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Changes over time for: Cross Heading: Increase in tax payable under this Schedule


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.
Status:
Point in time view as at 26/05/2015.
Changes to legislation:
Taxation of Chargeable Gains Act 1992, Cross Heading: Increase in tax payable under this Schedule 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.

Changes to Legislation
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[Increase in tax payable under this ScheduleU.K.
13[(1)This paragraph applies if—U.K.
(a)chargeable gains are treated under paragraph 8 as accruing to a beneficiary by virtue of the matching (under section 87A) of all or part of a capital payment with the section 2(2) amount for a tax year (“the relevant tax year”), and
(b)the beneficiary is charged to tax by virtue of the matching.
(1A)Where part of a capital payment is matched, references in sub-paragraphs (2) and (3) to the capital payment are to the part matched.]
(2)The tax payable by the beneficiary in respect of the payment shall be increased by the amount found under sub-paragraph (3) below, except that it shall not be increased beyond the amount of the payment; and an assessment may charge tax accordingly.
(3)The amount is one equal to the interest that would be yielded if an amount equal to the tax which would be payable by the beneficiary in respect of the payment (apart from this paragraph) carried interest for the chargeable period at the specified rate.
The “specified rate” means the rate for the time being specified in section 91(3).
(4)The chargeable period is the period which—
(a)begins with the later of the 2 days specified in sub-paragraph (5) below, and
(b)ends with 30th November in the year of assessment following that in which the capital payment is made.
(5)The 2 days are—
(a)1st December in the [tax year immediately after the relevant tax year,] and
(b)1st December falling 6 years before 1st December in the year of assessment following that in which the capital payment is made.]
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