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Taxation of Chargeable Gains Act 1992

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Changes over time for: Section 255C

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Point in time view as at 26/05/2015.

Changes to legislation:

Taxation of Chargeable Gains Act 1992, Section 255C 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

[F1255CApplication of section 255B(2) where maximum SI relief not obtainedU.K.

(1)Subsection (2) applies if—

(a)an individual's liability to income tax has been reduced (or treated by virtue of section 257T of ITA 2007 (spouses or civil partners) as reduced) for any tax year under section 257JA of ITA 2007 (SI relief) in respect of the acquisition of an asset,

(b)the amount of the reduction (“D”) is less than the amount given by—

where—

I is the amount on which the individual has SI relief in the case of the asset, and

R is the SI rate for the tax year for which the SI relief was obtained, and

(c)D is not within paragraph (b) solely by virtue of section 29(2) and (3) of ITA 2007.

(2)If the individual disposes of the asset and there is a gain on the disposal, section 255B(2) has effect in relation to the gain as if it were reduced by multiplying it by—

(3)In this section “SI rate” has the meaning given by section 257JA(5) of ITA 2007.]

Textual Amendments

F1Ss. 255A-255E and cross-heading inserted (17.7.2014) by Finance Act 2014 (c. 26), Sch. 12 para. 2

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