Taxation of Chargeable Gains Act 1992

1. Introductory Text

2. Part I Capital gains tax and corporation tax on chargeable gains

   1. General

      1. 1. The charge to tax.

   2. Capital gains tax

      1. 2. Persons and gains chargeable to capital gains tax, and allowable losses.

      2. 3. Annual exempt amount.

      3. 4. Rates of capital gains tax.

      4. 5. Accumulation and discretionary settlements.

      5. 6. Other special cases.

      6. 7. Time for payment of tax.

   3. Corporation tax

      1. 8. Company’s total profits to include chargeable gains.

   4. Residence etc.

      1. 9. Residence, including temporary residence.

      2. 10. Non-resident with United Kingdom branch or agency.

      3. 11. Visiting forces, agents-general etc.

      4. 12. Foreign assets of person with foreign domicile.

      5. 13. Attribution of gains to members of non-resident companies.

      6. 14. Non-resident groups of companies.

3. Part II General Provisions relating to computation of gains and acquisitions and disposals of assets

   1. Chapter I Introductory

      1. 15. Computation of gains.

      2. 16. Computation of losses.

      3. 17. Disposals and acquisitions treated as made at market value.

      4. 18. Transactions between connected persons.

      5. 19. Deemed consideration in certain cases where assets disposed of in a series of transactions.

      6. 20. Original market value and aggregate market value for purposes of section 19.

   2. Chapter II Assets and disposals of assets

      1. General provisions

         1. 21. Assets and disposals.

         2. 22. Disposal where capital sums derived from assets.

         3. 23. Receipt of compensation and insurance money not treated as a disposal.

         4. 24. Disposals where assets lost or destroyed, or become of negligible value.

         5. 25. Non-residents: deemed disposals.

         6. 26. Mortgages and charges not to be treated as disposals.

         7. 27. Disposals in cases of hire-purchase and similar transactions.

         8. 28. Time of disposal and acquisition where asset disposed of under contract.

      2. Value shifting

         1. 29. General provisions.

         2. 30. Tax-free benefits.

         3. 31. Distributions within a group followed by a disposal of shares.

         4. 32. Disposals within a group followed by a disposal of shares.

         5. 33. Provisions supplementary to sections 30 to 32.

         6. 34. Transactions treated as a reorganisation of share capital.

   3. Chapter III Computation of gains: General provisions

      1. Re-basing to 1982, and assets held on 6th April 1965

         1. 35. Assets held on 31st March 1982 (including assets held on 6th April 1965).

         2. 36. Deferred charges on gains before 31st March 1982.

      2. Allowable deductions

         1. 37. Consideration chargeable to tax on income.

         2. 38. Acquisition and disposal costs etc.

         3. 39. Exclusion of expenditure by reference to tax on income.

         4. 40. Interest charged to capital.

         5. 41. Restriction of losses by reference to capital allowances and renewals allowances.

         6. 42. Part disposals.

         7. 43. Assets derived from other assets.

      3. Wasting assets

         1. 44. Meaning of “wasting asset".

         2. 45. Exemption for certain wasting assets.

         3. 46. Straightline restriction of allowable expenditure.

         4. 47. Wasting assets qualifying for capital allowances.

      4. Miscellaneous provisions

         1. 48. Consideration due after time of disposal.

         2. 49. Contingent liabilities.

         3. 50. Expenditure reimbursed out of public money.

         4. 51. Exemption for winnings and damages etc.

         5. 52. Supplemental.

   4. Chapter IV Computation of gains: the indexation allowance

      1. General

         1. 53. The indexation allowance and interpretative provisions.

         2. 54. Calculation of indexation allowance.

         3. 55. Assets owned on 31st March 1982 or acquired on a no gain/no loss disposal.

         4. 56. Part disposals and disposals on a no-gain/no-loss basis.

         5. 57. Receipts etc. which are not treated as disposals but affect relevant allowable expenditure.

4. Part III Individuals, partnerships, trusts and collective investment schemes

   1. Chapter I Miscellaneous provisions

      1. 58. Husband and wife.

      2. 59. Partnerships.

      3. 60. Nominees and bare trustees.

      4. 61. Funds in court.

      5. 62. Death: general provisions.

      6. 63. Death: application of law in Scotland.

      7. 64. Expenses in administration of estates and trusts.

      8. 65. Liability for tax of trustees or personal representatives.

      9. 66. Insolvents’ assets.

      10. 67. Provisions applicable where section 79 of the Finance Act 1980 has applied.

   2. Chapter II Settlements

      1. General provisions

         1. 68. Meaning of “settled property".

         2. 69. Trustees of settlements.

         3. 70. Transfers into settlement.

         4. 71. Person becoming absolutely entitled to settled property.

         5. 72. Termination of life interest on death of person entitled.

         6. 73. Death of life tenant: exclusion of chargeable gain.

         7. 74. Effect on sections 72 and 73 of relief under section 165 or 260.

         8. 75. Death of annuitant.

         9. 76. Disposal of interests in settled property.

         10. 77. Charge on settlor with interest in settlement.

         11. 78. Right of recovery.

         12. 79. Provisions supplemental to sections 77 and 78.

      2. Migration of settlements, non-resident settlements and dual resident settlements

         1. 80. Trustees ceasing to be resident in U.K.

