Finance Act 1989

Minor and consequential amendments U.K.

6 (1) In section 56A of the M1 Capital Gains Tax Act 1979(gifts relief in cases within section 55 or 56)—

(a) in subsection (1), for the words “79 of the M2 Finance Act 1980” there shall be substituted the words “126 or 147Abelow”, and

(b) in subsection (4), for the words “79(1) of the Finance Act 1980”there shall be substituted the words “126 or, as the case may be, 147Abelow”.

(2) In section 155(1) of that Act, the following definition shall be inserted after the definition of “quoted”— “ “recognised stock exchange” has the meaning given by section 841 of the Taxes Act 1988, ”.

(3) In section 79 of the M3 Finance Act 1981 (emigration ofdonee)—

(a) in subsection (1), for paragraph (a) there shall be substituted—

“(a) relief is given under section 126 of the Capital Gains Tax Act 1979 inrespect of a disposal to an individual or the trustees of a settlement orunder section 147A of that Act in respect of any disposal (“the relevantdisposal”);”, and for the words “the said section 79” there shall besubstituted the words “section 126 or 147A”, and

(b) for the words “subsection (1)(b) of the said section 79” insubsection (2) and for the words “section 79(1)(b) of the Finance Act1980” in subsections (6) and (10) there shall be substituted the words “section 126(3)(b) or 147A(3)(b) of the Capital Gains Tax Act 1979”.

(4) In section 64(5)(b) of the M4 Finance Act 1984(qualifying corporate bonds), for the words “of that Act or section 79 ofthe Finance Act 1980” there shall be substituted the words “or 147A ofthat Act”.

(5) In section 58 of the M5 Finance Act 1986 (gifts intodual resident trusts)—

(a) in subsection (1), for the words “79 of the Finance Act 1980 (generalrelief” there shall be substituted the words “126 OR 147A of the CapitalGains Tax Act 1979 (relief”, and for the words “subsection (1)” thereshall be substituted the words “subsection (3)”,

(b) subsection (2)(b) shall be omitted, and

(c) in subsection (3) F1 . . ., for the words “the 1980 provision” in eachplace where they occur there shall be substituted the words “section 126 or147A of the M6 Capital Gains Tax Act 1979”.

(6) In paragraph 3(3) of Schedule 28 to the M7 Taxes Act1988 (offshore income gains), for the words “79 of the M8 Finance Act 1980 (relief for gifts), that section” there shall besubstituted the words “126 or 147A of the Capital Gains Tax act 1979 (relieffor gifts), the claim”.

Textual Amendments

F1 Words in Sch. 14 para. 6(5)(c) repealed(applies where the time subsequent to the relevant disposal falls on or after 19.03.1991) by Finance Act 1991 (c. 31, SIF 63:2), ss. 123, 92, Sch. 19 Pt.VI Note 4.

Marginal Citations

M1 1979 c. 14.

M2 1980 c. 48.

M3 1981 c. 35.

M4 1984 c. 43.

M5 1986 c. 41.

M6 1979 c. 14.

M7 1980 c. 43.

M8 1980 c. 43.