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- Original (As enacted)
Taxation of Chargeable Gains Act 1992 is up to date with all changes known to be in force on or before 18 August 2024. There are changes that may be brought into force at a future date.
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Part 1 Capital gains tax and corporation tax on chargeable gains
Chapter 2 Corporation tax on chargeable gains
Chapter 3 Attribution of gains of non-UK resident close companies
Part II General Provisions relating to computation of gains and acquisitions and disposals of assets
16ZB.Individual who has made election under section 16ZA: foreign chargeable gains remitted in tax year after tax year in which accrue
16ZC.Individual who has made election under section 16ZA and to whom remittance basis applies
17. Disposals and acquisitions treated as made at market value.
19. Deemed consideration in certain cases where assets disposed of in a series of transactions.
20. Original market value and aggregate market value for purposes of section 19.
Chapter II Assets and disposals of assets
23.Receipt of compensation and insurance money not treated as a disposal.
24.Disposals where assets lost or destroyed, or become of negligible value.
24A.Structures and buildings contributions allowances: destruction of asset
25ZA.Postponing gain or loss under section 25(3): interests in UK land
25A.Long funding leases of plant or machinery: deemed disposals
27.Disposals in cases of hire-purchase and similar transactions.
28.Time of disposal and acquisition where asset disposed of under contract.
Chapter III Computation of gains: General provisions
Re-basing for non-residents for UK land etc held on 5 April 2019
37B.Consideration on certain disposals: structures and buildings allowances
39A.Exclusion of certain expenditure: structures and buildings allowances
41.Restriction of losses by reference to capital allowances and renewals allowances.
41A.Restriction of losses: long funding leases of plant or machinery
Chapter 5 Computation of gains and losses: relevant high value disposals
Chapter 6 Computation of gains and losses: non-resident CGT disposals
Chapter 7 Computation of gains and losses: disposals of residential property interests
Part III Individuals, partnerships, trusts and collective investment schemes etc
68C.Variation of will or intestacy, etc: identification of settlor
71. Person becoming absolutely entitled to settled property.
72. Termination of life interest on death of person entitled.
74. Effect on sections 72 and 73 of relief under section 165 or 260.
76A. Disposal of interest in settled property: deemed disposal of underlying assets.
76B. Transfers of value by trustees linked with trustee borrowing.
79B. Attribution to trustees of gains of non-resident companies.
Migration of settlements, non-resident settlements and dual resident settlements
80A.Postponing gain or loss under section 80(2): interests in UK land
83A.Trustees both resident and non-resident in a year of assessment
85A.Transfers of value: attribution of gains to beneficiaries and treatment of losses
86. Attribution of gains to settlors with interest in non-resident or dual resident settlements.
86A.Attribution of gains to settlor where temporarily non-resident
87.Non-UK resident settlements: attribution of gains to beneficiaries
87C.Sections 87 and 87A: disregard of certain capital payments
87D.Sections 87 and 87A: disregard of capital payments to non-residents
87E.Sections 87 and 87A: disregarded payments to temporary non-resident
87F.Sections 87 and 87A: disregarded payments in year settlement ends
87G.Settlor liable if capital payment received by close family member
87J.Relevant parts of payment from which onward gift derived
87K.Attribution of gains or payments to recipient of onward gift
87M.Cases where recipient of onward gift is user of remittance basis
87N.Sections 87 and 87A: disregard of payments to migrating beneficiary
87P.Sections 87 and 87A: temporary migration after payment disregarded
90A.Section 90: transfers made for consideration in money or money's worth
94. Transfers of settled property where qualifying amounts not wholly matched.
97A.Value of benefit conferred by capital payment made by way of loan
97B.Value of benefit conferred by capital payment made by way of making movable property available
97C.Value of benefit conferred by capital payment made by way of making land available
98. Power to obtain information for purposes of sections 87 to 90.
Chapter III Collective investment schemes and investment trusts etc
Chapter 4 Collective investment schemes: exchanges, mergers and schemes of reconstruction
103KB.Carried interest: consideration on disposal etc of right
103KF.Relief for external investors on disposal of partnership asset
103KFA.Election for carried interest gains to be chargeable as scheme profits arise
103KFB.Election in relation to scheme to apply to associated schemes
103KFD.Deemed accrual of loss where carried interest never arises
Part IV Shares, securities, options etc.