         2. 81. Death of trustee: special rules.

         3. 82. Past trustees: liability for tax.

         4. 83. Trustees ceasing to be liable to U.K. tax.

         5. 84. Acquisition by dual resident trustees.

         6. 85. Disposal of interests in non-resident settlements.

         7. 86. Attribution of gains to settlors with interest in non-resident or dual resident settlements.

         8. 87. Attribution of gains to beneficiaries.

         9. 88. Gains of dual resident settlements.

         10. 89. Migrant settlements etc.

         11. 90. Transfers between settlements.

         12. 91. Increase in tax payable under section 87 or 89(2).

         13. 92. Qualifying amounts and matching.

         14. 93. Matching: special cases.

         15. 94. Transfers of settled property where qualifying amounts not wholly matched.

         16. 95. Matching after transfer.

         17. 96. Payments by and to companies.

         18. 97. Supplementary provisions.

         19. 98. Power to obtain information for purposes of sections 87 to 90.

         20. 98A. Settlements with foreign element: information.

   3. Chapter III Collective investment schemes and investment trusts

      1. 99. Application of Act to unit trust schemes.

      2. 100. Exemption for authorised unit trusts etc.

      3. 101. Transfer of company’s assets to investment trust.

      4. 102. Collective investment schemes with property divided into separate parts.

      5. 103. Restriction on availability of indexation allowance.

5. Part IV Shares, securities, options etc.

   1. Chapter I General

      1. Share pooling, identification of securities, and indexation

         1. 104. Share pooling: general interpretative provisions.

         2. 105. Disposal on or before day of acquisition of shares and other unidentified assets.

         3. 106. Disposal of shares and securities by company within prescribed period of acquisition.

         4. 107. i Identification of securities etc: general rules.

         5. 108. Identification of relevant securities.

         6. 109. Pre-April 1982 share pools.

         7. 110. New holdings: indexation allowance.

         8. 111. Indexation: building society etc. shares.

         9. 112. Parallel pooling regulations.

         10. 113. Calls on shares.

         11. 114. Consideration for options.

      2. Gilt-edged securities and qualifying corporate bonds

         1. 115. Exemptions for gilt-edged securities and qualifying corporate bonds etc.

         2. 116. Reorganisations, conversions and reconstructions.

         3. 117. Meaning of “qualifying corporate bond".

         4. 117A. Assets that are not qualifying corporate bonds for corporation tax purposes.

         5. 117B. Holdings in unit trusts and offshore funds excluded from treatment as qualifying corporate bonds.

      3. Deep discount securities, the accrued income scheme etc.

         1. 118. Amount to be treated as consideration on disposal of deep discount securities etc.

         2. 119. Transfers of securities subject to the accrued income scheme.

         3. 120. Increase in expenditure by reference to tax charged in relation to shares etc.

      4. Savings certificates etc.

         1. 121. Exemption for government non-marketable securities.

      5. Capital distribution in respect of shares etc.

         1. 122. Distribution which is not a new holding within Chapter II.

         2. 123. Disposal of right to acquire shares or debentures.

      6. Close companies

         1. 124. Disposal of shares: relief in respect of income tax consequent on shortfall in distributions.

         2. 125. Shares in close company transferring assets at an undervalue.

   2. Chapter II Reorganisation of share capital, conversion of securities etc.

      1. Reorganisation or reduction of share capital

         1. 126. Application of sections 127 to 131.

         2. 127. Equation of original shares and new holding.

         3. 128. Consideration given or received by holder.

         4. 129. Part disposal of new holding.

         5. 130. Composite new holdings.

         6. 131. Indexation allowance.

      2. Conversion of securities

         1. 132. Equation of converted securities and new holding.

         2. 133. Premiums on conversion of securities.

         3. 134. Compensation stock.

      3. Company reconstructions and amalgamations

         1. 135. Exchange of securities for those in another company.

         2. 136. Reconstruction or amalgamation involving issue of securities.

         3. 137. Restriction on application of sections 135 and 136.

         4. 138. Procedure for clearance in advance.

         5. 138A. Use of earn-out rights for exchange of securities.

         6. 139. Reconstruction or amalgamation involving transfer of business.

         7. 140. Postponement of charge on transfer of assets to non-resident company.

      4. Transfers concerning companies of different member States

         1. 140A. Transfer of a UK trade.

         2. 140B. Section 140A: anti-avoidance.

         3. 140C. Transfer of a non-UK trade.

         4. 140D. Section 140C: anti-avoidance.

   3. Chapter III Miscellaneous provisions relating to commodities, futures, options and other securities

      1. 141. Stock dividends: consideration for new holding.

      2. 142. Capital gains on certain stock dividends.

      3. 143. Commodity and financial futures and qualifying options.

      4. 144. Options and forfeited deposits.

      5. 144A. Cash-settled options.

      6. 145. Call options: indexation allowance.

      7. 146. Options: application of rules as to wasting assets.

      8. 147. Quoted options treated as part of new holdings.

      9. 148. Traded options: closing purchases.

      10. 149. Rights to acquire qualifying shares.

      11. 149A. Share option schemes.

      12. 150. Business expansion schemes.

