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Taxation of Chargeable Gains Act 1992
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Changes over time for: Paragraph 7
Alternative versions:
- 28/07/2000- Amendment
- 06/04/2007- Amendment
- 15/09/2016
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Taxation of Chargeable Gains Act 1992, Paragraph 7 is up to date with all changes known to be in force on or before 04 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.
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[F17(1)Sub-paragraph (2) applies where—U.K.
(a)a claim is made under paragraph 5,
(b)immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, any replacement asset was a chargeable asset in relation to the claimant,
(c)the asset consists of shares, and
(d)relief is claimed under Chapter III of Part VII of the Taxes Act [F2or Part 5 of ITA 2007] (enterprise investment scheme) at any time in the period beginning with the acquisition and ending when paragraph 5(1) or (2) falls to be applied.
(2)In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant.
(3)Sub-paragraph (4) applies where—
(a)the provisions of paragraph 5(1) or (2) have been applied,
(b)any replacement asset which, immediately after the time of the acquisition mentioned in paragraph 3 and apart from this paragraph, was a chargeable asset in relation to the claimant consists of shares, and
(c)at any time after paragraph 5(1) or (2) has been applied relief is claimed in respect of the asset under Chapter III of Part VII of the Taxes Act [F3or Part 5 of ITA 2007] (enterprise investment scheme).
(4)In such a case the asset shall be treated as if, immediately after the time of the acquisition mentioned in paragraph 3, it was not a chargeable asset in relation to the claimant and adjustments shall be made accordingly.]
Textual Amendments
F1Sch. 7C inserted (28.7.2000) by Finance Act 2000 (c. 17), s. 48(2), Sch. 9
F2Words in Sch. 7C para. 7(1)(d) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 348(3) (with Sch. 2)
F3Words in Sch. 7C para. 7(3)(c) inserted (6.4.2007) by Income Tax Act 2007 (c. 3), s. 1034(1), Sch. 1 para. 348(3) (with Sch. 2)
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