) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 265 (with Sch. 2)
  3034. F2533
    Words in s. 151(2) substituted (15.9.2016) by Finance Act 2016 (c. 24), s. 27(2)(a)
  3035. C417
    Act modified (19.3.1997) by Finance Act 1997 (c. 16), Sch. 12 para. 12(1)(2)(3)(7), 13, 14 (with Sch. 12 para. 17)
  3036. F2534
    Word in s. 73(2) repealed (with effect in accordance with Sch. 39 para. 6(5) of the amending Act) by Finance Act 1996 (c. 8), Sch. 39 para. 6(3), Sch. 41 Pt. VIII(4)
  3037. F2535
    Word in Sch. 5B para. 10(1) substituted (with effect in accordance with Sch. 18 para. 15(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 18 para. 15(1)(a)
  3038. C418
    Ss. 152, 153 excluded (with effect in accordance with s. 63(4) of the amending Act) by Finance Act 2000 (c. 17), Sch. 22 para. 67
  3039. F2536
    Sch. 5 para. 9(10ZA) inserted (with effect in accordance with art. 6 of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2017 (S.I. 2017/495), arts. 1, 5(4)
  3040. F2537
    Word in s. 288(1) inserted (with effect in accordance with s. 27(6) of the amending Act) by Finance Act 2007 (c. 11), s. 27(4)
  3041. F2538
    Words in Sch. 5 para. 9(7) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 126(5)(a)
  3042. F2539
    S. 251(5A) inserted (with effect in accordance with s. 34(6) of the amending Act) by Finance Act 2012 (c. 14), s. 35(3)
  3043. F2540
    S. 171C(5) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 77(5)
  3044. F2541
    S. 193 repealed (with effect in accordance with s. 103(2) of the amending Act) by Finance Act 1999 (c. 16), s. 103(1), Sch. 20 Pt. IV(2)
  3045. F2542
    S. 59(c) and preceding word repealed (with effect in accordance with Sch. 29 Pt. VIII(16) of the amending Act) by Finance Act 1995 (c. 4), Sch. 29 Pt. VIII(16)
  3046. F2543
    S. 76(3) inserted (with effect in accordance with s. 128(4) of the amending Act) by Finance Act 1998 (c. 36), s. 128(1)(c)(3)
  3047. C419
    S. 154 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(2)
  3048. C420
    S. 24 excluded by Finance Act 1996 (c. 8), Sch. 9 para. 12B(5) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 8 (with S.I. 2008/1579, reg. 4(1)))
  3049. F2544
    S. 91(1)(1A) substituted for s. 91(1) (with effect in accordance with Sch. 7 para. 115 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 112(2)
  3050. F2545
    Words in s. 227(2) substituted (with effect in accordance with Sch. 12 para. 21(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 21(1)
  3051. F2546
    S. 196(3) omitted (1.10.2018) by virtue of Wales Act 2017 (c. 4), s. 71(4), Sch. 6 para. 21(3) (with Sch. 7 paras. 1, 6); S.I. 2017/1179, reg. 4(b)
  3052. F2547
    Words in Sch. 4C para. 12 cross-heading substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(6)
  3053. F2548
    S. 222(5)(b) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 59(3)(a), Sch. 41 Pt. V(10)
  3054. F2549
    Words in s. 253(1)(b) inserted (11.3.2020) by Finance Act 2020 (c. 14), s. 27
  3055. F2550
    S. 238A(2)(d) and preceding word omitted (with effect in accordance with Sch. 3 para. 9(4) of the amending Act) by virtue of Finance Act 2016 (c. 24), Sch. 3 para. 9(1)
  3056. F2551
    S. 47A(4) omitted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by virtue of Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 46(6)
  3057. F2552
    Sch. 7A para. 7(4)-(4C) substituted for Sch. 7A para. 7(4) (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by Finance Act 2011 (c. 11), Sch. 11 para. 6(6)
  3058. F2553
    Words in s. 196(1)(a) substituted (1.10.2018) by Wales Act 2017 (c. 4), s. 71(4), Sch. 6 para. 21(2) (with Sch. 7 paras. 1, 6); S.I. 2017/1179, reg. 4(b)
  3059. F2554
    Words in Sch. 2 para. 10(3) substituted (N.I.) (13.2.2015 for specified purposes, 1.4.2015 in so far as not already in force) by Planning Act (Northern-Ireland) 2011 (c. 25), s. 254(1)(2), Sch. 6 para. 64 (with s. 211); S.R. 2015/49, arts. 2, 3, Sch. 1 (with Sch. 2)
  3060. C421
    S. 62 applied by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 85W(2) (as inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2010/294, regs. 1(1), 21)
  3061. F2555
    S. 185(4A) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 78
  3062. C422
    Act applied (3.1.1995) by The Ports (Northern Ireland) Order 1994 (S.I. 1994/2809 (N.I. 16)), art. 20(7)
  3063. F2556
    Words in Sch. 4C para. 12A(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(7)
  3064. F2557
    Word in s. 151K(1)(a) substituted (24.5.2022) by The Alternative Finance (Income Tax, Capital Gains Tax and Corporation Tax) Order 2022 (S.I. 2022/572), arts. 1(2), 3(2)(a) (with art. 1(3))
  3065. F2558
    Sch. 10 para. 14(61) repealed (with effect in accordance with Sch. 10 para. 7(1) of the amending Act) by Finance Act 1997 (c. 16), Sch. 18 Pt. VI(10)
  3066. C423
    S. 153 restricted (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 7(2)(a) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  3067. F2559
    S. 41(4)(zaa) inserted (with effect in accordance with Sch. 2 para. 64 of the amending Act) by Finance (No. 2) Act 2017 (c. 32), Sch. 2 para. 45(2)
  3068. C424
    Act modified by Finance Act 1996 (c. 8), s. 91G(1)(2) (as inserted (with effect in accordance with Sch. 7 para. 10(7) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 10(6))
  3069. F2560
    Words in s. 169H(1) substituted (with effect in accordance with Sch. 1 para. 14 of the amending Act) by Finance (No. 2) Act 2010 (c. 31), Sch. 1 para. 4
  3070. F2561
    Words in Sch. 5B para. 3 inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 127
  3071. F2562
    S. 72(6) inserted (with effect in accordance with s. 60(4) of the amending Act) by Finance Act 2014 (c. 26), s. 60(2)(b)
  3072. F2563
    Words in s. 120(8) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(10) (with Sch. 7)
  3073. F2564
    Sch. 5AAA para. 13(2)(b) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 10(b)
  3074. F2565
    S. 235 omitted (13.8.2009) by virtue of The Finance Act 2009, Schedule 47 (Consequential Amendments) Order 2009 (S.I. 2009/2035), art. 1, Sch. para. 32
  3075. C425
    S. 38(1)(c) applied by Finance Act 1996 (c. 8), s. 92(5D) (as inserted (with effect in accordance with s. 79(3) of the amending Act) by Finance Act 2002 (c. 23), Sch. 23 para. 5(3))
  3076. F2566
    S. 168(1)(aa) inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 27
  3077. F2567
    S. 225A(5)(aa) inserted (with effect in accordance with Sch. 9 para. 10 of the amending Act) by Finance Act 2015 (c. 11), Sch. 9 para. 7(2)(b)
  3078. F2568
    Words in s. 196(5) substituted (15.2.1999) by Petroleum Act 1998 (c. 17), s. 52(4), Sch. 4 para. 32(3) (with Sch. 3); S.I. 1999/161, art. 2(1)
  3079. C426
    Sch. 2 modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 10 (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  3080. F2569
    Words in s. 120(5A) substituted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(5)(b) (with Sch. 7)
  3081. C427
    S. 104(4) applied (6.4.2007) by Income Tax Act 2007 (c. 3), ss. 148(8)(b), 1034(1) (with Sch. 2)
  3082. C428
    Act modified (E.W.S.) (24.7.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 para. 27; S.I. 2005/1909, art. 2, Sch.
