Capital Gains Tax Act 1979

Other provisions

154 Income tax decisions

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

(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 282 and 283 of the Taxes Act,

• “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 302 of the Taxes Act,

• “inspector ” means any inspector of taxes,

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

• “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 432(4) of the Taxes Act,

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

• “the Taxes Act ” means the [1970 c. 10.] Income and Corporation Taxes Act 1970,

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

• “trading stock ” has the meaning given by section 137(4) of the Taxes Act,

• “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.

(2) References in this Act to a married woman living with her husband shall be construed in accordance with section 42(1)(2) of the Taxes Act

(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.

(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) References in the Income Tax Acts to profits or gains shall not include references to chargeable gains.