Share pooling, identification of securities, and indexation
105. Disposal on or before day of acquisition of shares and other unidentified assets.
105A. Shares acquired on same day: election for alternative treatment
106. Disposal of shares and securities by company within prescribed period of acquisition.
107. Identification of securities etc: general rules for corporation tax.
108. Identification of relevant securities for corporation tax.
110. Indexation for section 104 holdings for corporation tax.
110A. Indexation for section 104 holdings: capital gains tax.
Gilt-edged securities and qualifying corporate bonds
115. Exemptions for gilt-edged securities and qualifying corporate bonds etc.
116A.Holding beginning or ceasing to fall within section 490 of CTA 2009
116B.Shares beginning or ceasing to be shares to which section 521B of CTA 2009 applies
117A. Assets that are not qualifying corporate bonds for corporation tax purposes.
117B. Holdings in unit trusts and offshore funds excluded from treatment as qualifying corporate bonds.
Deep discount securities, the accrued income scheme etc.
118. Amount to be treated as consideration on disposal of deep discount securities etc.
119. Transfers of securities subject to the accrued income scheme.
119A.Increase in expenditure by reference to tax charged in relation to employment-related securities
119B.Section 119A: unchargeable, and unremitted chargeable, foreign securities income
120. Increase in expenditure by reference to tax charged in relation to shares etc.
Chapter II Reorganisation of share capital, conversion of securities etc.
Chapter III Miscellaneous provisions relating to commodities, futures, options and other securities
143. Commodity and financial futures and qualifying options.
144ZA.Application of market value rule in case of exercise of option
144ZD.Section 144ZB: alteration of value to obtain tax advantage
148B.Deemed disposals at a gain under section 564(4) of ITTOIA 2005
148C.Deemed disposals at a loss under section 564(4) of ITTOIA 2005
149AA.Restricted and convertible employment-related securities and employee shareholder shares
149B. Employee incentive schemes: conditional interests in shares.
150B. Enterprise investment scheme: reduction of EIS relief.
150D. Enterprise investment scheme: application of taper relief
151BA.CITR: identification of securities or shares on a disposal
151C.Strips: manipulation of price: associated payment giving rise to loss
151D.Corporate strips: manipulation of price: associated payment giving rise to loss
151E.Exchange gains and losses from loan relationships: regulations
151G.Regulations where non-qualifying shares conditions altered
Chapter 4 Alternative finance arrangements
Part V Transfer of business assets, business asset disposal relief and investors' relief
Chapter II Gifts of business assets
165A.Meaning of “holding company”, “trading company” and “trading group”
167A.Gifts of direct or indirect interests in UK land to non-residents
169C.Clawback of relief if settlement becomes settlor-interested etc
169F.Meaning of “interest in a settlement” in sections 169B to 169D
169G.Meaning of “arrangement” in sections 169B to 169E and information power
Chapter 3A business asset disposal relief where company ceases to be individual's personal company
Chapter 4 business asset disposal relief where held-over gains become chargeable
Part VI Companies, oil, insurance etc.
178. Company ceasing to be member of group: pre-appointed day cases.
179. Company ceasing to be member of group: post-appointed day cases.
179ZA.Claim for adjustment of calculations under section 179
179A. Reallocation within group of gain or loss accruing under section 179
181. Exemption from charge under 178 or 179 in the case of certain mergers.
Restriction on indexation allowance for groups and associated companies
Restrictions on buying losses or gains etc
184C.Sections 184A and 184B: meaning of “qualifying change of ownership”