  3083. F2570
    Sch. 7D inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 221 (with Sch. 7)
  3084. F2571
    S. 140(4A) inserted (with effect in accordance with s. 37(3) of the amending Act) by Finance Act 2010 (c. 13), s. 37(1)(b)
  3085. F2572
    Words in s. 216(3)(4) repealed (28.7.2000) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12)
  3086. F2573
    Words in s. 150A(11) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 311(9)(b) (with Sch. 2)
  3087. F2574
    Words in Sch. 5B para. 16(4) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(a)(ii) (with Sch. 2)
  3088. F2575
    Words in Sch. 5B para. 16(6) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(c) (with Sch. 2)
  3089. F2576
    Words in Sch. 5B para. 14(1) substituted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 32(1)(a) (with Sch. 3)
  3090. F2577
    Words in s. 210B(7)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 81(3)
  3091. F2578
    Words in Sch. 2 para. 17(3)(c) omitted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 64(4)(c)
  3092. F2579
    Words in s. 263AZA(2) substituted (26.5.2015) by Deregulation Act 2015 (c. 20), ss. 57(3)(a), 115(3)(e)
  3093. F2580
    S. 213(4ZC)(za) inserted (with effect in accordance with reg. 1(2) of the amending S.I.) by The Collective Investment Schemes and Offshore Funds (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2017 (S.I. 2017/1204), regs. 1(1), 9(2)
  3094. F2581
    Words in s. 288(1) omitted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 87(2)(b)
  3095. F2582
    Word in s. 165(1) inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 23(2)
  3096. F2583
    S. 284B(1) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 44
  3097. F2584
    Words in s. 150(7) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 109
  3098. F2585
    Words in s. 99(2) inserted (with effect in accordance with s. 118(5) of the amending Act) by Finance Act 2004 (c. 12), s. 118(2)(a)
  3099. F2586
    Sch. 7ZB inserted (15.9.2016) by Finance Act 2016 (c. 24), Sch. 14 para. 3
  3100. F2587
    Words in Sch. 4A para. 6(1) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 88
  3101. F2588
    Words in s. 143(1) inserted (with effect in accordance with art. 1(3)(4) of the amending S.I.) by The Income Tax (Trading and Other Income) Act 2005 (Consequential Amendments) Order 2006 (S.I. 2006/959), arts. 1(2), 3(2)(a)
  3102. C429
    Ss. 127-131 excluded (24.7.1996) by Broadcasting Act 1996 (c. 55), s. 149(1), Sch. 7 para. 7(1)(a) (with Sch. 7 para. 9(1))
  3103. F2589
    Words in s. 35(6) substituted (with effect in accordance with s. 135(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 21 para. 35(a)
  3104. C430
    S. 236I applied (with modifications) by Inheritance Tax Act 1984 (c. 51), s. 75A(3) (as inserted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 37 para. 14(1)(2))
  3105. F2590
    S. 169F(5)(a) substituted (with effect in accordance with reg. 1(6) of the amending S.I.) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 114(5)
  3106. F2591
    Words in s. 171C(4) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 77(4)
  3107. F2592
    Words in s. 144(8)(c)(iii) omitted (1.12.2001) by virtue of The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 65(b)
  3108. F2593
    Words in s. 279C(6) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 84(5)(a)
  3109. F2594
    Words in Sch. 8 para. 6(2) substituted (with effect in accordance with s. 38 of the amending Act) by Finance Act 1998 (c. 36), Sch. 5 para. 63(3) (with Sch. 5 para. 73)
  3110. F2595
    Words in Sch. 5A para. 2(1)(a) substituted (with effect in accordance with s. 131(4) of, Sch. 22 para. 5(2) of the amending Act) by Finance Act 1998 (c. 36), Sch. 22 para. 5(1)
  3111. F2596
    S. 149AA inserted (10.7.2003) by Finance Act 2003 (c. 14), Sch. 22 para. 52(1)
  3112. F2597
    Words in Sch. 7A para. 7(3) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 6(5)(a)
  3113. F2598
    S. 150(12) inserted (with effect in accordance with Sch. 13 para. 42(8)(f) of the amending Act) by Finance Act 1998 (c. 36), Sch. 13 para. 42(7)
  3114. F2599
    Words in s. 283(1) substituted (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(1)(a)
  3115. C431
    S. 219 modified (E.W.) (1.12.2008) by The Transfer of Housing Corporation Functions (Modifications and Transitional Provisions) Order 2008 (S.I. 2008/2839), arts. 1(1), 3, Sch. para. 1 (with art. 6)
  3116. F2600
    Sch. 5B para. 1A(4A) omitted (with effect in accordance with Sch. 8 para. 11 of the amending Act) by virtue of Finance Act 2009 (c. 10), Sch. 8 para. 3(3)
  3117. F2601
    Word in s. 144(8)(b) substituted (with effect in accordance with Sch. 38 para. 10(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 10(2)(a)
  3118. F2602
    Words in s. 223(2)(a) substituted (with effect in accordance with s. 24(11) of the amending Act) by Finance Act 2020 (c. 14), s. 24(3)(a)
  3119. F2603
    Words in s. 85A(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 32(b)
  3120. F2604
    Words in s. 279C(5) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 84(4)
  3121. C432
    S. 60 applied (with application in accordance with s. 58(4) of the amending Act) by Finance Act 2013 (c. 29), s. 59(8)
  3122. F2605
    S. 138A(4A) inserted (with effect in accordance with s. 161(6) of the amending Act) by Finance Act 2003 (c. 14), s. 161(5)
  3123. F2606
    Sch. 4C para. 10(3) omitted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 7 para. 142(b) (with Sch. 7 para. 155)
  3124. F2607
    Word in s. 55(6)(a) omitted (with effect in accordance with art. 7(4) of the amending S.I.) by virtue of The Enactment of Extra-Statutory Concessions Order 2010 (S.I. 2010/157), arts. 1, 7(2)
  3125. F2608
    Word in s. 106A(6) inserted (with effect in accordance with Sch. 2 para. 100 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 87(3)
  3126. F2609
    S. 106A inserted (with effect in accordance with s. 124(7) of the amending Act) by Finance Act 1998 (c. 36), s. 124(1) (with s. 124(8))
  3127. F2610
    S. 110(11) substituted (with effect in accordance with s. 26(6)(7) of the amending Act) by Finance Act 2018 (c. 3), s. 26(4)(b)
  3128. F2611
    Words in s. 125(6) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 232(b) (with Sch. 2)
  3129. F2612
    Words in s. 225 substituted (with effect in accordance with Sch. 22 para. 7(2) of the amending Act) by Finance Act 2004 (c. 12), Sch. 22 para. 4(2)(b)
  3130. F2613
    Words in s. 175(2C) substituted (with effect in accordance with Sch. 2 para. 71 of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 62
  3131. F2614
    S. 263I(6) substituted (1.1.2014) by Finance Act 2013 (c. 29), Sch. 29 paras. 10(3), 52
  3132. F2615
    Words in Sch. 5B para. 16(7)(c) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(13)(d)(iii) (with Sch. 2)
  3133. F2616
    Words in s. 105A(7)(a) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 306(3)(a) (with Sch. 2)
  3134. F2617
    Words in s. 288(1) inserted (18.3.2010) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(2)(c), Sch. 8 para. 319 (with Sch. 9 paras. 1-9, 22)
  3135. F2618
    Words in s. 274 substituted (with effect in accordance with Sch. 4 para. 9(4) of the amending Act) by Finance Act 2008 (c. 9), Sch. 4 para. 8
  3136. F2619
    Words in s. 271B(2) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 81
  3137. F2620
    S. 72(1A)-(1C) inserted (retrospective to 22.3.2006) by Finance Act 2006 (c. 25), Sch. 20 paras. 29(2), 30(2)
  3138. F2621
    Words in s. 219(2) inserted (1.4.2012) by The Housing (Scotland) Act 2010 (Consequential Provisions and Modifications) Order 2012 (S.I. 2012/700), art. 1(3), Sch. para. 4(3)(a)
  3139. F2622
    S. 212(1)(ba) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 5(b) (with reg. 1(2))
  3140. F2623
    Words in s. 140F(1)(b) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 48 (with Sch. 5) (as amended (1.8.2014) by Finance Act 2014 (c. 26), Sch. 39 paras. 4, 15)
  3141. F2624
    S. 211ZA inserted (with effect in accordance with Sch. 33 para. 21(2) of the amending Act) by Finance Act 2003 (c. 14), Sch. 33 para. 21(1)
  3142. C433
    S. 23(5) modified (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 3(1)-(3) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  3143. F2625