      13. 150A. Enterprise investment scheme.

      14. 150B. Enterprise investment scheme: reduction of relief.

      15. 150C. Enterprise investment scheme: re-investment.

      16. 151. Personal equity plans.

      17. 151A. Venture capital trusts: reliefs.

      18. 151B. Venture capital trusts: supplementary.

6. Part V Transfer of business assets

   1. Chapter I General provisions

      1. Replacement of business assets

         1. 152. Roll-over relief.

         2. 153. Assets only partly replaced.

         3. 153A. Provisional application of sections 152 and 153.

         4. 154. New assets which are depreciating assets.

         5. 155. Relevant classes of assets.

         6. 156. Assets of Class 1.

         7. 157. Trade carried on by family company: business assets dealt with by individual.

         8. 158. Activities other than trades, and interpretation.

         9. 159. Non-residents: roll-over relief.

         10. 160. Dual resident companies: roll-over relief.

      2. Stock in trade

         1. 161. Appropriations to and from stock.

      3. Transfer of business to a company

         1. 162. Roll-over relief on transfer of business.

      4. Retirement relief

         1. 163. Relief for disposals by individuals on retirement from family business.

         2. 164. Other retirement relief.

   2. Chapter IA Roll-over relief on re-investment

      1. 164A. Relief on re-investment for individuals.

      2. 164B. Roll-over relief on re-investment by trustees.

      3. 164BA. Interaction with retirement relief

      4. 164C. Restriction applying to retirement relief and roll-over relief on re-investment.

      5. 164D. Relief carried forward into replacement shares.

      6. 164E. Application of Chapter in cases of an exchange of shares.

      7. 164F. Failure of conditions of relief.

      8. 164FF. Qualifying investment acquired from husband or wife.

      9. 164FG. Multiple claims.

      10. 164G. Meaning of “qualifying company".

      11. 164H. Property companies etc. not to be qualifying companies.

      12. 164I. Qualifying trades.

      13. 164J. Provisions supplementary to section 164I.

      14. 164K. Foreign residents.

      15. 164L. Anti-avoidance provisions.

      16. 164M. Exclusion of double relief.

      17. 164MA. Exclusion of double relief

      18. 164N. Interpretation of Chapter IA.

   3. Chapter II Gifts of business assets

      1. 165. Relief for gifts of business assets.

      2. 166. Gifts to non-residents.

      3. 167. Gifts to foreign-controlled companies.

      4. 168. Emigration of donee.

      5. 169. Gifts into dual resident trusts.

7. Part VI Companies, oil, insurance etc.

   1. Chapter I Companies

      1. Groups of companies

         1. 170. Interpretation of sections 171 to 181.

      2. Transactions within groups

         1. 171. Transfers within a group: general provisions.

         2. 172. Transfer of United Kingdom branch or agency.

         3. 173. Transfers within a group: trading stock.

         4. 174. Disposal or acquisition outside a group.

         5. 175. Replacement of business assets by members of a group.

      3. Losses attributable to depreciatory transactions

         1. 176. Depreciatory transactions within a group.

         2. 177. Dividend stripping.

         3. 177A. Restriction on set-off of pre-entry losses.

      4. Companies leaving groups

         1. 178. Company ceasing to be member of group: pre-appointed day cases.

         2. 179. Company ceasing to be member of group: post-appointed day cases.

         3. 180. Transitional provisions.

         4. 181. Exemption from charge under 178 or 179 in the case of certain mergers.

      5. Restriction on indexation allowance for groups and associated companies

         1. 182. Disposals of debts.

         2. 183. Disposals of shares.

         3. 184. Definitions and other provisions supplemental to sections 182 and 183.

      6. Non-resident and dual resident companies

         1. 185. Deemed disposal of assets on company ceasing to be resident in U.K.

         2. 186. Deemed disposal of assets on company ceasing to be liable to U.K. taxation.

         3. 187. Postponement of charge on deemed disposal under section 185 or 186.

         4. 188. Dual resident companies: deemed disposal of certain assets.

      7. Recovery of tax otherwise than from tax-payer company

         1. 189. Capital distribution of chargeable gains: recovery of tax from shareholder.

         2. 190. Tax on one member of group recoverable from another member.

         3. 191. Tax on non-resident company recoverable from another member of group or from controlling director.

      8. Demergers

         1. 192. Tax exempt distributions.

   2. Chapter II Oil and mining industries

      1. Oil exploration and exploitation

         1. 193. Roll-over relief not available for gains on oil licences.

         2. 194. Disposals of oil licences relating to undeveloped areas.

         3. 195. Allowance of certain drilling expenditure etc.

         4. 196. Interpretation of sections 194 and 195.

         5. 197. Disposals of interests in oil fields etc: ring fence provisions.

         6. 198. Replacement of business assets used in connection with oil fields.

         7. 199. Exploration or exploitation assets: deemed disposals

         8. 200. Limitation of losses on disposal of oil industry assets held on 31st March 1982.

      2. Mineral leases

         1. 201. Royalties.

         2. 202. Capital losses.

         3. 203. Provisions supplementary to sections 201 and 202.

   3. Chapter III Insurance

      1. 204. Policies of insurance.

      2. 205. Disallowance of insurance premiums as expenses.

