Part I Capital gains tax and corporation tax on chargeable gains

General

1 The charge to tax.

(1)

Tax shall be charged in accordance with this Act in respect of capital gains, that is to say chargeable gains computed in accordance with this Act and accruing to a person on the disposal of assets.

(2)

Companies shall be chargeable to corporation tax in respect of chargeable gains accruing to them in accordance with F1section 2 of CTA 2009 and the other provisions of the Corporation Tax ActsF2, subject to the exception in subsection (2A).

F3(2A)

But companies are chargeable to capital gains tax, and not corporation tax, in respect of chargeable gains accruing to them to the extent that those F4gains are—

(a)

ATED-related gains in respect of which the companies are chargeable to capital gains tax under section 2B, or

(b)

NRCGT gains in respect of which the companies are chargeable to capital gains tax under section 14D or 188D.

(3)

Without prejudice to F5subsections (2) and (2A), capital gains tax shall be charged for all years of assessment in accordance with the following provisions of this Act.