    S. 268A inserted (with effect in accordance with s. 64(8) of the amending Act) by Finance Act 2006 (c. 25), s. 64(4) (with s. 64(10)-(12))
  3144. F2626
    Words in s. 263E(2) substituted (with effect in accordance with Sch. 5 para. 8(6)(7) of the amending Act) by Finance Act 2007 (c. 11), Sch. 5 para. 8(2)
  3145. F2627
    Words in Sch. 5B para. 2(4) substituted (with effect in accordance with s. 73(2) of the amending Act) by Finance Act 1999 (c. 16), Sch. 8 para. 4(a)
  3146. F2628
    Words in s. 203 heading substituted (with effect in accordance with Sch. 39 para. 45(3) of the amending Act) by Finance Act 2012 (c. 14), Sch. 39 para. 45(2)(b)
  3147. F2629
    S. 260(2)(da)(db) inserted (retrospective to 22.3.2006) by Finance Act 2006 (c. 25), Sch. 20 paras. 29(2), 32
  3148. F2630
    Words in s. 37(2) added (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 231 (with Sch. 9 paras. 1-9, 22)
  3149. C434
    S. 28 extended (19.9.1994) by Coal industry Act 1994 (c. 21), s. 68(4), Sch. 4 para. 2(2) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  3150. C435
    S. 170 extended (3.5.1994) by Finance Act 1994 (c. 9), s. 148(9)
  3151. F2631
    S. 106A(6A)(6B) inserted (with effect in accordance with Sch. 24 paras. 5, 6(4)(5) of the amending Act) by Finance Act 2013 (c. 29), Sch. 24 para. 4(3)
  3152. C436
    S. 169Q applied (with modifications) (with application in accordance with Sch. 3 para. 5(1)-(3) of the amending Act) by Finance Act 2020 (c. 14), Sch. 3 para. 5(7)(b)
  3153. F2632
    Words in Sch. 5B para. 13(7)(b)(ii) substituted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 450(b) (with Sch. 2)
  3154. F2633
    Words in Sch. 7A para. 7(5) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 6(7)
  3155. F2634
    Words in s. 61(3) substituted (1.10.2009) by Constitutional Reform Act 2005 (c. 4), s. 148(1), Sch. 11 para. 30(2)(b); S.I. 2009/1604, art. 2(d)
  3156. F2635
    S. 196(1A) inserted (with effect in accordance with s. 181(4) of the amending Act) by Finance Act 1996 (c. 8), s. 181(2)
  3157. F2636
    Words in s. 179(2B)(b) substituted (with effect in accordance with s. 139(2) of the amending Act) by Finance Act 1998 (c. 36), s. 139(1)(a)
  3158. F2637
    S. 165(7A)-(7C) inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 23(3)
  3159. F2638
    Words in s. 279B(8)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(4)
  3160. F2639
    Word in s. 140F(2)(d) omitted (with effect in accordance with reg. 3 of the amending S.I.) by virtue of The Corporation Tax (Implementation of the Mergers Directive) Regulations 2008 (S.I. 2008/1579), reg. 1(2), Sch. 1 para. 3(a)
  3161. F2640
    Words in s. 155 inserted (with effect in accordance with art. 1(2) of the amending S.I.) by The Finance Act 1993, Section 86(2), (Single Payment Scheme) Order 2005 (S.I. 2005/409), arts. 1(1), 2
  3162. F2641
    Words in Sch. 4C para. 1A(1) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(a)(iii)
  3163. F2642
    S. 263ZA(2A) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 333(5) (with Sch. 2)
  3164. F2643
    S. 283(5) repealed (with effect in accordance with s. 199(2) of the amending Act) by Finance Act 1994 (c. 9), Sch. 19 para. 46(4), Sch. 26 Pt. V(23)
  3165. F2644
    Words in s. 211(2)(a) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 83(2)(a)
  3166. F2645
    Words in Sch. 7AC para. 17(2) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(4)
  3167. F2646
    Sch. 8 para. 6(3) substituted (with effect in accordance with s. 1329(1) of the amending Act) by Corporation Tax Act 2009 (c. 4), s. 1329(1), Sch. 1 para. 388(4)(c) (with Sch. 2 Pts. 1, 2)
  3168. F2647
    Word in s. 217(5) substituted (with effect in accordance with Sch. 12 para. 20(2) of the amending Act) by Finance Act 2006 (c. 25), Sch. 12 para. 20(1)(c)
  3169. F2648
    Words in s. 288(1) substituted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 8 para. 47 (with Sch. 9 paras. 1-9, 22)
  3170. F2649
    Words in Sch. 5 para. 1(3)(b) substituted (with application in accordance with s. 174(11) of the amending Act) by Finance Act 1996 (c. 8), s. 174(10)(b)
  3171. C437
    Ss. 104-114 modified (6.4.1999) by The Individual Savings Account Regulations 1998 (S.I. 1998/1870), regs. 1, 34(2) (as amended (6.4.2008) by S.I. 2008/704, regs. 1, 15(2))
  3172. F2650
    S. 179(2D) inserted (with application in accordance with s. 135(5) of the amending Act) by Finance Act 1998 (c. 36), s. 135(3)
  3173. F2651
    Words in Sch. 5B para. 13(1) inserted (11.5.2001) by Finance Act 2001 (c. 9), Sch. 15 para. 30(1) (with Sch. 3)
  3174. F2652
    Sch. 7A para. 6(2)(a) omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 5(2)(a)
  3175. F2653
    S. 271(1)(g) repealed (6.4.2006) by Finance Act 2004 (c. 12), ss. 187(3)(b), 284(1), Sch. 42 Pt. 3 (with Sch. 36)
  3176. F2654
    S. 24(4) inserted (with effect in accordance with art. 4(6) of the amending S.I.) by The Enactment of Extra-Statutory Concessions Order 2009 (S.I. 2009/730), arts. 1(1), 4(5)
  3177. F2655
    S. 256C(6) omitted (with effect in accordance with S.I. 2012/736, art. 9) by virtue of Finance Act 2010 (c. 13), Sch. 6 paras. 13(4), 34(2); S.I. 2012/736, art. 9
  3178. F2656
    Sch. 7A para. 9 omitted (with effect in accordance with Sch. 11 paras. 11, 12 of the amending Act) by virtue of Finance Act 2011 (c. 11), Sch. 11 para. 8
  3179. C438
    S. 21(2) applied (8.11.1995) by Atomic Energy Authority Act 1995 (c. 37), Sch. 3 para. 4(2)
  3180. F2657
    Words in Sch. 5B para. 4(4A)(b) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 345(4)(b) (with Sch. 2)
  3181. F2658
    Words in s. 165A(14) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 241 (with Sch. 2)
  3182. F2659
    S. 120(7A) inserted (with effect in accordance with s. 723(1)(a)(b) of the amending Act) by Income Tax (Earnings and Pensions) Act 2003 (c. 1), s. 723, Sch. 6 para. 210(9) (with Sch. 7)
  3183. F2660
    Sch. 5AAA para. 51 and cross-heading inserted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 20
  3184. F2661
    Sch. 5AAA para. 33(3) substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by The UK Property Rich Collective Investment Vehicles (Amendment of the Taxation of Chargeable Gains Act 1992) Regulations 2020 (S.I. 2020/315), regs. 1(1), 13(c)
  3185. C439
    S. 104 applied (with effect in accordance with art. 1(2)(3), Sch. 1 of the affecting S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 43(3)(a)
  3186. F2662
    Words in s. 155 inserted (with effect in accordance with s. 61(4) of the amending Act) by Finance Act 2014 (c. 26), s. 61(3)
  3187. F2663
    Words in s. 195(3) inserted (with effect in accordance with s. 68(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 19 para. 12(3)
  3188. F2664
    S. 211B inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 4 (with reg. 1(2))
  3189. F2665
    Word in s. 213(4) substituted (1.12.2001) by The Financial Services and Markets Act 2000 (Consequential Amendments) (Taxes) Order 2001 (S.I. 2001/3629), arts. 1(2)(a), 73(2)(a)
  3190. F2666
    S. 285A inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 341 (with Sch. 2)
  3191. C440
    Ss. 127-131 restricted by The Personal Equity Plan Regulations 1989 (S.I. 1989/469), reg. 27(3) (as substituted (with effect in accordance with reg. 1(3) of the amending S.I.) by S.I. 1998/1869, regs. 1(1), 12)
  3192. C441
    S. 116 modified by Finance Act 1996 (c. 8), s. 91G(3)-(8) (as inserted (with effect in accordance with Sch. 7 para. 10(7) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 7 para. 10(6))
  3193. C442
    S. 24 excluded by Finance Act 2002 (c. 23), Sch. 29 para. 85A(6) (as substituted (with effect in accordance with reg. 3(2) of the amending S.I.) by The Corporation Tax (Implementation of the Mergers Directive) Regulations 2007 (S.I. 2007/3186), reg. 1(2), Sch. 2 para. 11 (with S.I. 2008/1579, reg. 4(1)))
  3194. C443
    Act modified (1.1.1999) by The European Single Currency (Taxes) Regulations 1998 (S.I. 1998/3177), regs. 1, 36-39
  3195. C444
    S. 179 modified (1.2.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 7 paras. 8-10; S.I. 2001/57, art. 3(1)
  3196. C445
    Act modified (19.9.1994) by Coal industry Act 1994 (c. 21), Sch. 4 paras. 2(1), 9(1) (with Sch. 4 para. 14); S.I. 1994/2189, art. 2, Sch.
