- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (31/07/1997)
- Gwreiddiol (Fel y'i Deddfwyd)
Version Superseded: 01/04/2010
Point in time view as at 31/07/1997.
There are currently no known outstanding effects for the Finance Act 1997, Paragraph 12.
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12(1)If, in the case of the lease,—U.K.
(a)the current lessor or a person connected with him disposes of—
(i)the lessor’s interest under the lease, or
(ii)the leased asset, or
(iii)an asset representing the leased asset, and
(b)there is, for the period of account of the current lessor in which the disposal takes place, any cumulative accountancy rental excess,
then, in determining for the purposes of the M1Taxation of Chargeable Gains Act 1992 the amount of any gain accruing to the person making the disposal, the consideration for the disposal shall be treated as reduced (but not below nil) by setting against it the cumulative accountancy rental excess.
(2)If the disposal mentioned in sub-paragraph (1) above is, for the purposes of the M2Taxation of Chargeable Gains Act 1992, a part-disposal of an asset—
(a)the cumulative accountancy rental excess mentioned in sub-paragraph (1) above shall be apportioned between—
(i)the property disposed of, and
(ii)the property which remains undisposed of,
in the proportions in which the sums which under paragraph (a) or (b) of section 38(1) of that Act are attributable to the asset fall to be apportioned under section 42 of that Act; and
(b)only that portion of the cumulative accountancy rental excess which is so apportioned to the property disposed of shall be set against the consideration for the part-disposal in accordance with sub-paragraph (1) above.
(3)Sub-paragraph (1) above is without prejudice to section 37 of the Taxation of Chargeable Gains Act 1992 (deduction for money or money’s worth charged to income tax etc) except as provided in sub-paragraph (4) below.
(4)Section 37 of that Act shall not apply if or to the extent that any money or money’s worth which, apart from this sub-paragraph, would be excluded by virtue of that section from the consideration for a disposal is represented by any cumulative accountancy rental excess which in accordance with sub-paragraph (1) above—
(a)falls to be set against the consideration for the disposal; or
(b)has fallen to be set against the consideration for a previous disposal made by the person making the disposal in question or a person connected with him.
(5)Where the current lessor or a person connected with him disposes of—
(a)the lessor’s interest under the lease, or
(b)the leased asset, or
(c)an asset representing the leased asset,
this Schedule shall have effect as if a period of account of the current lessor ended, and another period of account of his began, immediately before the disposal.
(6)If two or more disposals falling within sub-paragraph (1) above are made at the same time—
(a)the cumulative accountancy rental excess mentioned in sub-paragraph (1) above shall, subject to sub-paragraph (2) above, be apportioned between them in such proportions as are just and reasonable; and
(b)sub-paragraph (5) above shall have effect in relation to those disposals as if they together constituted a single disposal.
(7)In this paragraph “dispose” and “disposal” shall be construed in accordance with the M3Taxation of Chargeable Gains Act 1992.
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