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Taxation of Chargeable Gains Act 1992, Section 103KFC is up to date with all changes known to be in force on or before 30 August 2024. 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.
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(1)The accrual of a chargeable gain treated as accruing to an individual under section 103KFA(3) does not prevent the individual or any other person being charged to tax (whether income tax, capital gains tax or any other tax, and including as a result of section 103KA) in relation to carried interest that arises to the individual under arrangements with the relevant scheme.
(2)But subsection (3) applies where an individual—
(a)has made an election under section 103KFA,
(b)has accrued a chargeable gain treated as accruing under section 103KFA(3),
(c)has paid (and has not been repaid) an amount of capital gains tax that is attributable to that chargeable gain, and
(d)is charged to tax (whether income tax, capital gains tax or another tax) in relation to carried interest that—
(i)arises to the individual under arrangements with the relevant scheme, and
(ii)arises in or after the tax year in which a gain first accrued under that section.
(3)The individual may make a claim for one or more consequential adjustments to be made reducing the tax mentioned in subsection (2)(d).
(4)On a claim under subsection (3) an officer of Revenue and Customs must make such of the consequential adjustments claimed (if any) as are just and reasonable.
(5)The value of any consequential adjustments made must not exceed the lesser of—
(a)the amount of capital gains tax paid as mentioned in subsection (2)(c), and
(b)the tax charged as mentioned in subsection (2)(d).
(6)Consequential adjustments may be made—
(a)in respect of any period, and
(b)by way of an assessment, the modification of an assessment, the amendment of a claim, or otherwise.
(7)No claim may be made under section 103KE (carried interest: avoidance of double taxation) in respect of tax charged as a result of the accrual of a chargeable gain treated as accruing to an individual under section 103KFA(3).]]
Textual Amendments
F1Pt. 3 Ch. 5 inserted (with effect in accordance with s. 43(2)-(4) of the amending Act) by Finance (No. 2) Act 2015 (c. 33), s. 43(1)
F2Ss. 103KFA-103KFE inserted (with effect for the tax year 2022-23 and subsequent tax years) by Finance (No. 2) Act 2023 (c. 30), s. 42(2)(4)
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