PART II RETURNS OF INCOME AND GAINS

Corporation tax

12 Information about chargeable gains.

F1(1)

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(2)

A notice under section 8 [F2or section 8A] 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—

F3[(a)

any assets exempted by the following provisions of the F41992 Act, namely—

(i)

section F551(1) (rights to winnings from pool betting, lotteries or games with prizes),

(ii)

section F6121 (government non-marketable securities),

(iii)

section F7263, 268 or 269 (passenger vehicles, decorations for valour or gallant conduct and foreign currency for personal expenditure)], or

(b)

unless the amount or value of the consideration for its acquisition exceeded [F8£6,000], any asset which is tangible movable property and is not within the exceptions in [F3section F9262(6)] of the said Act (terminal markets and currency), or

(c)

any assets acquired as trading stock.

(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.

F10(4)

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(5)

In this section “trading stock” has the meaning given by section [F11100(2)] of the principal Act.