      3. 206. Underwriters.

      4. 207. Disposal of assets in premiums trust fund

      5. 208. Premiums trust funds: indexation.

      6. 209. Interpretation, regulations about underwriters

      7. 210. Life assurance and deferred annuities.

      8. 211. Transfers of business.

      9. 212. Annual deemed disposal of holdings of unit trusts etc.

      10. 213. Spreading of gains and losses under section 212.

      11. 214. Transitional provisions.

      12. 214A. Further transitional provisions.

      13. 214B. Modification of Act in relation to overseas life insurance companies.

   4. Chapter IV Miscellaneous cases

      1. Building societies etc.

         1. 215. Disposal of assets on amalgamation of building societies etc.

         2. 216. Assets transferred from society to company.

         3. 217. Shares, and rights to shares, in successor company.

      2. Friendly societies

         1. 217A. Transfer of assets on incorporation of registered friendly society.

         2. 217B. Rights of members in registered society equated with rights in incorporated society.

         3. 217C. Subsequent disposal of assets by incorporated society etc.

      3. The Housing Corporation, Housing for Wales and housing associations

         1. 218. Disposals of land between the Housing Corporation, Housing for Wales or Scottish Homes and housing associations.

         2. 219. Disposals by Housing Corporation, Housing for Wales, Scottish Homes and certain housing associations.

         3. 220. Disposals by Northern Ireland housing associations.

      4. Other bodies

         1. 221. Harbour authorities.

8. Part VII Other property, businesses, investments etc.

   1. Private residences

      1. 222. Relief on disposal of private residence.

      2. 223. Amount of relief.

      3. 224. Amount of relief: further provisions.

      4. 225. Private residence occupied under terms of settlement.

      5. 226. Private residence occupied by dependent relative before 6th April 1988.

   2. Employee share ownership trusts

      1. 227. Conditions for roll-over relief.

      2. 228. Conditions for relief: supplementary.

      3. 229. The relief.

      4. 230. Dwelling-houses: special provision.

      5. 231. Shares: special provision.

      6. 232. Chargeable event when replacement assets owned.

      7. 233. Chargeable event when replacement property owned.

      8. 234. Chargeable events when bonds owned.

      9. 235. Information.

      10. 236. Prevention of double charge.

   3. Superannuation funds, profit sharing schemes, employee trusts etc.

      1. 237. Superannuation funds, annuities and annual payments.

      2. 237A. Share option schemes: release and replacement of options.

      3. 238. Approved profit sharing and share option schemes.

      4. 239. Employee trusts.

   4. Retirement benefits schemes

      1. 239A. Cessation of approval of certain schemes.

   5. Leases

      1. 240. Leases of land and other assets.

      2. 241. Furnished holiday lettings.

   6. Part disposals

      1. 242. Small part disposals.

      2. 243. Part disposal to authority with compulsory powers.

      3. 244. Part disposal: consideration exceeding allowable expenditure.

   7. Compulsory acquisition

      1. 245. Compensation paid on compulsory acquisition.

      2. 246. Time of disposal and acquisition.

      3. 247. Roll-over relief on compulsory acquisition.

      4. 247A. Provisional application of section 247.

      5. 248. Provisions supplementary to section 247.

   8. Agricultural land and woodlands

      1. 249. Grants for giving up agricultural land.

      2. 250. Woodlands.

   9. Debts

      1. 251. General provisions.

      2. 252. Foreign currency bank accounts.

      3. 253. Relief for loans to traders.

      4. 254. Relief for debts on qualifying corporate bonds.

      5. 255. Provisions supplementary to section 254.

   10. Charities and gifts of non-business assets etc.

       1. 256. Charities.

       2. 257. Gifts to charities etc.

       3. 258. Works of art etc.

       4. 259. Gifts to housing associations.

       5. 260. Gifts on which inheritance tax is chargeable etc.

       6. 261. Section 260 relief: gifts to non-residents.

   11. Miscellaneous reliefs and exemptions

       1. 262. Chattel exemption.

       2. 263. Passenger vehicles.

       3. 263A. Agreements for sale and repurchase of securities.

       4. 264. Relief for local constituency associations of political parties on reorganisation of constituencies.

       5. 265. Designated international organisations.

       6. 266. Inter-American Development Bank.

       7. 267. Sharing of transmission facilities.

       8. 268. Decorations for valour or gallant conduct.

       9. 269. Foreign currency for personal expenditure.

       10. 270. Chevening Estate.

       11. 271. Other miscellaneous exemptions.

9. Part VIII Supplemental

   1. 272. Valuation: general.

   2. 273. Unquoted shares and securities.

   3. 274. Value determined for inheritance tax.

   4. 275. Location of assets.

   5. 276. The territorial sea and the continental shelf.

   6. 277. Double taxation relief.

   7. 278. Allowance for foreign tax.

   8. 279. Foreign assets: delayed remittances.

   9. 280. Consideration payable by instalments.

   10. 281. Payment by instalments of tax on gifts.

   11. 282. Recovery of tax from donee.

   12. 283. Repayment supplements.

   13. 284. Income tax decisions.

   14. 285. Recognised investment exchanges.

   15. 286. Connected persons: interpretation.

