Taxes Management Act 1970

12 Information about chargeable gains. U.K.

F1 (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(2) A notice under section 8 [F2 or 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 [F4 1992 Act], namely—

(i) section [F5 51(1)] (rights to winnings from pool betting, lotteries or games with prizes),

(ii) section [F6 121] (government non-marketable securities),

(iii) section [F7 263, 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 [F3 section [F9 262(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) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(5) In this section “trading stock” has the meaning given by section [F11 100(2)] of the principal Act.

Textual Amendments

F1 S. 12(1) repealed (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(23); S.I. 1998/3173, art. 2

F2 Finance Act 1990 s. 90(2)(b), (5) where a notice to deliver a return was, or falls to be given after 5April 1990.

F3 Capital Gains Tax Act 1979 (c. 14), s. 157(2), Sch. 7 paras. 1(2), 9for 1979-80et seq.

F4 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))

F5 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))

F6 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))

F7 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))

F8 Finance Act 1989 s. 123in relation to assets acquired on or after 6April 1989. Previously “£3000”

F9 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))

F10 S. 12(4) repealed (with effect in accordance with s. 199(2)(3) of the amending Act) by Finance Act 1994 (c. 9), Sch. 26 Pt. 5(23); S.I. 1998/3173, art. 2

F11 Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1) Sch. 29 para. 32.

Modifications etc. (not altering text)

C1 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.