Taxation of Chargeable Gains Act 1992

[F1 198D No double claims U.K.

(1) If P makes a claim under section 198A or 198B, no other relevant claim may be made in respect of the relevant acquisition.

(2) P may make a claim under section 198A or 198B (“the new claim”), if P has previously made a claim under section 152 or 153 (“the previous claim”) in respect of the relevant acquisition.

(3) But P may make the new claim only if the previous claim is withdrawn at or before the time the new claim is made.

(4) If the new claim is made in accordance with subsections (2) and (3), all necessary adjustments—

(a) are to be made by making or amending assessments or by repayment or discharge of tax, and

(b) are to be so made despite any limitation on the time within which assessments or amendments may be made.

(5) In this section—

• “relevant acquisition” means the acquisition of the new assets that is comprised in the disposal and acquisition to which a claim under section 198A or 198B or declaration under section 198C relates;

• “relevant claim” means a claim under section 152, 153, 198A or 198B.]

Textual Amendments

F1 Ss. 198A-198G inserted (with effect in accordance with Sch. 40 para. 13 of the amending Act) by Finance Act 2009 (c. 10), Sch. 40 para. 12