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Taxation of Chargeable Gains Act 1992

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Changes over time for: PART 1

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Version Superseded: 12/02/2019

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Status:

Point in time view as at 15/09/2016.

Changes to legislation:

Taxation of Chargeable Gains Act 1992, PART 1 is up to date with all changes known to be in force on or before 07 March 2025. 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. Help about Changes to Legislation

[F1PART 1U.K.Introduction and interpretation

Textual Amendments

F1Sch. 4ZZC inserted (with effect in accordance with s. 83(17) of the amending Act) by Finance Act 2016 (c. 24), Sch. 12 para. 5

IntroductionU.K.

1(1)In this Schedule “RPI disposal” means a disposal of a residential property interest which is not a non-resident CGT disposal.U.K.

(2)This Schedule applies for the purpose of determining, in relation to an RPI disposal—

(a)whether a residential property gain or loss accrues on the disposal, and the amount of any such gain or loss, and

(b)whether a gain or loss other than a residential property gain or loss accrues on the disposal, and the amount of any such gain or loss.

(3)In this Schedule—

(a)Part 2 contains the main rules for computing the gains and losses;

(b)Part 3 contains the rules for computing the gains and losses in a case where the RPI disposal is, or involves, a relevant high value disposal (as defined in section 2C).

InterpretationU.K.

2(1)For the purposes of this Schedule, a relevant high value disposal is “comprised in” an RPI disposal if—U.K.

(a)the RPI disposal is treated for the purposes of section 2C and Schedule 4ZZA as two or more disposals, and

(b)the relevant high value disposal is one of those.

(2)In this Schedule—

  • chargeable interest” has the same meaning as in Part 3 of the Finance Act 2013 (annual tax on enveloped dwellings) (see section 107 of that Act);

  • dwelling” has the meaning given by —

    (a)

    paragraph 4 of Schedule B1, in relation to a disposal of a UK residential property interest;

    (b)

    paragraph 4 of Schedule BA1, in relation to a disposal of a non-UK residential property interest;

  • subject-matter”, in relation to an interest in land (or a chargeable interest) means the land to which the interest relates.]

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