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Changes over time for: Section 122
Llinell Amser Newidiadau
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Version Superseded: 31/01/2013
Status:
Point in time view as at 21/07/2008. This version of this provision has been superseded.
Status
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Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1988, Section 122.
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122 Notice of liability to capital gains tax.U.K.
(1)Immediately before section 12 of the Taxes Management Act 1970 there shall be inserted—
“11A Notice of liability to capital gains tax.
(1)Every person who is chargeable to capital gains tax for any year of assessment and has neither—
(a)delivered a return of his chargeable gains for that year, nor
(b)received a notice under section 8 of this Act requiring such a return,
shall, within twelve months from the end of that year, give notice to the inspector that he is so chargeable; but a person all of whose chargeable gains for a year of assessment have been assessed shall not be required to give notice under this subsection in respect of that year.
(2)If any person, for any year of assessment, fails to comply with subsection (1) above, he shall be liable to a penalty not exceeding the amount of the tax for which he is liable, in respect of his chargeable gains for that year, under assessments made more than twelve months after the end of that year.
(3)In this section references to a person’s chargeable gains for a year of assessment include, if section 45(1) of the Capital Gains Tax Act 1979 applies in relation to him and his wife in that year, her chargeable gains for that year.”
(2)For subsection (1) of section 12 of that Act (information about chargeable gains) there shall be substituted—
“(1)Section 8 of this Act shall apply in relation to capital gains tax as it applies in relation to income tax, and subject to any necessary modifications.”
(3)This section has effect with respect to notices required to be given for the year 1988-89 or any subsequent year of assessment.
Yn ôl i’r brig