SCHEDULES
F1F1F2SCHEDULE 5AA
Sch. 5AA inserted (with effect in accordance with s. 80(6)(7) of the amending Act) by Finance Act 1997 (c. 16), s. 80(2), Sch. 11
Charge to tax etc.
1
1
Subject to sub-paragraph (2) below, profits and gains arising from a transaction to which this Schedule applies (including those which, apart from this sub-paragraph, would be taken to be of a capital nature) shall be treated, when realised—
a
as income of the person by whom they are realised; and
b
as chargeable to tax under Case VI of Schedule D for the chargeable period in which they are realised.
2
Sub-paragraph (1) above does not apply to—
a
so much of any profits or gains arising to a person from a transaction as are charged to tax in his case under Case I or V of Schedule D;
b
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
c
F3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
F43
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
For the purposes of this Schedule the profits and gains arising from a transaction to which this Schedule applies are to be taken to be realised at the time when the disposal comprised in the transaction takes place.
5
For the purposes of sections 392 F5. . . any loss in a transaction to which this Schedule applies is to be taken to be sustained at the time when, in accordance with sub-paragraph (4) above, any profits or gains arising from that transaction would have been realised.
C16
Subject to sub-paragraph (7) below, the following, namely—
a
profits and gains to which sub-paragraph (1) above applies, and
b
losses in transactions the profits and gains from which (if there were any) would be profits and gains to which that sub-paragraph applies,
7
F7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Sch. 5AA repealed (6.4.2005 with effect in accordance with s. 883(1) of the repealing Act) by Income Tax (Trading and Other Income) Act 2005 (c. 5), Sch. 1 para. 344, Sch. 3 (with Sch. 2)