Modifications etc. (not altering text)
C1Pt. 2 applied (with modifications) by Social Security Contributions and Benefits (Northern Ireland) Act 1992 (c. 7), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 12)
C2Pt. 2 applied (with modifications) by Social Security Contributions and Benefits Act 1992 (c. 4), s. 11A(1)(3) (as inserted (with effect in accordance with Sch. 1 para. 35 of the amending Act) by National Insurance Contributions Act 2015 (c. 5), Sch. 1 para. 3)
C3Pt. 2 modified (14.9.2023) by The Public Service Pension Schemes (Rectification of Unlawful Discrimination) (Tax) (No. 2) Regulations 2023 (S.I. 2023/912), regs. 1(2), 41(1) (with reg. 1(3))
(1)This section applies if—
(a)the amount of chargeable gains accruing to a person in a tax year does not exceed the annual exempt amount for the year applicable to the person under section 1K of the 1992 Act,
(b)the total amount or value of the consideration for all chargeable disposals of assets made by the person in the year does not exceed [F2£50,000],
(c)the person is not a remittance-basis individual for the year, and
(d)a notice under section 8 or 8A is given to the person requiring information for the purpose of establishing the amount in which the person is chargeable to capital gains tax for the year.
(2)If the person makes a statement confirming the matters set out in subsection (1)(a) to (c), the statement constitutes sufficient compliance with that requirement.
(3)For the purposes of this section every disposal is a “chargeable disposal” other than—
(a)a disposal on which any gain accruing is not a chargeable gain, and
(b)a disposal to which section 58 of the 1992 Act applies (spouses and civil partners).
(4)For the purposes of this section an individual is “a remittance-basis individual” for a tax year if—
(a)section 809B of ITA 2007 applies to the individual for the year, or
(b)paragraph 2 of Schedule 1 to the 1992 Act applies in relation to any gains that are treated as accruing to the individual in the year as a result of paragraph 1 of that Schedule.]
Textual Amendments
F1S. 8C inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 22
F2Sum in s. 8C(1)(b) substituted (with effect for the tax year 2023-24 and subsequent tax years) by Finance Act 2023 (c. 1), s. 8(7)(9)