  3197. C446
    S. 2A(1)(b) modified (retrospective to 29.10.2018) by Finance Act 2020 (c. 14), Sch. 4 para. 46
  3198. C447
    Act applied (with effect in accordance with s. 84(1) of the amending Act) by Finance Act 2002 (c. 23), Sch. 29 paras. 130(3)-(5)(7), 131(5)
  3199. C448
    S. 179 modified (15.1.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 26 paras. 11, 20, 25, 32; S.I. 2000/3376, art. 2
  3200. C449
    S. 153 modified (with effect in accordance with s. 84(1) of the amending Act) by Finance Act 2002 (c. 23), Sch. 29 para. 132(2)(3)
  3201. C450
    Act modified (5.10.2004) by Energy Act 2004 (c. 20), s. 198(2), Sch. 9 paras. 6, 20, 28, 32 (with s. 38(2)); S.I. 2004/2575, art. 2(1), Sch. 1
  3202. C451
    Act modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Pension Protection Fund (Tax) (2005-06) Regulations 2005 (S.I. 2005/1907), reg. 11
  3203. C452
    S. 86 modified (with effect in accordance with Sch. 23 paras. 1(1), 2(1)(5)(6), 3(1)(4)(6) of the amending Act) by Finance Act 1998 (c. 36), Sch. 23 paras. 1(2)(3), 2(2)-(4), 3(2)(3)
  3204. C453
    Act modified (E.W.S.) (8.6.2005) by Railways Act 2005 (c. 14), s. 60(2), Sch. 10 paras. 5, 16; S.I. 2005/1444, art. 2(1), Sch. 1
  3205. C454
    S. 104 applied (with modifications) by S.I. 1989/469, reg. 27(2) (as inserted by S.I. 1996/846, reg. 11(b))
  3206. C455
    S. 107 modified by S.I. 1989/469, reg. 27A(2A) (as inserted (6.4.1996) by S.I. 1996/846, reg. 11(b))
  3207. C456
    Act modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), Sch. 24 paras. 2(1), 9(1)(6)-(8), 11(4)
  3208. C457
    Act modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 paras. 11, 12, 22
  3209. C458
    Act modified (15.1.2001) by Transport Act 2000 (c. 38), Sch. 26 paras. 9, 12(2), 26(2), 33(2); S.I. 2000/3376, art. 2
  3210. C459
    Act modified (6.4.2006) by The Pension Protection Fund (Tax) Regulations 2006 (S.I. 2006/575), regs. 37, 38
  3211. C460
    S. 171(1) excluded (1.2.2001) by Transport Act 2000 (c. 38), s. 275(1), Sch. 7 paras. 2(4), 20(5); S.I. 2001/57, art. 3(1)
  3212. C461
    S. 21(2)(b) applied by 1970 c. 9, Sch. 3ZC para. 12(2) (as inserted (retrospective to 11.7.2019 and with effect in accordance with Sch. 7 para. 4(1)(a) of the amending Act) by Finance Act 2020 (c. 14), Sch. 7 para. 2)
  3213. C462
    Act modified (1.2.2001) by Transport Act 2000 (c. 38), Sch. 7 paras. 2(1)(2), 3, 4, 20(2)(4); S.I. 2001/57, art. 3(1)
  3214. C463
    Pt. IV Ch. II modified (1.1.1999) by The European Single Currency (Taxes) Regulations 1998 (S.I. 1998/3177), regs. 1, 39
  3215. C464
    S. 179 modified (22.7.2008) by Crossrail Act 2008 (c. 18), Sch. 13 para. 31
  3216. F2667
    S. 151M inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 33 (with Sch. 9 paras. 1-9, 22)
  3217. F2668
    S. 151L inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 32 (with Sch. 9 paras. 1-9, 22)
  3218. F2669
    Words in s. 288 inserted (6.4.2023 in relation to disposals made on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 41(5)(6)
  3219. F2670
    S. 173 substituted (with effect in accordance with Sch. 29 para. 11(2) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 11(1) (with Sch. 29 para. 46(5))
  3220. F2671
    Words in s. 225B(1)(b) inserted (6.4.2023 in relation to disposals made on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 41(3)(a)(6)
  3221. F2672
    S. 151Q inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 37 (with Sch. 9 paras. 1-9, 22)
  3222. F2673
    S. 248A(8) inserted (6.4.2023 in relation to disposals made on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 43(1)(3)
  3223. F2674
    Ss. 236H-236U and cross-heading inserted (with effect in accordance with Sch. 37 para. 2 of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para. 1 (with Sch. 37 paras. 3, 4)
  3224. F2675
    S. 151R inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 38 (with Sch. 9 paras. 1-9, 22)
  3225. F2676
    Words in s. 271(7) repealed: (with effect in accordance with s. 46(5)(b) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 46(3)(d), Sch. 11 Pt. 2(12) (with s. 46(7)); (6.4.2006) by Finance Act 2004 (c. 12), Sch. 42 Pt. 3 (with Sch. 36)
  3226. F2677
    S. 104(4A) inserted (with effect in accordance with Sch. 37 para. 18(2) of the amending Act) by Finance Act 2014 (c. 26), Sch. 37 para 18(1)
  3227. F2678
    Sum in Sch. 5BB para. 2(1) substituted (6.4.2023 in relation to shares issued on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 15(6)(a)(7)
  3228. F2679
    Words in s. 87A(3)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by virtue of Finance Act 2019 (c. 1), Sch. 1 para. 36
  3229. F2680
    Words in s. 271(7) repealed (with effect in accordance with s. 46(5)(a) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 46(3)(c), Sch. 11 Pt. 2(12) (with s. 46(7))
  3230. F2681
    Words in s. 271(7) substituted (with effect in accordance with s. 46(5)(a) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 46(3)(a) (with s. 46(7))
  3231. F2682
    S. 151S inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 39 (with Sch. 9 paras. 1-9, 22)
  3232. F2683
    S. 151V inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 42 (with Sch. 9 paras. 1-9, 22)
  3233. F2684
    Words in Sch. 7D para. 11(3)(a)(i) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 187(3), 204 (with Sch. 8 paras. 205-215)
  3234. F2685
    S. 151T and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 40 (with Sch. 9 paras. 1-9, 22)
  3235. F2686
    S. 99A heading substituted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 8(f) (with reg. 1(2))
  3236. F2687
    Words in s. 171(3) substituted (with effect in accordance with Sch. 29 para. 2(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 2(4) (with Sch. 29 para. 46(5))
  3237. F2688
    S. 151Y inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 45 (with Sch. 9 paras. 1-9, 22)
  3238. F2689
    S. 248E(9) inserted (6.4.2023 in relation to disposals made on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 43(2)(3)
  3239. F2690
    Words in Sch. 7D para. 12(4)(b) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 188, 204 (with Sch. 8 paras. 205-215)
  3240. F2691
    Words in s. 150A substituted (with effect in accordance with Sch. 6 para. 24(1) of the amending Act) by Finance Act 2012 (c. 14), Sch. 6 para. 20(2)
  3241. F2692
    Word in Sch. 7D para. 11(2) omitted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 187(2), 204 (with Sch. 8 paras. 205-215)
  3242. F2693
    S. 122(3) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 52(2), Sch. 41 Pt. V(10)
  3243. F2694
    S. 151N inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 34 (with Sch. 9 paras. 1-9, 22)
  3244. F2695
    Words in s. 171(2)(a) substituted (with effect in accordance with Sch. 29 para. 2(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 2(3)(a) (with Sch. 29 para. 46(5))
  3245. F2696
    S. 151O inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 35 (with Sch. 9 paras. 1-9, 22)
  3246. F2697
    S. 151W inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 43 (with Sch. 9 paras. 1-9, 22)
  3247. F2698
    S. 174(1)-(3) repealed (with effect in accordance with Sch. 40 Pt. II(12) Note 6 of the amending Act) by Finance Act 2000 (c. 17), Sch. 40 Pt. II(12) (with Sch. 29 para. 46(5))
  3248. F2699
    Sum "£200,000" in formula in Sch. 5BB para. 2(2) substituted for "£100,000" (6.4.2023 in relation to shares issued on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 15(6)(b)(7)
  3249. F2700
    S. 151X and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 44 (with Sch. 9 paras. 1-9, 22)
  3250. F2701
    Words in s. 171(2) substituted (with effect in accordance with Sch. 29 para. 2(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 2(3)(b) (with Sch. 29 para. 46(5))
  3251. F2702
    Word in Sch. 7D para. 11(1) omitted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 187(2), 204 (with Sch. 8 paras. 205-215)
  3252. F2703
    Words in Sch. 7D para. 13(1)(a) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 189, 204 (with Sch. 8 paras. 205-215)
  3253. F2704
    Words in Sch. 7D para. 13(3) substituted (6.4.2014) by Finance Act 2014 (c. 26), Sch. 8 paras. 189, 204 (with Sch. 8 paras. 205-215)
  3254. F2705
    S. 171(6) added (with effect in accordance with Sch. 29 para. 2(6) of the amending Act) by Finance Act 2000 (c. 17), Sch. 29 para. 2(5) (with Sch. 29 para. 46(5))
  3255. F2706
    S. 151K inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 31 (with Sch. 9 paras. 1-9, 22)
  3256. F2707
    S. 58(1A)-(1D) substituted for s. 58(1) (6.4.2023 in relation to disposals made on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 41(2)(6)
  3257. F2708
    S. 225BA inserted (6.4.2023 in relation to disposals made on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 41(4)(6)
  3258. F2709
    S. 151I inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 29 (with Sch. 9 paras. 1-9, 22)
  3259. F2710
    Words in s. 122(2) repealed (with effect in accordance with s. 134(2) of the amending Act) by Finance Act 1996 (c. 8), Sch. 20 para. 52(1), Sch. 41 Pt. V(10)
  3260. F2711
    S. 151P and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 36 (with Sch. 9 paras. 1-9, 22)
  3261. F2712
    Words in s. 225B(3) inserted (6.4.2023 in relation to disposals made on or after that date) by Finance (No. 2) Act 2023 (c. 30), s. 41(3)(b)(6)
  3262. F2713
    Words in s. 196(2) substituted (with effect in accordance with s. 181(4) of the amending Act) by Finance Act 1996 (c. 8), s. 181(2)
