Taxation of Chargeable Gains Act 1992

[F1 Introduction to paragraphs 6 to 8 U.K.

Textual Amendments

F1 Sch. 4ZZB inserted (with effect in accordance with Sch. 7 para. 60 of the amending Act) by Finance Act 2015 (c. 11), Sch. 7 para. 39

5 (1) Paragraphs 6 to 8 apply where— U.K.

(a) the disposed of interest was held by P on 5 April 2015, and

(b) P has not made an election under paragraph 2(1)(b) in relation to the interest in UK land.

(2) In paragraphs 6 and 7—

(a) “notional post-April 2015 gain or loss” means the gain or loss which would have accrued on the disposal had P acquired the disposed of interest on 5 April 2015 for a consideration equal to its market value on that date;

(b) “notional pre-April 2015 gain or loss” means the gain or loss which would have accrued on 5 April 2015 had the disposed of interest been disposed of for a consideration equal to its market value on that date;

but see also paragraph 8(1).

(3) For the purpose of determining the amount of the hypothetical gain or loss mentioned in sub-paragraph (2)(a), no account is taken of section 57B or this Schedule (apart from paragraph 23).]