- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (01/02/2011)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 01/02/2011.
Taxation of Chargeable Gains Act 1992, Section 153A is up to date with all changes known to be in force on or before 05 September 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 applies where a person carrying on a trade who for a consideration disposes of, or of his interest in, any assets (“the old assets”) declares, in his return for the chargeable period in which the disposal takes place—
(a)that the whole or any specified part of the consideration will be applied in the acquisition of, or of an interest in, other assets (“the new assets”) which on the acquisition will be taken into use, and used only, for the purposes of the trade;
(b)that the acquisition will take place as mentioned in subsection (3) of section 152; and
(c)that the new assets will be within the classes listed in section 155.
(2)Until the declaration ceases to have effect, section 152 or, as the case may be, section 153 shall apply as if the acquisition had taken place and the person had made a claim under that section.
(3)The declaration shall cease to have effect as follows—
(a)if and to the extent that it is withdrawn before the relevant day, or is superseded before that day by a valid claim made under section 152 or 153, on the day on which it is so withdrawn or superseded; and
(b)if and to the extent that it is not so withdrawn or superseded, on the relevant day.
(4)On the declaration ceasing to have effect in whole or in part, all necessary adjustments—
(a)shall be made by making or amending assessments or by repayment or discharge of tax; and
(b)shall be so made notwithstanding any limitation on the time within which assessments or amendments may be made.
(5)In this section “the relevant day” means—
(a)in relation to capital gains tax, the third anniversary of the 31st January next following the year of assessment in which the disposal of, or of the interest in, the old assets took place;
(b)in relation to corporation tax, the fourth anniversary of the last day of the accounting period in which that disposal took place.
(6)Subsections (6), (8), (10) and (11) of section 152 shall apply for the purposes of this section as they apply for the purposes of that section.]
Textual Amendments
F1S. 153A inserted (with effect in accordance with s. 121(8) of the amending Act) by Finance Act 1996 (c. 8), s. 141(2)
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