  3263. F2714
    Words in s. 271(7) repealed (with effect in accordance with s. 46(5)(a) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), s. 46(3)(b), Sch. 11 Pt. 2(12) (with s. 46(7))
  3264. F2715
    S. 151J and cross-heading inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 30 (with Sch. 9 paras. 1-9, 22)
  3265. F2716
    S. 151U inserted (with effect in accordance with s. 381(1) of the amending Act) by Taxation (International and Other Provisions) Act 2010 (c. 8), s. 381(1), Sch. 2 para. 41 (with Sch. 9 paras. 1-9, 22)
  3266. F2717
    S. 28A inserted (with effect in accordance with s. 40(2) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 40(1)
  3267. F2718
    Ss. 138ZA-138ZC inserted (with effect in accordance with s. 36(4) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 36(2)
  3268. F2719
    Words in s. 288 inserted (with effect in accordance with s. 36(4) of the amending Act) by Finance (No. 2) Act 2023 (c. 30), s. 36(3)
  3269. F2720
    Words in Sch. 5AAA para. 7(5)(a) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(2)(a)(i)
  3270. F2721
    Words in Sch. 5AAA para. 7(5)(b) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(2)(a)(ii)
  3271. F2722
    Words in Sch. 5AAA para. 7(5) omitted (11.7.2023) by virtue of Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(2)(a)(iii)
  3272. F2723
    Sch. 5AAA para. 7(5A) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(2)(b)
  3273. F2724
    Sch. 5AAA para. 7(8) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(2)(c)
  3274. F2725
    Words in Sch. 5AAA para. 13(3)(a) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(3)(a)(i)
  3275. F2726
    Words in Sch. 5AAA para. 13(3)(b) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(3)(a)(ii)
  3276. F2727
    Words in Sch. 5AAA para. 13(3) omitted (11.7.2023) by virtue of Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(3)(a)(iii)
  3277. F2728
    Sch. 5AAA para. 13(3A) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(3)(b)
  3278. F2729
    Sch. 5AAA para. 46(4A) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(4)(b)
  3279. F2730
    Words in Sch. 5AAA para. 46(4)(a) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(4)(a)(i)
  3280. F2731
    Words in Sch. 5AAA para. 46(4) omitted (11.7.2023) by virtue of Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(4)(a)(iii)
  3281. F2732
    Words in Sch. 5AAA para. 46(4)(b) substituted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(4)(a)(ii)
  3282. F2733
    Sch. 5AAA para. 46A(4) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(5)
  3283. F2734
    Words in Sch. 5AAA para. 47(1) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(6)
  3284. F2735
    Sch. 5AAA para. 51(3) inserted (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 4 para. 1(7)
  3285. F2736
    Words in Sch. 5AAA para. 46(3)(a) substituted (22.2.2024) by Finance Act 2024 (c. 3), Sch. 7 para. 4(9) (with Sch. 7 para. 5)
  3286. F2737
    Sum in s. 1K(2) substituted (with effect for the tax year 2024-25 and subsequent tax years) by Finance Act 2023 (c. 1), s. 8(4)(5)
  3287. F2738
    Words in s. 41(9)(a) substituted (with effect for the tax year 2024-25 and subsequent tax years) by Finance Act 2024 (c. 3), Sch. 10 paras. 37, 47 (with Sch. 10 paras. 48-50)
  3288. C465
    Sch. 1A para. 9 applied (with modifications) (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 11(5) (with reg. 63)
  3289. C466
    Sch. 1A Pt. 2 applied (with modifications) (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 11(4) (with reg. 63)
  3290. C467
    Sch. 5AAA para. 13(7) applied (with modifications) (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 12(2) (with reg. 63)
  3291. F2739
    Words in Sch. 5AAA para. 5 cross-heading substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(2) (with reg. 63)
  3292. F2740
    S. 103DC inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(4) (with reg. 63)
  3293. F2741
    S. 99A(6)(aa) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(2) (with reg. 63)
  3294. F2742
    Word in s. 103D(1) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(3)(a)(i) (with reg. 63)
  3295. F2743
    Words in s. 103D(1) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(3)(a)(ii) (with reg. 63)
  3296. F2744
    Word in s. 103D(2) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(3)(b)(i) (with reg. 63)
  3297. F2745
    Words in s. 103D(2) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(3)(b)(ii) (with reg. 63)
  3298. F2746
    S. 103E(1)(aa) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(5) (with reg. 63)
  3299. F2747
    Word in s. 211B(1)(a)(i) omitted (19.3.2025) by virtue of The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(6)(a) (with reg. 63)
  3300. F2748
    S. 211B(1)(a)(ia) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(6)(b) (with reg. 63)
  3301. F2749
    S. 212(1)(bb) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(7)(a) (with reg. 63)
  3302. F2750
    S. 212(1A)(1B) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(7)(b) (with reg. 63)
  3303. F2751
    Words in s. 288(8) Table inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 52(8) (with reg. 63)
  3304. F2752
    Words in Sch. 5AAA para. 5(1) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(3) (with reg. 63)
  3305. F2753
    Words in Sch. 5AAA para. 12(3)(a) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(4)(a) (with reg. 63)
  3306. F2754
    Words in Sch. 5AAA para. 12(4)(b) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(4)(b) (with reg. 63)
  3307. F2755
    Words in Sch. 5AAA para. 12(8) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(4)(c) (with reg. 63)
  3308. F2756
    Words in Sch. 5AAA para. 21(5)(a) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(5) (with reg. 63)
  3309. F2757
    Sch. 5AAA para. 33(1)(aa) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(6)(a) (with reg. 63)
  3310. F2758
    Words in Sch. 5AAA para. 33(1) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 53(6)(b) (with reg. 63)
  3311. F2759
    Words in Sch. 7AC para. 3B(4)(b) renumbered as Sch. 7AC para. 3B(4)(b)(i) (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 54(2)(a)(i) (with reg. 63)
  3312. F2760
    Sch. 7AC para. 3B(4)(b)(ii) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 54(2)(a)(ii) (with reg. 63)
  3313. F2761
    Sch. 7AC para. 3B(6A) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 54(2)(b) (with reg. 63)
  3314. F2762
    Sch. 7AC para. 3B(7) substituted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 54(2)(c) (with reg. 63)
  3315. F2763
    Words in Sch. 7AC para. 30A(1) inserted (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 54(3) (with reg. 63)
  3316. C468
    Ss. 275-275C applied (for the tax year 2025-26 and subsequent tax years) by 2007 c. 3, s. 809L(9B) (with s. 809L(9C)) (as inserted by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 5(8))
  3317. C469
    S. 97(1) modified (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 para. 10(3)(9)
  3318. C470
    Sch. 1 para. 1(2) applied (20.3.2025) by Finance Act 2025 (c. 8), Sch. 10 para. 2(3)
  3319. C471
    Sch. 1 para. 1(2) restricted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 para. 12(1)(2)
  3320. C472
    S. 91(2) excluded (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 para. 13(4)(10)
  3321. C473
    S. 241 excluded (with effect in accordance with Sch. 5 para. 20(1) of the amending Act) by Finance Act 2025 (c. 8), Sch. 5 para. 20
  3322. C474
    S. 87A applied (with modifications) (temp.) (for the tax years 2025-26, 2026-27 or 2027-28) by Finance Act 2025 (c. 8), Sch. 10 paras. 3-5
  3323. C475
    S. 241A excluded (with effect in accordance with Sch. 5 para. 20(1) of the amending Act) by Finance Act 2025 (c. 8), Sch. 5 para. 20
  3324. C476
    Sch. 7AC para. 3 modified (with effect in accordance with Sch. 5 para. 20(1) of the amending Act) by Finance Act 2025 (c. 8), Sch. 5 para. 20
  3325. C477
    Sch. 4C para. 13(2) excluded (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 10 para. 13(8)(10)
  3326. F2764
    Words in s. 151K heading inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(3)(a), 4
  3327. F2765
    Words in s. 151Y heading substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(7)(a), 4
  3328. F2766
    Words in s. 3D cross-heading substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(4)
  3329. F2767
    S. 3D heading substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(5)(a)
  3330. F2768
    Words in s. 236O heading substituted (with effect in accordance with Sch. 6 para. 6(4) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 6(1)(a)(4)
  3331. F2769
    Words in s. 236R heading substituted (with effect in accordance with Sch. 6 para. 6(4) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 6(3)(a)(4)
  3332. F2770
    Words in Sch. 1 heading substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(7)(a)
  3333. F2771
    Sch. 1B omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 5 (with Sch. 2 Pts. 1, 2)
  3334. F2772
    Sch. 5 para. 5C and cross-heading inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 69(4), 70(1)
  3335. F2773
    Sch. D1 inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(2)(11)
  3336. F2774
    S. 59AA inserted (with effect in accordance with s. 80(2) of the amending Act) by Finance Act 2025 (c. 8), s. 80(1)
  3337. F2775
    S. 151KA inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(4), 4
  3338. F2776
