- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2021)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 06/04/2021.
Taxation of Chargeable Gains Act 1992, Cross Heading: Avoidance of double-counting is up to date with all changes known to be in force on or before 17 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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Textual Amendments
F1Sch. 4A inserted (with application in accordance with s. 91(3) of the amending Act) by Finance Act 2000 (c. 17), s. 91(2), Sch. 24
10(1)The provisions of this paragraph have effect to prevent there being both a deemed disposal under this Schedule in relation to the disposal of an interest in settled property and a chargeable disposal of the interest itself.U.K.
A “chargeable disposal” means one in relation to which section 76(1) does not apply.
(2)If there would be a chargeable gain on the disposal of the interest in the settlement, then—
(a)if—
(i)the chargeable gain on the disposal of the interest would be greater than the net chargeable gain on the deemed disposal, or
(ii)there would be no net chargeable gain on the deemed disposal,
the provisions of this Schedule as to a deemed disposal do not apply; and
(b)in any other case, the provisions of this Schedule as to a deemed disposal apply and no chargeable gain is treated as accruing on the disposal of the interest in the settlement.
(3)If there would be an allowable loss on the disposal of the interest in the settlement, then—
(a)if there would be a greater net allowable loss on the deemed disposal, the provisions of this Schedule as to a deemed disposal do not apply; and
(b)in any other case, the provisions of this Schedule as to a deemed disposal apply and no allowable loss is treated as accruing on the disposal of the interest in the settlement.
(4)If there would be neither a chargeable gain nor an allowable loss on the disposal of the interest in the settlement, then—
(a)if there would be a net allowable loss on the deemed disposal, the provisions of this Schedule as to a deemed disposal do not apply; and
(b)in any other case, the provisions of this Schedule as to a deemed disposal apply.
(5)For the purposes of this paragraph—
(a)there is a net chargeable gain on a deemed disposal if the aggregate of the chargeable gains accruing to the trustees in respect of the assets involved exceeds the aggregate of the allowable losses so accruing; and
(b)there is a net allowable loss on a deemed disposal if the aggregate of the allowable losses accruing to the trustees in respect of the assets involved exceeds the aggregate of the chargeable gains so accruing.]
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