- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (28/12/2007)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 17/07/2012
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Taxation of Chargeable Gains Act 1992, Section 185 is up to date with all changes known to be in force on or before 16 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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(1)This section and section 187 apply to a company if, at any time (“the relevant time”), the company ceases to be resident in the United Kingdom.
(2)The company shall be deemed for all purposes of this Act—
(a)to have disposed of all its assets, other than assets excepted from this subsection by subsection (4) below, immediately before the relevant time; and
(b)immediately to have reacquired them,
at their market value at that time.
(3)Section 152 shall not apply where the company—
(a)has disposed of the old assets, or of its interest in those assets, before the relevant time; and
(b)acquires the new assets, or its interest in those assets, after that time,
unless the new assets are excepted from this subsection by subsection (4) below.
(4)If at any time after the relevant time the company carries on a trade in the United Kingdom through a [F1permanent establishment]—
(a)any assets which, immediately after the relevant time, are situated in the United Kingdom and are used in or for the purposes of the trade, or are used or held for the purposes of the [F1permanent establishment], shall be excepted from subsection (2) above; and
(b)any new assets which, after that time, are so situated and are so used or so held shall be excepted from subsection (3) above;
and references in this subsection to assets situated in the United Kingdom include references to exploration or exploitation assets and to exploration or exploitation rights.
(5)In this section—
(a)“designated area”, “exploration or exploitation activities” and “exploration or exploitation rights” have the same meanings as in section 276;
(b)“exploration or exploitation assets” means assets used or intended for use in connection with exploration or exploitation activities carried on in the United Kingdom or a designated area;
(c)“the old assets” and “the new assets” have the same meanings as in section 152;
and a company shall not be regarded for the purposes of this section as ceasing to be resident in the United Kingdom by reason only that it ceases to exist.
Textual Amendments
F1Words in s. 185(4) substituted (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(1)(b)
Modifications etc. (not altering text)
C1S. 185 excluded (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 3(4)
C2Ss. 170-192 restricted (27.7.1999) by Commonwealth Development Corporation Act 1999 (c. 20), Sch. 3 paras. 1, 4(1)
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