Point in time view as at 15/09/2016.
Taxation of Chargeable Gains Act 1992, Cross Heading: Meaning of “P” 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.
Textual Amendments
F1Sch. 7ZA inserted (with effect in accordance with Sch. 13 para. 6(1) of the amending Act) by Finance Act 2016 (c. 24), Sch. 13 para. 5
24(1)In the case of a material disposal of business assets, “P” means the individual making the disposal.U.K.
(2)In the case of a disposal of trust business assets—
(a)“P” means any relevant beneficiary, but
(b)in any reference to P passing or failing the tests mentioned in paragraphs 3 and 13(1), P is to be read as being a single body consisting of all the relevant beneficiaries (so that, for the purposes of determining if those tests are met, percentages are to be calculated in respect of each relevant beneficiary and then aggregated).
(3)The following are “relevant beneficiaries”—
(a)the qualifying beneficiary in relation to the disposal (see section 169J(3)), and
(b)any other beneficiary who is, in relation to the disposal, a beneficiary mentioned in section 169O(1).]
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.
