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Changes over time for: Section 49


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Version Superseded: 29/04/1996
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Point in time view as at 06/04/1992. This version of this provision has been superseded.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 49 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.

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49 Contingent liabilities.U.K.
(1)In the first instance no allowance shall be made in the computation of the gain—
(a)in the case of a disposal by way of assigning a lease of land or other property, for any liability remaining with, or assumed by, the person making the disposal by way of assigning the lease which is contingent on a default in respect of liabilities thereby or subsequently assumed by the assignee under the terms and conditions of the lease,
(b)for any contingent liability of the person making the disposal in respect of any covenant for quiet enjoyment or other obligation assumed as vendor of land, or of any estate or interest in land, or as a lessor,
(c)for any contingent liability in respect of a warranty or representation made on a disposal by way of sale or lease of any property other than land.
(2)If it is subsequently shown to the satisfaction of the inspector that any such contingent liability has become enforceable, and is being or has been enforced, such adjustment, whether by way of discharge or repayment of tax or otherwise, shall be made as is required in consequence.
(3)Subsection (2) above also applies where the disposal in question was before the commencement of this section.
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