184E.Sections 184A and 184B: “pre-change assets”: basic rules
184F.Sections 184A and 184B: “pre-change assets”: pooling rules
184G.Avoidance involving losses: schemes converting income to capital
184H.Avoidance involving losses: schemes securing deductions
Non-resident and dual resident companies
185. Deemed disposal of assets on company ceasing to be resident in U.K.
186. Deemed disposal of assets on company ceasing to be liable to U.K. taxation.
187. Postponement of charge on deemed disposal under section 185 or 186.
187A.Deemed disposal under section 185: ATED-related gains and losses
187B.Postponing gain or loss under section 185(2): interests in UK land
188. Dual resident companies: deemed disposal of certain assets.
Chapter II Oil and mining industries
Oil exploration and exploitation
193. Roll-over relief not available for gains on oil licences.
194. Disposals of oil licences relating to undeveloped areas.
195D.Company that receives mixed consideration: N does not exceed C
197. Disposals of interests in oil fields etc: ring fence provisions.
198. Replacement of business assets used in connection with oil fields.
198A.Ring fence reinvestment: whole consideration reinvested
198B.Ring fence reinvestment: part of consideration reinvested
200. Limitation of losses on disposal of oil industry assets held on 31st March 1982.
210B.Disposal and acquisition of section 119 or 120 securities
210C.Losses on disposal of authorised investment fund assets to connected manager
211A. Gains of insurance company from venture capital investment partnership
211B.Transfers of assets to certain collective investment schemes
213A.Power to modify ss. 212 and 213 etc in case of CFCs that are offshore funds
214B.Modification of Act in relation to overseas life insurance companies.
Part VII Other property, businesses, investments etc.
222A.Determination of main residence: non-resident CGT disposals
223ZA.Amount of relief: individual’s residency delayed by certain events
225BA.Deferred payments on disposals in connection with divorce etc
225C.Sale of private residence under certain agreements with employer, etc
225E.Disposals by disabled persons or persons in care homes etc
226.Private residence occupied by dependent relative before 6th April 1988.
226A.Private residence relief: cases where relief obtained under section 260
Employee share ownership trusts
236C.Only first £50,000 of shares under associated agreements to be exempt
236D.Shares not exempt if shareholder or connected person has material interest in company
236F.Reorganisation of share capital involving employee shareholder shares
236G.Relinquishment of employment rights is not disposal of an asset
236L.Cases in which all-employee benefit requirement treated as met
236O.No section 236H relief if disqualifying event in next tax year
236P.Events which trigger deemed disposal and reacquisition by trustees
236R.No section 236Q relief if disqualifying event in next tax year
236S.Identification of shares where section 236H or 236Q applies
236T.Further provision about significant and controlling interests
Superannuation funds, profit sharing schemes, employee trusts etc.
Charities and gifts of non-business assets etc.
256A.Attributing gains to the non-exempt amount: charitable trusts
256B.How gains are attributed to the non-exempt amount: charitable trusts
256C.Attributing gains to the non-exempt amount: charitable companies
256D.How gains are attributed to the non-exempt amount: charitable companies
261ZA.Gifts of direct or indirect interests in UK land to non-residents
Deduction of trading losses or post-cessation expenditure etc
Miscellaneous reliefs and exemptions
263AZA.Renewables obligation certificates for domestic microgeneration
263A. Agreements for sale and repurchase of securities: capital gains tax
263D.Gains accruing to persons paying manufactured dividends
263F.Power to modify repo provisions: non-standard repo cases
263G.Power to modify repo provisions: redemption arrangements
264. Relief for local constituency associations of political parties on reorganisation of constituencies.
276A.No gain/no loss: foreign permanent establishment exemption
279A.Deferred unascertainable consideration: election for treatment of loss
285A. UK Economic Interest Groupings European Economic Interest Groupings
287.Orders and regulations made by the Treasury or the Board.
290. Savings, transitionals, consequential amendments and repeals.
SCHEDULES
Period for which an asset is held and relevant period of ownership
Cases where an asset is used at the same time for different purposes
Periods of limited exposure to fluctuations in value not to count
Periods of share ownership not to count where there is a change of activity by the company
Periods of share ownership not to count if company is not active
Periods of share ownership not to count in a case of value shifting
Special rules for assets transferred between spouses or civil partners
Special rules for assets acquired in the reconstruction of mutual businesses et ceteralaetc.
