Taxes Management Act 1970 (c. 9)

SCHEDULES

[F1 SCHEDULE 3ZAA U.K. CGT exit charge payment plans

Textual Amendments

F1 Sch. 3ZAA inserted (with effect in accordance with Sch. 7 para. 7 of the amending Act) by Finance Act 2019 (c. 1), Sch. 7 para. 2

Tax to which a plan relates U.K.

4 (1) A CGT exit charge payment plan may relate to— U.K.

(a) the whole of the exit charge attributable to the asset or assets to which the plan relates (the “deferrable exit charge”), or

(b) only part of the deferrable exit charge.

(2) In this Schedule—

• “deferred exit charge” means the amount of the exit charge to which a plan relates;

• “taxpayer”, in relation to a plan, means the person eligible under paragraph 2 or 3 to enter into the plan.

(3) For the purposes of this Schedule the exit charge attributable to an asset is such proportion of the exit charge as any gain accruing to the taxpayer in respect of the asset by virtue of section 25(1) or (3) or 80 of the 1992 Act in the tax year bears to the total gains to which the exit charge relates.]