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Taxation of Chargeable Gains Act 1992
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Changes over time for: Section 212
Alternative versions:
- 06/04/1992- Amendment
- 27/07/1993- Amendment
- 01/05/1995- Amendment
- 10/08/1995- Amendment
- 29/04/1996- Amendment
- 20/03/1997- Amendment
- 06/04/1999- Amendment
- 01/12/2001- Amendment
- 10/07/2003- Amendment
- 08/04/2004- Amendment
- 22/07/2004- Amendment
- 06/04/2005- Amendment
- 12/08/2005- Amendment
- 19/07/2006- Amendment
- 19/07/2007- Amendment
- 14/08/2007- Amendment
- 01/01/2009- Amendment
- 01/12/2009- Amendment
- 01/04/2010- Amendment
- 17/07/2012- Amendment
- 31/12/2012- Amendment
- 08/06/2013- Amendment
- 24/02/2022- Amendment
Changes to legislation:
Taxation of Chargeable Gains Act 1992, Section 212 is up to date with all changes known to be in force on or before 02 June 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.
Changes to Legislation
Revised legislation carried on this site may not be fully up to date. Changes and effects are recorded by our editorial team in lists which can be found in the ‘Changes to Legislation’ area. Where those effects have yet to be applied to the text of the legislation by the editorial team they are also listed alongside the legislation in the affected provisions. Use the ‘more’ link to open the changes and effects relevant to the provision you are viewing.
Changes and effects yet to be applied to the whole Act associated Parts and Chapters:
- Act applied by 1997 c. 16 Sch. 12 para. 12(7) 13 14
- Act applied by 2002 c. 23 Sch. 16 para. 48(1)(2)
- Act construed as one with reg. 37 by S.I. 2006/575 reg. 37(2)
- Act construed as one with reg. 38 by S.I. 2006/575 reg. 38(3)
Whole provisions yet to be inserted into this Act (including any effects on those provisions):
- s. 4(10)(11) inserted by 2016 c. 11 s. 15(4)
- s. 4(10) words inserted by 2016 c. 24 s. 83(11)
- s. 35(3)(d)(xviii) added by 2008 c. 17 Sch. 7 para. 9
- s. 35(3)(d)(xviii) inserted by 2008 c. 18 Sch. 13 para. 46
- s. 35(3)(d)(xviii) repealed by S.I. 2008/3002 Sch. 1 para. 42 Sch. 3 (This amendment comes into force on the day 2008 c. 4, s. 5 comes into force, see art. 1(2). That provision was brought into force on 1.12.2008 by S.I. 2008/3068, art. 2(1)(b))
- s. 104(4)(b)(i) words substituted by S.I. 1989/469, reg. 27(2) (as amended) by S.I. 1997/1716 reg. 13(1)(b)
- s. 107(11) words substituted by S.I. 1989/469, reg. 27(2A) (as amended) by S.I. 1997/1716 reg. 13(2)(b)
- s. 169S(4A) inserted by 2015 c. 11 s. 43(2)
- s. 587B inserted by 2000 c. 17 s. 43(1)
- Sch. 5C para. 3(1) modified by S.I. 2004/2199 reg. 7(1)
- Sch. 5C para. 3(6) modified by S.I. 2004/2199 reg. 7(2)
- Sch. 5C para. 5(1) modified by S.I. 2004/2199 reg. 7(3)
- Sch. 5C para. 3 words inserted by S.I. 2005/3229 reg. 128
- Sch. 5C para. 5 words inserted by S.I. 2005/3229 reg. 128
- Sch. 5C para. 6 words inserted by S.I. 2005/3229 reg. 128
- Sch. 5C para. 3(1)(f) words substituted by 2007 c. 3 Sch. 1 para. 347
212 Annual deemed disposal of holdings of unit trusts etc.U.K.
(1)Where at the end of an accounting period the assets [F1held by an insurance company for the purposes of its long-term business] include—
(a)rights under an authorised unit trust, or
(b)[F2interests in an offshore fund F3... ][F4, or
[F5(ba)units in an authorised contractual scheme which is a co-ownership scheme, or]
(c)shares in a company [F6which is, or is a member of, a UK REIT within the meaning of Part 12 of CTA 2010] (Real Estate Investment Trusts),] [F7or,
(d)shares in a company which is, or is a member of, a QAHC within the meaning of Schedule 2 to the Finance Act 2022 (qualifying asset holding companies),]
then, subject to the following provisions of this section and to section 213, the company shall be deemed for the purposes of corporation tax on capital gains to have disposed of and immediately reacquired each of the assets concerned at its market value at that time.
F8(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F9(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F10(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11(6A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F11(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F12(7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F13(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
[F14(9)This section applies to an overseas life insurance company as if references in subsection (1) to assets were to such of the assets concerned as are UK assets.
(10)Assets (whether situated in the United Kingdom or elsewhere) are “UK assets” if, in accordance with the provision made by or under Chapter 4 of Part 2 of CTA 2009, they fall to be attributed to the permanent establishment in the United Kingdom through which the company carries on life assurance business.]
Textual Amendments
F1Words in s. 212(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 85(2)
F2Words in s. 212(1)(b) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(a)
F3Words in s. 212(1)(b) omitted (8.6.2013) by virtue of The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 5(a) (with reg. 1(2))
F4S. 212(1)(c) and preceding word inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 137
F5S. 212(1)(ba) inserted (8.6.2013) by The Collective Investment Schemes (Tax Transparent Funds, Exchanges, Mergers and Schemes of Reconstruction) Regulations 2013 (S.I. 2013/1400), regs. 1(1), 5(b) (with reg. 1(2))
F6Words in s. 212(1)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 249 (with Sch. 2)
F7S. 212(1)(d) and word inserted (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 56(1)
F8S. 212(2) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 85(3)
F9S. 212(2A) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 5(3)(a), Sch. 27 Pt. 2(10)
F10S. 212(3)(4)(6) repealed (27.7.1993 with effect in relation to accounting periods beginning on or after 1.1.1993) by 1993 c. 34, ss. 91(2)(b), 213, Sch. 23 Pt. III Table(8) Note
F11S. 212(5)-(7) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(b), Sch. 2
F12S. 212(7A) repealed (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 18, Sch. 27 Pt. 2(8) (with Sch. 8 Pt. 2)
F13S. 212(8) repealed (27.7.1993 with effect as mentioned in s. 91(1)) by 1993 c. 34, ss. 91(1), 213, Sch. 23 Pt. III Table(8) Note
F14S. 212(9)(10) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 85(4)
Modifications etc. (not altering text)
C1S. 212 modified (31.7.1992) by S.I. 1992/1655, arts. 1, 21
S. 212 amended (27.7.1993) by 1993 c. 34, s. 91(1)
S. 212 excluded (27.7.1993) by 1993 c. 34, s. 91(1)
C2S. 212 modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 para. 15(2)
C3S. 212 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 37 (as amended by S.I. 2007/2134, regs. 1(1)(2), 28)
C4S. 212 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Insurance Companies (Tax Exempt Business) Regulations 2007 (S.I. 2007/2145), regs. 1(1), 13
C5S. 212 excluded by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 51(2) (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2008/3159, regs. 1(1), 15)
C6S. 212 modified (with effect in accordance with reg. 2(2) of the amending S.I.) by The Insurance Companies and CFCs (Avoidance of Double Charge) Regulations 2012 (S.I. 2012/3044), regs. 1(1), 6
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