   16. 287. Orders and regulations made by the Treasury or the Board.

   17. 288. Interpretation.

   18. 289. Commencement.

   19. 290. Savings, transitionals, consequential amendments and repeals.

   20. 291. Short title.

10. SCHEDULES

    1. SCHEDULE 1

       Application of exempt amount in cases involving settled property

       1. 1. (1) For any year of assessment during the whole or...

       2. 2. (1) For any year of assessment during the whole or...

    2. SCHEDULE 2

       Assets held on 6th April 1965

       1. Part I Quoted securities

          1. Deemed acquisition at 6th April 1965 value

             1. 1. (1) This paragraph applies— (a) to shares and securities which...

          2. Restriction of gain or loss by reference to actual cost

             1. 2. (1) Subject to paragraph 4 below and section 109(4), paragraph...

             2. 3. (1) Where— (a) a disposal was made out of quoted...

          3. Election for pooling

             1. 4. (1) This paragraph applies in relation to quoted securities as...

          4. Election by principal company of group

             1. 5. (1) In the case of companies which at the relevant...

          5. Pooling at value on 6th April 1965: exchange of securities etc.

             1. 6. (1) Where a person who has made only one of...

          6. Underwriters

             1. 7. No election under paragraph 4 above shall cover quoted securities...

          7. Interpretation of paragraphs 3 to 7

             1. 8. (1) In paragraphs 3 to 7 above— “quoted securities” means...

       2. Part II Land reflecting development value

          1. 9. (1) Subject to paragraph 17(2) of Schedule 11, this Part...

          2. 10. (1) For the purposes of this Part of this Schedule,...

          3. 11. (1) The current use value of an interest in land...

          4. 12. In computing any gain accruing to a person on a...

          5. 13. (1) In this Part of this Schedule, “material development”, in...

          6. 14. (1) For the purposes of this Part, material development shall...

          7. 15. In this Part of this Schedule, unless the context otherwise...

       3. Part III Other assets

          1. Apportionment by reference to straightline growth of gain or loss over period of ownership

             1. 16. (1) This paragraph applies subject to Parts I and II...

          2. Election for valuation at 6th April 1965

             1. 17. (1) If the person making a disposal so elects, paragraph...

          3. Unquoted shares, commodities etc.

             1. 18. (1) This paragraph has effect as respects shares held by...

          4. Reorganisation of share capital, conversion of securities etc.

             1. 19. (1) For the purposes of this Act, it shall be...

       4. Part IV Miscellaneous

          1. Capital allowances

             1. 20. If under any provision in this Schedule it is to...

          2. Assets transferred to close companies

             1. 21. (1) This paragraph has effect where— (a) at any time,...

          3. Husbands and wives

             1. 22. Where section 58 is applied in relation to a disposal...

          4. Compensation and insurance money

             1. 23. Where section 23(4)(a) applies to exclude a gain which, in...

    3. SCHEDULE 3

       Assets held on 31st March 1982

       1. Previous no gain/no loss disposals

          1. 1. (1) Where— (a) a person makes a disposal, not being...

          2. 2. (1) Sub-paragraph (2) below applies where a person makes a...

       2. Capital allowances

          1. 3. If under section 35 it is to be assumed that...

       3. Part disposals etc.

          1. 4. (1) Where, in relation to a disposal to which section...

       4. Assets derived from other assets

          1. 5. Section 35 shall have effect with the necessary modifications in...

       5. Apportionment of pre-1965 gains and losses

          1. 6. In a case where because of paragraph 16 of Schedule...

       6. Elections under section section 35(5): excluded disposals

          1. 7. (1) An election under section 35(5) shall not cover disposals...

       7. Elections under section 35(5): groups of companies

          1. 8. (1) A company may not make an election under section...

          2. 9. (1) In paragraph 8 above “the relevant time”, in relation...

    4. SCHEDULE 4

       Deferred charges on gains before 31st March 1982

       1. Reduction of deduction or gain

          1. 1. Where this Schedule applies— (a) in a case within paragraph...

       2. Charges rolled-over or held-over

          1. 2. (1) Subject to sub-paragraphs (2) to (4) below, this Schedule...

          2. 3. (1) This paragraph applies where this Schedule would have applied...

       3. Postponed charges

          1. 4. (1) Subject to sub-paragraphs (3) to (5) below, this Schedule...

       4. Previous no gain/no loss disposals

          1. 5. Where— (a) a person makes a disposal of an asset...

          2. 6. (1) Sub-paragraph (2) below applies where— (a) a person makes...

          3. 7. For the purposes of this Schedule a no gain/no loss...

       5. Assets derived from other assets

          1. 8. The references in paragraphs 2(1)(c) and 4(1)(b) above to the...

       6. Claims

          1. 9. (1) No relief shall be given under this Schedule unless...

    5. SCHEDULE 5

       Attribution of gains to settlors with interest in non-resident or dual resident settlement

       1. Construction of section 86(1)(e)

          1. 1. (1) In construing section 86(1)(e) as regards a particular year...

       2. Test whether settlor has interest

          1. 2. (1) For the purposes of section 86(1)(d) a settlor has...

       3. Exceptions from section 86

          1. 3. Section 86 does not apply if the settlor dies in...

