Taxation of Chargeable Gains Act 1992

The classes of assets for the purposes of section 152(1) are as follows.

CLASS 1
Assets within heads A and B below.
- Head A
  1
  Any building or part of a building and any permanent or semi-permanent structure in the nature of a building, occupied (as well as used) only for the purposes of the trade
  
  2
  Any land occupied (as well as used) only for the purposes of the trade.
  
  Head A has effect subject to section 156.
- Head B
  Fixed plant or machinery which does not form part of a building or of a permanent or semi-permanent structure in the nature of a building.
CLASS 2
Ships, aircraft and hovercraft (“hovercraft” having the same meaning as in the M1Hovercraft Act 1968).
CLASS 3
Satellites, space stations and spacecraft (including launch vehicles).
CLASS 4
Goodwill.
CLASS 5
Milk quotas (that is, rights to sell dairy produce without being liable to pay milk levy or to deliver dairy produce without being liable to pay a contribution to milk levy) and potato quotas (that is, rights to produce potatoes without being liable to pay more than the ordinary contribution to the Potato Marketing Board’s fund).
[F1CLASS 6
Ewe and suckler cow premium quotas (that is, rights in respect of any ewes or suckler cows to receive payments by way of any subsidy entitlement to which is determined by reference to limits contained in a Community instrument).]

Textual Amendments

F1Words in s. 155 inserted (27.7.1993 with effect as mentioned in s. 86(4)) by 1993 c. 34, s. 86(1)(4)

Modifications etc. (not altering text)

C1Ss. 152-156 modified (16.7.1992) by 1992 c. 48, s. 77, Sch. 17 paras. 3, 7

C2Ss. 152-160 modified (retrospective to 11.1.1994) by Finance Act 1994 (c. 9), s. 252(3), Sch. 24 para. 6(1)

Marginal Citations