Taxation of Chargeable Gains Act 1992

[F1 Meaning of “chargeable asset” U.K.

Textual Amendments

F1 Sch. 7C inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 48(2), Sch. 9

8 U.K. For the purposes of this Schedule an asset is a chargeable asset in relation to the claimant at a particular time if, were the asset to be disposed of at that time, any gain accruing to him on the disposal would be a chargeable gain, and either—

[F2 (a) the claimant would be chargeable to capital gains tax [F3 as a result of section 1A(1)] (persons and gains chargeable to capital gains tax) in respect of the gain, or]

(b) he would be chargeable to capital gains tax [F4 as a result of section 1A(3)(a)] (non-resident with United Kingdom branch or agency) in respect of the gain,

unless (were he to dispose of the asset at that time) the claimant would fall to be regarded for the purposes of any double taxation relief arrangements as not liable in the United Kingdom to tax on any gains accruing to him on the disposal.]

Textual Amendments

F2 Sch. 7C para. 8(a) substituted (with effect in accordance with Sch. 46 para. 112 of the amending Act) by Finance Act 2013 (c. 29), Sch. 46 para. 111

F3 Words in Sch. 7C para. 8(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 93(a)

F4 Words in Sch. 7C para. 8(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 93(b)