Taxation of Chargeable Gains Act 1992 (c. 12)

SCHEDULES

[F1 SCHEDULE 7AC U.K. Exemptions for disposals by companies with substantial shareholding

Textual Amendments

F1 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

Part 1 U.K. The exemptions

Other cases excluded from exemptions U.K.

6 (1) The exemptions conferred by this Schedule do not apply— U.K.

(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 [F2 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.]

Textual Amendments

F2 Words in Sch. 7AC para. 6(1)(c) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 88(2)

Modifications etc. (not altering text)

C1 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))