    S. 151Z inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(8), 4
  3339. F2777
    S. 236LA inserted (with effect in accordance with Sch. 6 para. 3(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 3(2)(5)
  3340. F2778
    S. 1H(1A) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(1)(a)(3) (with Sch. 2 Pts. 1, 2)
  3341. F2779
    S. 1H(2) omitted (with effect in accordance with s. 12(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 12(1)(a)(3)
  3342. F2780
    S. 1H(4A) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(1)(c)(3) (with Sch. 2 Pts. 1, 2)
  3343. F2781
    S. 1H(7) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(1)(e)(3) (with Sch. 2 Pts. 1, 2)
  3344. F2782
    Word in s. 1H(3) substituted (with effect in accordance with s. 7(3) of the amending Act) by Finance Act 2025 (c. 8), s. 7(1)(b)(i)(3) (with Sch. 2 Pts. 1, 2)
  3345. F2783
    Word in s. 1H(3) substituted (with effect in accordance with s. 7(3) of the amending Act) by Finance Act 2025 (c. 8), s. 7(1)(b)(ii)(3) (with Sch. 2 Pts. 1, 2)
  3346. F2784
    Words in s. 1H(3) substituted (with effect in accordance with s. 12(3) of the amending Act) by Finance Act 2025 (c. 8), s. 12(1)(b)(3)
  3347. F2785
    Word in s. 1H(6) substituted (with effect in accordance with s. 7(3) of the amending Act) by Finance Act 2025 (c. 8), s. 7(1)(d)(3) (with Sch. 2 Pts. 1, 2)
  3348. F2786
    Word in s. 1H(8) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(1)(f)(i)(3) (with Sch. 2 Pts. 1, 2)
  3349. F2787
    Word in s. 1H(8) substituted (with effect in accordance with s. 7(3) of the amending Act) by Finance Act 2025 (c. 8), s. 7(1)(f)(ii)(3) (with Sch. 2 Pts. 1, 2)
  3350. F2788
    S. 1A(2)(za) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(3)(11)
  3351. F2789
    Word in s. 1A(2)(a) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(2)
  3352. F2790
    Words in s. 1A(2)(e) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 52, 70(1)
  3353. F2791
    Words in s. 1E(6) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(4)(11)
  3354. F2792
    S. 1E(4) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 53, 70(1)
  3355. F2793
    S. 1K(6)(b) and word inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(5)(b)(11)
  3356. F2794
    S. 1K(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(3)
  3357. F2795
    S. 3A(3)-(5) omitted (with effect in accordance with Sch. 5 para. 13 of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 10(2), 13 (with Sch. 5 paras. 14, 15, 18(4), 19)
  3358. F2796
    Words in s. 3D(1) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(5)(b)(i)
  3359. F2797
    Word in s. 3D(1) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(5)(b)(ii)
  3360. F2798
    S. 16(4)(5) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(6)(11)
  3361. F2799
    S. 16ZA omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(6)
  3362. F2800
    Words in s. 62(3) substituted (with effect in accordance with s. 40(6) of the amending Act) by Finance Act 2025 (c. 8), s. 40(6), Sch. 9 para. 10
  3363. F2801
    S. 62(2A)(a) omitted (with effect in accordance with Sch. 12 para. 70(2) of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 54, 70(2)
  3364. F2802
    S. 69(2CA) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 12(3)
  3365. F2803
    Words in s. 69(2B)(c) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 12(2)
  3366. F2804
    Word in s. 69(2F) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 12(4)
  3367. F2805
    S. 86(6) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 55(5), 70(1)
  3368. F2806
    Words in s. 86(1)(c) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 55(2), 70(1)
  3369. F2807
    S. 86(3A) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 55(3), 70(1)
  3370. F2808
    S. 86(4)(b) and word omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 55(4), 70(1)
  3371. F2809
    Words in s. 86A(1)(b) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 56, 70(1)
  3372. F2810
    S. 87(8) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 57, 70(1)
  3373. F2811
    S. 87B(5) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(5), 70(1)
  3374. F2812
    Words in s. 87B(1)(a) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(2)(a)(i), 70(1)
  3375. F2813
    Words in s. 87B(1)(a) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(2)(a)(ii), 70(1)
  3376. F2814
    Word in s. 87B(1)(b) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(2)(b), 70(1)
  3377. F2815
    Words in s. 87B(4) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(4), 70(1)
  3378. F2816
    Words in s. 87B(2) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 58(3), 70(1)
  3379. F2817
    S. 87D(1)(b) and word omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 59, 70(1)
  3380. F2818
    S. 87G(2A) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 60(3), 70(1)
  3381. F2819
    Words in s. 87G(1)(b) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 60(2), 70(1)
  3382. F2820
    Word in s. 87G(4) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 60(4)(a), 70(1)
  3383. F2821
    S. 87G(4)(c) and word inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 60(4)(b), 70(1)
  3384. F2822
    Words in s. 87H(1) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 61, 70(1)
  3385. F2823
    S. 87HA substituted for ss. 87I-87M (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 62, 70(1) (with Sch. 12 paras. 74, 75)
  3386. F2824
    Words in s. 91(1)(a) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 63, 70(1)
  3387. F2825
    Words in s. 97(3) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 64(b), 70(1)
  3388. F2826
    Words in s. 97(1)(a)(ii) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 64(a), 70(1)
  3389. F2827
    Words in s. 151H(3)(b) inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(2), 4
  3390. F2828
    S. 151I(1)(d) substituted (20.3.2025) by Finance Act 2025 (c. 8), s. 85(1)
  3391. F2829
    Words in s. 151K substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(3)(b), 4
  3392. F2830
    Words in s. 151K substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(3)(c), 4
  3393. F2831
    Words in s. 151K substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(3)(d), 4
  3394. F2832
    Words in s. 151K substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(3)(e), 4
  3395. F2833
    Word in s. 151K(7) substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(3)(g), 4
  3396. F2834
    Words in s. 151K(1A)(d) substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(3)(f), 4
  3397. F2835
    Words in s. 151R substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(a), 4
  3398. F2836
    Words in s. 151R(2) inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(b)(i), 4
  3399. F2837
    Words in s. 151R(2) substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(b)(ii), 4
  3400. F2838
    Words in s. 151R(2) substituted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(b)(iii), 4
  3401. F2839
    Words in s. 151R(4) inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(5)(c), 4
  3402. F2840
    Words in s. 151X(2) inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(6), 4
  3403. F2841
    S. 151Y renumbered as s. 151Y(1) (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(7)(b), 4
  3404. F2842
    S. 151Y(2)-(4) inserted (with effect in accordance with Sch. 7 para. 4 of the amending Act) by Finance Act 2025 (c. 8), Sch. 7 paras. 3(7)(c), 4
  3405. F2843
    Words in s. 165A(14) omitted (with effect in accordance with Sch. 5 para. 13 of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 10(3), 13 (with Sch. 5 paras. 14, 15, 18(4), 19)
  3406. F2844
    Sum in s. 169VK(1) substituted (with effect in accordance with s. 10(2) of the amending Act) by Finance Act 2025 (c. 8), s. 10(1)(a)(2) (with Sch. 2 Pt. 2)
  3407. F2845
    Sum in s. 169VK(2) substituted (with effect in accordance with s. 10(2) of the amending Act) by Finance Act 2025 (c. 8), s. 10(1)(a)(2) (with Sch. 2 Pt. 2)
  3408. F2846
    Sum in s. 169VL(2) substituted (with effect in accordance with s. 10(2) of the amending Act) by Finance Act 2025 (c. 8), s. 10(1)(b)(2) (with Sch. 2 Pt. 2)
  3409. F2847
    Sum in s. 169VL(3) substituted (with effect in accordance with s. 10(2) of the amending Act) by Finance Act 2025 (c. 8), s. 10(1)(b)(2) (with Sch. 2 Pt. 2)
  3410. F2848
    Words in s. 222A(1)(b)(i) substituted (with effect in accordance with s. 7(3) of the amending Act) by Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 3 (with Sch. 2 Pts. 1, 2)
  3411. F2849
    Words in s. 223(7)(b) substituted (with effect in accordance with s. 7(3) of the amending Act) by Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 4 (with Sch. 2 Pts. 1, 2)
  3412. F2850
    S. 236H(7A) inserted (with effect in accordance with Sch. 6 para. 7(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 7(1)(b)(3)
  3413. F2851
    S. 236H(4)(za) inserted (with effect in accordance with Sch. 6 para. 2(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 2(1)(5)
  3414. F2852
    S. 236H(4)(ba) inserted (with effect in accordance with Sch. 6 para. 3(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 3(1)(5)
  3415. F2853
    S. 236H(4)(ca) inserted (with effect in accordance with Sch. 6 para. 5(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 5(1)(3)
  3416. F2854
    Word in s. 236H(7) omitted (with effect in accordance with Sch. 6 para. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 6 para. 7(1)(a)(i)(3)
