Tax

I113Relief from income tax and capital gains tax

1

Regulations may make provision for and in connection with giving relief from—

a

income tax, and

b

capital gains tax,

in respect of investments under child trust funds.

2

The regulations may, in particular, include—

a

provision for securing that losses are disregarded for the purposes of capital gains tax where they accrue on the disposal of investments under child trust funds, and

b

provision dealing with anything which, apart from the regulations, would have been regarded for those purposes as an indistinguishable part of the same asset.

3

The regulations may specify how tax relief is to be claimed by persons entitled to it or by account providers on their behalf.

4

The regulations may include provision requiring that, in circumstances prescribed by the regulations, the person prescribed by the regulations is to account to the Inland Revenue for—

a

tax from which relief has been given under the regulations, and

b

income or gains arising in consequence of the giving of relief under the regulations,

or for an amount determined in accordance with the regulations in respect of such tax.

5

Provision made by virtue of this section may disapply, or modify the effect of, any enactment relating to income tax or capital gains tax.