- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (06/04/2021)
- Gwreiddiol (Fel y'i Deddfwyd)
Point in time view as at 06/04/2021.
Taxation of Chargeable Gains Act 1992, Section 80 is up to date with all changes known to be in force on or before 17 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 applies if the trustees of a settlement become at any time (“the relevant time”) [F1not resident] in the United Kingdom.
(2)The trustees shall be deemed for all purposes of this Act—
(a)to have disposed of the defined assets immediately before the relevant time, and
(b)immediately to have reacquired them,
at their market value at that time.
(3)Subject to subsections (4) and (5) below, the defined assets are all assets constituting settled property of the settlement immediately before the relevant time.
(4)If immediately after the relevant time—
(a)the trustees carry on a trade in the United Kingdom through a branch or agency, and
(b)any assets are situated in the United Kingdom and either used in or for the purposes of the trade or used or held for the purposes of the branch or agency,
the assets falling within paragraph (b) above shall not be defined assets.
(5)Assets shall not be defined assets if—
(a)they are of a description specified in any double taxation relief arrangements, and
(b)were the trustees to dispose of them immediately before the relevant time, the trustees would fall to be regarded for the purposes of the arrangements as not liable in the United Kingdom to tax on gains accruing to them on the disposal.
(6)Section 152 shall not apply where the trustees—
(a)have disposed of the old assets, or their interest in them, before the relevant time, and
(b)acquire the new assets, or their interest in them, after that time,
unless the new assets are excepted from this subsection by subsection (7) below.
(7)If at the time when the new assets are acquired—
(a)the trustees carry on a trade in the United Kingdom through a branch or agency, and
(b)any new assets are situated in the United Kingdom and either used in or for the purposes of the trade or used or held for the purposes of the branch or agency,
the assets falling within paragraph (b) above shall be excepted from subsection (6) above.
(8)In this section “the old assets” and “the new assets” have the same meanings as in section 152.
Textual Amendments
F1Words in s. 80(1) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 84
Modifications etc. (not altering text)
C1S. 80(4)(a)(b) modified (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(2)(b)
C2S. 80(7)(b) modified (with effect in accordance with s. 153(4) of the amending Act) by Finance Act 2003 (c. 14), s. 153(2)(b)
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