          2. 4. (1) This paragraph applies where for the purposes of section...

          3. 5. (1) This paragraph applies where for the purposes of section...

       4. Right of recovery

          1. 6. (1) This paragraph applies where any tax becomes chargeable on,...

       5. Meaning of “settlor"

          1. 7. For the purposes of section 86 and this Schedule, a...

       6. Meaning of “originating"

          1. 8. (1) References in section 86 and this Schedule to property...

       7. Qualifying settlements, and commencement

          1. 9. (1) A settlement created on or after 19th March 1991...

       8. Information

          1. 10. An inspector may by notice require any person who is...

          2. 11. (1) This paragraph applies if— (a) a settlement has been...

          3. 12. (1) This paragraph applies if a settlement is created on...

          4. 13. (1) This paragraph applies if— (a) the trustees of a...

          5. 14. (1) Nothing in paragraph 11, 12 or 13 above shall...

    6. SCHEDULE 5A

       Settlements with foreign element: information

       1. 1. In this Schedule “ the commencement day ” means the...

       2. 2. (1) This paragraph applies if— (a) a settlement was created...

       3. 3. (1) This paragraph applies if a settlement is created on...

       4. 4. (1) This paragraph applies if a settlement is created on...

       5. 5. (1) This paragraph applies if— (a) the trustees of a...

       6. 6. (1) Nothing in paragraph 2, 3, 4 or 5 above...

    7. SCHEDULE 5B

       Enterprise investment scheme: re-investment

       1. Application of Schedule

          1. 1. (1) This Schedule applies where— (a) there would (apart from...

       2. Postponement of original gain

          1. 2. (1) On the making of a claim by the investor...

       3. Chargeable events

          1. 3. (1) Subject to the following provisions of this paragraph, there...

       4. Gain accruing on chargeable event

          1. 4. (1) On the occurrence of a chargeable event in relation...

       5. Person to whom gain accrues

          1. 5. (1) The chargeable gain which accrues, in accordance with paragraph...

       6. Interpretation

          1. 6. (1) In this Schedule “ non-resident ” means a person...

    8. SCHEDULE 5C

       Venture capital trusts: deferred charge on re-investment

       1. Application of Schedule

          1. 1. (1) This Schedule applies where— (a) there would (apart from...

       2. The postponement of the original gain

          1. 2. (1) On the making of a claim by the investor...

       3. Chargeable events

          1. 3. (1) Subject to the following provisions of this paragraph, there...

       4. Gain accruing on chargeable event

          1. 4. (1) On the occurrence of a chargeable event in relation...

       5. Persons to whom gain accrues

          1. 5. (1) The chargeable gain which accrues in accordance with paragraph...

       6. Interpretation

          1. 6. (1) In this Schedule “non-resident” means a person who is...

    9. SCHEDULE 6

       Retirement relief etc.

       1. Part I Interpretation

          1. 1. (1) This paragraph and paragraphs 2 and 3 below have...

          2. 2. (1) For the purposes of the provisions referred to in...

          3. 3. (1) A person who has been concerned in the carrying...

          4. 4. (1) In this Schedule— (a) “material disposal of business assets”...

       2. Part II The operation of the relief

          1. Disposals on which relief may be given

             1. 5. (1) Relief in accordance with this Schedule shall not be...

          2. Gains qualifying for relief

             1. 6. Subject to paragraphs 9 and 10 below, in the case...

             2. 7. (1) Subject to paragraphs 9 to 11 below, in the...

             3. 8. (1) Subject to paragraphs 9 to 11 below, in the...

             4. 9. (1) If, in the case of a trustees’ disposal, there...

             5. 10. (1) If, in the case of an associated disposal—

             6. 11. (1) This paragraph applies where— (a) there is a material...

             7. 12. (1) Subject to paragraphs 9 to 11 above, in arriving...

          3. The amount available for relief: the basic rule

             1. 13. (1) Subject to the following provisions of this Part of...

          4. Aggregation of earlier business periods

             1. 14. (1) If, apart from this paragraph, the qualifying period appropriate...

          5. Relief given on earlier disposal

             1. 15. (1) In any case where— (a) an individual makes a...

          6. Aggregation of spouse’s interest in the business

             1. 16. (1) In any case where— (a) an individual makes a...

    10. SCHEDULE 7

        Relief for gifts of business assets

        1. Part I Agricultural property and settled property

           1. Agricultural property

              1. 1. (1) This paragraph applies where— (a) there is a disposal...

           2. Settled property

              1. 2. (1) If— (a) the trustees of a settlement make a...

              2. 3. (1) This paragraph applies where— (a) there is a disposal...

        2. Part II Reductions in held-over gain

           1. Application and interpretation

              1. 4. (1) The provisions of this Part of this Schedule apply...

           2. Reductions peculiar to disposals of assets

              1. 5. (1) If, in the case of a disposal of an...

              2. 6. (1) If, in the case of a disposal of an...

           3. Reduction peculiar to disposal of shares

              1. 7. (1) If in the case of a disposal of shares...

           4. Reduction where gain partly relieved by retirement relief

              1. 8. (1) If, in the case of a disposal of an...

    11. SCHEDULE 7A

        Restriction on set-off of pre-entry losses

        1. Application and construction of Schedule

           1. 1. (1) This Schedule shall have effect, in the case of...

