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Changes over time for: Section 17


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Status:
Point in time view as at 15/09/2016.
Changes to legislation:
Taxation of Chargeable Gains Act 1992, Section 17 is up to date with all changes known to be in force on or before 07 March 2025. 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.

Changes to Legislation
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17 Disposals and acquisitions treated as made at market value.U.K.
(1)Subject to the provisions of this Act, a person’s acquisition or disposal of an asset shall for the purposes of this Act be deemed to be for a consideration equal to the market value of the asset—
(a)where he acquires or, as the case may be, disposes of the asset otherwise than by way of a bargain made at arm’s length, and in particular where he acquires or disposes of it by way of gift or on a transfer into settlement by a settlor or by way of distribution from a company in respect of shares in the company, or
(b)where he acquires or, as the case may be, disposes of the asset wholly or partly for a consideration that cannot be valued, or in connection with his own or another’s loss of office or employment or diminution of emoluments, or otherwise in consideration for or recognition of his or another’s services or past services in any office or employment or of any other service rendered or to be rendered by him or another.
(2)Subsection (1) shall not apply to the acquisition of an asset if—
(a)there is no corresponding disposal of it, and
(b)there is no consideration in money or money’s worth or the consideration is of an amount or value lower than the market value of the asset.
Modifications etc. (not altering text)
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