Capital Gains Tax Act 1979 (repealed 6.3.1992)

19 Disposal of assets. U.K.

(1) All forms of property shall be assets for the purposes of this Act, whether situated in the United Kingdom or not, including—

(a) options, debts and incorporeal property generally, and

(b) any currency other than sterling, and

(c) any form of property created by the person disposing of it, or otherwise coming to be owned without being acquired.

(2) For the purposes of this Act—

(a) references to a disposal of an asset include, except where the context otherwise requires, references to a part disposal of an asset, and

(b) there is a part disposal of an asset where an interest or right in or over the asset is created by the disposal, as well as where it subsists before the disposal, and generally, there is a part disposal of an asset where, on a person making a disposal, any description of property derived from the asset remains undisposed of.

(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F1

(4) It is hereby declared that winnings from betting, including pool betting, or lotteries or games with prizes are not chargeable gains, and no chargeable gain or allowable loss shall accrue on the disposal of rights to winnings obtained by participating in any pool betting or lottery or game with prizes.

(5) It is hereby declared that sums obtained by way of compensation or damages for any wrong or injury suffered by an individual in his person or in his profession or vocation are not chargeable gains.

Textual Amendments

F1 S. 19(3) repealed by Finance Act 1981 (c. 35, SIF 63:2), ss. 90(3), 139 and Sch. 19 Pt. VIII in relation to acquisitions and disposals on or after 10 March 1981

Modifications etc. (not altering text)

C1 See Income and Corporation Taxes Act 1988 (c. 1, SIF 63:1), s. 440(9)