Capital Gains Tax Act 1979 (repealed 6.3.1992)

Section 157(2).

SCHEDULE 7 U.K. Consequential Amendments

Taxes Management Act 1970 (c. 9) U.K.

1 (1) The Taxes Management Act 1970 shall be amended as follows.

(2) In section 12(2) for paragraph (a) substitute—

“(a) any assets exempted by the following provisions of the Capital Gains Tax Act 1979, namely—

(i) section 19(4) (rights to winnings from pool betting, lotteries or games with prizes),

(ii) section 71 (government non-marketable securities),

(iii) section 130, 131 or 133 (passenger vehicles, decorations for valour or gallant conduct and foreign currency for personal expenditure)”.

(3) In section 28(1) for “section 41” (in both places) substitute “ section 15 ”, for “section 42” (in both places) substitute “ section 17 ”, and for “Finance Act 1965” substitute “ Capital Gains Tax Act 1979 ”.

Modifications etc. (not altering text)

C1 Part of the text of Sch. 7 paras. 1(2), 2(2)(3), 3, 4, 7 and Sch. 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

Income and Corporation Taxes Act 1970 (c. 10) U.K.

2 (1) The Taxes Act shall be amended as follows.

[F1 (2) In section 270(3) for the words from “disposal” to the end of the subsection substitute—

“disposal, and the asset consists of specified securities, the company acquiring the asset shall be treated for the purposes of sections 67 to 70 of the Capital Gains Tax Act 1979 as acquiring it at the time when the other acquired it.”]

(3) At the end of section 270 (in place of the subsection (6) inserted by paragraph 12 of Schedule 10 to the Finance Act 1971) insert—

“(6) In this section “specified securities” means securities which are gilt-edged securities as defined by Schedule 2 to the Capital Gains Tax Act 1979.”

(4) In section 279(1)(a) after “1965” insert “ but before 20th April 1977 ”.

Textual Amendments

F1 Sch. 7 para. 2(2) repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. VII with respect to disposals on or after 2 July 1986

Modifications etc. (not altering text)

C2 Part of the text of Sch. 7 paras. 1(2), 2(2)(3), 3, 4, 7 and Sch. 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

Finance Act 1974 (c. 30) U.K.

[F2 3 For paragraph 18(6) of Schedule 3 to the Finance Act 1974 substitute—

“(6) The following provisions of the Capital Gains Tax Act 1979 shall, with any necessary modifications, apply for the purposes of this paragraph as they apply for the purposes of section 115 of that Act, namely—

(a) subsections (3) to (8) of the said section 115,

(b) section 119,

(c) section 121.”]

Textual Amendments

F2 Sch. 7 paras. 3, 4, 6 repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X in relation to disposals of interests in land taking place on or after 19 March 1985 but without affecting the construction of Capital Gains Tax Act 1979 (c. 14), Sch. 5 para. 9

Modifications etc. (not altering text)

C3 Part of the text of Sch. 7 paras. 1(2), 2(2)(3), 3, 4, 7 and Sch. 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

[F3 4 For paragraph 19 of Schedule 3 to the Finance Act 1974 substitute—

“19 (1) Paragraph 18 above shall have effect subject to the provisions of this paragraph, in which—

(a) the “tax reduction” means the reduction in the income tax or corporation tax to which the person carrying on the trade is chargeable which is made under sub-paragraph (3) of the said paragraph 18 in connection with a disposal of an asset (called “asset No. 1”);

(b) the “expenditure reduction” means the related amount by which under sub-paragraph (4) of that paragraph, and apart from the provisions of this paragraph, the expenditure allowable in respect of another asset (called “asset No. 2”) is reduced;

(c) any reference to an expenditure reduction of any amount being carried forward to any asset is a reference to a reduction of that amount in expenditure allowable in respect of that asset.

(2) If asset No. 2 is a depreciating asset, the expenditure reduction shall not be carried forward, but—

(a) when the claimant disposes of asset No. 2, or

(b) when he ceases to use asset No. 2 for the purposes of a trade carried on by him, or

(c) on the expiration of a period of ten years beginning with the acquisition of asset No. 2,

whichever event comes first. an amount equal to the tax reduction may be assessed to tax and recovered accordingly.

Any assessment to income tax or corporation tax under this paragraph shall be made under Case VI of Schedule D.

(3) If, in the circumstances specified in sub-paragraph (4) below, the claimant acquires an asset (called “asset No. 3”) which is not a depreciating asset, and so claims under paragraph 18 above—

(a) the expenditure reduction 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 sub-paragraph (2) above does not apply).

