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(1)[F2If, in any year of assessment, —
(a)an individual is living with his spouse or civil partner, and
(b)one of them disposes of an asset to the other,
both] shall be treated as if the asset was acquired from the one making the disposal for a consideration of such amount as would secure that on the disposal neither a gain nor a loss would accrue to the one making the disposal.
(2)This section shall not apply—
(a)if until the disposal the asset formed part of trading stock of a trade carried on by the one making the disposal, or if the asset is acquired as trading stock for the purposes of a trade carried on by the one acquiring the asset, F3...
(b)if the disposal is by way of donatio mortis causa[F4, or
(c)if the disposal is [F5a relevant disposal] of exempt employee shareholder shares (see sections 236B to 236D),]
but this section shall have effect notwithstanding the provisions of section 18 or 161, or of any other provisions of this Act fixing the amount of the consideration deemed to be given on a disposal or acquisition.
[F6(3)For the purposes of subsection (2) a disposal of exempt employee shareholder shares is a “relevant disposal” if (apart from this section)—
(a)a gain would accrue on the disposal, and
(b)no part of the gain would be a chargeable gain.
(4)Subsection (5) applies where the disposal is of exempt employee shareholder shares and (apart from this section)—
(a)a gain would accrue on the disposal, and
(b)part (but not the whole) of the gain would be a chargeable gain by virtue of section 236B(1A).
(5)Where this subsection applies, subsection (1) has effect in relation to the disposal as if—
(a)for “such amount as” there were substituted “the maximum amount, not exceeding the market value of the asset, that”, and
(b)for “neither a gain nor a loss” there were substituted “no chargeable gain”.]
Textual Amendments
F1Words in s. 58 heading substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 107(3)
F2Words in s. 58(1) substituted (5.12.2005) by The Tax and Civil Partnership Regulations 2005 (S.I. 2005/3229), regs. 1(1), 107(2)
F3Word in s. 58(2)(a) omitted (1.9.2013) by virtue of Finance Act 2013 (c. 29), Sch. 23 paras. 18(a), 38; S.I. 2013/1755, art. 2
F4S. 58(2)(c) and preceding word inserted (1.9.2013) by Finance Act 2013 (c. 29), Sch. 23 paras. 18(b), 38; S.I. 2013/1755, art. 2
F5Words in s. 58(2)(c) inserted (with effect in accordance with s. 88(10) of the amending Act) by Finance Act 2016 (c. 24), s. 88(8)
F6Words in s. 58(3)-(5) inserted (with effect in accordance with s. 88(10) of the amending Act) by Finance Act 2016 (c. 24), s. 88(9)
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