- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (27/05/2011)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 17/07/2013
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Taxation of Chargeable Gains Act 1992, Section 148C is up to date with all changes known to be in force on or before 17 October 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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(1)This section deals with how this Act applies where a loss sustained by a person from such a disposal as is referred to in section 564(4) of ITTOIA 2005 (“the deemed disposal”) is brought into account for the purposes of [F2section 152 of ITA 2007] (losses).
(2)Amounts taken into account or allowable as deductions in calculating that loss are not to be excluded from any calculation made for the purposes of this Act as a result of section 37 or 39.
(3)If the deemed disposal is a disposal of an option by the grantor, for the purposes of subsections (4) and (5) any determination—
(a)whether the grantor sustained a loss from that disposal, and
(b)of the amount of that loss,
is to be made as if the deemed disposal and the disposal by which the option was granted were a single transaction.
(4)If the loss from the deemed disposal equals or is less than—
(a)the amount of the consideration for the acquisition of any asset acquired by the person sustaining the loss by means of the future running to delivery or the exercise of the option, or
(b)the amount of the consideration for the acquisition by that person of any asset the person disposes of by the future running to delivery or the exercise of the option,
for the purposes of this Act the amount of that consideration is reduced by the amount of the loss.
(5)If the loss from the deemed disposal exceeds the amount of that consideration—
(a)that consideration is reduced to nil, and
(b)an amount equal to the excess is treated for the purposes of this Act as a chargeable gain accruing to the person sustaining the loss on the appropriate occasion.
(6)In a case where the consideration mentioned in subsection (4)(a) is reduced under subsection (5)(a), the appropriate occasion is the first occasion after the acquisition mentioned in subsection (4)(a) when there is a disposal of the asset in question.
(7)In a case where the consideration mentioned in subsection (4)(b) is so reduced, the appropriate occasion is the disposal the person sustaining the loss makes by the future running to delivery or the exercise of the option, as the case may be.
(8)In subsection (6) the reference to a disposal of the asset in question includes a reference to anything that would be such a disposal but for section 116(10) or 127.
(9)In subsections (6) and (7) the references to a disposal include references to a disposal which, in accordance with this Act, would (apart from subsection (5)(b)) be a disposal on which neither a gain nor a loss accrues.
(10)Section 565 of ITTOIA 2005 (interpretation of section 564) applies for the purposes of this section as it applies for the purposes of section 564.]
Textual Amendments
F1Ss. 148A-148C inserted (with effect in accordance with s. 883(1) of the amending Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), s. 883(1), Sch. 1 para. 435 (with Sch. 2)
F2Words in s. 148C(1) substituted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 310 (with Sch. 2)
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