(4) The circumstances are that asset No. 3 is acquired not later than the occurrence of whichever of the events mentioned in sub-paragraph (2) above comes first 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 115(3) of the Capital Gains Tax Act 1979 as applied by paragraph 18(6) above,

the whole amount of the expenditure reduction could be carried forward from asset No. 1 to asset No. 3; and the claim under sub-paragraph (3) above shall be accepted as if those assumptions were true.

(5) For the purposes of this paragraph an asset is a depreciating asset at any time if—

(a) at that time it is a wasting asset as defined in section 37(1) of the Capital Gains Tax Act 1979, or

(b) within the period of ten years beginning at that time it will become a wasting asset (so defined).

(6) This paragraph shall be construed as one with paragraph 18 above.”]

Textual Amendments

F3 Sch. 7 paras. 3, 4, 6 repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X in relation to disposals of interests in land taking place on or after 19 March 1985 but without affecting the construction of Capital Gains Tax Act 1979 (c. 14), Sch. 5 para. 9

Modifications etc. (not altering text)

C4 Part of the text of Sch. 7 paras. 1(2), 2(2)(3), 3, 4, 7 and Sch. 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

F4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

5

Textual Amendments

F4 Sch. 7 para. 5 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

[F5 Development Land Tax Act 1976 (c. 24)] U.K.

Textual Amendments

F5 Sch. 7 paras. 3, 4, 6 repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X in relation to disposals of interests in land taking place on or after 19 March 1985 but without affecting the construction of Capital Gains Tax Act 1979 (c. 14), Sch. 5 para. 9

6 (1) Paragraph 5 of Schedule 6 to the Development Land Tax Act 1976 shall be amended as follows.

(2) In sub-paragraph (1)(a)—

(a) for “section 33 of the Finance Act 1965” substitute “ sections 115 to 121 of the Capital Gains Tax Act 1979 ”, and

(b) for “applies” substitute “ apply ”.

(3) In sub-paragraph (2) for “section 33 of the Finance Act 1965” substitute “ sections 115 to 121 of the Capital Gains Tax Act 1979 ”.

(4) In sub-paragraph (4)—

(a) for “section 33 of the Finance Act 1965 has effect subject to the provisions of paragraph 16 of Schedule 19 to the Finance Act 1969” substitute “ sections 115 and 116 of the Capital Gains Tax Act 1979 have effect subject to the provisions of section 117 of that Act ”, and

(b) for “sub-paragraph (2) of that paragraph accrues in accordance with that sub-paragraph” substitute “ subsection (2) of the said section 117 accrues in accordance with that sub-section ”.

(5) In sub-paragraph (4)(a) for “that sub-paragraph” substitute “ subsection (2) of the said section 117 ”.

(6) In sub-paragraph (4)(b) for “sub-paragraph (3) of that paragraph” substitute “ subsection (3) of the said section 117 ”.

(7) In sub-paragraph (6)—

(a) for “section 33 of the Finance Act 1965” substitute “ sections 115 to 121 of the Capital Gains Tax Act 1979 ”, and

(b) for “paragraph 16 of Schedule 19 to the Finance Act 1969” substitute “ section 117 of that Act ”.

Finance Act 1976 (c. 40) U.K.

7 For section 54(5) of the Finance Act 1976 substitute—

“(5) Subsection (6) of section 84 of the Capital Gains Tax Act 1979 (gilt-edged securities not issued until after the date when shares are compulsorily acquired) shall apply in relation to this section as it applies in relation to that section, and in this section—

“gilt-edged securities” has the meaning given by Schedule 2 to that Act; “shares” includes securities within the meaning of section 82 of that Act.”

Modifications etc. (not altering text)

C5 Part of the text of Sch. 7 paras. 1(2), 2(2)(3), 3, 4, 7 and Sch. 8 is in the form in which it was originally enacted: it was not reproduced in Statutes in Force and does not reflect any amendments or repeals which may have been made prior to 1.2.1991

Translation of references to Part III of Finance Act 1965 U.K.

8 In the enactments specified in the Table below substitute “ the Capital Gains Tax Act 1979 ” (or “ The Capital Gains Tax Act 1979 ” if at the beginning of a sentence)—

(a) in the contexts in Part I of the Table, for “Part III of the Finance Act 1965”,

(b) in the contexts in Part II of the Table, for “Part III of the Finance Act 1965”, together with the words “(chargeable gains)” or “(capital gains)” or “(capital gains tax)” or “(tax on chargeable gains)” as the case may be.

