PART II RETURNS OF INCOME AND GAINS

Corporation tax

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

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 F51992 Act, namely—

i

section F651(1) (rights to winnings from pool betting, lotteries or games with prizes),

ii

section F7121 (government non-marketable securities),

iii

section F8263, 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 [F9section F11262(6) ]of the said Act (terminal markets and currency), or

c

any assets acquired as trading stock.

M13

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.

M24

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.

M35

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