Textual Amendments
F1Sch. A1 inserted (with effect in accordance with s. 121(4) of the amending Act) by Finance Act 1998 (c. 36), s. 121(2), Sch. 20
Textual Amendments
F2Words in Sch. A1 para. 15 cross-heading inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 123(d)
15(1)This paragraph applies where a person (“the transferring [F3spouse or civil partner”)] has disposed of any asset to another (“the transferee [F3spouse or civil partner”)] by a disposal falling within section 58(1).U.K.
(2)Paragraph 2 above shall have effect in relation to any subsequent disposal of the asset as if the time when the transferee spouse [F4or civil partner] acquired the asset were the time when the transferring spouse [F4or civil partner] acquired it.
(3)Where for the purposes of paragraph 2 above the transferring spouse [F5or civil partner] would be treated—
(a)in a case where there has been one or more previous disposals falling within section 58(1), by virtue of sub-paragraph (2) above, or by virtue of that sub-paragraph together with any other provision of this Schedule, or
(b)in a case where there has not been such a previous disposal, by virtue of such another provision,
as having acquired the asset at a time other than the time when the transferring spouse [F5or civil partner] did acquire it, the reference in that sub-paragraph to the time when the transferring spouse [F5or civil partner] acquired it shall be read as a reference to the time when for the purposes of that paragraph the transferring spouse [F5or civil partner] is treated as having acquired it.
(4)Where there is a disposal by the transferee spouse [F6or civil partner], any question whether the asset was a business asset at a time before that disposal shall be determined as if—
(a)in relation to times when the asset was held by the transferring spouse [F6or civil partner], references in [F7paragraph 5(1) and (2)] above to the individual by whom the disposal is made included references to the transferring spouse [F6or civil partner]; and
(b)the reference in paragraph 5(5) above to the acquisition of the asset as a legatee by the individual by whom the disposal is made included a reference to its acquisition as a legatee by the transferring spouse [F6or civil partner].
(5)Where, in the case of any asset, there has been more than one transfer falling within section 58(1) during the period after 5th April 1998 for which the transferee spouse [F8or civil partner] has held it at the time of that spouse’s [F9or civil partner’s] disposal of that asset, sub-paragraph (4) above shall have effect as if a reference, in relation to any time, to the transferring spouse [F8or civil partner] were a reference to the individual who was the transferring spouse [F8or civil partner] in relation to the next disposal falling within section 58(1) to have been made after that time.]
Textual Amendments
F3Words in Sch. A1 para. 15(1) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 123(a)
F4Words in Sch. A1 para. 15(2) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 123(b)
F5Words in Sch. A1 para. 15(3) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 123(b)
F6Words in Sch. A1 para. 15(4) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 123(b)
F7Words in Sch. A1 para. 15(4)(a) substituted (10.7.2003) by Finance Act 2003 (c. 14), s. 160(4)(b) (with s. 160(5))
F8Words in Sch. A1 para. 15(5) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 123(b)
F9Words in Sch. A1 para. 15(5) inserted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 123(c)