Finance Act 2002

Taxation of Chargeable Gains Act 1992 U.K.

5 (1) The Taxation of Chargeable Gains Act 1992 (c. 12) is amended as follows.

F1 (2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F1 (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4) In section 102 (collective investment schemes with property divided into separate parts), in subsection (3)(b) after “135" insert “ or 136 ”.

(5) In section 137 (restriction on application of sections 135 and 136)—

(a) in subsection (1), for “, reconstruction or amalgamation" substitute “ or scheme of reconstruction ”; and

(b) in subsection (6), for “section 136(3)" substitute “ section 135(5), 136(5) ”.

(6) In section 138(1) (procedure for clearance in advance), for “, reconstruction or amalgamation" substitute “ or scheme of reconstruction ”.

(7) In section 139 (reconstruction involving transfer of business), for subsection (9) substitute—

“(9) In this section “scheme of reconstruction” has the same meaning as in section 136.”.

(8) In section 147 (quoted options treated as part of new holdings)—

(a) in subsection (1) for “or amalgamation" substitute “ , exchange or scheme of reconstruction ”; and

(b) in subsection (2) at the end insert “ and “scheme of reconstruction" has the same meaning as in section 136 ”.

(9) In section 151B (venture capital trusts: supplementary), in subsection (8) for paragraph (c) substitute—

“(c) a reference to the exchanged holding is, in relation to section 135 or 136, to the shares in the company referred to in that section as company A.”.

(10) In section 171(3) (transfers within a group) for “by virtue of sections 127 and 135" substitute “ by section 127 as it applies by virtue of section 135 ”.

F2 (11) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(12) In section 251 (debts: general provisions)—

(a) in subsection (2) for “132 and 135" substitute “ 132, 135 and 136 ”;

(b) in subsection (3)—

(i) for “132 and 135" substitute “ 132, 135 and 136 ”, and

(ii) for “either section 132 or 135" substitute “ section 132, 135 or 136 ”;

(c) in subsection (6)(b) for the words from “unaffected" to the end substitute “ to which section 135 applies and which is unaffected by section 137(1) ”.

F3 (13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(14) In Schedule 6 (retirement relief: supplementary provisions), in paragraph 2(2) for “section 135(3)" substitute “ section 135 or 136 ”.

Textual Amendments

F1 Sch. 9 para. 5(2)(3) repealed (with effect in accordance with Sch. 9 para. 6 of the amending Act) by Finance Act 2011 (c. 11), Sch. 9 para. 5(d)

F2 Sch. 9 para. 5(11) repealed (19.7.2007) by Finance Act 2007 (c. 11), Sch. 27 Pt. 2(9)

F3 Sch. 9 para. 5(13) omitted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by virtue of Finance Act 2008 (c. 9), Sch. 2 para. 55(e)(ii)