Capital Gains Tax Act 1979 (repealed 6.3.1992)

[F1 111B (1) Land is excluded from paragraph (c) of subsection (1) of section 111A above if—

(a) it is a dwelling-house or part of a dwelling-house (or an interest in or right over a dwelling-house), and

(b) by virtue of, or of any claim under, any provision of sections 101 to 105 above (private residences) the whole or any part of a gain accruing on a disposal of it by the land-owner at a material time would not be a chargeable gain;

and for the purposes of this subsection “a material time” means any time during the period of six years beginning on the date of the acquisition referred to in the said paragraph (c).

(2) If, at any time during the period of six years referred to in subsection (1) above, land which at the beginning of that period was not excluded from section 111A(1)(c) above by virtue of that subsection becomes so excluded, the amount of any chargeable gain accruing on the disposal of the old land shall be redetermined without regard to any relief previously given under section 111A above by reference to the amount or value of the consideration for the acquisition of that land; and all such adjustments of capital gains tax, whether by way of assessment or otherwise, may be made at any time, notwithstanding anything in section 34 of the Taxes Management Act 1970 (time limit for assessments).

(3) Where the new land is a depreciating asset, within the meaning of section 117 below, that section has effect as if—

(a) any reference in subsection (1) or subsection (3) to section 115 or section 116 were a reference to subsection (2) or subsection (3) respectively of section 111A above; and

(b) paragraph (b) of subsection (2) were omitted; and

(c) the reference in subsection (4) to section 115(3) were a reference to that provision as applied by section 111A(5) above.

(4) No claim may be made under section 108 above in relation to a transfer which constitutes a disposal in respect of which a claim is made under section 111A above.

(5) Expressions used in this section have the same meaning as in section 111A above.]

Textual Amendments

F1 Ss. 111A, 111B added by Finance Act 1982 (c. 39, SIF 63:2), s. 83

Modifications etc. (not altering text)

C1 See— Finance Act 1988 (c. 39, SIF 63;1, 2), s. 97 and Sch. 9 para. 3(2); Finance Act 1989 (c. 26, SIF 63:2), s. 141 and Sch. 15 para. 1(2)