Taxation of Chargeable Gains Act 1992, Paragraph 10 is up to date with all changes known to be in force on or before 07 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F110(1)In determining for the purposes of paragraph 9 the investment that a person (“P”) has in a company, P is to be taken to have all of the rights and interests of any person connected with P.U.K.
(2)A person is not to be regarded as connected with another person for the purposes of this paragraph merely as a result of their being parties to a loan that is a normal commercial loan for the purposes of paragraph 9.
(3)Section 286 (connected persons: interpretation) has effect for the purposes of this paragraph—
(a)as if, in subsection (2), for the words from “, or is a relative” to the end there were substituted “ or is a lineal ancestor or lineal descendant of the individual or of the individual's spouse or civil partner ”, and
(b)as if subsections (4) and (8) were omitted.]
Textual Amendments
F1Sch. 1A inserted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 14
Modifications etc. (not altering text)
C1Sch. 1A paras. 9, 10 applied (with modifications) (24.2.2022) by Finance Act 2022 (c. 3), Sch. 2 para. 11(3)
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