Point in time view as at 05/04/2022.
Taxation of Chargeable Gains Act 1992, Cross Heading: Outstanding section 1(3) amounts is up to date with all changes known to be in force on or before 02 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.
Textual Amendments
F1Sch. 4C inserted (with effect in accordance with s. 92(5) of the amending Act) by Finance Act 2000 (c. 17), s. 92(4), Sch. 26 Pt. I
F2Sch. 4C para. 1A and cross-heading inserted (with effect in accordance with Sch. 7 para. 147 of the amending Act) by Finance Act 2008 (c. 9), Sch. 7 para. 133 (with Sch. 7 para. 155)
F3Words in Sch. 4C para. 1A cross-heading substituted (5.4.2022) by The Taxation of Chargeable Gains Act 1992 (Amendment) Regulations 2022 (S.I. 2022/230), regs. 1, 4
1A(1)The following steps are to be taken for the purpose of calculating [F4the section 1(3) amounts] for a settlement that are outstanding at the end of a tax year (“the relevant tax year”).U.K.
Step 1
Find [F4the section 1(3) amount] for the settlement for the relevant tax year and earlier tax years, as reduced under section 87A as it applies for the relevant tax year and earlier tax years.
Step 2
This Step applies if, [F5directly or indirectly] by virtue of the matching of [F4the section 1(3) amount] for the settlement for a tax year (“the applicable year”) with a capital payment, chargeable gains are treated under section 87[F6, 87K, 87L] or 89(2) as accruing in the relevant tax year to [F7an individual] who is not chargeable to tax for that year.
Increase [F4the section 1(3) amount] for the applicable year (found under Step 1) by the amount of the chargeable gains.
(2)For the purposes of Step 1 of sub-paragraph (1) take into account the effect of section 90 in relation to any transfer of settled property from or to the trustees of the settlement made in or before the relevant tax year.
(3)For the purposes of this Schedule [F8an individual] is “chargeable to tax” for a tax year if[F9, as respects that year, [F10the individual] [F11is UK resident for the tax year (as determined in accordance with Chapter 1 of Part 1 of this Act)]].]]
Textual Amendments
F4Words in Sch. 4C substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(2)
F5Words in Sch. 4C para. 1A(1) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(a)(i)
F6Words in Sch. 4C para. 1A(1) inserted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(a)(ii)
F7Words in Sch. 4C para. 1A(1) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(a)(iii)
F8Words in Sch. 4C para. 1A(3) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(b)(i)
F9Words in Sch. 4C para. 1A(3) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 107(2)
F10Words in Sch. 4C para. 1A(3) substituted (15.3.2018) by Finance Act 2018 (c. 3), Sch. 10 para. 1(9)(b)(ii)
F11Words in Sch. 4C para. 1A(3) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 89(3)
All content is available under the Open Government Licence v3.0 except where otherwise stated. This site additionally contains content derived from EUR-Lex, reused under the terms of the Commission Decision 2011/833/EU on the reuse of documents from the EU institutions. For more information see the EUR-Lex public statement on re-use.
