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Taxation of Chargeable Gains Act 1992

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Changes over time for: Cross Heading: Held-over gain treated as accruing on disposal etc of the qualifying investment

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Point in time view as at 26/05/2015.

Changes to legislation:

Taxation of Chargeable Gains Act 1992, Cross Heading: Held-over gain treated as accruing on disposal etc of the qualifying investment 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. Help about Changes to Legislation

[F1Held-over gain treated as accruing on disposal etc of the qualifying investmentU.K.

Textual Amendments

F1Sch. 8B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 3

5(1)This paragraph applies if there has been a reduction under paragraph 4(1).U.K.

(2)A chargeable gain equal to the amount of the reduction is treated as accruing when a chargeable event occurs in relation to the social holding without any chargeable event having previously occurred in relation to any of the holding.

(3)When a chargeable event occurs in relation to part only of the social holding without any chargeable event having previously occurred in relation to any of that part, a chargeable gain calculated in accordance with sub-paragraph (4) is treated as accruing.

(4)The calculation is—

  • Step 1 Subtract from the amount of the reduction any chargeable gains previously treated as accruing as a result of the operation of sub-paragraph (3).

  • Step 2 Attribute a proportionate part of the amount calculated at Step 1 to each part of the social holding held, immediately before the occurrence of the chargeable event in question, by the investor or a person who has acquired any part of the holding from the investor on a disposal within marriage or civil partnership.

  • Step 3 The amount attributed at Step 2 to the part of the social holding in relation to which that chargeable event occurs is the chargeable gain treated as accruing as a result of the operation of subparagraph (3) on the occurrence of that event.]

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