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Taxation of Chargeable Gains Act 1992

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Changes over time for: Section 212

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Version Superseded: 24/02/2022

Status:

Point in time view as at 15/09/2016. This version of this provision has been superseded. Help about Status

Changes to legislation:

Taxation of Chargeable Gains Act 1992, Section 212 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. Help about Changes to Legislation

212 Annual deemed disposal of holdings of unit trusts etc.U.K.

(1)Where at the end of an accounting period the assets [F1held by an insurance company for the purposes of its long-term business] include—

(a)rights under an authorised unit trust, or

(b)[F2interests in an offshore fund F3... ][F4, or

[F5(ba)units in an authorised contractual scheme which is a co-ownership scheme, or]

(c)shares in a company [F6which is, or is a member of, a UK REIT within the meaning of Part 12 of CTA 2010] (Real Estate Investment Trusts),]

then, subject to the following provisions of this section and to section 213, the company shall be deemed for the purposes of corporation tax on capital gains to have disposed of and immediately reacquired each of the assets concerned at its market value at that time.

F7(2). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F8(2A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(5). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F9(6). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(6A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F10(7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F11(7A). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

F12(8). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

[F13(9)This section applies to an overseas life insurance company as if references in subsection (1) to assets were to such of the assets concerned as are UK assets.

(10)Assets (whether situated in the United Kingdom or elsewhere) are “UK assets” if, in accordance with the provision made by or under Chapter 4 of Part 2 of CTA 2009, they fall to be attributed to the permanent establishment in the United Kingdom through which the company carries on life assurance business.]

Textual Amendments

F1Words in s. 212(1) substituted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 85(2)

F2Words in s. 212(1)(b) substituted (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(a)

F4S. 212(1)(c) and preceding word inserted (19.7.2006) by Finance Act 2006 (c. 25), s. 137

F6Words in s. 212(1)(c) substituted (with effect in accordance with s. 1184(1) of the amending Act) by Corporation Tax Act 2010 (c. 4), s. 1184(1), Sch. 1 para. 249 (with Sch. 2)

F7S. 212(2) omitted (17.7.2012) by virtue of Finance Act 2012 (c. 14), Sch. 16 para. 85(3)

F8S. 212(2A) repealed (with effect in accordance with Sch. 10 para. 17(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 10 para. 5(3)(a), Sch. 27 Pt. 2(10)

F9S. 212(3)(4)(6) repealed (27.7.1993 with effect in relation to accounting periods beginning on or after 1.1.1993) by 1993 c. 34, ss. 91(2)(b), 213, Sch. 23 Pt. III Table(8) Note

F10S. 212(5)-(7) repealed (with effect in accordance with art. 1(2)(3), Sch. 1 of the amending S.I.) by The Offshore Funds (Tax) Regulations 2009 (S.I. 2009/3001), regs. 1(1), 127(3)(b), Sch. 2

F11S. 212(7A) repealed (with effect in accordance with s. 39(2) of the amending Act) by Finance Act 2007 (c. 11), Sch. 8 para. 18, Sch. 27 Pt. 2(8) (with Sch. 8 Pt. 2)

F12S. 212(8) repealed (27.7.1993 with effect as mentioned in s. 91(1)) by 1993 c. 34, ss. 91(1), 213, Sch. 23 Pt. III Table(8) Note

F13S. 212(9)(10) inserted (17.7.2012) by Finance Act 2012 (c. 14), Sch. 16 para. 85(4)

Modifications etc. (not altering text)

C1S. 212 modified (31.7.1992) by S.I. 1992/1655, arts. 1, 21

S. 212 amended (27.7.1993) by 1993 c. 34, s. 91(1)

S. 212 excluded (27.7.1993) by 1993 c. 34, s. 91(1)

C2S. 212 modified (with effect in accordance with s. 105(1) of the amending Act) by Finance Act 1996 (c. 8), s. 105, Sch. 15 para. 15(2)

C3S. 212 modified (with effect in accordance with reg. 1(2) of the amending S.I.) by The Friendly Societies (Modification of the Corporation Tax Acts) Regulations 2005 (S.I. 2005/2014), regs. 1(1), 37 (as amended by S.I. 2007/2134, regs. 1(1)(2), 28)

C4S. 212 modified (with effect in accordance with reg. 1(2)(3) of the amending S.I.) by The Insurance Companies (Tax Exempt Business) Regulations 2007 (S.I. 2007/2145), regs. 1(1), 13

C5S. 212 excluded by The Authorised Investment Funds (Tax) Regulations 2006 (S.I. 2006/964), reg. 51(2) (as substituted (with effect in accordance with reg. 1(2) of the amending S.I.) by S.I. 2008/3159, regs. 1(1), 15)

C6S. 212 modified (with effect in accordance with reg. 2(2) of the amending S.I.) by The Insurance Companies and CFCs (Avoidance of Double Charge) Regulations 2012 (S.I. 2012/3044), regs. 1(1), 6

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