TABLE U.K. Part I

1 In the Taxes Management Act 1970 (c. 9)

• section 11(1)(b)

• section 47(1)

• section 57(1)(a)

• section 111(1)

• section 118(1), in the definitions of “chargeable gain” and of “the Taxes Acts”

• section 119(4).

2 In the Income and Corporation Taxes Act 1970 (c. 10)

• . . . F6

• section 268(2)

• section 268A(2)

• section 273(1)

• section 278(3)

• section 279(2)

• . . . F6

• . . . F6

• section 540(2).

Textual Amendments

F6 Entry repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

3 In the Finance Act 1970 (c. 24)

• . . . F7

• Schedule 6 paragraph 9.

Textual Amendments

F7 Entry repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

F8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

4

Textual Amendments

F8 Sch. 7 para. 8 Table Pt. I item 4 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

5 In the Finance Act 1973 (c. 51)

• section 38(3)

• section 59(3)(c).

[F9 6 In the Finance Act 1974 (c. 30)]

• [F9 section 40(3)(a)]

• [F9 section 45(1)]

• [F9 section 57(3)(c)]

• [F9 Schedule 3 paragraph 18(4)]

• [F9 Schedule 9 paragraph 2(3)]

• [F9 Schedule 9 paragraph 17.]

Textual Amendments

F9 Sch. 7 para. 8 Table Pt. I item 6 repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X in relation to disposals of interests in land taking place on or after 19 March 1985 but without affecting the construction of Capital Gains Tax Act 1979 (c. 14), Sch. 5 para. 9

F10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

7

Textual Amendments

F10 Sch. 7 para. 8 Table Pt. I item 7 repealed by Inheritance Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

F11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

8

Textual Amendments

F11 Sch. 7 para. 8 Table Pt. I item 8 repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X

9 In the Finance Act 1976 (c. 40)

• . . . F12

• section 132(3)(c).

Textual Amendments

F12 Entry repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

10 In the Finance Act 1977 (c. 36)

• section 42(1) (see also entry above for section 268A(2) of the Taxes Act)

• . . . F13

Textual Amendments

F13 Entry repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

Part II U.K. References to Part III of Finance Act 1965 Followed by Descriptive Words

1 Section 74(2) of the Post Office Act 1969 (c. 48).

2 Section 27(1) of the Taxes Management Act 1970 (c. 9).

F14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

3

Textual Amendments

F14 Sch. 7 para. 8 Table Pt. II item 3 repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

4 In the Finance Act 1970 (c. 24)

• Schedule 3 paragraph 8(1)

• Schedule 6 paragraph 3(2)(b).

5 Paragraph 15 of Schedule 9 to the Finance Act 1974 (c. 30).

F15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U.K.

6

Textual Amendments

F15 Sch. 7 para. 8 Table Pt. II item 6 repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X

Translation of references to enactments repealed and re-enacted U.K.

9 In the enactments specified in column 1 of the following Table for the words in column 2 substitute the words in column 3, adding, except as otherwise indicated, “of the Capital Gains Tax Act 1979” (but in all cases saying “to” instead of “of” if the substituted words refer to a Schedule rather than a section).