        2. Pre-entry proportion of losses on pre-entry assets

           1. 2. (1) Subject to paragraphs 3 to 5 below, the pre-entry...

        3. Disposals of pooled assets

           1. 3. (1) This paragraph shall apply (subject to paragraphs 4 and...

        4. Rule to prevent pre-entry losses on pooled assets being treated as post-entry losses

           1. 4. (1) This paragraph shall apply if— (a) there is a...

        5. Alternative calculation by reference to market value

           1. 5. (1) Subject to paragraph 4(5) above and the following provisions...

        6. Restrictions on the deduction of pre-entry losses

           1. 6. (1) In the calculation of the amount to be included...

        7. Gains from which pre-entry losses are to be deductible

           1. 7. (1) A pre-entry loss that accrued to a company before...

        8. Change of a company’s nature

           1. 8. (1) If— (a) within any period of three years, a...

        9. Identification of “the relevant group" and application of Schedule to every connected group

           1. 9. (1) This paragraph shall apply where there is more than...

        10. Appropriations to stock in trade

            1. 10. Where, but for an election under subsection (3) of section...

        11. Continuity provisions

            1. 11. (1) This paragraph applies where provision has been made by...

        12. Companies changing groups on certain transfers of shares etc.

            1. 12. For the purposes of this Schedule, and without prejudice to...

    12. SCHEDULE 7B

        Modification of Act in relation to overseas life insurance companies

        1. 1. In its application to an overseas life insurance company (as...

        2. 2. (1) In section 13(5)(d), the words “section 11(2)(b), (c), (d)...

        3. 3. (1) In section 16(3), the words “under section 11(2)(b), (c),...

        4. 4. (1) In section 25, the following subsection shall be treated...

        5. 5. (1) In section 140A(2), the words “ section 11(2)(b), (c)...

        6. 6. (1) In section 159(4)(b), the words “ section 11(2)(b), (c)...

        7. 7. (1) In section 172(4), the words “ section 11(2)(b), (c),...

        8. 8. (1) In subsections (2)(a) and (3) of section 185, the...

        9. 9. (1) In section 191(1)(b), the words “ section 11(2)(b), (c),...

        10. 9A. In section 211(1), the reference to a transfer of the...

        11. 10. (1) In section 212, the following subsection shall be treated...

        12. 11. (1) In section 213(4), the words “ in the United...

        13. 12. (1) In section 214, the following subsection shall be treated...

        14. 13. (1) In subsection (4) of section 214A, in item G...

        15. 14. (1) In section 228(6)(b), the words “ section 11(2)(b), (c)...

    13. SCHEDULE 8

        Leases

        1. Leases of land as wasting assets: curved line restriction of allowable expenditure

           1. 1. (1) A lease of land shall not be a wasting...

        2. Premiums for leases

           1. 2. (1) Subject to this Schedule where the payment of a...

           2. 3. (1) This paragraph applies in relation to a lease of...

        3. Subleases out of short leases

           1. 4. (1) In the computation of the gain accruing on the...

        4. Exclusion of premiums taxed under Schedule A etc.

           1. 5. (1) Where by reference to any premium income tax has...

           2. 6. (1) If under section 37(4) of the Taxes Act (allowance...

           3. 7. If under section 34(2) and (3) of the Taxes Act...

           4. 7A. References in paragraphs 5 to 7 above to an amount...

        5. Duration of leases

           1. 8. (1) In ascertaining for the purposes of this Act the...

        6. Leases of property other than land

           1. 9. (1) Paragraphs 2, 3, 4 and 8 of this Schedule...

        7. Interpretation

           1. 10. (1) In this Act, unless the context otherwise requires “lease”...

    14. SCHEDULE 9

        Gilt-edged securities

        1. Part I General

           1. 1. For the purposes of this Act “gilt-edged securities” means the...

           2. 1A. (1) Any security which is a strip of a security...

           3. 2. The Treasury shall cause particulars of any order made under...

           4. 3. Section 14(b) of the Interpretation Act 1978 (implied power to...

        2. Part II Existing gilt-edged securities

    15. SCHEDULE 10

        Consequential amendments

        1. Post Office Act 1969 c. 48

           1. 1. In section 74 of the Post Office Act 1969 for...

        2. Taxes Management Act 1970 c. 9

           1. 2. (1) The Taxes Management Act 1970 shall have effect subject...

        3. Finance Act 1973 c. 51

           1. 3. (1) In section 38(2) of the Finance Act 1973 for...

        4. British Aerospace Act 1980 c. 26

           1. 4. In section 12(2) of the British Aerospace Act 1980 for...

        5. British Telecommunications Act 1981 c. 38

           1. 5. In section 82(1) for “Capital Gains Tax Act 1979” and...

        6. Value Added Tax Act 1983 c. 55

           1. 6. In Group 11 of Schedule 6 to the Value Added...

        7. Telecommunications Act 1984 c. 12

           1. 7. In section 72(2) of the Telecommunications Act 1984 for “272(5)...

        8. Inheritance Tax Act 1984 c. 51

           1. 8. (1) The Inheritance Tax Act shall have effect subject to...

