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Changes over time for: Cross Heading: Postponed charges
Timeline of Changes
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.
Version Superseded: 25/07/1991
Status:
Point in time view as at 01/02/1991.
Changes to legislation:
There are currently no known outstanding effects for the Finance Act 1988, Cross Heading: Postponed charges.
Changes to Legislation
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Postponed chargesU.K.
3(1)Subject to sub-paragraph (3) below [and to paragraph 1 of Schedule 15 to the Finance Act 1989], this Schedule applies where—
(a)by virtue of any of the enactments specified in sub-paragraph (2) below a gain is treated as accruing in consequence of an event occurring on or after 6th April 1988, and
(b)the gain is attributable (whether directly or indirectly and whether in whole or in part) to the disposal before 6th April 1988 of an asset acquired before 31st March 1982 by the person making that disposal.
(2)The enactments referred to in sub-paragraph (1) above are—
(a)section 268A of the Taxes Act 1970 (postponement of charge where securities acquired in exchange for business acquired by non-resident company);
(b)section 278(3) of that Act (charge on company leaving group in respect of asset acquired from another member of same group);
(c)section 84 of the Capital Gains Tax Act 1979 (postponement of charge where gilts acquired on compulsory acquisition of shares);
(d)section 111B(3) of that Act (postponement of charge where depreciating asset acquired on compulsory acquisition of land);
(e)section 117(2) of that Act (postponement of charge where depreciating asset acquired as replacement for business asset);
(f)section 79 of the Finance Act 1981 (activation of charge rolled-over under section 79 of the Finance Act 1980 on emigration of donee); and
(g)paragraph 10 of Schedule 13 to the Finance Act 1984 (postponement of charge on reorganisation etc. involving acquisition of qualifying corporate bonds).
(3)Where a gain is treated as accruing by virtue of section 278(3) of the Taxes Act 1970 this Schedule applies only if the asset was acquired by the chargeable company (within the meaning of section 278) before 6th April 1988.
Textual Amendments
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