TABLE

Enactment amended	Words to be replaced	Corresponding provision of this Act
Taxes Management Act 1970 (c. 9)
In the Taxes Management Act 1970
section
12(2)(b)	section 30(6).	section 128(6) (without adding more words).
25(9)	subsections (1) and (8) of section 45 of the Finance Act 1965.	sections 64, 93 and 155(1).
28(2)	section 45(1) of the Finance Act 1965.	section 51.
	subsections (1) and (8) of that section.	sections 64, 93 and 155(1) of that Act (without adding more words).
Income and Corporation Taxes Act 1970 (c. 10)
In the Income and Corporation Taxes Act 1970
section
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
267(1)	Part II of Schedule 6 to the Finance Act 1965.	Schedule 5.
267(3)	subsection (1) or subsection (2) of section 38 of the Finance Act 1965.	section 96 or 97.
267(3A)	Subsections (4) to (7) of section 40 of the Finance Act 1977.	Subsections (2) to (5) of section 88.
	subsection (3)(b).	subsection (1) (without adding more words).
269(1)(a)	paragraph 4 of Schedule 6 to the Finance Act 1965.	section 32.
269(1)	paragraph 4.	section 32 (without adding more words).
270(4)(a)	section 41 of the Finance Act 1969.	section 67.
270(5)(b)	section 41 of the Finance Act 1969.	section 67.
273(2)	Schedule 7 to the Finance Act 1965.	section 72.
	paragraph 3 of that Schedule.	that section (without adding more words).
274(1) and (2)	paragraph 1 of Schedule 7 to the Finance Act 1965.	section 122.
275(1)	paragraph 6 of Schedule 6 to the Finance Act 1965.	section 34.
275(2)	Part II of Schedule 6 to the Finance Act 1965.	Schedule 5.
276(1)	section 33 of the Finance Act 1965.	sections 115 to 121.
276(2)	Paragraph 16(2) of Schedule 19 to the Finance Act 1969.	Section 117(2).
	paragraph 16(2).	section 117(2) (without adding more words).
278(4)(b)	section 33 of the Finance Act 1965.	sections 115 to 121.
279(6)	paragraph 6 or paragraph 7 of Schedule 7 to the Finance Act 1965.	section 85 or section 86.
279(7)	paragraph 7 of the said Schedule 7.	section 86.
280(8)	section 23(4) of the Finance Act 1965.	section 22(2).
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
489(12)	paragraphs 2 and 5 of Schedule 6 to the Finance Act 1965.	sections 31 and 33.
Finance Act 1970 (c. 24)
In the Finance Act 1970
Schedule 3 paragraph 8(1)	Part II of Schedule 6.	Schedule 5 (without adding more words).
. . . F17	. . . F17	. . . F17
. . . F17	. . . F17	. . . F17
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F18	. . . F18	. . . F18
. . . F19	. . . F19	. . . F19
Finance (No. 2) Act 1975 (c. 45)
In the Finance (No. 2) Act 1975
section
. . . F16	. . . F16	. . . F16
58(8)	paragraph 4 of Schedule 6 to the Finance Act 1965.	section 32.
	sub-paragraph (1)(c) of that paragraph.	subsection (1)(c) of that section (without adding more words).
	sub-paragraph (1)(a) and (b) of that paragraph.	subsection (1)(a) and (b) of that section (without adding more words).
58(9)	sub-paragraph (1) of paragraph 6 of Schedule 10 to the Finance Act 1971.	section 66(1).
	sub-paragraph (2) of that paragraph.	subsection (2) of the said section 66 (without adding more words).
	under sub-paragraph (1).	under subsection (1) (without adding more words).
58(12)	paragraph 5 of Schedule 7 to the Finance Act 1965.	section 82.
	. . . F20	. . . F20
. . . F16	. . . F16	. . . F16
. . . F21	. . . F21	. . . F21
Finance Act 1976 (c. 40)
In the Finance Act 1976
section
54(3)(a)	section 53(3) above.	section 84(3).
54(3)(b)	section 33 of the Finance Act 1965.	sections 115 to 121.
	that section.	section 118 of that Act (without adding more words).
. . . F16	. . . F16	. . . F16
. . . F16	. . . F16	. . . F16
. . . F19	. . . F19	. . . F19
Finance Act 1977 (c. 36)
In the Finance Act 1977
section
41(1)	(see amendment in this Table of section 267(3A) of the Income and Corporation Taxes Act 1970).
46(2)(a)	paragraph 4, 5, 6 or 7 of Schedule 7 to the Finance Act 1965.	sections 77 to 86.
46(2)(b)	section 53 of the Finance Act 1976.	section 84 of that Act (without adding more words).
46(6)	paragraph 5 of Schedule 7 to the said Act of 1965.	section 82.
	the words from “section 45(8)” to “Finance Act 1971”.	section 86(7), 93 or 139 of that Act (without adding more words).
46(7)	paragraph 6 or 7 of Schedule 7 to the said Act of 1965.	section 85 or 86.
	section 40(2) above.	section 87(1) of that Act (without adding more words).
. . . F17	. . . F17	. . . F17
. . . F22	. . . F22	. . . F22

Textual Amendments

F16 Entry repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

F17 Entries repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

F18 Entries repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X in relation to disposals of interests in land taking place on or after 19 March 1985 but without affecting the construction of Capital Gains Tax Act 1979 (c. 14), Sch. 5 para. 9

F19 Entries repealed by Inheritance Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9

F20 Entry repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. VII with respect to disposals on or after 2 July 1986

F21 Entries repealed by Finance Act 1985 (c. 54), s. 98(6) and Sch. 27 Pt. X

F22 Entry repealed by Inheritance Tax Act 1984 (c. 51), ss. 274, 277, Schs. 7, 9