58 [F1Spouses and civil partners].U.K.
(1)[F2If, in any year of assessment, —
(a)an individual is living with his spouse or civil partner, and
(b)one of them disposes of an asset to the other,
both] shall be treated as if the asset was acquired from the one making the disposal for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal.
(2)This section shall not apply—
(a)if until the disposal the asset formed part of trading stock of a trade carried on by the one making the disposal, or if the asset is acquired as trading stock for the purposes of a trade carried on by the one acquiring the asset, F3... [F4or]
(b)if the disposal is by way of donatio mortis causa, F5...
F5(c). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
but this section shall have effect notwithstanding the provisions of section 18 or 161, or of any other provisions of this Act fixing the amount of the consideration deemed to be given on a disposal or acquisition.
F6(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F6(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Textual Amendments
F1Words in s. 58 heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 107(3)
F2Words in s. 58(1) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 107(2)
F3Word in s. 58(2)(a) omitted (1.9.2013) by virtue of Finance Act 2013 (c. 29), Sch. 23 paras. 18(a), 38; S.I. 2013/1755, art. 2
F4Word in s. 58(2)(a) inserted (with effect in accordance with s. 13(6)-(8) of the amending Act) by Finance Act 2017 (c. 10), s. 13(2)(a)(i)
F5S. 58(2)(c) and preceding word omitted (with effect in accordance with s. 13(6)-(8) of the amending Act) by virtue of Finance Act 2017 (c. 10), s. 13(2)(a)(ii)
F6S. 58(3)-(5) omitted (with effect in accordance with s. 13(6)-(8) of the amending Act) by virtue of Finance Act 2017 (c. 10), s. 13(2)(b)
Modifications etc. (not altering text)
C1S. 58(1) excluded (16.11.2017) by Finance (No. 2) Act 2017 (c. 32), Sch. 8 para. 41(6)