Taxation of Chargeable Gains Act 1992

References to the London Stock Exchange before 25th March 1973and Exchange Control restrictions before 13th December 1979 U.K.

7 (1) For the purposes of ascertaining the market value of an asset before 25th March 1973 section 272(3) and (4) shall have effect subject to the following modifications— U.K.

(a) for “[F1 quoted] in The Stock Exchange Daily Official List” and “quoted in that List” there shall be substituted respectively “ quoted on the London Stock Exchange ”and “ so quoted ”;

(b) for “The Stock Exchange Daily Official List” there shall be substituted “ the Stock Exchange Official Daily List ”;

(c) for “The Stock Exchange provides a more active market elsewhere than on the London trading floor” there shall be substituted “ some other stock exchange in the United Kingdom affords a more active market ”; and

(d) for “if the London trading floor is closed” there shall be substituted “ if the London Stock Exchange is closed ”.

(2) For the purposes of ascertaining the market value of an asset before 13th December 1979 section 272 shall have effect as if the following subsection were inserted after subsection (5)—

“(5A) In any case where the market value of an asset is to be determined at a time before 13th December 1979 and the asset is of a kind the sale of which was (at the time the market value is to be determined) subject to restrictions imposed under the Exchange Control Act 1947[1947 c. 14.] such that part of what was paid by the purchaser was not retainable by the seller, the market value, as arrived at under subsection (1), (3), (4) or (5) above, shall be subject to such adjustment as is appropriate having regard to the difference between the amount payable by a purchaser and the amount receivable by a seller.”

Textual Amendments

F1 Word in Sch. 11 para. 7(1)(a) substituted (with effect in accordance with Sch. 38 para. 12(3) of the amending Act) by Finance Act 1996 (c. 8), Sch. 38 para. 12(2)