- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (05/04/1994)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 03/05/1994
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Taxes Management Act 1970, Section 12 is up to date with all changes known to be in force on or before 06 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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F1[(1)[F2Sections 8 and 8A] of this Act shall apply in relation to capital gains tax as [F2they apply] in relation to income tax, and subject to any necessary modifications.]
(2)A notice under section 8 [F3or section 8A] or section 11 of this Act may require particulars of any assets acquired by the person on whom the notice was served (or if the notice relates to income or chargeable gains of some other person, of any assets acquired by that other person) in the period specified in the notice (being a period beginning not earlier than 6th April 1965) but excluding—
F4[(a)any assets exempted by the following provisions of the [F51992 Act], namely—
(i)section [F651(1)] (rights to winnings from pool betting, lotteries or games with prizes),
(ii)section [F7121] (government non-marketable securities),
(iii)section [F8263, 268 or 269] (passenger vehicles, decorations for valour or gallant conduct and foreign currency for personal expenditure)], or
(b)unless the amount or value of the consideration for its acquisition exceeded [F9£6,000], any asset which is tangible movable property and is not within the exceptions in [F4section [F10262(6)]] of the said Act (terminal markets and currency), or
(c)any assets acquired as trading stock.
(3)The particulars required under this section may include particulars of the person from whom the asset was acquired, and of the consideration for the acquisition.
(4)A return F11... under section 9 of this Act shall include—
(a)with respect to any disposal of partnership property during a period to which any part of the return relates, the like particulars as if the partnership were liable to tax on any chargeable gain accruing on the disposal, and
(b)with respect to any acquisition of partnership property, the particulars required under subsection (2) above.
(5)In this section “trading stock” has the meaning given by section [F12100(2)] of the principal Act.
Textual Amendments
F1S. 12(1) substituted by Finance Act 1988 (c. 39) s. 122 (with respect to notices required to be given for the year 1988-89 and subsequent years)
F2Words in s. 12(1) substituted (where a notice to deliver a return was, or falls to be given, after 5 April 1990) by Finance Act 1990 s. 90(2)(a)(5)
F3Finance Act 1990 s. 90(2)(b), (5) where a notice to deliver a return was, or falls to be given after 5April 1990.
F4Capital Gains Tax Act 1979 (c. 14), s. 157(2), Sch. 7 paras. 1(2), 9for 1979-80et seq.
F5Words in s. 12(2)(a) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 3(a) (with ss. 60, 101(1), 171, 201(3))
F6Words in s. 12(2)(a)(i) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 3(b) (with ss. 60, 101(1), 171, 201(3))
F7Words in s. 12(2)(a)(ii) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 2(3)(c) (with ss. 60, 101(1), 171, 201(3))
F8Words in s. 12(2)(a)(iii) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 2(3)(d) (with ss. 60, 101(1), 171, 201(3))
F9Finance Act 1989 s. 123in relation to assets acquired on or after 6April 1989. Previously “£3000”
F10Words in s. 12(2)(b) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation and Chargeable Gains Act 1992 (c. 12) ss. 289, 290, Sch. 10 para. 2(3)(e) (with ss. 60, 101(1), 171, 201(3))
F11Repealed by Finance Act 1990 s. 90(2)(c),(5)and Sch. 19 Part Vwhere a notice to deliver a return was, or falls to be, given after 5April 1990.
F12Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 29 para. 32.
Modifications etc. (not altering text)
C1 See—Capital Gains Tax Act 1979 (c. 14, SIF 63:2) s.5(5)andSch.1 para.3—return of small disposals and gains.Capital Gains Tax Act 1979 (c. 14, SIF 63:2) s.45(3)—returns of chargeable gains accruing to a married woman.
C2 See Finance Act 1990 s. 39—power to call for a return in connection with claims for roll-over relief on disposal of shares to employee share ownership trusts.
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