        9. Finance Act 1985 c. 54

           1. 9. In section 81 for “Capital Gains Tax Act 1979” there...

        10. Trustee Savings Bank Act 1985 c. 58

            1. 10. (1) In paragraph 2 of Schedule 2 to the Trustee...

        11. Transport Act 1985 c. 67

            1. 11. In section 130— (a) in subsection (3) for “Capital Gains...

        12. Airports Act 1986 c. 31

            1. 12. In section 77(2) of the Airports Act 1986 for “272(5)...

        13. Gas Act 1986 c. 44

            1. 13. In section 60(2) of the Gas Act 1986 for “272(5)...

        14. Income and Corporation Taxes Act 1988 c. 1

            1. 14. (1) The Income and Corporation Taxes Act 1988 shall have...

        15. British Steel Act 1988 c. 35

            1. 15. In section 11(2) of the British Steel Act 1988 for...

        16. Finance Act 1988 c. 39

            1. 16. (1) The Finance Act 1988 shall have effect subject to...

        17. Health and Medicines Act 1988 c. 49

            1. 17. In section 6(2) of the Health and Medicines Act 1988...

        18. Water Act 1989 c. 15

            1. 18. In section 95 of the Water Act 1989—

        19. Finance Act 1989 c. 26

            1. 19. (1) In section 69(9) of the Finance Act 1989 for...

        20. Electricity Act 1989 c. 29

            1. 20. (1) In paragraph 2 of Schedule 11 to the Electricity...

        21. Capital Allowances Act 1990 c. 1

            1. 21. (1) The following section shall be inserted in the Capital...

        22. Finance Act 1990 c. 29

            1. 22. (1) The Finance Act 1990 shall have effect subject to...

        23. Finance Act 1991 c. 31.

            1. 23. In section 72(4) of the Finance Act 1991 for “5(1)...

        24. Ports Act 1991 c. 52

            1. 24. (1) In section 16 of the Ports Act 1991 for...

        25. British Technology Group Act 1991 c. 66

            1. 25. In section 12(2) of the British Technology Group Act 1991...

    16. SCHEDULE 11

        Transitional provisions and savings

        1. Part I Valuation

           1. Preliminary

              1. 1. (1) This Part of this Schedule has effect in cases...

           2. Gifts and transactions between connected persons before 20th March 1985

              1. 2. (1) Where sub-paragraph (1) above applies for the purpose of...

           3. Valuation of assets before 6th July 1973

              1. 3. Section 273 shall apply for the purposes of determining the...

              2. 4. (1) This paragraph applies if, in a case where the...

              3. 5. (1) In any case where— (a) before 6th July 1973...

           4. Valuation of assets on 6th April 1965

              1. 6. (1) For the purpose of ascertaining the market value of...

           5. References to the London Stock Exchange before 25th March 1973and Exchange Control restrictions before 13th December 1979

              1. 7. (1) For the purposes of ascertaining the market value of...

           6. Depreciated valuations referable to deaths before 31st March 1973

              1. 8. In any case where this Part applies, section 272(2) shall...

           7. Estate duty

              1. 9. (1) Where estate duty (including estate duty leviable under the...

        2. Part II Other transitory provisions

           1. Value-shifting

              1. 10. (1) Section 30 applies only where the reduction in value...

           2. Assets acquired on disposal chargeable under Case VII of Schedule D

              1. 11. (1) In this paragraph references to a disposal chargeable under...

           3. Unrelieved Case VII losses

              1. 12. Where no relief from income tax (for a year earlier...

           4. Devaluation of sterling: securities acquired with borrowed foreign currency

              1. 13. (1) This paragraph applies where, in pursuance of permission granted...

           5. Devaluation of sterling: foreign insurance funds

              1. 14. (1) The sums allowable as a deduction under section 38(1)(a)...

           6. Gilt-edged securities past redemption date

              1. 15. So far as material for the purposes of this or...

           7. Qualifying corporate bonds, company reorganisations, share conversions etc.

              1. 16. (1) Part IV of this Act has effect subject to...

           8. Land: allowance for betterment levy

              1. 17. (1) Where betterment levy charged in the case of any...

           9. Non-resident trusts

              1. 18. Without prejudice to section 289 or Part III of this...

           10. Private residences

               1. 19. The reference in section 222(5)(a) to a notice given by...

           11. Works of art etc.

               1. 20. The repeals made by this Act do not affect the...

           12. Disposal before acquisition

               1. 21. The substitution of this Act for the corresponding enactments repealed...

           13. Estate duty

               1. 22. Nothing in the repeals made by this Act shall affect...

           14. Validity of subordinate legislation

               1. 23. So far as this Act re-enacts any provision contained in...

           15. Amendments in other Acts

               1. 24. (1) The repeal by this Act of the Income and...

           16. Saving for Part III of this Schedule

               1. 25. The provisions of this Part of this Schedule are without...

        3. Part III Assets acquired before commencement

           1. 26. (1) The substitution of this Act for the enactments repealed...

           2. 27. Where the acquisition or provision of any asset by one...

        4. Part IV Other general savings

           1. 28. Where under any Act passed before this Act and relating...

           2. 29. (1) The continuity of the law relating to the taxation...

    17. SCHEDULE 12

        Repeals