Taxation of Chargeable Gains Act 1992

[F1 1 (1) This Schedule applies if— U.K.

(a) a chargeable gain accrues to an individual (“the investor”),

(b) the investor acquires one or more assets (“the social holding”),

(c) the investor is eligible for SI relief under Part 5B of ITA 2007 in respect of the consideration given for the social holding, and

(d) conditions A, B, C, D and E are met.

(2) Condition A is that the gain is one that accrues—

(a) on the disposal by the investor of an asset,

(b) in accordance with section 169N (but see sub-paragraph (7)), or

(c) as a result of the operation of paragraph 5 in connection with a chargeable event within paragraph 6(1)(c) or (d).

(3) Condition B is that the gain is one that accrues—

(a) on or after 6 April 2014, and

(b) before 6 April 2019 (but see sub-paragraph (8)).

(4) Condition C is that the investor is resident in the United Kingdom—

(a) when the gain accrues, and

(b) when the social holding is acquired.

(5) Condition D is that the social holding is acquired by the investor on the investor's own behalf.

(6) Condition E is that the social holding is acquired—

(a) in the 3 years beginning with the day when the gain accrues, or

(b) in the year that ends at the beginning of that day.

(7) The reference in sub-paragraph (2)(b) to a gain accruing in accordance with section 169N does not include such a gain so far as it is chargeable to capital gains tax at the rate in section 169N(3) (rate where entrepreneurs' relief is available).

(8) The Treasury may by order substitute a later date for the date for the time being specified in sub-paragraph (3)(b).]

Textual Amendments

F1 Sch. 8B inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 3