  3417. F2855
    S. 236H(7)(ba) inserted (with effect in accordance with Sch. 6 para. 7(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 7(1)(a)(ii)(3)
  3418. F2856
    S. 236H(7)(d) and word inserted (with effect in accordance with Sch. 6 para. 7(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 7(1)(a)(iii)(3)
  3419. F2857
    S. 236O(2A)(2B) inserted (with effect in accordance with Sch. 6 para. 4(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 4(1)(3)
  3420. F2858
    S. 236O(2)(za) inserted (with effect in accordance with Sch. 6 para. 2(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 2(2)(5)
  3421. F2859
    S. 236O(2)(ba) inserted (with effect in accordance with Sch. 6 para. 3(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 3(3)(5)
  3422. F2860
    Words in s. 236O(1)(b) substituted (with effect in accordance with Sch. 6 para. 6(4) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 6(1)(b)(4)
  3423. F2861
    S. 236P(3A) inserted (with effect in accordance with Sch. 6 para. 2(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 2(3)(5)
  3424. F2862
    S. 236P(2A) inserted (with effect in accordance with Sch. 6 para. 4(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 4(2)(3)
  3425. F2863
    S. 236P(2)(ba) inserted (with effect in accordance with Sch. 6 para. 3(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 3(4)(5)
  3426. F2864
    Word in s. 236P(1) inserted (with effect in accordance with Sch. 6 para. 6(4) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 6(2)(4)
  3427. F2865
    S. 236Q(6A) inserted (with effect in accordance with Sch. 6 para. 7(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 7(2)(b)(3)
  3428. F2866
    Word in s. 236Q(1)(c) substituted (with effect in accordance with Sch. 6 para. 2(5) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 2(4)(5)
  3429. F2867
    Words in s. 236Q(1)(c) substituted (with effect in accordance with Sch. 6 para. 5(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 5(2)(3)
  3430. F2868
    Word in s. 236Q(6) omitted (with effect in accordance with Sch. 6 para. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 6 para. 7(2)(a)(i)(3)
  3431. F2869
    S. 236Q(6)(ba) inserted (with effect in accordance with Sch. 6 para. 7(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 7(2)(a)(ii)(3)
  3432. F2870
    Words in s. 236R(1)(b) substituted (with effect in accordance with Sch. 6 para. 6(4) of the amending Act) by Finance Act 2025 (c. 8), Sch. 6 para. 6(3)(b)(4)
  3433. F2871
    S. 241 omitted (with effect in accordance with Sch. 5 para. 13 of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 10(4)(a), 13 (with Sch. 5 paras. 14, 15, 18(4), 19)
  3434. F2872
    S. 241A omitted (with effect in accordance with Sch. 5 para. 13 of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 5 paras. 10(4)(b), 13 (with Sch. 5 paras. 14, 15, 18(4), 19)
  3435. F2873
    S. 275(3A) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 19(3)
  3436. F2874
    S. 275(1)(l) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 19(2)
  3437. F2875
    S. 279A(7)(b) omitted (with effect in accordance with Sch. 12 para. 70(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 65, 70(3)
  3438. F2876
    S. 279C(6)(c) and word omitted (with effect in accordance with Sch. 12 para. 70(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 66(b), 70(3)
  3439. F2877
    Word in s. 279C(6) inserted (with effect in accordance with Sch. 12 para. 70(3) of the amending Act) by Finance Act 2025 (c. 8), Sch. 12 paras. 66(a), 70(3)
  3440. F2878
    Words in s. 288(1) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(7)(11)
  3441. F2879
    Word in Sch. 1 para. 1 substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(7)(b) (as amended (with retrospective effect) by Finance Act 2026 (c. 11), Sch. 3 para. 5)
  3442. F2880
    Sch. 1 para. 2 omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(7)(c)
  3443. F2881
    Sch. 1 para. 3 omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(7)(c)
  3444. F2882
    Sch. 1 para. 4 omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 2(7)(c)
  3445. F2883
    Words in Sch. 1A para. 1 inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(8)(11)
  3446. F2884
    Words in Sch. 1C para. 1(4) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 39(9)(11)
  3447. F2885
    Sch. 4AA para. 5 omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 6(2) (with Sch. 2 Pts. 1, 2)
  3448. F2886
    Sch. 4AA para. 10 omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 6(2) (with Sch. 2 Pts. 1, 2)
  3449. F2887
    Sch. 4AA para. 11 omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 6(2) (with Sch. 2 Pts. 1, 2)
  3450. F2888
    Sch. 4AA para. 15 omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 6(2) (with Sch. 2 Pts. 1, 2)
  3451. F2889
    Words in Sch. 4AA para. 22(3) substituted (with effect in accordance with s. 7(3) of the amending Act) by Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 6(3) (with Sch. 2 Pts. 1, 2)
  3452. F2890
    Sch. 5 para. 1(6A) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 69(2), 70(1)
  3453. F2891
    Sch. 5 para. 5A omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 69(3), 70(1)
  3454. F2892
    Sch. 5 para. 5B omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 69(3), 70(1)
  3455. F2893
    Word in Sch. 5 para. 6(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), Sch. 12 paras. 69(5)(a), 70(1)
  3456. F2894
    Sch. 5 para. 6(3)(c) and word inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 69(5)(b), 70(1)
  3457. F2895
    Word in Sch. 4C para. 8(6) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), Sch. 12 paras. 68(2), 70(1)
  3458. F2896
    Words in Sch. 5A para. 3(3) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(2)(a) (with Sch. 9 para. 20(4)(5))
  3459. F2897
    Words in Sch. 5A para. 3(3) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(2)(b) (with Sch. 9 para. 20(4)(5))
  3460. F2898
    Sch. 5A para. 3(3A) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(2)(c) (with Sch. 9 para. 20(4)(5))
  3461. F2899
    Sch. 5A para. 4(3A) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(3)(d) (with Sch. 9 para. 20(4)(5))
  3462. F2900
    Sch. 5A para. 4(2)(b)(ba) substituted for Sch. 5A para. 4(2)(b) (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(3)(a) (with Sch. 9 para. 20(4)(5))
  3463. F2901
    Words in Sch. 5A para. 4(2) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(3)(c) (with Sch. 9 para. 20(4)(5))
  3464. F2902
    Words in Sch. 5A para. 4(2)(c) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(3)(b)(i) (with Sch. 9 para. 20(4)(5))
  3465. F2903
    Words in Sch. 5A para. 4(2)(c) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2025 (c. 8), s. 40(4), Sch. 9 para. 20(3)(b)(ii) (with Sch. 9 para. 20(4)(5))
  3466. F2904
    Words in s. 1I(1) substituted (with effect in accordance with s. 12(3) of the amending Act) by Finance Act 2025 (c. 8), s. 12(2)(b)(3)
  3467. F2905
    Words in s. 1I(2) substituted (with effect in accordance with s. 12(3) of the amending Act) by Finance Act 2025 (c. 8), s. 12(2)(c)(3)
  3468. F2906
    Words in s. 1I(5) substituted (with effect in accordance with s. 12(3) of the amending Act) by Finance Act 2025 (c. 8), s. 12(2)(d)(3)
  3469. F2907
    Words in s. 1I(9) substituted (with effect in accordance with s. 12(3) of the amending Act) by Finance Act 2025 (c. 8), s. 12(2)(f)(3)
  3470. F2908
    Words in s. 1I(7) substituted (with effect in accordance with s. 12(3) of the amending Act) by Finance Act 2025 (c. 8), s. 12(2)(e)(3)
  3471. F2909
    S. 1I(7)-(9) substituted (with effect in relation to disposals made on or after 30.10.2024) by Finance Act 2025 (c. 8), s. 7(3), Sch. 1 para. 2(d) (with Sch. 2 Pts. 1, 2)
  3472. C478
    S. 58(1) excluded (with application in accordance with Sch. 11 para. 1(1) of the amending Act) by Finance Act 2025 (c. 8), Sch. 11 para. 1(1)(3)
  3473. F2910
    Words in s. 62(3) omitted (retrospective to 6.4.2025) by virtue of Finance Act 2026 (c. 11), Sch. 3 para. 4
  3474. F2911
    Word in s. 87HA(2) omitted (retrospective to 6.4.2025) by virtue of Finance Act 2026 (c. 11), s. 44(3)(6)
  3475. F2912
    Word in s. 87HA(3) omitted (retrospective to 6.4.2025) by virtue of Finance Act 2026 (c. 11), s. 44(3)(6)
  3476. C479
    S. 116 excluded (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by 2005 c. 5, Sch. A1 para. 15(4) (as inserted by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 1)
  3477. F2913
    Word in s. 137 heading inserted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(4)(a)(6) (with s. 37(7))
  3478. F2914
    Sch. 1A Pt. 4 heading substituted (with effect in accordance with s. 40(4) of the amending Act) by Finance Act 2026 (c. 11), s. 40(2)(4)
  3479. F2915
    Sch. 1A para. 10A and cross-headings inserted (with effect in accordance with s. 40(4) of the amending Act) by Finance Act 2026 (c. 11), s. 40(3)(4)
  3480. F2916
    Ss. 103KB-103KE omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(9)
  3481. F2917
    Ss. 103KFA-103KH omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(11)
  3482. F2918
    Ss. 257A, 257B substituted for s, 257A (with effect in accordance with s. 56(8) of the amending Act) by Finance Act 2026 (c. 11), s. 56(8), Sch. 9 para. 19 (with s. 56(9)(10))
  3483. F2919
    S. 1H(5) omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(2)(b)
  3484. F2920
    Words in s. 1H(3) omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(2)(a)
  3485. F2921
