Taxes Management Act 1970

12 Information about chargeable gains. [1965 Sch.X 1(1).] [1965 Sch.X 6(1); 1966 Sch.VI 2(6).] U.K.

[(1) [Sections 8 and 8A F1 ] of this Act shall apply in relation to capital gains tax as [they apply F1 ] in relation to income tax, and subject to any necessary modifications F2 .] F3

(2) A notice under section 8 [or section 8A F4 ] or section 11 of this Act may require particulars of any assets acquired by the person on whom the notice was served (or if the notice relates to income or chargeable gains of some other person, of any assets acquired by that other person) in the period specified in the notice (being a period beginning not earlier than 6th April 1965) but excluding—

[(a) any assets exempted by the following provisions of the [F5 1992 Act], namely—

(i) section [F6 51(1)] (rights to winnings from pool betting, lotteries or games with prizes),

(ii) section [F7 121] (government non-marketable securities),

(iii) section [F8 263, 268 or 269] (passenger vehicles, decorations for valour or gallant conduct and foreign currency for personal expenditure) F9 ], or

(b) unless the amount or value of the consideration for its acquisition exceeded [£6,000 F10 ], any asset which is tangible movable property and is not within the exceptions in [F9 section [F11 262(6)] ]of the said Act (terminal markets and currency), or

(c) any assets acquired as trading stock.

M1 (3) The particulars required under this section may include particulars of the person from whom the asset was acquired, and of the consideration for the acquisition.

M2 (4) A return ofincome of a partnership F12 under section 9of this Act shall include—

(a) with respect to any disposal of partnership property during a period to which any part of the return relates, the like particulars as if the partnership were liable to tax on any chargeable gain accruing on the disposal, and

(b) with respect to any acquisition of partnership property, the particulars required under subsection (2) above.

M3 (5) In this section “trading stock” has the meaning given by section [100(2) F13 ] of the principal Act. F14

Textual Amendments

F1 Finance Act 1990 s. 90(2)(a), (5)where a notice to deliver a return was, or falls to be given after 5April 1990.Previously

“Section 8”

and

“it applies”.

F2 Finance Act 1988 (c. 39, SIF 63:1,2) s. 122with respect to notices required to be given for the year 1988-89and subsequent years. Previously

“(1) Sections 7 and 8 of this Act shall apply in relation to capital gains tax as they apply in relation to income tax.....(a) and subject to any necessary modifications.”

in s. 12(1).

(a)

Words omitted repealed for 1973-74et seq. by Finance Act 1971 ss.37and 38and Sch. 14 Part II.

F3 See—Capital Gains Tax Act 1979 (c. 14, SIF 63:2) s.5(5)andSch.1 para.3—return of small disposals and gains.Capital Gains Tax Act 1979 (c. 14, SIF 63:2) s.45(3)—returns of chargeable gains accruing to a married woman.

F4 Finance Act 1990 s. 90(2)(b), (5)where a notice to deliver a return was, or falls to be given after 5April 1990.

F5 Words in s. 12(2)(a) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 3(a) (with ss. 60, 101(1), 171, 201(3))

F6 Words in s. 12(2)(a)(i) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 3(b) (with ss. 60, 101(1), 171, 201(3))

F7 Words in s. 12(2)(a)(ii) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 2(3)(c) (with ss. 60, 101(1), 171, 201(3))

F8 Words in s. 12(2)(a)(iii) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation of Chargeable Gains Act 1992 (c. 12), ss. 289, 290, Sch. 10 para. 2(3)(d) (with ss. 60, 101(1), 171, 201(3))

F9 Capital Gains Tax Act 1979 (c. 14), s. 157(2), Sch. 7 paras. 1(2), 9for 1979-80et seq.

F10 Finance Act 1989 s. 123in relation to assets acquired on or after 6April 1989.Previously

“£3000”

(a)—see earlier editions for earlier years.

(a)—Finance Act 1982 s. 81(1)(b)in relation to assets acquired on or after 6April 1982.

F11 Words in s. 12(2)(b) substituted (6.3.1992 with effect as mentioned in s. 289(1)(2) of the substituting Act) by Taxation and Chargeable Gains Act 1992 (c. 12) ss. 289, 290, Sch. 10 para. 2(3)(e) (with ss. 60, 101(1), 171, 201(3))

F12 Repealed by Finance Act 1990 s. 90(2)(c),(5)and Sch. 19 Part Vwhere a notice to deliver a return was, or falls to be, given after 5April 1990.

F13 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 29 para. 32.

F14 See Finance Act 1990 s. 39—power to call for a return in connection with claims for roll-over relief on disposal of shares to employee share ownership trusts.

Marginal Citations

M1 [1965 Sch. X (6)(2).]

M2 [1965 Sch. X 10.]

M3 [1965 s. 45(1).]