Disposals of UK residential property interests
Section 14F: meaning of “closely-held company” and “widely-marketed scheme”
PART 2 Unit trust schemes and OEICs: widely-marketed schemes
Assets held on 31st March 1982
Deferred charges on gains before 31st March 1982
Non-resident CGT disposals: gains and losses
PART 4 Cases involving relevant high value disposals
Disposal involving one or more relevant high value disposals
Assets held at 5 April 2015 (where no election made and no rebasing in 2016 required)
Certain disposals after 5 April 2016 (computation involving additional rebasing in 2016)
Amount of gain or loss that is neither ATED-related nor an NRCGT gain or loss
Where relevant high value disposal and “other” disposal are comprised in the disposal of land
Disposals of residential property interests: gains and losses
PART 2 RPI disposals not involving relevant high value disposals
PART 3 RPI disposals involving relevant high value disposals
Computation of residential property gains or losses on the RPI disposal
Computation of balancing gains or losses on the RPI disposal
Relevant high value disposal and “other” disposal are comprised in the disposal of land
1.The trustees of a settlement (the “principal settlement”) may elect...
2.(1) An election under paragraph 1 (a “sub-fund election”) must...
4.Condition 1 is that the principal settlement is not itself...
6.Condition 3 is that, if the sub-fund election had taken...
7.For the purpose of Condition 3— (a) section 104(1) shall...
8.Condition 4 is that, if the sub-fund election had taken...
Consequences of a sub-fund election
17.The sub-fund settlement shall be treated, for the purposes of...
19.The trustees of the sub-fund settlement shall be treated for...
20.(1) A deemed disposal by the trustees of the principal...
21.If the trustees of the sub-fund settlement are treated by...
22.(1) If the trustees of the principal settlement are deemed...
Disposal of interest in settled property: deemed disposal of underlying assets
Re-basing for non-residents in respect of UK land etc held on 5 April 2019
PART 2 Indirect disposals and direct disposals not chargeable before 6 April 2019
PART 3 Direct disposals of Pre-April 2015 assets fully chargeable before 6 April 2019
PART 4 Direct disposals of assets partly chargeable before 6 April 2019
Transfers of value by trustees linked with trustee borrowing
Attribution of gains to settlors with interest in non-resident or dual resident settlement
Meaning of “scheme of reconstruction”
UK property rich collective investment vehicles etc
Exemption for qualifying offshore CIV that is UK property rich etc
Exemption for direct or indirect disposals of UK land by persons in which fund invests
Qualifying fund or company ceasing to meet applicable exemption conditions
Relief for expenses in the case of deemed disposals under paragraph 21 or 22
Notification to participants in relation to deemed disposals under paragraph 21 or 22
Temporary period during which applicable exemption conditions not met
Steps taken by relevant fund manager to wind up relevant fund
Deemed disposals of UK land by companies previously owned by fund
Deemed disposals of UK land by company or fund ceasing to be qualifying etc
Exemption for disposals by companies wholly owned by certain investors
Disapplication of paragraph 3A of Schedule 7AC: qualifying institutional investors
Relationship between rules in this Part and REIT rules in Part 12 of CTA 2010
Separate application of exemptions under this Schedule and elsewhere
Meaning of “the relevant fund” and “the relevant fund manager”
Meaning of “wholly owned” or “wholly (or almost wholly) owned”
Enterprise investment scheme: application of taper relief
Venture capital trusts: deferred charge on re-investment
Business asset disposal relief: “trading company” and “trading group”
PART 2 Joint venture companies
Meaning of “direct interest company” and “relevant corporate partner”
16.P's “share of the partnership through direct interest companies that...
17.The percentage which is P's indirect share of the partnership...
18.P's “share of the partnership through direct interest companies and...
19.The percentage which is P's indirect share of the partnership...
20.(1) The fraction of a company's ordinary share capital that...
Roll-over of degrouping charge: modification of enactments
Exemptions for disposals by companies with substantial shareholding
Part 3 Requirements to be met in relation to investing company and company invested in
Gains of insurance company from venture capital investment partnership
Modification of Act in relation to overseas life insurance companies
Relief for transfers to Schedule 2 share plans
Hold-over relief for gains re-invested in social enterprises
Transitional provisions and savings
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