    Word in s. 1H(6) omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(2)(c)
  3486. F2922
    S. 1H(4B) omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(2)(b)
  3487. F2923
    S. 1H(9)-(11) omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(2)(d)
  3488. F2924
    S. 1I(A1) omitted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by virtue of Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(3)
  3489. F2925
    S. 1J(1)(ab) inserted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 38(a)
  3490. F2926
    Words in s. 1J(5) inserted (for the tax year 2027-28 and subsequent tax years) by Finance Act 2026 (c. 11), s. 6(8), Sch. 1 para. 38(b)
  3491. F2927
    S. 1K(6)(a) omitted (for the tax year 2025-26 and subsequent tax years) by virtue of Finance Act 2026 (c. 11), Sch. 3 para. 6(2)(3)
  3492. F2928
    S. 1M(1A) inserted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(4)
  3493. F2929
    Words in s. 2B(3)(a) omitted (for chargeable periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), Sch. 7 paras. 28(2)(a), 30
  3494. F2930
    Words in s. 2B(3)(b) substituted (for chargeable periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), Sch. 7 paras. 28(2)(b), 30
  3495. F2931
    Words in s. 2B(3)(c) substituted (for chargeable periods beginning on or after 1.1.2026) by Finance Act 2026 (c. 11), Sch. 7 paras. 28(2)(c), 30
  3496. F2932
    S. 2C(2) omitted (for chargeable periods beginning on or after 1.1.2026) by virtue of Finance Act 2026 (c. 11), Sch. 7 paras. 28(3), 30
  3497. F2933
    S. 86(4ZB)(4ZC) substituted for s. 86(4ZB) (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(5)
  3498. F2934
    S. 87(5B)(5C) substituted for s. 87(5B) (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(6)
  3499. F2935
    Words in s. 103G(4) substituted (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(2)(6) (with s. 36(7))
  3500. F2936
    Words in s. 103H(5) substituted (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(3)(6) (with s. 36(7))
  3501. F2937
    Words in s. 103I(4) substituted (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(4)(6) (with s. 36(7))
  3502. F2938
    Word in s. 103K heading inserted (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(5)(a)(6) (with s. 36(7))
  3503. F2939
    S. 103K(1)-(1C) substituted for s. 103K(1) (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(5)(b)(6) (with s. 36(7))
  3504. F2940
    S. 103K(7) inserted (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(5)(e)(6) (with s. 36(7))
  3505. F2941
    S. 103K(2) omitted (with effect in accordance with s. 36(6) of the amending Act) by virtue of Finance Act 2026 (c. 11), s. 36(5)(c)(6) (with s. 36(7))
  3506. F2942
    S. 103K(3) omitted (with effect in accordance with s. 36(6) of the amending Act) by virtue of Finance Act 2026 (c. 11), s. 36(5)(c)(6) (with s. 36(7))
  3507. F2943
    Words in s. 103K(4) substituted (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(5)(d)(i)(6) (with s. 36(7))
  3508. F2944
    Words in s. 103K(4)(a) inserted (with effect in accordance with s. 36(6) of the amending Act) by Finance Act 2026 (c. 11), s. 36(5)(d)(ii)(6) (with s. 36(7))
  3509. F2945
    S. 103KA substituted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(8)
  3510. F2946
    S. 103KF(3) inserted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(10)
  3511. F2947
    Words in s. 135(6) substituted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(2)(6) (with s. 37(7))
  3512. F2948
    Words in s. 136(6) substituted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(3)(6) (with s. 37(7))
  3513. F2949
    S. 137(1)-(1C) substituted for s. 137(1) (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(4)(b)(6) (with s. 37(7))
  3514. F2950
    S. 137(7) inserted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(4)(e)(6) (with s. 37(7))
  3515. F2951
    S. 137(2) omitted (with effect in accordance with s. 37(6) of the amending Act) by virtue of Finance Act 2026 (c. 11), s. 37(4)(c)(6) (with s. 37(7))
  3516. F2952
    S. 137(3) omitted (with effect in accordance with s. 37(6) of the amending Act) by virtue of Finance Act 2026 (c. 11), s. 37(4)(c)(6) (with s. 37(7))
  3517. F2953
    Words in s. 137(4) substituted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(4)(d)(i)(6) (with s. 37(7))
  3518. F2954
    Words in s. 137(4)(a) inserted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(4)(d)(ii)(6) (with s. 37(7))
  3519. F2955
    Words in s. 138(1) substituted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(5)(a)(iii)(6) (with s. 37(7))
  3520. F2956
    S. 138(6) inserted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(5)(b)(6) (with s. 37(7))
  3521. F2957
    Words in s. 138(1) substituted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(5)(a)(i)(6) (with s. 37(7))
  3522. F2958
    Words in s. 138(1) inserted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(5)(a)(ii)(6) (with s. 37(7))
  3523. F2959
    Words in s. 138(1) substituted (with effect in accordance with s. 37(6) of the amending Act) by Finance Act 2026 (c. 11), s. 37(5)(a)(iv)(6) (with s. 37(7))
  3524. F2960
    S. 139(4A)-(4D) inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2026 (c. 11), s. 38(1)(a)(2) (with s. 38(3))
  3525. F2961
    S. 139(10) inserted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2026 (c. 11), s. 38(1)(d)(2) (with s. 38(3))
  3526. F2962
    Words in s. 139(5) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2026 (c. 11), s. 38(1)(b)(ii)(2) (with s. 38(3))
  3527. F2963
    Words in s. 139(6) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2026 (c. 11), s. 38(1)(c)(2) (with s. 38(3))
  3528. F2964
    Words in s. 139(7) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2026 (c. 11), s. 38(1)(c)(2) (with s. 38(3))
  3529. F2965
    Words in s. 139(5) substituted (with effect in accordance with s. 38(2) of the amending Act) by Finance Act 2026 (c. 11), s. 38(1)(b)(i)(2) (with s. 38(3))
  3530. F2966
    S. 162(6) inserted (with effect in accordance with s. 39(5) of the amending Act) by Finance Act 2026 (c. 11), s. 39(3)(5)
  3531. F2967
    Words in s. 162(1) renumbered as s. 162(1)(a) (with effect in accordance with s. 39(5) of the amending Act) by Finance Act 2026 (c. 11), s. 39(2)(a)(5)
  3532. F2968
    S. 162(1)(b) and word inserted (with effect in accordance with s. 39(5) of the amending Act) by Finance Act 2026 (c. 11), s. 39(2)(b)(5)
  3533. F2969
    S. 162A omitted (with effect in accordance with s. 39(5) of the amending Act) by virtue of Finance Act 2026 (c. 11), s. 39(4)(5)
  3534. F2970
    Words in s. 236H(3) substituted (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2026 (c. 11), s. 35(3)(4)
  3535. F2971
    S. 236H(2)(2A) substituted for s. 236H(2) (with effect in accordance with s. 35(4) of the amending Act) by Finance Act 2026 (c. 11), s. 35(2)(4)
  3536. F2972
    Words in Sch. D1 para. 2(2) substituted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2026 (c. 11), Sch. 3 para. 1(4)(a)(5)
  3537. F2973
    Words in Sch. D1 para. 2(2) inserted (for the tax year 2025-26 and subsequent tax years) by Finance Act 2026 (c. 11), Sch. 3 para. 1(4)(b)(5)
  3538. F2974
    Words in Sch. D1 para. 6 inserted (18.3.2026) by Finance Act 2026 (c. 11), Sch. 3 para. 2(2)(a)(i) (with Sch. 3 para. 2(4))
  3539. F2975
    Words in Sch. D1 para. 6 substituted (18.3.2026) by Finance Act 2026 (c. 11), Sch. 3 para. 2(2)(a)(ii) (with Sch. 3 para. 2(4))
  3540. F2976
    Words in Sch. D1 para. 6 inserted (18.3.2026) by Finance Act 2026 (c. 11), Sch. 3 para. 2(2)(b) (with Sch. 3 para. 2(4))
  3541. F2977
    S. 87BA inserted (for the tax year 2026-27 and subsequent tax years (but in relation to investment management services whenever performed)) by Finance Act 2026 (c. 11), s. 58(6), Sch. 11 para. 2(7)
  3542. F2978
    Word in s. 1H(1)(a) substituted (with effect in accordance with s. 8(6) of the amending Act) by Finance Act 2025 (c. 8), s. 8(5)(6) (with Sch. 2 Pt. 3)
  3543. F2979
    Word in s. 1H(1)(b) substituted (with effect in accordance with s. 9(8) of the amending Act) by Finance Act 2025 (c. 8), s. 9(6)(8) (with Sch. 2 Pt. 3)
  3544. F2980
    Word in s. 1I(4)(a) substituted (with effect in accordance with s. 9(8) of the amending Act) by Finance Act 2025 (c. 8), s. 9(7)(8) (with Sch. 2 Pt. 3)
  3545. F2981
    Word in s. 169I(7D)(b) substituted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(8)(a)(9)
  3546. F2982
    Words in s. 169I(7D)(b) inserted (6.4.2026) by Finance Act 2026 (c. 11), s. 13(8)(b)(9)
  3547. F2983
    Word in s. 169N(3) substituted (with effect in accordance with s. 8(6) of the amending Act) by Finance Act 2025 (c. 8), s. 8(4)(6) (with Sch. 2 Pt. 3)
  3548. F2984
    Word in s. 169VC(2) substituted (with effect in accordance with s. 9(8) of the amending Act) by Finance Act 2025 (c. 8), s. 9(5)(8) (with Sch. 2 Pt. 3)
  3549. M81
    1968 c. 13.
  3550. M82
    1978 c. 30.
  3551. M83
    1985 c. 54.
  3552. M84
    1973 c. 51.
  3553. M85
    1940 c. 29.
  3554. M86
    1946 c. 17 (N.I.).
  3555. M87
    1965 c. 25.
  3556. M88
    1947 c. 14.
  3557. M89
    1968 c. 44.
  3558. M90
    1968 c. 17 (N.I.).
  3559. M91
    1970 c. 10.
  3560. M92
    1947 c. 14.
  3561. M93
    1984 c. 43.
  3562. M94
    1989 c. 26.
  3563. M95
    1991 c. 31.
  3564. M96
    1991 c. 31.
  3565. M97
    1984 c. 43
  3566. M98
    1981 c. 35.
  3567. M99
    1965 c. 25
  3568. M100
    1970 c. 10.
  3569. M101
    1956 c. 54.
  3570. M102
    1971 c. 68.
  3571. M103
    1965 c. 25.