(1)For the purposes of section 279A(1)(c) a person is within the charge to capital gains tax in any year if—
(a)he is chargeable to capital gains tax in respect of chargeable gains accruing to him in that year, or
[F2(b)the person would be so chargeable if—
(i)chargeable gains accrued to the person in the year, and
(ii)the amount calculated under [F3section 1(3)] for the year in relation to the person exceeded the exempt amount for the year (within the meaning of [F4section 1K]).]
(2)Subsections (3) to (6) below have effect for the purposes of section 279A(2)(e) (right to unascertainable consideration).
(3)A right is a right to unascertainable consideration if, and only if,—
(a)it is a right to consideration the amount or value of which is unascertainable at the time when the right is conferred, and
(b)that amount or value is unascertainable at that time on account of its being referable, in whole or in part, to matters which are uncertain at that time because they have not yet occurred.
This subsection is subject to subsections (4) to (6) below.
(4)The amount or value of any consideration is not to be regarded as being unascertainable by reason only—
(a)that the right to receive the whole or any part of the consideration is postponed or contingent, if the consideration or, as the case may be, that part of it is, in accordance with section 48, brought into account in the computation of the gain accruing to the taxpayer on the disposal of an asset, or
(b)in a case where the right to receive the whole or any part of the consideration is postponed and is to be, or may be, to any extent satisfied by the receipt of property of one description or property of some other description, that some person has a right to select the property, or the description of property, that is to be received.
(5)A right is not to be taken to be a right to unascertainable consideration by reason only that either the amount or the value of the consideration has not been fixed, if—
(a)the amount will be fixed by reference to the value, and the value is ascertainable, or
(b)the value will be fixed by reference to the amount, and the amount is ascertainable.
(6)A right which is by virtue of subsection (2) or (4) of section 138A (use of earn-out rights for exchange of securities) assumed in accordance with subsection (3)(a) of that section to be a security, within the definition in section 132, is not to be regarded as a right to unascertainable consideration.
(7)For the purposes of section 279A, any question as to—
(a)whether a chargeable gain or a loss is one that accrues (or would, apart from any particular provision, accrue) on a particular disposal or a disposal of any particular description, or
(b)the time at which, or year in which, any particular disposal takes place,
is to be determined without regard to [F5section 1M] (chargeable gains and losses accruing during temporary non-residence to be treated as accruing in [F6period of return]). This subsection is subject to subsection (8) below.
(8)Subsection (7) above does not affect the determination of any question—
(a)as to the [F7period] in which the chargeable gain or loss is, by virtue of [F8section 1M], to be treated as accruing (apart from section 279C), or
(b)where (apart from section 279C) a loss is to be treated by virtue of [F9section 1M] as accruing in a particular [F7period], whether the loss is an allowable loss.]
Textual Amendments
F1Ss. 279A-279D inserted (with effect in accordance with s. 162(3) of the amending Act) by Finance Act 2003 (c. 14), s. 162(1)
F2S. 279B(1)(b) substituted (with effect in accordance with Sch. 2 para. 56(3) of the amending Act) by Finance Act 2008 (c. 9), Sch. 2 para. 42
F3Words in s. 279B(1)(b)(ii) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(2)(a)
F4Words in s. 279B(1)(b)(ii) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(2)(b)
F5Words in s. 279B(7) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(3)
F6Words in s. 279B(7) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 122(2)
F7Word in s. 279B(8)(a)(b) substituted (with effect in accordance with Sch. 45 para. 153(3) of the amending Act) by Finance Act 2013 (c. 29), Sch. 45 para. 122(3)
F8Words in s. 279B(8)(a) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(4)
F9Words in s. 279B(8)(b) substituted (with effect in accordance with Sch. 1 paras. 120, 123 of the amending Act) by Finance Act 2019 (c. 1), Sch. 1 para. 83(4)