- Latest available (Revised)
- Point in Time (01/02/1991)
- Original (As enacted)
Version Superseded: 25/07/1991
Point in time view as at 01/02/1991. This version of this provision has been superseded.
You are viewing this legislation item as it stood at a particular point in time. A later version of this or provision, including subsequent changes and effects, supersedes this version.
Note the term provision is used to describe a definable element in a piece of legislation that has legislative effect – such as a Part, Chapter or section.
There are currently no known outstanding effects for the Finance Act 1986, Section 58.
Revised legislation carried on this site may not be fully up to date. At the current time any known changes or effects made by subsequent legislation have been applied to the text of the legislation you are viewing by the editorial team. Please see ‘Frequently Asked Questions’ for details regarding the timescales for which new effects are identified and recorded on this site.
(1)This section applies where there is or has been a disposal od an asset to the trustees of a settlement in such circumstances that, on a claim for relief, section [F1126 or 147A of the Capital Gains Tax Act 1979 (relief] for gifts) aplies, or would but for this section apply, so as to reduce the amounts of the chargeable gain and the consideration referred to in [F1subsection (3)] of that section.
(2)In this section—
(a)“a relevant disposal” means such disposal as is referred to in subsection (1) above;and
(b) “the 1980 provision” means section 79 of the Finance Act 1980 F2.
(3)Relief under [F1section 126 or 147A of the Capital Gains Tax Act 1979] shall not be available on a relevant disposal occurring on or after 18th March 1986 if—
(a)at the material time the trustees to whom the disposal is made fall to be treated, under section 52 of the Capital Gains Tax Act, as resident and ordinarily resident in the United Kingdom, although the general administration of the rtrust is ordinarily carried on outside the United Kingdom; and
(b)on a notional disposal of the asset concerned occurring on immediately after the material time, the trustees would be regarded for the purposes of any double taxation relief arrangements—
(i)as resident in a territory outside the United Kingdom to tax on a gain arising on that disposal.
(4)In subsection (3) above—
(a)“the material time” means the time of the relevant disposal;
(b)a “notional disposal” means a disposal by the trustees of the asset which was the subject of the relevant disposal; and
(c)“double taxation relief arrangements” means arrangements having effect by virtue of section [F3788 or 789 of the Taxes Act 1988] (as extended to capital gains tax by section 10 of the Capital Gains Tax Act 1979).
(5)In any case where—
(a)relief under [F4section 126 or 147A of the Capital Gains Tax Act 1979] has been allowed on a claim relating to a relevant disposal, (whether occurring before, on or after 18th March 1986), and
(b)at a time subsequent to that relevant disposal, but not earlier than 18th March 1986, the circumstances become such that paragraphs (a) and (b) of subsection (3) above would apply if that time were the material time referred to in that subsection, and
(c)section 79 of the Finance Act 1981 (which provides for the recovery of relief under [F4section 126 or 147A of the Capital Gains Tax Act 1979] in the event of the emigration of the donee) has not had effect in relation to the relevant disposal before that time and would not (apart from this subsection) have effect at that time,
section 79 of the Finance Act 1981 shall have effect as if, at that time, the trustees had become neither resident nor ordinarily resident in the United Kingdom.
Textual Amendments
F1Finance Act 1989 (c. 26, SIF 63:1, 2), s. 124, Sch. 14 para. 6(5)(a)(b)in relation to disposals on or after 14 March 1989 (except where relief given under 1980 s. 79 in respect of a disposal before that date). Previously
“section 79 of the Finance Act 1980 (general relief”, “subsectiuon (1)”
and
“the 1980 provision”
respectively.
F2Repealed by ss. 124 and 187 and Schs. 14 para. 6(5)(b), 17 Part VII in relation to disposals on or after 14 March 1989 (except where relief given under 1980 s. 79 in respect of a disposal before that date).
F4Finance Act 1989 (c. 26, SIF 63:1, 2), s. 124 , Sch. 14 para. 6(5)(c) in relation to disposals on or after 14 March 1989 (except where relief given under 1980 s. 79 in respect of a disposal before that date). Previously “the 1980 provision”.
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download.
Would you like to continue?
The Whole Act you have selected contains over 200 provisions and might take some time to download. You may also experience some issues with your browser, such as an alert box that a script is taking a long time to run.
Would you like to continue?
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.
Use this menu to access essential accompanying documents and information for this legislation item. Dependent on the legislation item being viewed this may include:
Click 'View More' or select 'More Resources' tab for additional information including: