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Changes over time for: Section 37


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Version Superseded: 19/03/1997
Status:
Point in time view as at 06/04/1992. This version of this provision has been superseded.

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Changes to legislation:
Taxation of Chargeable Gains Act 1992, Section 37 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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37 Consideration chargeable to tax on income.U.K.
(1)There shall be excluded from the consideration for a disposal of assets taken into account in the computation of the gain any money or money’s worth charged to income tax as income of, or taken into account as a receipt in computing income or profits or gains or losses of, the person making the disposal for the purposes of the Income Tax Acts.
(2)Subsection (1) above shall not be taken as excluding from the consideration so taken into account any money or money’s worth which is—
(a)taken into account in the making of a balancing charge under the 1990 Act, including the provisions of the Taxes Act which are to be treated as contained in the 1990 Act but excluding Part III of the 1990 Act, or
(b)brought into account as the disposal value of machinery or plant under section 24 of the 1990 Act.
(3)This section shall not preclude the taking into account in a computation of the gain, as consideration for the disposal of an asset, of the capitalised value of a rentcharge (as in a case where a rentcharge is exchanged for some other asset) or of the capitalised value of a ground annual or feu duty, or of a right of any other description to income or to payments in the nature of income over a period, or to a series of payments in the nature of income.
(4)The reference in subsection (1) above to computing income or profits or gains or losses shall not be taken as applying to a computation of a company’s income for the purposes of subsection (2) of section 76 of the Taxes Act (expenses of management of insurance companies).
Modifications etc. (not altering text)
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