Capital Gains Tax Act 1979 (repealed 6.3.1992)

Other provisions U.K.

154 Income tax decisions. U.K.

Any assessment to income tax or decision on a claim under the Income Tax Acts, and any decision on an appeal under the Income Tax Acts against such an assessment or decision, shall be conclusive so far as under Chapter II of Part II of this Act, or any other provision of this Act, liability to tax depends on the provisions of the Income Tax Acts.

155 Interpretation. U.K.

(1) In this Act, unless the context otherwise requires—

• “allowable loss” has the meaning given by section 29 above,

• “the Board” means the Commissioners of Inland Revenue,

• “chargeable gain” has the meaning given by section 28(2) above,

• “chargeable period” means a year of assessment or an accounting period of a company for purposes of corporation tax,

• “close company” has the meaning given by sections [F1 414 and 415] of [F1 the Taxes Act 1988],

• “company” includes any body corporate or unincorporated association but does not include a partnership, and shall be construed in accordance with section 93 above (application of Act to unit trusts),

• “control” shall be construed in accordance with section [F2 416] of [F1 the Taxes Act 1988],

• “inspector” means any inspector of taxes,

• “land” includes messuages, tenements, and hereditaments, houses and buildings of any tenure,

• [F3 “local authority” has the meaning given by section 842A of the Taxes Act 1988,]

• “married woman living with her husband”: see subsection (2) below,

• “part disposal” has the meaning given by section 19(2) above,

• “personal representatives” has the meaning given by section [F1 701(4)] of [F1 the Taxes Act 1988],

• “quoted” on a stock exchange, or recognised stock exchange, in the United Kingdom: see subsection (3) below,

• [F4 “recognised stock exchange” has the meaning given by section 841 of the Taxes Act 1988,]

• [F5 “the Taxes Act 1970” and “the Taxes Act 1988” mean the M1 Income and Corporation Taxes Act 1970 and M2 Income and Corporation Taxes Act 1988 respectively,]

• “trade” has the same meaning as in the Income Tax Acts,

• “trading stock” has the meaning given by section [F1 100(2)] of [F1 the Taxes Act 1988],

• “wasting asset” has the meaning given by section 37 above and paragraph 1 of Schedule 3 to this Act,

• “year of assessment” means, in relation to capital gains tax, a year beginning on 6th April and ending on 5th April in the following calendar year, and “1979-80” and so on indicate years of assessment as in the Income Tax Acts.

[F6 (1A) In this Act “retail prices index” shall have the same meaning as in the Income Tax Acts and, accordingly, any reference in this Act to the retail prices index shall be construed in accordance with section 833(2) of the Taxes Act 1988.]

(2) References in this Act to a married woman living with her husband shall be construed in accordance with section [F7 282] of [F1 the Taxes Act 1988].

(3) References in this Act to quotation on a stock exchange in the United Kingdom or a recognised stock exchange in the United Kingdom shall be construed as references to listing in the Official List of The Stock Exchange.

[F8 (3A) In this Act “recognised futures exchange” means the London International Financial Futures Exchange and any other futures exchange which is for the time being designated for the purposes of this Act by order made by the Board.

(3B) An order made by the Board under subsection (3A) above—

(a) may designate a futures exchange by name or by reference to any class or description of futures exchanges, including, in the case of futures exchanges in a country outside the United Kingdom, a class or description framed by reference to any authority or approval given in that country; and

(b) may contain such transitional and other supplemental provisions as appear to the Board to be necessary or expedient.]

(4) The Table below indexes other general definitions in this Act.

Expression defined	Reference
“Absolutely entitled as against the trustee”	S. 46(2).
“Authorised unit trust”	s. 92
“Branch or agency”	S. 12(3).
“Class”, in relation to shares or securities.	S. 64(1).
“Connected”, in references to persons being connected with one another.	S. 63.
“Court investment fund”	S. 92.
“Gilt-edged securities”	Schedule 2.
“Investment trust”	S. 92.
“Issued”, in relation to shares or debentures	S.64(2).
“Lease” and cognate expressions	Paragraph 10(1) of Schedule 3.
“Legatee”	S. 47(2)(3)
“Market value”	Ss. 150 to 153; Part I of Schedule 6.
“Resident” and “ordinarily resident”	S. 18(1).
“Settled property”	S. 51.
“Shares”	S. 64(1).
“Unit trust scheme”	S. 92.

(5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F9

Textual Amendments

F1 Words substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 paras. 15 and 32

F2 Figure substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 paras. 15 and 32

F3 Definition inserted by Finance Act 1990 (c. 29, SIF 63:1, 2), s. 127(2)(4)

F4 Definition inserted by Finance Act 1989 (c. 26, SIF 63:2), s. 124 and Sch. 14 para. 6(2) in relation to disposals on or after 14th March 1989 (except where relief given under Finance Act 1980 (c. 48), s. 79 in respect of a disposal before that date)

F5 Definitions substituted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 paras. 15 and 32

F6 S. 155(1A) inserted by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), Sch. 29 para. 27

F7 Figure substituted by Finance Act 1988 (c. 39, SIF 63;1, 2), s. 146 and Sch. 13 para. 18

F8 S. 155(3A)(3B) inserted by Finance Act 1985 (c. 54), s. 72(6)

F9 S. 155(5) repealed by Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 844 and Sch. 31

Modifications etc. (not altering text)

C1 See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 576(5)

Marginal Citations

M1 1970 c. 10.

M2 1988 c. 1.